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Company registration number: 00317002
Caslon Limited
Unaudited filleted financial statements
31 December 2023
Caslon Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Caslon Limited
Directors and other information
Directors Mr W R Caslon
Mr R H D Caslon
Company number 00317002
Registered office Lyon Way Hatfield Road
St. Albans
Hertfordshire
AL4 0LB
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Caslon Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Caslon Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Caslon Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Caslon Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Caslon Limited and state those matters that we have agreed to state to the board of directors of Caslon Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Caslon Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Caslon Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Caslon Limited. You consider that Caslon Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Caslon Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
2 August 2024
Caslon Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 386,183 400,186
Investments 6 127,617 60,792
_______ _______
513,800 460,978
Current assets
Stocks 92,868 87,191
Debtors 7 207,253 213,389
Cash at bank and in hand - ( 44,046)
_______ _______
300,121 256,534
Creditors: amounts falling due
within one year 8 ( 356,839) ( 303,094)
_______ _______
Net current liabilities ( 56,718) ( 46,560)
_______ _______
Total assets less current liabilities 457,082 414,418
Creditors: amounts falling due
after more than one year 9 ( 20,603) ( 36,255)
_______ _______
Net assets 436,479 378,163
_______ _______
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 336,479 278,163
_______ _______
Shareholders funds 436,479 378,163
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 August 2024 , and are signed on behalf of the board by:
Mr W R Caslon
Director
Company registration number: 00317002
Caslon Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 100,000 249,388 349,388
Profit for the year 28,775 28,775
_______ _______ _______
Total comprehensive income for the year - 28,775 28,775
_______ _______ _______
At 31 December 2022 and 1 January 2023 100,000 278,163 378,163
Profit for the year 58,316 58,316
_______ _______ _______
Total comprehensive income for the year - 58,316 58,316
_______ _______ _______
At 31 December 2023 100,000 336,479 436,479
_______ _______ _______
Caslon Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Caslon House, Lyon Way Hatfield Road, St. Albans, Hertfordshire, AL4 0LB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Straight line over 50 years
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 12 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 and 31 December 2023 524,070 137,934 25,459 687,463
_______ _______ _______ _______
Depreciation
At 1 January 2023 140,531 134,050 12,696 287,277
Charge for the year 10,481 969 2,553 14,003
_______ _______ _______ _______
At 31 December 2023 151,012 135,019 15,249 301,280
_______ _______ _______ _______
Carrying amount
At 31 December 2023 373,058 2,915 10,210 386,183
_______ _______ _______ _______
At 31 December 2022 383,539 3,884 12,763 400,186
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2023 60,792 60,792
Additions 66,825 66,825
_______ _______
At 31 December 2023 127,617 127,617
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 127,617 127,617
_______ _______
At 31 December 2022 60,792 60,792
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 24,389 41,906
Other debtors 182,864 171,483
_______ _______
207,253 213,389
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 32,931 10,800
Trade creditors 65,159 52,017
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 26,370
Corporation tax - 7,505
Social security and other taxes 24,141 21,508
Other creditors 234,608 184,894
_______ _______
356,839 303,094
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 16,401 28,069
Other creditors 4,202 8,186
_______ _______
20,603 36,255
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr W R Caslon 750 ( 750) -
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr W R Caslon 750 - 750
_______ _______ _______