Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetruetruetruetruetruetruefalse2023-01-01119113false 01089809 2023-01-01 2023-12-31 01089809 2022-01-01 2022-12-31 01089809 2023-12-31 01089809 2022-12-31 01089809 1 2023-01-01 2023-12-31 01089809 1 2022-01-01 2022-12-31 01089809 d:CompanySecretary1 2023-01-01 2023-12-31 01089809 d:Director1 2023-01-01 2023-12-31 01089809 d:Director1 2023-12-31 01089809 d:Director2 2023-01-01 2023-12-31 01089809 d:Director2 2023-12-31 01089809 d:Director3 2023-01-01 2023-12-31 01089809 d:Director4 2023-01-01 2023-12-31 01089809 d:RegisteredOffice 2023-01-01 2023-12-31 01089809 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 01089809 e:Buildings e:LongLeaseholdAssets 2023-12-31 01089809 e:Buildings e:LongLeaseholdAssets 2022-12-31 01089809 e:PlantMachinery 2023-01-01 2023-12-31 01089809 e:PlantMachinery 2023-12-31 01089809 e:PlantMachinery 2022-12-31 01089809 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01089809 e:MotorVehicles 2023-01-01 2023-12-31 01089809 e:MotorVehicles 2023-12-31 01089809 e:MotorVehicles 2022-12-31 01089809 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01089809 e:OfficeEquipment 2023-01-01 2023-12-31 01089809 e:OfficeEquipment 2023-12-31 01089809 e:OfficeEquipment 2022-12-31 01089809 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01089809 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01089809 e:CurrentFinancialInstruments 2023-12-31 01089809 e:CurrentFinancialInstruments 2022-12-31 01089809 e:Non-currentFinancialInstruments 2023-12-31 01089809 e:Non-currentFinancialInstruments 2022-12-31 01089809 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 01089809 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 01089809 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 01089809 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 01089809 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 01089809 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 01089809 e:UKTax 2023-01-01 2023-12-31 01089809 e:UKTax 2022-01-01 2022-12-31 01089809 e:ShareCapital 2023-12-31 01089809 e:ShareCapital 2022-12-31 01089809 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01089809 e:RetainedEarningsAccumulatedLosses 2023-12-31 01089809 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 01089809 e:RetainedEarningsAccumulatedLosses 2022-12-31 01089809 e:RetainedEarningsAccumulatedLosses 2022-01-01 01089809 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01089809 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01089809 d:OrdinaryShareClass1 2023-01-01 2023-12-31 01089809 d:OrdinaryShareClass1 2023-12-31 01089809 d:OrdinaryShareClass1 2022-12-31 01089809 d:FRS102 2023-01-01 2023-12-31 01089809 d:Audited 2023-01-01 2023-12-31 01089809 d:FullAccounts 2023-01-01 2023-12-31 01089809 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01089809 e:WithinOneYear 2023-12-31 01089809 e:WithinOneYear 2022-12-31 01089809 e:BetweenOneFiveYears 2023-12-31 01089809 e:BetweenOneFiveYears 2022-12-31 01089809 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 01089809 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 01089809 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 01089809 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 01089809 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-12-31 01089809 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-12-31 01089809 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 01089809 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 01089809 e:LeasedAssetsHeldAsLessee 2023-12-31 01089809 e:LeasedAssetsHeldAsLessee 2022-12-31 01089809 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01089809









CARLICK CONTRACT FURNITURE LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CARLICK CONTRACT FURNITURE LIMITED
 

CONTENTS



Page
Company Information
 
1
Strategic Report
 
2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Statement of Financial Position
 
10
Notes to the Financial Statements
 
11 - 27


 
CARLICK CONTRACT FURNITURE LIMITED
 
 
COMPANY INFORMATION


Directors
S Ali (resigned 14 November 2023)
S Lubeck (resigned 14 November 2023)
N Kingdon 
N M Harrison 




Company secretary
S Ali (resigned 14 November 2023)



Registered number
01089809



Registered office
Junction Business Park
Rake Lane

Swinton

Manchester

Lancashire

M27 8LR




Independent auditors
Alexander Knight & Co Limited
Chartered Accountants & Statutory Auditor

Westgate House

44 Hale Road

Hale

Altrincham

Cheshire

WA14 2EX




Page 1

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal activity
 
The principal activity of the Company during the year was that of the manufacture and supply of contract furniture to the leading pub, bar and restaurant groups operating in the UK’s hospitality sector.

