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Registration number: 08259643

Carysil Brassware Limited

Financial Statements

for the Year Ended 31 March 2024

 

Carysil Brassware Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Carysil Brassware Limited

(Registration number: 08259643)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

50,473

60,456

Current assets

 

Stocks

5

445,673

391,019

Debtors

6

188,817

129,982

Cash at bank and in hand

 

160,523

270,664

 

795,013

791,665

Creditors: Amounts falling due within one year

7

(256,850)

(205,453)

Net current assets

 

538,163

586,212

Total assets less current liabilities

 

588,636

646,668

Creditors: Amounts falling due after more than one year

7

(42,459)

(94,099)

Provisions for liabilities

(12,617)

(15,113)

Net assets

 

533,560

537,456

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

533,460

537,356

Shareholders' funds

 

533,560

537,456

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 M J Smyth
Director


 
     
 

Carysil Brassware Limited

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:
20 Whitcliffe Road
Cleckheaton
BD19 3NU
England

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 £.

Disclosure of long or short period

The comparatives are for a 17 month period and are therefore not directly comparable. The reporting date for the previous period was extend to align it with the group reporting requirements.

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 Brassware Limited

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

Judgements

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 when arriving at the operating profit.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

15% Reducing balance

Other tangible assets

25% Reducing balance

 

Carysil Brassware Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Financial instruments

Classification
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.

 

 

Carysil Brassware Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 9).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

34,550

82,970

15,258

132,778

Additions

8,815

-

186

9,001

At 31 March 2024

43,365

82,970

15,444

141,779

Depreciation

At 1 April 2023

20,457

40,898

10,966

72,321

Charge for the year

7,369

10,516

1,100

18,985

At 31 March 2024

27,826

51,414

12,066

91,306

Carrying amount

At 31 March 2024

15,539

31,556

3,378

50,473

At 31 March 2023

14,093

42,071

4,292

60,456

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes Motor vehicles of £30,032 (2023 - £40,040) which are held under finance leases and hire purchase contracts.

5

Stocks

2024
£

2023
£

Stocks

445,673

391,019

6

Debtors

2024
£

2023
£

Trade debtors

161,606

124,113

Prepayments

26,041

5,869

Other debtors

1,170

-

188,817

129,982

 

Carysil Brassware Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

61,141

70,643

Trade creditors

 

49,629

27,147

Owed to group undertakings

102,021

-

Taxation and social security

 

22,869

98,045

Accruals and deferred income

 

20,527

4,407

Other creditors

 

663

5,211

 

256,850

205,453

2024
£

2023
£

Current loans and borrowings

Bank borrowings

47,380

55,356

HP and finance lease liabilities

13,761

15,287

61,141

70,643

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

42,459

94,099

 

Carysil Brassware Limited

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

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

33,952

73,356

Hire purchase contracts

8,507

20,743

42,459

94,099

2024
£

2023
£

Current loans and borrowings

Bank borrowings

47,380

55,356

Hire purchase contracts

13,761

15,287

61,141

70,643

Included within loans and borrowings is a secured amount due within one year of £8,507 (2023 £20,743) and due within more than one year of £13,761 (2023 £15,287) in relation to a hire purchase contract. These liabilities are secured over the assets financed.