Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312falsetruetrue2023-01-01falseHolding company2truefalse 03968931 2023-01-01 2023-12-31 03968931 2022-01-01 2022-12-31 03968931 2023-12-31 03968931 2022-12-31 03968931 2022-01-01 03968931 c:CompanySecretary1 2023-01-01 2023-12-31 03968931 c:Director1 2023-01-01 2023-12-31 03968931 c:Director2 2023-01-01 2023-12-31 03968931 c:Director2 2023-12-31 03968931 c:Director3 2023-01-01 2023-12-31 03968931 c:Director3 2023-12-31 03968931 c:RegisteredOffice 2023-01-01 2023-12-31 03968931 d:CurrentFinancialInstruments 2023-12-31 03968931 d:CurrentFinancialInstruments 2022-12-31 03968931 d:Non-currentFinancialInstruments 2023-12-31 03968931 d:Non-currentFinancialInstruments 2022-12-31 03968931 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03968931 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03968931 d:UKTax 2023-01-01 2023-12-31 03968931 d:UKTax 2022-01-01 2022-12-31 03968931 d:ShareCapital 2023-01-01 2023-12-31 03968931 d:ShareCapital 2023-12-31 03968931 d:ShareCapital 2022-01-01 2022-12-31 03968931 d:ShareCapital 2022-12-31 03968931 d:ShareCapital 2022-01-01 03968931 d:SharePremium 2023-01-01 2023-12-31 03968931 d:SharePremium 2023-12-31 03968931 d:SharePremium 2022-01-01 2022-12-31 03968931 d:SharePremium 2022-12-31 03968931 d:SharePremium 2022-01-01 03968931 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03968931 d:RetainedEarningsAccumulatedLosses 2023-12-31 03968931 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03968931 d:RetainedEarningsAccumulatedLosses 2022-12-31 03968931 d:RetainedEarningsAccumulatedLosses 2022-01-01 03968931 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03968931 c:OrdinaryShareClass1 2023-12-31 03968931 c:OrdinaryShareClass1 2022-12-31 03968931 c:FRS102 2023-01-01 2023-12-31 03968931 c:Audited 2023-01-01 2023-12-31 03968931 c:FullAccounts 2023-01-01 2023-12-31 03968931 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03968931 2 2023-01-01 2023-12-31 03968931 e:Euro 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03968931










CARLISLE HOLDING LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CARLISLE HOLDING LIMITED
 

COMPANY INFORMATION


Directors
I R Reid 
K P Kamienski (resigned 15 September 2023)
J R Armstrong (appointed 15 September 2023)




Company secretary
Abogado Nominees Limited



Registered number
03968931



Registered office
Level 37 One Canada Square
Canary Wharf

London

E14 5DY




Independent auditors
PKF Smith Cooper Audit Limited

1 Prospect Place

Millennium Way

Derby

DE24 8HG





 
CARLISLE HOLDING LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 18


 
CARLISLE HOLDING LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors, in preparing this strategic report, for Carlisle Holding Limited (the Company) for the year ended 31 December 2023 have complied with s414C of the Companies Act 2006.

Business review
 
The principal activity of the Company is to act as a finance company and to provide finance to other group companies.  The Company does not envisage any material changes in its’ future activities.
The Company provides financing to other group Companies in the wider Carlisle Group, which generates interest income. The interest income is shown in net finance costs, after operating profit/(loss). As a result of the financing arrangements, the Company has generated an increased profit on ordinary activities before taxation of €8,062k.
During the year the Company extinguished it's share premium of €140,540k and this was transferred to a distributable reserve.

Principal risks and uncertainties
 
The directors continually review, evaluate and mitigate the risks that the Company is facing. The principal risks and uncertainties facing the company are changes in interest rates, impairment of its investments and changes in the exchange rate between Euros against Pound Sterling and the US dollar.
Financial risk management    
Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk
management to a sub-committee of the board. The policy set by the board of directors is implemented by the
Company's finance department. Given the Company is a just a holding Company of the wider Carlisle
Companies Incorporated group, financial risk management is detailed further in the Group financial statements
of Carlisle Companies Incorporated which can be obtained from the Company website.  
    
Credit risk   
The Company is not exposed to any significant credit risk.  
     
