Company registration number 03149637 (England and Wales)
CAPRICORN CONTROLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CAPRICORN CONTROLS LIMITED
COMPANY INFORMATION
Directors
Mr R E Heath
Mr G Reed
(Appointed 21 November 2023)
Company number
03149637
Registered office
Unit 1 - 9c
Thorpe Close
Overthorpe Industrial Estate
Banbury
Oxfordshire
United Kingdom
OX16 4SW
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
CAPRICORN CONTROLS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CAPRICORN CONTROLS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CAPRICORN CONTROLS LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Capricorn Controls Limited for the year ended 31 March 2024 set out on pages 2 to 7 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Capricorn Controls 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 Capricorn Controls Limited and state those matters that we have agreed to state to the board of directors of Capricorn Controls 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 Capricorn Controls Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Capricorn Controls 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 Capricorn Controls Limited. You consider that Capricorn Controls 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 Capricorn Controls 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.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
2 September 2024
CAPRICORN CONTROLS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,433
3,195
Current assets
Stocks
5
192,244
192,334
Debtors
6
661,572
207,647
Cash at bank and in hand
165,322
642,707
1,019,138
1,042,688
Creditors: amounts falling due within one year
7
(97,461)
(137,131)
Net current assets
921,677
905,557
Total assets less current liabilities
926,110
908,752
Provisions for liabilities
(1,109)
(799)
Net assets
925,001
907,953
Capital and reserves
Called up share capital
209
206
Share premium account
8,540
5,088
Profit and loss reserves
916,252
902,659
Total equity
925,001
907,953
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 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 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.
CAPRICORN CONTROLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
Mr R E Heath
Mr G Reed
Director
Director
Company registration number 03149637 (England and Wales)
CAPRICORN CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Capricorn Controls Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 - 9c, Thorpe Close, Overthorpe Industrial Estate, Banbury, Oxfordshire, United Kingdom, OX16 4SW.
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 £.
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.
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:
Plant and machinery
20% straight line
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
Stocks
Stocks 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 stocks to their present location and condition.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CAPRICORN CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
10
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
29,083
6,755
Adjustments in respect of prior periods
(46,142)
Total current tax
29,083
(39,387)
CAPRICORN CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Taxation
2024
2023
£
£
(Continued)
- 6 -
Deferred tax
Origination and reversal of timing differences
310
(102)
Total tax charge/(credit)
29,393
(39,489)
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2023
17,702
Additions
3,133
At 31 March 2024
20,835
Depreciation and impairment
At 1 April 2023
14,507
Depreciation charged in the year
1,895
At 31 March 2024
16,402
Carrying amount
At 31 March 2024
4,433
At 31 March 2023
3,195
5
Stocks
2024
2023
£
£
Stocks
192,244
192,334
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
122,361
181,800
Corporation tax recoverable
21,719
21,719
Amounts due from group undertakings
513,469
Prepayments and accrued income
4,023
4,128
661,572
207,647
CAPRICORN CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
43,097
98,386
Corporation tax
29,083
6,756
Other taxation and social security
22,555
25,109
Accruals and deferred income
2,726
6,880
97,461
137,131
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,109
799
2024
Movements in the year:
£
Liability at 1 April 2023
799
Charge to profit or loss
310
Liability at 31 March 2024
1,109
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.