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REGISTERED NUMBER: 05106663 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

IRC CAROCELLE LIMITED

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


IRC CAROCELLE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: S J Clohessy
S J Holder
W Sprason





SECRETARIES: M J Clohessy
C L Holder





REGISTERED OFFICE: Charter House
161 Newhall Street
Birmingham
West Midlands
B3 1SW





REGISTERED NUMBER: 05106663 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023


The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
The company maintained a balanced approach to ongoing projects and new work negotiations as the construction industry and Industrial sector in particular, gathered a level of stability for both material supply & labour resource, following the previous years challenges as a result of the Covid-19 pandemic.

In keeping with the planned business model shift to a reduction in turnover, the year end accounts demonstrated the ethos to maintain a control on both site activities and commercial risk, proved a financial success. Whilst the annual turnover reduced to £15.7m, the gross profit margin increased to 25%.

The current order book remains healthy, with projects secured throughout 2023 / 2024 exceeding £14.75m. Ongoing negotiations suggest a similar level of turnover shall be maintained to the year ended November 2023.

The business has further expanded its supply chain, successfully securing developments with new clients, ensuring single source commercial exposures are reduced.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk to the business is managing the expected reduction in turnover, whilst competing effectively with the company's competitors. To address these risks the directors are:

- Focusing on and providing a top quality service to existing customers;
- Monitoring contract lead-times to ensure efficiency;
- Reviewing costs and reducing them where practicable;

-
Constantly monitoring the level of staff and increasing or reducing the workforce as necessary to
ensure efficiency.

KEY PERFORMANCE INDICATORS
The main Key Performance Indicators (KPI's) for the business are:

- The level of turnover, which has fallen 52% to £15.7m in the current year due to strategic changes for the business.
- Gross profit margin, which has increased from 10.2% to 25.4% shows a major improvement in the current year as a result of increased controls over material price and labour costs.

ON BEHALF OF THE BOARD:





S J Holder - Director


7 August 2024

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023


The directors present their report with the financial statements of the company for the year ended 30 November 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2023 is £1,627,000 (2022: £1,400,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

S J Clohessy
S J Holder
W Sprason

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S J Holder - Director


7 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IRC CAROCELLE LIMITED


Opinion
We have audited the financial statements of IRC Carocelle Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IRC CAROCELLE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IRC CAROCELLE LIMITED


To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Leigh Dudley FCCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

8 August 2024

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   

TURNOVER 15,733,616 32,314,173

Cost of sales 11,744,010 29,013,381
GROSS PROFIT 3,989,606 3,300,792

Administrative expenses 1,748,017 1,775,748
OPERATING PROFIT 5 2,241,589 1,525,044

Interest receivable and similar income 4,848 173
2,246,437 1,525,217

Interest payable and similar expenses 6 15,825 14,933
PROFIT BEFORE TAXATION 2,230,612 1,510,284

Tax on profit 7 467,571 176,051
PROFIT FOR THE FINANCIAL YEAR 1,763,041 1,334,233

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,763,041

1,334,233

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 87,112 64,583

CURRENT ASSETS
Debtors 10 3,069,071 3,651,808
Cash at bank and in hand 363,184 281,382
3,432,255 3,933,190
CREDITORS
Amounts falling due within one year 11 2,692,133 3,203,438
NET CURRENT ASSETS 740,122 729,752
TOTAL ASSETS LESS CURRENT
LIABILITIES

827,234

794,335

CREDITORS
Amounts falling due after more than one
year

12

(42,062

)

(151,007

)

PROVISIONS FOR LIABILITIES 16 (21,778 ) (15,975 )
NET ASSETS 763,394 627,353

CAPITAL AND RESERVES
Called up share capital 17 50,000 50,000
Share premium 18 16 16
Retained earnings 18 713,378 577,337
SHAREHOLDERS' FUNDS 763,394 627,353

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:





S J Holder - Director


IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 December 2021 50,000 643,104 16 693,120

Changes in equity
Total comprehensive income - 1,334,233 - 1,334,233
Dividends - (1,400,000 ) - (1,400,000 )
Balance at 30 November 2022 50,000 577,337 16 627,353

Changes in equity
Total comprehensive income - 1,763,041 - 1,763,041
Dividends - (1,627,000 ) - (1,627,000 )
Balance at 30 November 2023 50,000 713,378 16 763,394

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

IRC Carocelle Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 5% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Office equipment - 33.33% on cost


IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Long-term contracts
Where the outcome of long-term contracts can be assessed with reasonable certainty before conclusion, the attributable profit is calculated on a prudent basis and included in the accounts for the period under review. The profit taken up reflects the stage of completion of the contract based on the costs to date as a percentage of total estimated costs.

When the outcome of long-term contracts cannot be assessed with reasonable certainty before conclusion of the contract, no profit is reflected in the profit and loss account in respect of those contracts. If it is expected that there will be a loss on the contract as a whole, all of the loss is recognised as soon as it is foreseen.