Business review and future developments
 
Business Review
The Company is pleased to report sales of £12.7 million in 2023 albeit being 15% lower than the sales achieved in the prior year.
Sales of £14.9 million reported in 2022 represented an exceptional year where customers played catch-up from deferring cap-ex schemes during 2020 and 2021 primarily due to the Covid Pandemic and market uncertainty across the hospitality sector at that time.
Market confidence has now returned, and the Company’s key customers have resumed their investment in their estates and focusing on growth and the future. The Company is now well positioned with both its existing customers and prospects to win new brands and grow organically with the market.
Future Developments
The Company’s order book remains strong and the business continues to focus on regaining traction on its success story prior to the Pandemic.  Based on current sales activity and strength of the order book the Company is reasonably confident that it will post strong growth in 2024.
The Board continue to drive the business forward and to continue investment where needed to fulfil the Company’s medium to longer term objectives.

Equity and profitability
 
The Company is pleased to report another strong and consistent year with an operating profit of £506k (2022:  £1.1 million). 
The Company’s balance sheet remained strong with a good working capital mix supported net assets of £5.4  million at 31 December 2023.

Principal risks and risk management
 
The balance reflects a true and fair position on assets and debt within the company. The company has no other obligations besides what is mentioned in the financial statements. Beside this there are no legal procedures of substantial meaning. 


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



N M Harrison
Director

Date: 26 September 2024

Page 2

 
CARLICK CONTRACT FURNITURE 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.

Principal activity

The principal activity of the Company during the year was that of the manufacture and supply of contract furniture to the leading pub, bar and restaurant groups operating in the UK's hospitality sector.

Results and dividends

The profit for the year, after taxation, amounted to £315,881 (2022 - £822,603).

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Directors

The directors who served during the year were:

S Ali (resigned 14 November 2023)
S Lubeck (resigned 14 November 2023)
N Kingdon 
N M Harrison 

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.

Matters covered in the Strategic Report

In accordance with section 414C (11) of the Companies Act 2006 Regulations 2013, the directors have included a separate strategic report. This includes information that would have been included in the business review, future developments and the principal risks and uncertainties.

Page 3

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

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

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.

Auditors

The auditorsAlexander Knight & Co Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





N M Harrison
Director

Date: 26 September 2024

Page 4

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARLICK CONTRACT FURNITURE LIMITED
 

Opinion


We have audited the financial statements of Carlick Contract Furniture Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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 5

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARLICK CONTRACT FURNITURE 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 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARLICK CONTRACT FURNITURE 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit team:
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; 
Inquired of management and those charged with governance 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 an assessment of how and where the financial statements may be susceptible to fraud.
As a result of performing the above, our procedures to respond to the risks identified included the following:
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
It remains the primary responsibility of management to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARLICK CONTRACT FURNITURE LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Murray Patt FCA (Senior Statutory Auditor)
for and on behalf of
Alexander Knight & Co Limited
Chartered Accountants & Statutory Auditor
Westgate House
44 Hale Road
Hale
Altrincham
Cheshire
WA14 2EX

26 September 2024
Page 8

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
12,745,294
14,925,333

Cost of sales
  
(9,620,906)
(11,395,914)

Gross profit
  
3,124,388
3,529,419

Administrative expenses
  
(2,618,744)
(2,427,786)

Operating profit
 5 
505,644
1,101,633

Interest receivable and similar income
 9 
2,190
971

Interest payable and similar expenses
 10 
(143,712)
(113,898)

Profit before tax
  
364,122
988,706

Tax on profit
 11 
(48,241)
(166,103)

Profit after tax
  
315,881
822,603

  

  

Retained earnings at the beginning of the year
  
5,336,279
4,743,853

  
5,336,279
4,743,853

Profit for the year
  
315,881
822,603

Dividends declared and paid
  
(223,016)
(230,177)

Retained earnings at the end of the year
  
5,429,144
5,336,279
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 27 form part of these financial statements.

