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Registered number: 09882722









CAST CONSULT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CAST CONSULT LIMITED
 
 
COMPANY INFORMATION


Directors
L N Brearley 
K L Brooks 
M J Farmer 
L M Gallafent 
J J Thornton 




Registered number
09882722



Registered office
Charles Lake House
Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

1st Floor

73-81 Southwark Bridge Road

London

SE1 0NQ





 
CAST CONSULT LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11
Notes to the financial statements
 
12 - 20


 
CAST CONSULT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their company strategic report accompanying the financial statements for the year ended 31 December 2023.

Business review
 
Performance for the year ended 31 December 2023 was pleasing in the face of continued market uncertainty and disruption caused by the ongoing war in Ukraine, the Cost-of-Living challenges and the political upheaval in the UK. The Directors continued to balance the need for investment in our people with prudent risk management. Our record of year on year revenue growth was maintained. We delivered a strong margin despite the impacts of increased costs. We were able to make significant progress in support of our Mission of “Driving Industry Change. Delivering Better Outcomes. Creating Future Places” with the appointment as masterplan project and cost managers for the Earls Court Development Company on their masterplan covering 40 acres of West London. Cast has further reinforced its position as an expert at the forefront of industry change.

Principal risks and uncertainties
 
The key business risk and uncertainty affecting the company relates to the impact of regional conflict in Ukraine and the Middle East coupled with UK political volatility which all have had implications on business confidence in property investment and development, the macro-economic environment and construction viability. The Directors remain focused on prudent financial risk management. The combined impact of funding an increased tax burden, accelerating inflation, hardening payment terms and the need to invest in our strategy further reinforces the need to focus on cash. The Directors have made prudent provisions in the 2023 accounts to ensure the business enters 2024 and the third year of our 5 Year Plan in a financially strong position.

Financial key performance indicators
 
Given the straight forward nature of the business the directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 20 September 2024 and signed on its behalf.



L N Brearley
Director

Page 1

 
CAST CONSULT 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;

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 £3,318,688 (2022 - £3,357,711).

During the year dividends of £4,595,883 (2022 - £2,415,433) were paid.

Directors

The directors who served during the year were:

L N Brearley 
K L Brooks 
M J Farmer 
L M Gallafent 
J J Thornton 

Future developments

The company continues to trade profitably and to pursue opportunities to improve its performance and financial position.

Page 2

 
CAST CONSULT 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

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 20 September 2024 and signed on its behalf.
 





L N Brearley
Director

Page 3

 
CAST CONSULT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST CONSULT LIMITED
 

Opinion


We have audited the financial statements of Cast Consult Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, 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.


Page 4

 
CAST CONSULT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST CONSULT 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 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 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 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 5

 
CAST CONSULT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST CONSULT 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate competence,                                                        capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and 
    other management, and from our commercial knowledge and experience of the construction sector                                                     that the company operates in;
• The specific laws and regulations which we considered may have a direct material effect on the financial 
          statements or the operations of the company, are as follows;
          • Companies Act 2006
          • FRS102
          • Health and Safety legislation
          • Employment legislation
          • ISO9001
          • Tax legislation 
• We assessed the extent of compliance with the laws and regulations identified above through making 
         enquiries of management, reviewing board minutes and relevant correspondence; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the 
        audit as any further laws and regulation were identified. The audit team remained alert to instances of 
         non-compliance throughout the audit; 
 
Page 6

 
CAST CONSULT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST CONSULT LIMITED (CONTINUED)


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their 
          knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and 
          regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,  
          including cost accruals, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the 
          company’s usual course of business. 
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.
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.


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.





Duncan Stannett (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
 

20 September 2024
Page 7

 
CAST CONSULT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
14,787,641
13,879,816

Gross profit
  
14,787,641
13,879,816

Administrative expenses
  
(10,771,931)
(9,915,071)

Operating profit
  
4,015,710
3,964,745

Amounts written off investments
  
31,443
(28,999)

Interest receivable and similar income
  
31,662
-

Interest payable and similar expenses
 7 
(3,112)
(447)

Profit before tax
  
4,075,703
3,935,299

Tax on profit
 8 
(757,015)
(577,588)

Profit for the financial year
  
3,318,688
3,357,711

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

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

The notes on pages 12 to 20 form part of these financial statements.

