Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-313false2023-01-01Holding company3falsefalsefalse 02000364 2023-01-01 2023-12-31 02000364 2022-01-01 2022-12-31 02000364 2023-12-31 02000364 2022-12-31 02000364 c:CompanySecretary1 2023-01-01 2023-12-31 02000364 c:Director1 2023-01-01 2023-12-31 02000364 c:Director2 2023-01-01 2023-12-31 02000364 c:Director3 2023-01-01 2023-12-31 02000364 c:RegisteredOffice 2023-01-01 2023-12-31 02000364 d:Buildings 2023-01-01 2023-12-31 02000364 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 02000364 d:PlantMachinery 2023-01-01 2023-12-31 02000364 d:CurrentFinancialInstruments 2023-12-31 02000364 d:CurrentFinancialInstruments 2022-12-31 02000364 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02000364 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02000364 d:ShareCapital 2023-12-31 02000364 d:ShareCapital 2022-12-31 02000364 d:SharePremium 2023-01-01 2023-12-31 02000364 d:SharePremium 2023-12-31 02000364 d:SharePremium 2022-12-31 02000364 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02000364 d:RetainedEarningsAccumulatedLosses 2023-12-31 02000364 d:RetainedEarningsAccumulatedLosses 2022-12-31 02000364 d:RetainedEarningsAccumulatedLosses 2022-01-01 02000364 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 02000364 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 02000364 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-12-31 02000364 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2022-12-31 02000364 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02000364 c:OrdinaryShareClass1 2023-12-31 02000364 c:OrdinaryShareClass1 2022-12-31 02000364 c:OrdinaryShareClass2 2023-01-01 2023-12-31 02000364 c:OrdinaryShareClass2 2023-12-31 02000364 c:OrdinaryShareClass2 2022-12-31 02000364 c:FRS102 2023-01-01 2023-12-31 02000364 c:Audited 2023-01-01 2023-12-31 02000364 c:FullAccounts 2023-01-01 2023-12-31 02000364 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02000364 d:Subsidiary1 2023-01-01 2023-12-31 02000364 d:Subsidiary1 1 2023-01-01 2023-12-31 02000364 d:Subsidiary2 2023-01-01 2023-12-31 02000364 d:Subsidiary2 1 2023-01-01 2023-12-31 02000364 c:Consolidated 2023-12-31 02000364 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 02000364 6 2023-01-01 2023-12-31 02000364 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02000364









CASTLEBRIDGE HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr F M J Raynsford (Chairman) 
Ms H S Raynsford 
Mr G S Woods 




Company secretary
Mr F M Raynsford



Registered number
02000364



Registered office
Kingfisher House
21-23 Elmfield Road

Bromley

Kent

BR1 1LT




Independent auditors
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
CASTLEBRIDGE HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent Auditors' report
 
4 - 7
Consolidated statement of income and retained earnings
 
8
Consolidated balance sheet
 
9
Company balance sheet
 
10
Consolidated statement of cash flows
 
11
Notes to the financial statements
 
12 - 26


 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
The Group has gained market share during the year via an increase in tonnages. This strategic positioning resulted in a gross profit margin of 17.9% and an operating profit of £2.46m for the year.

Principal risks and uncertainties
 
Fluctuations in turnover are common in this industry, along with raw materials being difficult to predict and control.

Financial key performance indicators
 
The Group regard tonnage, turnover, gross profit and operating profit as its key performance indicators.

Future developments
 
The Group is continuing to concentrate on its domestic, European and worldwide share of the pet food market and as a result of the investment programme, the directors believe that the Group is now in a strong position to respond to the expected upturn in demand. 
In considering future developments, the directors intend to maintain similar policies as in previous years which has resulted in substantial growth recently.  


This report was approved by the board on 27 June 2024 and signed on its behalf.



Ms H S Raynsford
Director

Page 1

 
CASTLEBRIDGE HOLDINGS 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group 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 the Group 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 £1,850,995 (2022 - £2,903,667).

The directors recomment a final dividend of £907,000 (2022 - £771,993)

Directors

The directors who served during the year were:

Mr F M J Raynsford (Chairman) 
Ms H S Raynsford 
Mr G S Woods 

Future developments

The Group is continually researching and developing new products for use in the principal activity of its subsidiary company.

