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Registration number: 02079134

Carysil Surfaces Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Carysil Surfaces Ltd

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account and Statement of Retained Earnings

10

Balance Sheet

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 25

 

Carysil Surfaces Ltd

Company Information

Directors

Mr C A Parekh

Mr M J Smyth

Mr J Annison

Ms N F Stoneham

Ms S V Ambani

Registered office

Unit A Azalea Close
Clover Nook Industrial Park
Somercotes
Alfreton
Derbyshire
DE55 4QX

Auditors

Alextra Audit Limited
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Carysil Surfaces Ltd

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is the manufacture and distribution of solid surface worktops.

Fair review of the business

During the year to 31 March 2024 the company saw a 2% increase in turnover when compared to the previous year. These strong results in 2024 show that the company is continuing to grow successfully.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

14,482,190

14,198,776

Operating profit

£

2,081,653

2,023,762

Profit before tax

£

2,006,475

2,000,066

Profit after tax

£

1,448,526

1,574,779

Financial risk management

In common with many other companies the company has exposure to three main areas of risk - foreign exchange currency exposure, liquidity risk and customer credit exposure.

Foreign exchange currency exposure

The company is exposed to currency exchange risk due to significant proportion of its payables and stock purchases being denominated in non-Sterling currencies. The net exposure for each currency is managed by closely monitoring exchange rates with a view to forward buying foreign currencies if considered appropriate.

Liquidity risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that operating cash flows would not cover all the financial obligations the company has credit facilities available.

Client credit exposure

The company offers credit terms to its customers which allow payment of the debt due after delivery of the goods. The company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is significantly mitigated by strong on-going customer relationships and, in appropriate cases, by the use of credit insurance.

 

Carysil Surfaces Ltd

Strategic Report for the Year Ended 31 March 2024

Future developments

The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new products, as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations.

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

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

 

Carysil Surfaces Ltd

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr C A Parekh

Mr M J Smyth

Mr J Annison

Ms N F Stoneham

Ms S V Ambani

Information included in the Strategic Report

Details of the principal risks and uncertainties are included in the Strategic Report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

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

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

 

Carysil Surfaces Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

 

Carysil Surfaces Ltd

Independent Auditor's Report to the Members of Carysil Surfaces Ltd

Opinion

We have audited the financial statements of Carysil Surfaces Ltd (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 March 2024 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 auditor 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 UK, including the FRC’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 director's 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 original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Carysil Surfaces Ltd

Independent Auditor's Report to the Members of Carysil Surfaces Ltd

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page 5, 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.

 

Carysil Surfaces Ltd

Independent Auditor's Report to the Members of Carysil Surfaces Ltd

Auditor’s 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 auditor’s 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company's industry and its control environment, and reviewed the company's
documentation of their policies and procedures relating to fraud and compliance with laws and regulations.
We also enquired of management about their own identification and assessment of the risks and irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in, and
identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements.
These included UK Companies Act, tax legislation, pension legislation; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to
the company's ability to operate or to avoid a material penalty. These included GDPR, employment law, health
and safety and building regulations.

We discussed among the audit engagement team the opportunities and incentives that may exist within the
organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to
the risk of management override. In addressing the risk of fraud through management override of controls, we
tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made
in making accounting estimated are indicative of a potential bias; and evaluated the business rationale of any
significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations describes as having a direct effect on the financial statement;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks
of material misstatement due to fraud;
• enquiring of management and in-house / external legal counsel concerning actual and potential litigation and
claims, and instances of non-compliance with laws and regulations; and
• reading minutes of meetings of those charged with governance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Carysil Surfaces Ltd

Independent Auditor's Report to the Members of Carysil Surfaces Ltd

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 2006. Our 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 auditor’s 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.