Liquidity, interest rate and cash flow risk        
All the Company's debt is inter-company and the interest rate risk, liquidity risk and cash flow risk is managed by the board of Carlisle Companies Incorporated.

Financial key performance indicators
 
The key performance indicators during the year were as follows:


2023
2022
      €000
      €000
Operating profit/(loss)

(7)

21
 
Profit/(loss) on ordinary activities before taxation

8,602

1,058
 
Total shareholders' funds

143,681

141,878
 

Page 1

 
CARLISLE HOLDING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 7 August 2024 and signed on its behalf.



I R Reid
Director

Page 2

 
CARLISLE HOLDING LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to 6,842,000 (2022 - 1,058,000).

The Company paid dividends of €5,039,000 (2022: €nil) during the year. No further dividends are recommended.

Directors

The directors who served during the year were:

I R Reid 
K P Kamienski (resigned 15 September 2023)
J R Armstrong (appointed 15 September 2023)

Future developments

There are no significant changes or future developments planned for the Company.

Engagement with suppliers, customers and others

The Company is a holding Company and subsequently has limited trade.

Page 3

 
CARLISLE HOLDING LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 7 August 2024 and signed on its behalf.
 





I R Reid
Director

Page 4

 
CARLISLE HOLDING LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARLISLE HOLDING LIMITED
 

Opinion


We have audited the financial statements of Carlisle Holding Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 31 December 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 
CARLISLE HOLDING LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARLISLE HOLDING LIMITED (CONTINUED)


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 
CARLISLE HOLDING LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARLISLE HOLDING LIMITED (CONTINUED)


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
• Management bias in respect of accounting estimates and judgements made;
• Management override of control;
• Posting of unusual journals or transactions;
We focused on those areas that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance around actual and potential litigation and claims, 
  including instances of non-compliance with laws and regulations and fraud;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and 
  fraud;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with 
  applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and 
  other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the 
  normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Page 7

 
CARLISLE HOLDING LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARLISLE HOLDING LIMITED (CONTINUED)


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 2006Our 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 an Auditors' report 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.





James Delve (Senior statutory auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
1 Prospect Place
Millennium Way
Derby
DE24 8HG

8 August 2024
Page 8

 
CARLISLE HOLDING LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
€000
€000

Administrative expenses
  
(7)
(21)

Operating loss
  
(7)
(21)

Net finance costs
 5 
8,609
1,079

Profit before tax
  
8,602
1,058

Tax on profit
 6 
(1,760)
-

Profit for the financial year
  
6,842
1,058

There was no other comprehensive income for 2023 (2022:NIL).

The notes on pages 12 to 18 form part of these financial statements.

Page 9

 
CARLISLE HOLDING LIMITED
REGISTERED NUMBER: 03968931

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
€000
€000

Current assets
  

Debtors: amounts falling due after more than one year
 7 
141,156
141,156

Debtors: amounts falling due within one year
 7 
4,294
744

  
145,450
141,900

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(1,769)
(22)

Net current assets
  
 
 
143,681
 
 
141,878

Net assets
  
143,681
141,878


Capital and reserves
  

Called up share capital 
 9 
1
1

Share premium account
 10 
-
140,540

Profit and loss account
 10 
143,680
1,337

  
143,681
141,878


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2024.




I R Reid
Director

The notes on pages 12 to 18 form part of these financial statements.

Page 10

 
CARLISLE HOLDING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

€000
€000
€000
€000


At 1 January 2022
1
-
279
280


Comprehensive income for the year

Profit for the year
-
-
1,058
1,058
Total comprehensive income for the year
-
-
1,058
1,058


Contributions by and distributions to owners

Shares issued during the year
-
140,540
-
140,540


Total transactions with owners
-
140,540
-
140,540



At 1 January 2023
1
140,540
1,337
141,878


Comprehensive income for the year

Profit for the year
-
-
6,842
6,842
Total comprehensive income for the year
-
-
6,842
6,842


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,039)
(5,039)

Extinguish share premium
-
(140,540)
140,540
-


Total transactions with owners
-
(140,540)
135,501
(5,039)


At 31 December 2023
1
-
143,680
143,681


The notes on pages 12 to 18 form part of these financial statements.