Page 8

 
CAST CONSULT LIMITED
REGISTERED NUMBER: 09882722

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
203,674
221,517

  
203,674
221,517

Current assets
  

Debtors: amounts falling due within one year
 11 
3,005,224
3,102,392

Cash at bank and in hand
 12 
3,094,612
3,669,224

  
6,099,836
6,771,616

Creditors: amounts falling due within one year
 13 
(2,565,939)
(1,975,705)

Net current assets
  
 
 
3,533,897
 
 
4,795,911

Total assets less current liabilities
  
3,737,571
5,017,428

Provisions for liabilities
  

Deferred tax
 14 
(42,722)
(45,384)

  
 
 
(42,722)
 
 
(45,384)

Net assets
  
3,694,849
4,972,044


Capital and reserves
  

Called up share capital 
 15 
300
300

Share premium account
  
124,940
124,940

Capital redemption reserve
  
15
15

Profit and loss account
  
3,569,594
4,846,789

  
3,694,849
4,972,044


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L N Brearley
Director

Date: 20 September 2024

The notes on pages 12 to 20 form part of these financial statements.

Page 9

 
CAST CONSULT LIMITED
 

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


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

£
£
£
£
£

At 1 January 2023
300
124,940
15
4,846,789
4,972,044



Profit for the year
-
-
-
3,318,688
3,318,688

Dividends
-
-
-
(4,595,883)
(4,595,883)


At 31 December 2023
300
124,940
15
3,569,594
3,694,849



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


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

£
£
£
£
£

At 1 January 2022
300
174,940
15
3,904,511
4,079,766



Profit for the year
-
-
-
3,357,711
3,357,711

Dividends
-
-
-
(2,415,433)
(2,415,433)

Shares redeemed during the year
-
(50,000)
-
-
(50,000)


At 31 December 2022
300
124,940
15
4,846,789
4,972,044


The notes on pages 12 to 20 form part of these financial statements.

Page 10

 
CAST CONSULT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,318,688
3,357,711

Adjustments for:

Depreciation of tangible fixed assets
59,996
68,176

Loss on disposal of tangible fixed assets
-
4,422

Interest paid
3,112
447

Interest received
(31,662)
-

Taxation charge
757,015
577,588

Decrease/(increase) in debtors
97,168
(110,146)

Increase/(decrease) in creditors
785,264
(790,356)

Corporation tax (paid)
(954,707)
(638,370)

Net cash generated from operating activities

4,034,874
2,469,472


Cash flows from investing activities

Purchase of tangible fixed assets
(42,153)
(35,505)

Interest received
31,662
-

Net cash from investing activities

(10,491)
(35,505)

Cash flows from financing activities

Purchase of ordinary shares
-
(50,000)

Dividends paid
(4,595,883)
(2,415,433)

Interest paid
(3,112)
(447)

Net cash used in financing activities
(4,598,995)
(2,465,880)

Net (decrease) in cash and cash equivalents
(574,612)
(31,913)

Cash and cash equivalents at beginning of year
3,669,224
3,701,137

Cash and cash equivalents at the end of year
3,094,612
3,669,224


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,094,612
3,669,224

3,094,612
3,669,224


The notes on pages 12 to 20 form part of these financial statements.

Page 11

 
CAST CONSULT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Cast Consult Limited is a private company limited by shares and incorporated in England and Wales. The registered office address of the company is Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA.
The principal activity of the company is that of real estate and construction consultancy.

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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Revenue from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:
•        the amount of revenue can be measured reliably;
•        it is probable that the Company will receive the consideration due under the contract;
•     the stage of completion of the contract at the end of the reporting period can be measured                                                            reliably; and
•        the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

 
2.4

Interest income

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

Page 12

 
CAST CONSULT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss 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 Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

Page 13

 
CAST CONSULT 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, on a combination of straight line and reducing balance bases..

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance
Computer equipment
-
10% reducing balance
Other fixed assets
-
25% reducing balance

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 Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

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.

