Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30422023-05-01falseNo description of principal activity48falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00723575 2023-05-01 2024-04-30 00723575 2022-05-01 2023-04-30 00723575 2024-04-30 00723575 2023-04-30 00723575 2022-05-01 00723575 c:Director1 2023-05-01 2024-04-30 00723575 c:Director2 2023-05-01 2024-04-30 00723575 d:PlantMachinery 2023-05-01 2024-04-30 00723575 d:PlantMachinery 2024-04-30 00723575 d:PlantMachinery 2023-04-30 00723575 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00723575 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00723575 d:MotorVehicles 2023-05-01 2024-04-30 00723575 d:MotorVehicles 2024-04-30 00723575 d:MotorVehicles 2023-04-30 00723575 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00723575 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00723575 d:FurnitureFittings 2023-05-01 2024-04-30 00723575 d:FurnitureFittings 2024-04-30 00723575 d:FurnitureFittings 2023-04-30 00723575 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00723575 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00723575 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00723575 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00723575 d:CurrentFinancialInstruments 2024-04-30 00723575 d:CurrentFinancialInstruments 2023-04-30 00723575 d:Non-currentFinancialInstruments 2024-04-30 00723575 d:Non-currentFinancialInstruments 2023-04-30 00723575 d:Non-currentFinancialInstruments 1 2024-04-30 00723575 d:Non-currentFinancialInstruments 1 2023-04-30 00723575 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 00723575 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 00723575 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 00723575 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 00723575 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 00723575 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 00723575 d:ShareCapital 2024-04-30 00723575 d:ShareCapital 2023-04-30 00723575 d:RetainedEarningsAccumulatedLosses 2024-04-30 00723575 d:RetainedEarningsAccumulatedLosses 2023-04-30 00723575 c:OrdinaryShareClass1 2023-05-01 2024-04-30 00723575 c:OrdinaryShareClass1 2024-04-30 00723575 c:OrdinaryShareClass1 2023-04-30 00723575 c:OrdinaryShareClass2 2023-05-01 2024-04-30 00723575 c:OrdinaryShareClass2 2024-04-30 00723575 c:OrdinaryShareClass2 2023-04-30 00723575 c:OrdinaryShareClass3 2023-05-01 2024-04-30 00723575 c:OrdinaryShareClass3 2024-04-30 00723575 c:OrdinaryShareClass3 2023-04-30 00723575 c:PreferenceShareClass1 2023-05-01 2024-04-30 00723575 c:PreferenceShareClass1 2024-04-30 00723575 c:PreferenceShareClass1 2023-04-30 00723575 c:FRS102 2023-05-01 2024-04-30 00723575 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 00723575 c:FullAccounts 2023-05-01 2024-04-30 00723575 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00723575 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 00723575 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 00723575 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 00723575 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 00723575 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 00723575 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 00723575 2 2023-05-01 2024-04-30 00723575 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-04-30 00723575 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-30 00723575 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 00723575 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 00723575 d:LeasedAssetsHeldAsLessee 2024-04-30 00723575 d:LeasedAssetsHeldAsLessee 2023-04-30 00723575 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 00723575














COLE IRONCRAFT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024

 
COLE IRONCRAFT LIMITED
REGISTERED NUMBER:00723575

BALANCE SHEET
AS AT 30 APRIL 2024

As restated
2024
2023
Note

FIXED ASSETS
  

Tangible assets
 4 
220,831
265,812

CURRENT ASSETS
  

Stocks
 5 
271,801
361,747

Debtors: amounts falling due within one year
 6 
2,508,036
1,893,738

Cash at bank and in hand
  
46,152
30,481

  
2,825,989
2,285,966

Creditors: amounts falling due within one year
 7 
(1,624,457)
(1,314,535)

NET CURRENT ASSETS
  
 
 
1,201,532
 
 
971,431

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,422,363
1,237,243

Creditors: amounts falling due after more than one year
 8 
(352,579)
(154,779)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 11 
(47,829)
(66,451)

  
 
 
(47,829)
 
 
(66,451)

NET ASSETS
  
£1,021,955
£1,016,013


CAPITAL AND RESERVES
  

Called up share capital 
 12 
6,000
6,000

Profit and loss account
  
1,015,955
1,010,013

  
£1,021,955
£1,016,013


Page 1

 
COLE IRONCRAFT LIMITED
REGISTERED NUMBER:00723575

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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 statement of income and retained earnings 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 4 October 2024.




___________________________
Mr D Richardson
___________________________
Mr M D Richardson
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
COLE IRONCRAFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Cole Ironcraft Limited (Company number 00723575) is a private company limited by shares incorporated in England and Wales.
The registered office of the company is Pivington Mill, Pivington Lane, Pluckley, Ashford, Kent, TN27 0PG.

