Registered number
09165330
First Castilla Limited
Unaudited Filleted Accounts
31 October 2023
First Castilla Limited
Registered number: 09165330
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 24,264 33,445
Current assets
Stocks 119,601 73,291
Debtors 4 1,195,736 1,066,061
Cash at bank and in hand 68,256 67,907
1,383,593 1,207,259
Creditors: amounts falling due within one year 5 (261,725) (292,407)
Net current assets 1,121,868 914,852
Total assets less current liabilities 1,146,132 948,297
Creditors: amounts falling due after more than one year 6 (63,333) (103,333)
Provisions for liabilities (4,610) -
Net assets 1,078,189 844,964
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,078,089 844,864
Shareholder's funds 1,078,189 844,964
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms S C Chew
Director
Approved by the board on 30 July 2024
First Castilla Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirement to do so by section 400 of the Companies Act 2006 as it is a subsidiary undertaking of First Cup Limited, a company incorporated in England and Wales.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 23
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 88,223
Additions 408
At 31 October 2023 88,631
Depreciation
At 1 November 2022 54,778
Charge for the year 9,589
At 31 October 2023 64,367
Net book value
At 31 October 2023 24,264
At 31 October 2022 33,445
4 Debtors 2023 2022
£ £
Trade debtors 5,866 28,763
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,142,617 974,148
Deferred tax asset - 2,307
Other debtors 47,253 60,843
1,195,736 1,066,061
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 40,000 40,000
Trade creditors 50,249 63,103
Taxation and social security costs 78,572 122,709
Other creditors 92,904 66,595
261,725 292,407
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 63,333 103,333
7 Related party transactions
The company has taken advantages of exemption from disclosure in paragraph 33.1A under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose transactions have taken place between the wholly owned members of the group.
8 Controlling party
The parent company is First Cup Limited, a company registered in England and Wales. First Cup Limited holds 100% of the shares in the company. Its registered office is : 15 Frith Street , 1st Floor, London W1D 4RE.
9 Other information
First Castilla Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 Frith Street
1st Floor
London
W1D 4RE
First Castilla Limited 09165330 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts April 2024 Ms S C Chew No description of principal activity 09165330 2021-11-01 2022-10-31 09165330 core:WithinOneYear 2022-10-31 09165330 core:AfterOneYear 2022-10-31 09165330 core:ShareCapital 2022-10-31 09165330 core:RetainedEarningsAccumulatedLosses 2022-10-31 09165330 2022-11-01 2023-10-31 09165330 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 09165330 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 09165330 bus:Director40 2022-11-01 2023-10-31 09165330 1 2022-11-01 2023-10-31 09165330 2 2022-11-01 2023-10-31 09165330 core:PlantMachinery 2022-11-01 2023-10-31 09165330 countries:England 2022-11-01 2023-10-31 09165330 bus:FRS102 2022-11-01 2023-10-31 09165330 bus:FilletedAccounts 2022-11-01 2023-10-31 09165330 2023-10-31 09165330 core:WithinOneYear 2023-10-31 09165330 core:AfterOneYear 2023-10-31 09165330 core:ShareCapital 2023-10-31 09165330 core:RetainedEarningsAccumulatedLosses 2023-10-31 09165330 core:PlantMachinery 2023-10-31 09165330 2022-10-31 09165330 core:PlantMachinery 2022-10-31 iso4217:GBP xbrli:pure