Page 9

 
CARLICK CONTRACT FURNITURE LIMITED
REGISTERED NUMBER: 01089809

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
495,417
559,676

  
495,417
559,676

Current assets
  

Stocks
 14 
602,402
866,290

Debtors: amounts falling due within one year
 15 
8,038,857
8,122,823

Cash at bank and in hand
  
7,070
130,110

  
8,648,329
9,119,223

Creditors: amounts falling due within one year
 16 
(3,553,622)
(4,158,749)

Net current assets
  
 
 
5,094,707
 
 
4,960,474

Total assets less current liabilities
  
5,590,124
5,520,150

Creditors: amounts falling due after more than one year
 17 
(51,106)
(62,431)

Provisions for liabilities
  

Deferred tax
 19 
(109,774)
(121,340)

  
 
 
(109,774)
 
 
(121,340)

Net assets
  
5,429,244
5,336,379


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
 22 
5,429,144
5,336,279

  
5,429,244
5,336,379


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



N M Harrison
Director

Date: 26 September 2024

The notes on pages 11 to 27 form part of these financial statements.

Page 10

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Carlick Contract Furniture Limited is a company limited by shares, incorporated in England and Wales (registered number 01089809). Its registered office is at Junction Business Park, Rake Lane, Swinton, Manchester. M27 8LR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in sterling, which is the functional currency of the entity.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of NSN Management Co Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

Page 11

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

Page 12

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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 reporting 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 reporting 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 reporting date.

  
2.6

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

 
2.7

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 13

 
CARLICK CONTRACT FURNITURE 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.

Depreciation is provided on the following basis:

Land and buildings
-
20%
reducing balance
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Equipment
-
33%
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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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 profit or loss.

 
2.10

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.11

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.

Page 14

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

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

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

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

Basic financial assets

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

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

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

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

Page 15

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial liabilities

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

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

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

Page 16

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

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.

  
2.15

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax from the proceeds.

Page 17

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Significant judgements
Management do not feel that there are any judgements (apart from those involving estimations) that have been made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Estimated useful life and residual value of fixed assets
Depreciation of tangible fixed assets have been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives and residual values, as evidenced by disposals during current and prior accounting periods.
Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See the notes to the accounts for the net carrying amount of the debtors and associated impairment provision.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
12,745,294
14,925,333

12,745,294
14,925,333


All turnover arose within the United Kingdom.

Page 18

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Loss on disposal of tangible assets
(2,324)
1,920

Depreciation of plant and machinery
106,654
120,024

Other operating lease rentals
366,195
372,308


6.


Auditors' remuneration

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


2023
2022
£
£

Auditors' remuneration
8,700
7,550


7.


Employees

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


2023
2022
£
£

Wages and salaries
3,687,569
3,847,018

Social security costs
325,129
331,694

Cost of defined contribution scheme
59,981
55,167

4,072,679
4,233,879


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


        2023
        2022
            No.
            No.







Production staff
93
92



Distribution staff
5
2



Administrative staff
18
15



Management staff
3
4

119
113

Page 19

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
93,071
93,866

Company contributions to defined contribution pension schemes
2,560
2,160

95,631
96,026


During the year retirement benefits were accruing to 2 directors (2022 - 1) in respect of defined contribution pension schemes.


9.