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 684,956 965,293
Social security costs 71,694 102,363
Other pension costs 408,610 50,715
1,165,260 1,118,371

The average number of employees during the year was as follows:
2023 2022

Administration 3 3
Directors 3 3
Production and fitting 13 18
19 24

4. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 26,070 26,070
Directors' pension contributions to money purchase schemes 360,000 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 924,223 1,924,668
Depreciation - owned assets 2,634 712
Depreciation - assets on hire purchase contracts 35,161 48,897
Profit on disposal of fixed assets (45,283 ) -
Auditors' remuneration 16,750 16,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 6,661 7,311
Corporation tax interest 4,337 (308 )
Hire purchase 4,827 7,930
15,825 14,933

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 500,213 298,932
Under/(Over) provision in prior year (38,445 ) (117,318 )
Total current tax 461,768 181,614

Deferred tax 5,803 (5,563 )
Tax on profit 467,571 176,051

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,230,612 1,510,284
Profit multiplied by the standard rate of corporation tax in the UK of
23.011% (2022 - 19%)

513,286

286,954

Effects of:
Expenses not deductible for tax purposes (7,728 ) 2,711
Capital allowances in excess of depreciation (5,335 ) -
Depreciation in excess of capital allowances - 9,267
Adjustments to tax charge in respect of previous periods (38,455 ) (117,318 )

Movement in deferred tax provision 5,803 (5,563 )
Total tax charge 467,571 176,051

The main rate of corporation tax increased from 19% to 25% from 1 April 2023.

8. DIVIDENDS

20232022
££
Ordinary shares1,627,0001,400,000

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


9. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 December 2022 8,088 10,399 11,943
Additions - 6,551 -
Disposals - (3,339 ) (11,943 )
At 30 November 2023 8,088 13,611 -
DEPRECIATION
At 1 December 2022 3,235 10,399 11,943
Charge for year 405 1,092 -
Eliminated on disposal - (3,339 ) (11,943 )
At 30 November 2023 3,640 8,152 -
NET BOOK VALUE
At 30 November 2023 4,448 5,459 -
At 30 November 2022 4,853 - -

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 306,024 52,275 388,729
Additions 48,154 5,618 60,323
Disposals (119,099 ) (52,275 ) (186,656 )
At 30 November 2023 235,079 5,618 262,396
DEPRECIATION
At 1 December 2022 246,294 52,275 324,146
Charge for year 35,162 1,136 37,795
Eliminated on disposal (119,100 ) (52,275 ) (186,657 )
At 30 November 2023 162,356 1,136 175,284
NET BOOK VALUE
At 30 November 2023 72,723 4,482 87,112
At 30 November 2022 59,730 - 64,583

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2022 163,512
Additions 48,154
Disposals (28,179 )
Transfer to ownership (52,169 )
At 30 November 2023 131,318
DEPRECIATION
At 1 December 2022 103,782
Charge for year 35,161
Eliminated on disposal (28,179 )
Transfer to ownership (52,169 )
At 30 November 2023 58,595
NET BOOK VALUE
At 30 November 2023 72,723
At 30 November 2022 59,730

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,470,915 2,982,826
Amounts owed by group undertakings 477,960 365,575
Amounts recoverable on
contracts 23,741 90,562
VAT - 127,407
Prepayments 96,455 85,438
3,069,071 3,651,808

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loan (see note 13) - 50,000
Hire purchase contracts (see note 14) 27,261 33,256
Trade creditors 882,045 2,359,658
Tax 632,000 298,930
Social security and other taxes 78,748 198,777
VAT 595,690 -
Other creditors 23,890 58,124
Deferred income 249,582 160,579
Accruals 202,917 44,114
2,692,133 3,203,438

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loan (see note 13) - 125,000
Hire purchase contracts (see note 14) 42,062 26,007
42,062 151,007

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loan - 50,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 50,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 75,000

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 27,261 33,256
Between one and five years 42,062 26,007
69,323 59,263

Non-cancellable operating leases
2023 2022
£    £   
Within one year 35,133 7,533
Between one and five years 140,532 -
In more than five years 152,243 -
327,908 7,533

Non-cancellable operating lease commitments are in respect of land and buildings.

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan - 175,000
Hire purchase contracts 69,323 59,263
69,323 234,263

Liabilities under hire purchase contracts are secured on the assets to which they relate.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 21,778 15,975

Deferred
tax
£   
Balance at 1 December 2022 15,975
Provided during year 5,803
Balance at 30 November 2023 21,778

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


16. PROVISIONS FOR LIABILITIES - continued

The provision for Deferred tax relates solely to accelerated capital allowances.
Deferred tax has been provided for at 25%.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary £1 50,000 50,000

Ordinary shares have a right to votes, receive dividends and to surplus assets on a liquidation or winding-up.

18. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2022 577,337 16 577,353
Profit for the year 1,763,041 1,763,041
Dividends (1,627,000 ) (1,627,000 )
At 30 November 2023 713,378 16 713,394

The company's reserves are as follows:

The retained earnings reserve, which represents cumulative profits or losses net of dividends paid.

The share premium reserve, which represents the cumulative premium arising on the issue of new shares in the company.

19. ULTIMATE PARENT COMPANY

The company is wholly owned by Carocelle Holdings Limited, a company incorporated in England and Wales.

Carocelle Holdings Limited prepares group accounts, copies of which are available from its registered office 161 Newhall Street, Birmingham, West Midlands, B3 1SW.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

S J Holder and S J Clohessy have given limited guarantees of £45,000 as bank security.

21. RELATED PARTY DISCLOSURES

S J Holder and S J Clohessy are also members of Carocelle LLP. During the year, Carocelle LLP was charged for goods and services of £248,995 (2022: £129,463) and made sales of £408,162 (2022: £487,155) to IRC Carocelle Limited. At the year end, IRC Carocelle Limited was owed £82,479 (2022: £61,763) by Carocelle LLP.

IRC CAROCELLE LIMITED (REGISTERED NUMBER: 05106663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


22. ULTIMATE CONTROLLING PARTY

No single individual has control of the company by virtue of their shareholding.