......................................
Damian Wayne Riley FCCA (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor

7-9 Macon Court
Crewe
Cheshire
CW1 6EA

25 June 2024

 

Carysil Surfaces Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

14,482,190

14,198,776

Raw materials and consumables used

 

(9,198,746)

(9,269,883)

Employee benefits expense

 

(2,444,851)

(2,273,860)

Depreciation and amortisation expense

 

(199,356)

(187,984)

Other expenses

 

(586,269)

(443,287)

Other gains

28,685

-

Operating profit

4

2,081,653

2,023,762

Interest payable and similar charges

5

(75,178)

(23,696)

Profit before tax

 

2,006,475

2,000,066

Taxation

9

(557,949)

(425,287)

Profit for the year

 

1,448,526

1,574,779

Retained earnings brought forward

 

3,346,577

3,321,798

Dividends paid

 

(1,440,000)

(1,550,000)

Retained earnings carried forward

 

3,355,103

3,346,577

 

Carysil Surfaces Ltd

(Registration number: 02079134)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

357,974

435,862

Current assets

 

Stocks

2,323,576

2,930,282

Debtors

11

4,167,622

3,906,965

Cash at bank and in hand

 

362,949

48,162

 

6,854,147

6,885,409

Creditors: Amounts falling due within one year

12

(3,718,981)

(3,867,262)

Net current assets

 

3,135,166

3,018,147

Total assets less current liabilities

 

3,493,140

3,454,009

Creditors: Amounts falling due after more than one year

12

(29,663)

(14,922)

Provisions for liabilities

(54,515)

(38,651)

Net assets

 

3,408,962

3,400,436

Capital and reserves

 

Called up share capital

110

110

Share premium reserve

13

53,749

53,749

Retained earnings

13

3,355,103

3,346,577

Shareholders' funds

 

3,408,962

3,400,436

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

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

.........................................
Mr M J Smyth
Director

 

Carysil Surfaces Ltd

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,448,526

1,574,779

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

199,356

187,984

Profit on disposal of tangible assets

(28,685)

-

Loss from disposals of investments

-

101

Finance costs

5

75,178

23,696

Income tax expense

9

557,949

425,287

 

2,252,324

2,211,847

Working capital adjustments

 

Decrease/(increase) in stocks

606,706

(529,988)

Increase in trade debtors

11

(260,659)

(415,846)

(Decrease)/increase in trade creditors

12

(444,992)

224,735

Cash generated from operations

 

2,153,379

1,490,748

Income taxes paid

9

(367,409)

(304,994)

Net cash flow from operating activities

 

1,785,970

1,185,754

Cash flows from investing activities

 

Acquisitions of tangible assets

(54,541)

(188,329)

Proceeds from sale of tangible assets

 

30,700

-

Net cash flows from investing activities

 

(23,841)

(188,329)

Cash flows from financing activities

 

Interest paid

5

(75,178)

(23,696)

Advances of other borrowing

 

104,195

444,662

Repayments to finance lease creditors

 

(36,359)

25,455

Dividends paid

(1,440,000)

(1,550,000)

Net cash flows from financing activities

 

(1,447,342)

(1,103,579)

Net increase/(decrease) in cash and cash equivalents

 

314,787

(106,154)

Cash and cash equivalents at 1 April

 

48,162

154,316

Cash and cash equivalents at 31 March

 

362,949

48,162

 

Carysil Surfaces 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:
Unit A Azalea Close
Clover Nook Industrial Park
Somercotes
Alfreton
Derbyshire
DE55 4QX

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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 £.

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.

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.

 

Carysil Surfaces Ltd

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

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 transaction. Exchange differences are taken into account in 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Furniture, fittings and equipment

at varying rates on cost

Motor vehicles

at varying rates on cost

Other property, plant and equipment

at varying rates on cost

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Carysil Surfaces Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Carysil Surfaces Ltd

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

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.

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.

Other Financial Assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.


Other Financial Liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

 

Carysil Surfaces Ltd

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

3

Revenue

The analysis of the company's turnover for the year by market is as follows:

2024
 £

2023
 £

UK

14,058,304

13,871,711

Rest of world

423,886

327,065

14,482,190

14,198,776

4

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

199,356

187,984

Profit on disposal of property, plant and equipment

(28,685)

-

5

Interest payable and similar expenses

2024
 £

2023
 £

Hire purchase interest

72,143

22,946

Bank loans and overdraft interest

3,035

750

75,178

23,696

 

Carysil Surfaces Ltd

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

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

2,182,886

2,014,522

Social security costs

168,644

191,848

Pension costs, defined contribution scheme

93,321

67,490

2,444,851

2,273,860

Pension costs comprise contributions to a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. Outstanding contributions at the balance sheet date total £2,718 (2023: £2,723).