 
2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

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.

Page 14

 
CAST CONSULT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

Operating leases

Rentals payable under operating leases, including any lease incentives received, are charged to the income statement on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the llease asset are consumed.

 
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.


3.


Turnover

All turnover arose within the United Kingdom and is attributable to the company's principal activity as stated in note 1.

All turnover arose within the United Kingdom.


4.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
11,500
11,100
Page 15

 
CAST CONSULT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Employees

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


2023
2022
£
£

Wages and salaries
6,514,091
5,986,442

Social security costs
739,082
718,161

Cost of defined contribution scheme
232,755
232,753

7,485,928
6,937,356


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


        2023
        2022
            No.
            No.







Employees
85
86


6.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
480,645
45,165

Company contributions to defined contribution pension schemes
31,750
24,250

512,395
69,415


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.


7.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
3,112
447

3,112
447

Page 16

 
CAST CONSULT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
983,544
787,003

Adjustments in respect of previous periods
(223,867)
(214,003)


Total current tax
759,677
573,000

Deferred tax


Origination and reversal of timing differences
(2,662)
4,588


Tax on profit
757,015
577,588

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 19/25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,896,756
3,935,299


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
974,189
747,707

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,641
35,940

Capital allowances for year in excess of depreciation
1,573
3,356

Adjustments to tax charge in respect of prior periods
(859)
(669)

R&D reclaim
(223,867)
(213,334)

Deferred tax (credit)/charge for the year
(2,662)
4,588

Total tax charge for the year
757,015
577,588


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 
CAST CONSULT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Dividends

2023
2022
£
£


Ordinary dividends paid
4,595,883
2,415,433

4,595,883
2,415,433


10.


Tangible fixed assets





Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
461,870
82,700
148,488
693,058


Additions
-
-
42,153
42,153



At 31 December 2023

461,870
82,700
190,641
735,211



Depreciation


At 1 January 2023
340,501
64,659
66,381
471,541


Charge for the year on owned assets
30,341
4,510
25,145
59,996



At 31 December 2023

370,842
69,169
91,526
531,537



Net book value



At 31 December 2023
91,028
13,531
99,115
203,674



At 31 December 2022
121,369
18,041
82,107
221,517


11.


Debtors

2023
2022
£
£


Trade debtors
2,640,651
2,734,951

Other debtors
124,331
232,676

Prepayments and accrued income
240,242
134,765

3,005,224
3,102,392


Page 18

 
CAST CONSULT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,094,612
3,669,224

3,094,612
3,669,224



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
220,372
252,885

Corporation tax
5,539
200,569

Other taxation and social security
815,063
995,410

Other creditors
1,230,242
336,402

Accruals and deferred income
294,723
190,439

2,565,939
1,975,705



14.


Deferred taxation




2023
2022


£

£






At beginning of year
(45,384)
(40,796)


Charged to profit or loss
2,662
(4,588)



At end of year
(42,722)
(45,384)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(42,722)
(45,384)

(42,722)
(45,384)

Page 19

 
CAST CONSULT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



6,000 (2022 - 6,000) Ordinary "A1" shares of £0.01 each
60
60
6,000 (2022 - 6,000) Ordinary "A2" shares of £0.01 each
60
60
6,000 (2022 - 6,000) Ordinary "A3" shares of £0.01 each
60
60
6,000 (2022 - 6,000) Ordinary "A4" shares of £0.01 each
60
60
6,000 (2022 - 6,000) Ordinary "A5" shares of £0.01 each
60
60

300

300



16.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and amounted to £201,005 (2022: £232,753). Contributions totaling £41,412 (2022 : £36,150) were payable to fund at the balance sheet date and are included in other creditors, amounts falling due within one year.


17.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
349,696
349,696

Later than 1 year and not later than 5 years
1,049,088
1,398,784

1,398,784
1,748,480


18.


Related party transactions

At the end of the year, a sum of £1,095,894 (2022: £190,642) was owed to the company's directors.
The directors had an interest in dividends voted for the year of £4,595,883 (2022: £2,415,433).


19.


Controlling party

The company is not controlled by any one party.

 
Page 20