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Registered number: 01856589










C.A. HONEMASTER LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
C.A. HONEMASTER LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9

 
C.A. HONEMASTER LIMITED
REGISTERED NUMBER: 01856589

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
484,203
575,671

Current assets
  

Stocks
  
147,428
146,993

Debtors: amounts falling due within one year
 5 
1,202,011
1,229,144

Cash at bank and in hand
  
781,421
506,760

  
2,130,860
1,882,897

Creditors: amounts falling due within one year
 6 
(728,947)
(687,860)

Net current assets
  
 
 
1,401,913
 
 
1,195,037

Total assets less current liabilities
  
1,886,116
1,770,708

Creditors: amounts falling due after more than one year
 7 
(17,352)
(73,568)

Provisions for liabilities
  

Deferred tax
  
(104,768)
(136,466)

Net assets
  
1,763,996
1,560,674


Capital and reserves
  

Called up share capital 
  
90
90

Capital redemption reserve
  
10
10

Profit and loss account
  
1,763,896
1,560,574

  
1,763,996
1,560,674

Page 1

 
C.A. HONEMASTER LIMITED
REGISTERED NUMBER: 01856589
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2024.




K.T. Reel
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
C.A. HONEMASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

C.A. Honemaster Limited (the Company) is a private company limited by shares, incorporated and domiciled in England. The address of its registered office is Units 1-3 Malmesbury Road, Kingsditch Trading Estate, Cheltenham, Gloucestershire GL51 9PL, which is also the address of its principal place of business. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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:

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract 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.

Page 3

 
C.A. HONEMASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Plant & machinery
-
12.5% on cost
Motor vehicles
-
25% on reducing value
Furniture & fixtures
-
33.3% on cost
Computer equipment
-
20% on cost

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.

 
2.4

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. Work in progress and finished goods include labour and attributable overheads.

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 profit or loss.

 
2.5

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.

 
2.6

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.

 
2.7

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 4

 
C.A. HONEMASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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. 

 
2.10

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.

 
2.11

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.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
C.A. HONEMASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

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, 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2023 - 21).

Page 6

 
C.A. HONEMASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Furniture & fixtures
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 April 2023
908,618
140,813
196,565
30,661
1,276,657


Additions
28,727
75,995
36,396
-
141,118


Disposals
(122,782)
(84,430)
-
-
(207,212)



At 31 March 2024

814,563
132,378
232,961
30,661
1,210,563



Depreciation


At 1 April 2023
573,668
45,806
61,805
19,707
700,986


Charge for the year on owned assets
62,204
23,752
36,361
6,533
128,850


Disposals
(52,439)
(51,037)
-
-
(103,476)



At 31 March 2024

583,433
18,521
98,166
26,240
726,360



Net book value



At 31 March 2024
231,130
113,857
134,795
4,421
484,203



At 31 March 2023
334,950
95,007
134,760
10,954
575,671

Page 7

 
C.A. HONEMASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
632,752
680,601

Other debtors
440,849
463,969

Prepayments and accrued income
128,410
84,574

1,202,011
1,229,144



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,203
9,948

Trade creditors
400,990
464,103

Corporation tax
111,743
79,933

Other taxation and social security
129,875
93,432

Obligations under hire purchase contracts - secured on related assets
10,133
22,484

Other creditors
13,723
10,510

Accruals and deferred income
52,280
7,450

728,947
687,860



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,236
22,441

Obligations under hire purchase contracts - secured on related assets
5,116
51,127

17,352
73,568


Page 8

 
C.A. HONEMASTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
39,395
39,395

Later than 1 year and not later than 5 years
6,264
45,659

45,659
85,054


9.


Directors' benefits: advances, credit and guarantees

During the year a director received a further advance of £64,555 (2023: £19,615) from the company and there was a balance of £190,660 due from the director at the year end (2023: £126,105). This loan is unsecured, interest-free and repayable on demand.


10.


Related party transactions

Included within other debtors is a loan of £217,132 (2022: £215,411) from a related undertaking, a subsidiary of a company in which a director is a shareholder. The loan is unsecured and interest free.


11.


Ultimate parent undertaking

The ultimate parent undertaking is Honemaster Holdings Limited.

 
Page 9