Other interest receivable and similar income

2023
2022
£
£


Other interest receivable
2,190
971

2,190
971


10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
130,262
109,173

Finance leases and hire purchase contracts
4,645
4,693

Other interest payable
8,805
32

143,712
113,898

Page 20

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
59,807
159,821


59,807
159,821


Total current tax
59,807
159,821

Deferred tax


Origination and reversal of timing differences
(11,566)
(22,841)

Increase in rate applied
-
29,123

Total deferred tax
(11,566)
6,282


Taxation on profit on ordinary activities
48,241
166,103

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
364,122
988,706


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
85,641
187,854

Effects of:


Expenses not deductable for tax purposes
4,296
209

Capital allowances for year in excess of depreciation
(1,650)
1,354

Increases in rates of taxation
(684)
29,123

Group relief
(39,362)
(52,437)

Total tax charge for the year
48,241
166,103

Page 21

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

Deferred tax is measured on a non-discounted basis at the tax rate which is expected to apply in the periods in which timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. At Budget 2023, the government confirmed that the Corporation Tax main rate for future years starting 1 April 2023 would be 25%.


12.


Dividends

2023
2022
£
£


Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)
223,016
230,177

223,016
230,177

Page 22

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
494,045
1,425,744
234,733
107,785
2,262,307


Additions
-
2,623
40,500
771
43,894


Disposals
-
(2,570)
(10,750)
-
(13,320)



At 31 December 2023

494,045
1,425,797
264,483
108,556
2,292,881



Depreciation


At 1 January 2023
408,204
1,031,726
156,044
106,657
1,702,631


Charge for the year on owned assets
17,168
59,094
29,163
1,229
106,654


Disposals
-
(1,988)
(9,833)
-
(11,821)



At 31 December 2023

425,372
1,088,832
175,374
107,886
1,797,464



Net book value



At 31 December 2023
68,673
336,965
89,109
670
495,417



At 31 December 2022
85,841
394,018
78,688
1,129
559,676

The total carrying amount of tangible fixed assets are pledged by way of a fixed and floating charge as security for the company's financing facilities.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
116,666
137,254

Motor vehicles
30,854
7,975

147,520
145,229

Page 23

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Stocks

2023
2022
£
£

Raw materials and consumables
602,402
866,290

602,402
866,290


The total carrying amount of stock is pledged by way of a fixed and floating charge as security for the company's financing facilities.


15.


Debtors

2023
2022
£
£


Trade debtors
1,565,665
2,270,271

Amounts owed by group undertakings
6,213,287
5,527,519

Other debtors
66,044
145,337

Prepayments and accrued income
193,861
179,696

8,038,857
8,122,823


Trade debtors are stated net of provisions for impairment of £25,232 (2022: £25,232).
The total carrying amount of debtors is pledged by way of a fixed and floating charge as security for the company's financing facilities.

Page 24

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans and overdrafts
67,248
-

Trade creditors
1,268,965
1,568,810

Corporation tax
147,892
159,822

Other taxation and social security
452,504
329,653

Obligations under finance lease and hire purchase contracts
39,832
37,223

Other creditors
1,370,222
1,883,532

Accruals and deferred income
206,959
179,709

3,553,622
4,158,749


The hire purchase agreements are secured over the assets to which they relate.
Other creditors of £1,111,445 (2022: £1,772,719) are secured over the book debts of the company.


17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
51,106
62,431

51,106
62,431


The hire purchase agreements are secured over the assets to which they relate.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
39,832
30,223

Between 1-5 years
51,106
69,431

90,938
99,654

Page 25

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Deferred taxation




2023


£






At beginning of year
(121,340)


Utilised in year
11,566



At end of year
(109,774)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(109,774)
(121,340)

(109,774)
(121,340)


20.


Employee benefits

Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £59,981 (2022: £55,167).


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



22.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


23.


Contingent liabilities

There exists a cross guarantee between Carlick Contract Furniture Limited and NSN Management Co Limited. This is secured via a fixed and floating charge over the group's assets in respect of the group's banking facilities in respect of bank loans totalling £1,869,786 (2022: £2,361,591).

Page 26

 
CARLICK CONTRACT FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


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
371,107
363,284

Later than 1 year and not later than 5 years
308,153
663,217

679,260
1,026,501


25.


Controlling party

The ultimate parent company is N & N Management Limited, a company registered in England and Wales. The registered office address is Junction Business Park, Rake Lane, Swinton, Manchester, England, M27 8LR

 
Page 27