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Registration number: 09236888

Carysil UK Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Carysil UK Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Carysil UK Ltd

(Registration number: 09236888)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

18,072,924

16,793,639

Current assets

 

Debtors

5

1,017,986

2,834,542

Cash at bank and in hand

 

-

22,143

 

1,017,986

2,856,685

Creditors: Amounts falling due within one year

6

(5,539,111)

(5,433,241)

Net current liabilities

 

(4,521,125)

(2,576,556)

Total assets less current liabilities

 

13,551,799

14,217,083

Creditors: Amounts falling due after more than one year

6

(4,479,250)

(7,482,750)

Net assets

 

9,072,549

6,734,333

Capital and reserves

 

Called up share capital

690,001

690,001

Profit and loss account

8,382,548

6,044,332

Shareholders' funds

 

9,072,549

6,734,333

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 30 April 2024 and signed on its behalf by:
 

.........................................
Mr C A Parekh
Director

 

Carysil UK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor
Lower Washford Mill
Mill Street
Congleton
Cheshire
CW12 2AD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that the company is included within the consolidated financial statements of their parent company, Carysil Limited.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 25 June 2024 was Damian Wayne Riley FCCA, who signed for and on behalf of Alextra Audit Limited.

 

Carysil UK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Carysil UK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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 are classified into specified categories. The classification depends on the nature and purpose
of the financial assets and is determined at the time of recognition.

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 and cash and bank balances, are initially
measured at transaction price including transaction costs are subsequently carried at amortised cost using the
effective interest method 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.

Classification of Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies
and preference shares that are classified as debt, are initially recognised at transaction price unless the
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value
of the future receipts discounted at a market rate of interest.

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


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Investments

2024
£

2023
£

Investments in subsidiaries

18,072,924

16,793,639

 

Carysil UK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Subsidiaries

£

Cost or valuation

At 1 April 2023

16,793,639

Additions

1,279,285

At 31 March 2024

18,072,924

Carrying amount

At 31 March 2024

18,072,924

At 31 March 2023

16,793,639

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Carysil Products Ltd

Lower Washford Mill
Mill Street, Congleton
Cheshire
United Kingdom
CW12 2AD

England and Wales

Ordinary

100%

100%

Carysil Surfaces Ltd

Unit A, Azalea Close
Somercotes, Alfreton
Derbyshire
DE55 4QX

England and Wales

Ordinary

100%

100%

Carysil Brassware Limited

20 Whitcliffe Road,
Cleckheaton,
England,
BD19 3NU

England and Wales

Ordinary

70%

0%

 

Carysil UK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Subsidiary undertakings

Carysil Products Ltd

The principal activity of Carysil Products Ltd is Import & trading of home products.

Carysil Surfaces Ltd

The principal activity of Carysil Surfaces Ltd is Manufacture and distribution of solid surface worktops.

Carysil Brassware Limited

The principal activity of Carysil Brassware Limited is Wholesale of taps and related plumbing.

5

Debtors

2024
£

2023
£

Prepayments

1,017,986

206,570

Other debtors

-

2,627,972

1,017,986

2,834,542

 

Carysil UK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Bank borrowings

1,569,000

385,000

Amounts owed to group undertakings

 

3,952,711

3,389,842

Other creditors

 

17,400

1,658,399

 

5,539,111

5,433,241

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Bank borrowings

4,314,250

5,832,750

Other creditors

 

165,000

1,650,000

 

4,479,250

7,482,750

Included within bank borrowings is £5,883,250 (2023: £6,217,750) in relation to a loan which is secured by fixed and floating charge dated 1 April 2022. The charge was created by Export-Import Bank of India who created a fixed and floating charge over all the property or undertaking of the company as well as negative pledge.

A fixed and floating charge was created on 1 April 2022 by Abn Amro Asset Based Finance NV over the property or undertaking of the company as well as a negative pledge.

7

Parent and ultimate parent undertaking

The company is exempt from the obligation to prepare consolidated accounts as the company is consolidated within it's parent company, Carysil Limited.
The company's immediate parent is Carysil Limited, incorporated in India.

 The most senior parent entity producing publicly available financial statements is Carysil Limited.

The address of Carysil Limited is:
A-702, 7th Floor, Kanakia Wall Street, Andheri (East), Mumbai, Maharashtra, 400093.

 

Carysil UK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption from disclosure of intra-group transactions in accordance with FRS102 paragraph 33.1A
 

The company has provided a cross guarantee with Carysil Products Ltd secured by way of an all asset debenture dated 01 April 2022 in respect of a factoring facility in favour of ABN Amro Asset Based Finance N.V.