Page 2

 
CASTLEBRIDGE HOLDINGS 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 June 2024 and signed on its behalf.
 





Ms H S Raynsford
Director

Page 3

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLEBRIDGE HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Castlebridge Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Group 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 Group's or the parent 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.


Page 4

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLEBRIDGE HOLDINGS LIMITED (CONTINUED)


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.


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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLEBRIDGE HOLDINGS 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 Group 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:

Identifying and assessing potential risks related to irregularities
 
In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the group and parent company operates in and how the group and parent company are complying with the legal and regulatory frameworks;
Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
 
All relevant laws and regulations identified at a Group level and areas susceptible to fraud that could have a material effect on the financial statements were communicated to component auditors. Any instances of noncompliance with laws and regulations identified and communicated by a component auditor were considered in our audit approach. The most significant laws and regulations were determined as follows:
UK GAAP FRS 102 and Companies Act;
Tax compliance regulations; 
Additional audit procedures performed by the audit engagement team included:
Review of the financial statement disclosures and testing to supporting documentation;
Completion of disclosure checklists to identify areas of non-compliance;
 
The areas that we identified as being susceptible to material misstatement due to fraud were:
Revenue Recognition;
Management Override;
Foreign exchange;
Stock.
Page 6

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLEBRIDGE HOLDINGS LIMITED (CONTINUED)


Audit procedures in report to the identified areas above:
Obtaining an understanding of the processes and controls around revenue recognition;
Substantively testing revenue via various testing including transactional, cut off and sequencing;
Comparison of foreign exchange rates with published rates and reworking;
Testing stock provisions to subsequent movements and market trends; 
Evaluation of the appropriateness of the accounting policies;
Testing the appropriateness of journal entries and other adjustments;
Assessing whether the judgements made in making accounting estates are indicative of a potential bias;
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and 
Inspection of all recent reports and certification from the relevant bodies and general inspection around the factory.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.


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.





Stuart Moon (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

30 August 2024
Page 7

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
26,832,849
27,217,579

Cost of sales
  
(22,039,197)
(21,018,048)

Gross profit
  
4,793,652
6,199,531

Administrative expenses
  
(2,331,377)
(2,604,936)

Operating profit
 5 
2,462,275
3,594,595

Interest payable and similar expenses
  
(9,348)
-

Profit before tax
  
2,452,927
3,594,595

Tax on profit
 10 
(601,932)
(690,928)

Profit after tax
  
1,850,995
2,903,667

  

  

Retained earnings at the beginning of the year
  
12,790,887
10,497,220

Profit for the year attributable to the owners of the parent
  
1,850,995
2,903,667

Dividends declared and paid
  
(412,000)
(610,000)

Retained earnings at the end of the year
  
14,229,882
12,790,887

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 12 to 26 form part of these financial statements.

Page 8

 
CASTLEBRIDGE HOLDINGS LIMITED
REGISTERED NUMBER: 02000364

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,089,393
1,196,903

Investments
 13 
2
2

  
1,089,395
1,196,905

Current assets
  

Stocks
 14 
9,521,779
9,837,981

Debtors: amounts falling due within one year
 15 
3,952,182
5,054,886

Cash at bank and in hand
 16 
2,833,105
1,039,457

  
16,307,066
15,932,324

Creditors: amounts falling due within one year
 17 
(3,061,881)
(4,233,644)

Net current assets
  
 
 
13,245,185
 
 
11,698,680

Total assets less current liabilities
  
14,334,580
12,895,585

Provisions for liabilities
  

Net assets
  
14,334,580
12,895,585


Capital and reserves
  

Called up share capital 
 19 
100,200
100,200

Share premium account
 20 
4,498
4,498

Profit and loss account
 20 
14,229,882
12,790,887

Equity attributable to owners of the parent Company
  
14,334,580
12,895,585


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2024.




Ms H S Raynsford
Director

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
CASTLEBRIDGE HOLDINGS LIMITED
REGISTERED NUMBER: 02000364

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
95,503
95,503

Current assets
  

Debtors: amounts falling due within one year
 15 
14,860
14,860

  
14,860
14,860

Creditors: amounts falling due within one year
 17 
(1)
(1)

Net current assets
  
 
 
14,859
 
 
14,859

Total assets less current liabilities
  
110,362
110,362

  

  

Net assets
  
110,362
110,362


Capital and reserves
  

Called up share capital 
 19 
100,200
100,200

Share premium account
 20 
4,498
4,498

Profit and loss account brought forward
  
5,664
5,664

Profit for the year
  
412,000
610,000

Dividends

  

(412,000)
(610,000)

Profit and loss account carried forward
  
5,664
5,664

  
110,362
110,362


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2024.