Page 11

 
CARLISLE HOLDING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private Company limited by shares and incorporated in England. The registered office is Level 37 One Canada Square, Canary Wharf, London, England, E14 5DY. The Company registration number is 03968931. The nature of the Company's operations and principal activities is that of a holding Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The Company has prepared it's financial statements to the nearest €000 EUR.

The following principal accounting policies have been applied:

 
2.2

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 the 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 Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Carlisle Companies Incorporated as at 31st December 2023 and these financial statements may be obtained from the Company secretary at Carlisle Companies Corporate Headquarters, 16430 N. Scottsdale Road, Suite 400, Scottsdale, AZ 85254.

 
2.3

Going concern

The Company's business activities, together with the factors likely to affect it's future development, performance and position are set out in the Strategic report. The Directors' report further describes the financial position of the Company, its cash flows, liquidity position and borrowing facilities; the Company's objectives, policies and processes for managing it's capital; it's financial risk management objectives; details of it's financial instruments and hedging activities; and it's exposure to credit risk and liquidity risk.
The Directors share a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. The ultimate parent Company - Carlisle Companies Incorporated, have also provided a letter of support, which confirms that they will provide additional financial support to the Company, should this be required, for at least 12 months from the date of the approval of the financial statements.
As a result, the Directors consider the going concern basis to be appropriate in the preparation of the financial statements. 

Page 12

 
CARLISLE HOLDING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 13

 
CARLISLE HOLDING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 14

 
CARLISLE HOLDING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
€000
€000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
6
6


4.


Employees



The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2


5.


Net finance costs

2023
2022
€000
€000


Gain/(Loss) on foreign exchange
45
36

Interest receivable on issued loan notes
8,469
1,035

Interest receivable/(payable) on inter-company cashpool
95
8

8,609
1,079

Page 15

 
CARLISLE HOLDING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Taxation


2023
2022
€000
€000

Current tax


Current tax on profits for the year
1,760
-

Total current tax
1,760
-

Deferred tax


Origination and reversal of timing differences
-
-

Total deferred tax
-
-


Taxation on profit on ordinary activities
1,760
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
€000
€000


Profit on ordinary activities before tax
8,602
1,058


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
2,023
201

Effects of:


Utilisation of tax losses
(263)
(201)

Total tax charge for the year
1,760
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 16

 
CARLISLE HOLDING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
€000
€000

Due after more than one year

Amounts owed by group undertakings
141,156
141,156


2023
2022
€000
€000

Amounts owed by group undertakings
4,294
743

Other debtors
-
1

4,294
744


The Company participates in the Carlisle European cash pool in which all subsidiary companies contribute excess cash balances or draw current loan positions from the cash pool. The cash pool header company is Carlisle Acquisition I B.V. in the Netherlands. The contributing or loan balances are interest-bearing at SONIA +1%, ESTR +1% and SOFR +1% for the GBP, EUR and USD cashpools respectively.
Contributions of excess cash balances are recognised in amounts owed by group undertakings and drawing of loan positions from the cash pool are recognised in amounts owed to group undertakings. 
Included in amounts owed by group undertakings are €141.15m (2022: €141.15m) of loan notes owed by fellow group companies. Interest is charged at 6% per annum and the principal value of the loan is repayable in November 2032.


8.


Creditors: Amounts falling due within one year

2023
2022
€000
€000

Trade creditors
-
5

Corporation tax
1,760
-

Accruals and deferred income
9
17

1,769
22



9.


Share capital

2023
2022
€000
€000
Allotted, called up and fully paid



601 (2022 - 601) Ordinary shares of 1.00 each
1
1


Page 17

 
CARLISLE HOLDING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Reserves

Share premium account

Represents the difference between consideration received and the nominal value of issued shares, less any related issue costs incurred.

Profit and loss account

Represents the cumulative retained profits and losses.


11.


Controlling party

The Company's immediate parent undertaking is Carlisle Global II Limited, which is incorporated in the United Kingdom.
The ultimate parent company is Carlisle Companies Incorporated, which is incorporated in the USA. This company heads the largest and smallest group in which the company's results are consolidated. Copies of the financial statements of Carlisle Companies Incorporated may be obtained from the Company secretary at Carlisle Companies Corporate Headquarters, 16430 N. Scottsdale Road, Suite 400, Scottsdale, AZ 85254.


Page 18