Company Registration No. 12442464 (England and Wales)
CASTLE ELECTROMAGNETIC COMPATIBILITY LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
Company registration number 12442464 (England and Wales)
CASTLE ELECTROMAGNETIC COMPATIBILITY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
CASTLE ELECTROMAGNETIC COMPATIBILITY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CASTLE ELECTROMAGNETIC COMPATIBILITY LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,117
2,953
Current assets
Debtors
5
37,937
26,485
Cash at bank and in hand
188
246
38,125
26,731
Creditors: amounts falling due within one year
6
(21,854)
(9,163)
Net current assets
16,271
17,568
Total assets less current liabilities
19,388
20,521
Creditors: amounts falling due after more than one year
7
(20,018)
(25,000)
Net liabilities
(630)
(4,479)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(631)
(4,480)
Total equity
(630)
(4,479)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year 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 15 August 2024 and are signed on its behalf by:
Mr A W Price
Director
Company registration number 12442464 (England and Wales)
CASTLE ELECTROMAGNETIC COMPATIBILITY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 2 -
1
Accounting policies
Company information

Castle Electromagnetic Compatibility Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 31 Lenton Road, The Park, Nottingham, NG7 1DT.

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
Turnover

Turnover 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.

1.3
Tangible fixed assets

Tangible fixed assets 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:

Freehold land and buildings
2% straight line
Plant and equipment
25% reducing balance

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.

1.4
Impairment of fixed 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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CASTLE ELECTROMAGNETIC COMPATIBILITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
1
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 March 2021
2,702
407
3,109
Additions
300
-
0
300
At 28 February 2022
3,002
407
3,409
Depreciation and impairment
At 1 March 2021
54
102
156
Depreciation charged in the year
60
76
136
At 28 February 2022
114
178
292
Carrying amount
At 28 February 2022
2,888
229
3,117
At 28 February 2021
2,648
305
2,953
CASTLE ELECTROMAGNETIC COMPATIBILITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 4 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
37,937
26,485

Within Other debtors are loans to shareholders of £28,631 (2021: £19,988).

6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
4,550
-
0
Trade creditors
951
84
Taxation and social security
14,615
7,879
Other creditors
1,738
1,200
21,854
9,163
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
20,018
25,000
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary of £1 each
1
1
1
1
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