Company registration number 06113675 (England and Wales)
CASTLE CAVENDISH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CASTLE CAVENDISH LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CASTLE CAVENDISH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
28,053
23,543
Current assets
Debtors
5
97,016
63,199
Cash at bank and in hand
79,905
72,383
176,921
135,582
Creditors: amounts falling due within one year
6
(198,474)
(152,625)
Net current liabilities
(21,553)
(17,043)
Net assets
6,500
6,500
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
6,400
6,400
Total equity
6,500
6,500
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
Mr C Elder
Director
Company registration number 06113675 (England and Wales)
CASTLE CAVENDISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Castle Cavendish Limited is a private company limited by shares incorporated in England and Wales. The registered office is Castle Cavendish Works, Dorking Road, Radford, Nottingham, NG7 5PN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a wholly owned subsidiary of Castle Cavendish Foundation, a company limited by guarantee and registered in the United Kingdom. Castle Cavendish Foundation is the parent undertaking which consolidates the financial information of the company. The registered office of Castle Cavendish Foundation is Dorking Road, Radford, Nottingham, NG7 5PN.
1.2
Going concern
These financial statements have been prepared on the going concern basis on the grounds that Castle Cavendish Foundation, the parent undertakingtrue, has notified the directors of the company of its continued support. Should such financial support be withdrawn, the company would be unlikely to be able to continue trading and the balance sheet would be adjusted to reduce the value of the assets to their recoverable amount, and provisions made for further liabilities to be incurred.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% straight line
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CASTLE CAVENDISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons working on behalf of the company during the year was:
2023
2022
Number
Number
Total
10
10
All of the above are employed by Castle Cavendish Foundation, which owns 100% of Castle Cavendish Limited.
CASTLE CAVENDISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2022
117,958
36,316
154,274
Additions
11,402
1,373
12,775
At 31 March 2023
129,360
37,689
167,049
Depreciation and impairment
At 1 April 2022
95,482
35,249
130,731
Depreciation charged in the year
7,774
491
8,265
At 31 March 2023
103,256
35,740
138,996
Carrying amount
At 31 March 2023
26,104
1,949
28,053
At 31 March 2022
22,476
1,067
23,543
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
62,405
32,233
Other debtors
34,611
30,966
97,016
63,199
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,234
31,184
Taxation and social security
11,248
7,781
Other creditors
158,992
113,660
198,474
152,625
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
CASTLE CAVENDISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Melvin Bailey FCCA DChA
For and on behalf of Rogers Spencer
Chartered Accountants
Statutory Auditor
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
840
840
Between two and five years
2,520
3,360
3,360
4,200
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
Purchases
2023
2022
£
£
BrowneJacobson
5,139
-
C Elder is a partner at Browne Jacobson. Browne Jacobson provided services to CCL but C Elder was not involved with the work carried out for this transaction.
11
Parent company
The parent company is Castle Cavendish Foundation. Its registered office is Dorking Road, Radford, Nottingham, NG7 5PN.