Company registration number 06156512 (England and Wales)
CARLTON COUNTRY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
CARLTON COUNTRY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
CARLTON COUNTRY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
1,308
4,969
Current assets
Inventories
4
166,824
333,648
Trade and other receivables
5
1,322,075
1,054,253
Cash and cash equivalents
1,744
473
1,490,643
1,388,374
Current liabilities
6
(2,414,764)
(2,371,618)
Net current liabilities
(924,121)
(983,244)
Net liabilities
(922,813)
(978,275)
Equity
Called up share capital
7
100
100
Retained earnings
(922,913)
(978,375)
Total equity
(922,813)
(978,275)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year 31 May 2023 in question in accordance with section 476.
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 13 August 2024 and are signed on its behalf by:
A J Davies
Director
Company registration number 06156512 (England and Wales)
CARLTON COUNTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Carlton Country Limited is a private company limited by shares incorporated in England and Wales. The registered office is Crown House, 27 Old Gloucester Street, London, WC1N 3AX.
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.The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. The directors have agreed to provide financial assistance to the company to ensure that all liabilities are met as they fall due and they will not seek repayment of amounts due to them until there are sufficient cash reserves to do so. The directors have considered a period of twelve months from the date of approval of the financial statementstrue
1.3
Revenue
Revenue 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Property, plant and equipment
Property, plant and equipment 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% on cost
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.
1.5
Impairment of non-current 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.
CARLTON COUNTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies are recognised at transaction price.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year 31 May 2023 was:
2023
2022
Number
Number
Total
2
2
CARLTON COUNTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 June 2022 and 31 May 2023
24,407
Depreciation and impairment
At 1 June 2022
19,438
Depreciation charged in the year
3,661
At 31 May 2023
23,099
Carrying amount
At 31 May 2023
1,308
At 31 May 2022
4,969
4
Inventories
2023
2022
£
£
Inventories
166,824
333,648
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
1,322,075
1,054,253
6
Current liabilities
2023
2022
£
£
Bank loans
585,447
Corporation tax
175,008
20,343
Other payables
1,646,084
2,345,076
Accruals and deferred income
8,225
6,199
2,414,764
2,371,618
The carrying amount of inventories includes £166,824 (2022 - £333,648) pledged as security for liabilities.
CARLTON COUNTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
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
8
Parent company
The company is controlled by Carlton Holding Group Ltd, whose registered office address is Unit 26, Dunfermline Business Centre, Izatt Avenue, Dunfermline, Fife, KY11 3BZ.
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Key management personnel
-
367,035
Other related parties
1,646,084
1,719,073
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Key management personnel
460,314
52,607
Other related parties
8,657
304,864
CARLTON COUNTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
10
Directors' transactions
The following advances and credits to the directors took place during the year 31 May 2023:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
A J Davies -
2.00
52,607
-
40
(50,000)
2,647
M Gray -
2.00
-
448,717
8,950
-
457,667
52,607
448,717
8,990
(50,000)
460,314