Ms H S Raynsford
Director

The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
CASTLEBRIDGE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,850,995
2,903,667

Adjustments for:

Depreciation of tangible assets
119,240
190,565

Loss on disposal of tangible assets
-
(2,400)

Interest paid
9,348
-

Taxation charge
601,932
690,928

Decrease/(increase) in stocks
316,202
(643,916)

Decrease/(increase) in debtors
1,104,119
(2,123,734)

(Decrease)/increase in creditors
(812,632)
7,357

Corporation tax (paid)
(962,478)
(348,738)

Net cash generated from operating activities

2,226,726
673,729


Cash flows from investing activities

Purchase of tangible fixed assets
(11,730)
(136,685)

Sale of tangible fixed assets
-
2,400

Net cash from investing activities

(11,730)
(134,285)

Cash flows from financing activities

Dividends paid
(412,000)
(610,000)

Interest paid
(9,348)
-

Net cash used in financing activities
(421,348)
(610,000)

Net increase/(decrease) in cash and cash equivalents
1,793,648
(70,556)

Cash and cash equivalents at beginning of year
1,039,457
1,110,013

Cash and cash equivalents at the end of year
2,833,105
1,039,457


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,833,105
1,039,457


The notes on pages 12 to 26 form part of these financial statements.

Page 11

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Castlebridge Holdings Limited ("the Company") and its subsidiaries (together "the Group") had the following principal activities during the year:
The principal activity of Castlebridge Holdings Limited continued to be that of a holding company.
The principal activity of Gel Systems Limited continued to be that of blenders and suppliers of food and pet food ingredients.
The principal activity of Gel Food Solutions Limited continued to be that of a dormant company. 
The Company is a private company limited by shares, incorporated in England and Wales. Its registered office is Kingfisher House, 21-23 Elmfield Road, Bromley, Kent, BR1 1LT.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

  
2.3

Going concern

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 12

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 13

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in the Statement of income and retained earnings 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 14

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Over 50% years
Long-term leasehold property
-
Over the lease term
Plant and machinery
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of income and retained earnings.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment.

  
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short-term creditors are measured at the transaction price.

 
2.14

Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 
Page 15

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

  
2.15

Foreign exchange

Functional and presentation currency
The Group's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency based on the spot exchange rates at the dates of the transactions. The Group makes prudent adjustments to the spot rate used to account for any potential movement in foreign exchange in the forthcoming short term period. 
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 the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.17

Interest income

nterest income is recognised in the Statement of income and retained earnings using the effective interest method.

Page 16

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.18

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the entity's accounting policies
The Group does not consider there to be any critical judgments in applying accounting policies.
b) Critical accounting estimates and assumptions
i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and note 2.5 for the useful economic lives for each class of assets.
ii) Foreign currency translation
The Group makes prudent adjustments to the spot rate used to account for any potential movement in foreign exchange in the forthcoming short term period.

Page 17

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The whole of the turnover is attributable to the subsidiary's principal business activity.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
7,304,394
6,020,353

Europe
12,809,105
11,708,758

Rest of the world
6,719,350
9,488,468

26,832,849
27,217,579



5.


Operating profit

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

2023
2022
£
£

Depreciation of tangible fixed assets
119,241
190,565

Exchange differences
(811,482)
(2,025,964)

Other operating lease rentals
53,099
69,455

Defined contribution pension cost
19,395
33,530


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
13,620
13,620

Page 18

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,471,332
1,415,374
-
-

Social security costs
72,220
176,123
-
-

Cost of defined contribution scheme
19,395
33,530
-
-

1,562,947
1,625,027
-
-


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



Group
Group
Company
Company
2023
2022
2023
2022
            No.
            No.
            No.
            No.









Administration
6
6
3
3



Development
3
3
-
-



Manufacturing
15
16
-
-



Sales
2
2
-
-

26
27
3
3


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
542,521
467,100

Group contributions to defined contribution pension schemes
4,000
4,000

546,521
471,100


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £542,521 (2022 - £467,100).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,000 (2022 - £4,000).