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:

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.

 
2.3

Interest income

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

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 
COLE IRONCRAFT LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
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 4

 
COLE IRONCRAFT LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Plant and machinery
-
20% / 10% Straight Line Basis
Motor vehicles
-
20% Straight Line Basis
Fixtures and fittings
-
20% / 10% Straight Line Basis

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. Cost is based on the cost of purchase on a weighted average 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.

 
2.10

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

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.

 
2.12

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.

 
2.13

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.

Page 5

 
COLE IRONCRAFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 42 (2023 -48).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total



Cost or valuation


At 1 May 2023
480,995
103,929
31,742
616,666


Additions
21,500
11,500
-
33,000


Disposals
(17,715)
(8,200)
-
(25,915)



At 30 April 2024

484,780
107,229
31,742
623,751



Depreciation


At 1 May 2023
284,439
38,109
28,306
350,854


Charge for the year on owned assets
17,739
6,700
1,559
25,998


Charge for the year on financed assets
37,030
11,634
-
48,664


Disposals
(15,353)
(7,243)
-
(22,596)



At 30 April 2024

323,855
49,200
29,865
402,920



Net book value



At 30 April 2024
£160,925
£58,029
£1,877
£220,831



At 30 April 2023
£196,556
£65,820
£3,436
£265,812

Page 6

 
COLE IRONCRAFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           4.Tangible fixed assets (continued)

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


2024
2023



Plant and machinery
80,773
101,803

Motor vehicles
39,605
40,696

£120,378
£142,499


5.


Stocks

As restated
2024
2023

Raw materials and consumables
£271,801
£361,747



6.


Debtors

As restated
2024
2023


Trade debtors
1,942,109
1,518,408

Other debtors
149,847
59,852

Prepayments and accrued income
74,461
70,417

Amounts recoverable on long term contracts
341,619
245,061

£2,508,036
£1,893,738


Page 7

 
COLE IRONCRAFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

As restated
2024
2023

Bank overdrafts
-
166,302

Bank loans
160,166
229,975

Trade creditors
519,656
601,371

Other taxation and social security
233,636
59,542

Obligations under finance lease and hire purchase contracts
29,416
27,893

Other creditors
670,539
220,986

Accruals and deferred income
11,044
8,466

£1,624,457
£1,314,535


The following liabilities were secured:

2024
2023



Obligations under finance lease and hire purchase contracts
29,416
27,893

Bank loans
160,166
97,391

189,582
125,284

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the assets concerned.
Bank loans and overdrafts are secured by a fixed and floating charge over the company assets.

Page 8

 
COLE IRONCRAFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023

Bank loans
238,297
-

Net obligations under finance leases and hire purchase contracts
113,782
154,279

Share capital treated as debt
500
500

£352,579
£154,779


The following liabilities were secured:

2024
2023



Obligations under finance lease and hire purchase contracts
113,782
154,279

Bank loans
238,297
132,583

352,079
286,862

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the assets concerned.
Bank loans are secured by a fixed and floating charge over the company assets.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023

Amounts falling due within one year

Bank loans
160,166
229,975


160,166
229,975

Amounts falling due 1-2 years

Bank loans
238,297
-


238,297
-



£398,463
£229,975


Page 9

 
COLE IRONCRAFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023


Within one year
29,416
27,893

Between 1-5 years
113,782
154,279

£143,198
£182,172


11.


Deferred taxation




2024
2023





At beginning of year
(66,451)
(64,939)


Charged to profit or loss
18,622
(1,512)



At end of year
£(47,829)
£(66,451)

The provision for deferred taxation is made up as follows:

2024
2023


Accelerated capital allowances
47,829
66,451

£47,829
£66,451


12.


Share capital

2024
2023
Shares classified as equity

Allotted, called up and fully paid



4,560 (2023 -4,560) Ordinary shares of £1.00 each
4,560
4,560
1,140 (2023 -1,140) A Ordinary shares of £1.00 each
1,140
1,140
300 (2023 -300) B Ordinary shares of £1.00 each
300
300

£6,000

£6,000

Shares classified as debt

Allotted, called up and fully paid



500 (2023 -500) Preference 6% shares of £1.00 each
£500
£500


Page 10

 
COLE IRONCRAFT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Prior year adjustment

The prior year accounts have been restated. This is due to the closing work in progress balance being overstated by £203,008. This error also meant that corporation tax was overstated in the prior year. This error has now been corrected and the amendment had no effect on the closing balance sheet position.  


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £33,946 (2023 - £33,659). Contributions totalling £Nil (2023 - £3,191) were payable to the fund at the balance sheet date and are included in creditors.

Page 11