Page 19

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
9,348
-


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
602,185
671,088

Adjustments in respect of previous periods
(253)
19,840


Total current tax
601,932
690,928


Factors affecting tax charge for the year

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

2023
2022
£
£


Profit on ordinary activities before tax
2,452,927
3,594,595


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
576,942
682,973

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,093
12,165

Adjustments to tax charge in respect of prior periods
(253)
19,840

Unprovided deferred tax
23,178
9,426

Non-taxable income
(28)
(33,476)

Total tax charge for the year
601,932
690,928


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 20

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Dividends

2023
2022
£
£


Dividends paid
412,000
610,000

The directors propose a dividend of £907,000 (2022 - £771,993).


12.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,273,078
127,720
1,588,661
2,989,459


Additions
-
-
11,730
11,730



At 31 December 2023

1,273,078
127,720
1,600,391
3,001,189



Depreciation


At 1 January 2023
394,996
56,161
1,341,399
1,792,556


Charge for the year on owned assets
35,965
2,554
80,721
119,240



At 31 December 2023

430,961
58,715
1,422,120
1,911,796



Net book value



At 31 December 2023
842,117
69,005
178,271
1,089,393



At 31 December 2022
878,082
71,559
247,262
1,196,903

Page 21

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           12.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
842,117
878,082

Long leasehold
69,005
71,559

911,122
949,641



13.


Fixed asset investments

Group





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
1
1
2



At 31 December 2023
1
1
2




The results of the investment has not been included with these consolidated accounts on the basis that its inclusion is immaterial for the purpose of giving a true and fair view in accordance with the Companies Act 2006.

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
95,503



At 31 December 2023
95,503




Page 22

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Gel Systems Limited
Ordinary
100%
Gel Food Solutions Limited
Ordinary
100%

The registered office of Gel Systems Limited is Kingfisher House, 21-23 Elmfield Road, Bromley, Kent, England, BR1 1LT.
The registered office of Gel Food Solutions Limited is 45 O'Connell Street, Limerick, V94 XE18.

Gel Food Solutions Limited is excluded from consolidation on the basis that it is immaterial to the group

14.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
9,521,779
9,837,981
-
-



15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,844,542
4,961,111
-
-

Amounts owed by group undertakings
-
-
14,860
14,860

Other debtors
14,611
13,663
-
-

Prepayments and accrued income
93,029
80,112
-
-

3,952,182
5,054,886
14,860
14,860



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,833,105
1,039,457
-
-


Page 23

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,837,959
2,222,204
-
-

Corporation tax
310,542
671,088
-
-

Other taxation and social security
120,551
148,597
-
-

Other creditors
686,036
1,083,276
1
1

Accruals and deferred income
106,793
108,479
-
-

3,061,881
4,233,644
1
1



18.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,833,105
1,039,457
-
-

Financial assets that are debt instruments measured at amortised cost
3,859,153
4,974,774
14,860
14,860

6,692,258
6,014,231
14,860
14,860


Financial liabilities

Financial liabilities measured at amortised cost
(2,630,788)
(3,413,959)
(1)
(1)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary A shares of £1.00 each
100,000
100,000
200 (2022 - 200) Ordinary B shares of £1.00 each
200
200

100,200

100,200


Page 24

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Reserves

Share premium account

The share premium account represents the excess amount received by the Company over the par value of the shares.

Profit and loss account

The profit and loss account represents accumulated profits and losses of the group since incorporation less dividends paid.


21.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £19,395 (2022 - £33,530). Contributions totalling £4,021 (2022 - £2,353) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
35,369
18,824

Later than 1 year and not later than 5 years
22,113
53,270

57,482
72,094


Group
Group
2023
2022
£
£


Not later than 1 year
21,137
19,481


23.


Related party transactions

The Group has taken advantage of the exemption from disclosing transactions with group companies, available under FRS102 (Section 33). The Group publishes consolidated accounts. 
The directors had an interest in dividends paid during the year of £89,610 (
2022 - £132,675). 
Total key management personnel compensation including salaries and other benefits (other than directors) during the year was £200,993 (
2022 - £250,993).
Page 25

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Ultimate controlling party

There is no ultimate controlling party.

 
Page 26