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Management

5

5

Warehouse and production

51

45

Administration and support

19

18

75

68

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Emoluments

97,667

100,000

Other pension costs

72,432

4,921

170,099

104,921

8

Auditors' remuneration

2024
 £

2023
 £

Audit of the financial statements

12,500

12,500


 

 

Carysil Surfaces Ltd

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

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

542,085

407,517

Deferred taxation

Arising from origination and reversal of timing differences

15,864

17,770

Tax expense in the income statement

557,949

425,287

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,006,475

2,000,066

Corporation tax at standard rate

501,619

380,013

Effect of fixed asset timing differences

31,237

42,417

Effect of expenses not deductible for tax purposes

25,093

2,857

Total tax charge

557,949

425,287

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Capital allowances

30,965

Provisions

23,551

54,516

2023

Liability
£

Capital allowances

38,651

38,651

 

Carysil Surfaces Ltd

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

10

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 April 2023

520,900

470,021

1,125,060

2,115,981

Additions

17,523

68,940

37,018

123,481

Disposals

-

(109,969)

-

(109,969)

At 31 March 2024

538,423

428,992

1,162,078

2,129,493

Depreciation

At 1 April 2023

436,166

331,729

912,224

1,680,119

Charge for the year

35,835

87,546

75,973

199,354

Eliminated on disposal

-

(107,954)

-

(107,954)

At 31 March 2024

472,001

311,321

988,197

1,771,519

Carrying amount

At 31 March 2024

66,422

117,671

173,881

357,974

At 31 March 2023

84,734

138,292

212,836

435,862

Motor vehicles with a carrying value of £71,548 (2023: £30,810) are held under finance leases.


 

11

Debtors

Note

2024
£

2023
£

Trade debtors

 

2,564,241

3,190,331

Amounts owed by related parties

19

1,343,954

484,469

Other debtors

 

259,427

232,165

   

4,167,622

3,906,965

 

Carysil Surfaces Ltd

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

12

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

14

1,403,763

1,281,728

Trade creditors

 

1,006,170

1,499,550

Social security and other taxes

 

570,615

486,377

Other payables

 

22,259

54,933

Accrued expenses

 

174,089

177,265

Corporation tax liability

9

542,085

367,409

 

3,718,981

3,867,262

Due after one year

 

Loans and borrowings

14

29,663

14,922

13

Reserves

Called-up share capital represents the nominal vale of shares that have been issued.
Profit and loss account includes all current and prior period retained profits and losses.
The share premium reserve represents the difference between the par value of the shares issued and the subscription or issue price.
 

 

Carysil Surfaces Ltd

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

14

Loans and borrowings

2024
 £

2023
 £

Non-current loans and borrowings

HP and finance lease liabilities

29,663

14,922

2024
 £

2023
 £

Current loans and borrowings

HP and finance lease liabilities

28,373

10,533

Other borrowings

1,375,390

1,271,195

1,403,763

1,281,728

Included within other borrowings is £1,375,390 (2023: £1,271,195) in relation to an invoice discounting facility which is secured by a fixed and floating charge dated 05 May 2021 which covers all the property or undertaking of the company.

Hire purchase and finance lease liabilities are secured against the assets to which they relate, the carrying value of these assets has been detailed within the note to tangible assets.

 

Carysil Surfaces Ltd

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

15

Obligations under leases and hire purchase contracts

Finance leases

Certain fixed assets are held under finance lease arrangements and are secured on the assets to which they relate.

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

32,659

11,818

Later than one year and not later than five years

34,449

16,742

67,108

28,560

Operating leases

The company's minimum future operating lease payments are as follows:

Land and Buildings

Other

2024

2023

2024

2023

£

£

£

£

Within one year

254,640

220,744

30,989

-

Between two and five years

991,740

804,000

39,374

-

Over five years

83,750

335,000

-

-

1,330,130

1,359,744

70,363

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £220,744 (2023 - £240,487).

16

Commitments

Other financial commitments

As at 31st March 2024, the company had forward exchange contracts in place to purchase USD $3,824,192 (2023 $4,428,019) and sell $Nil (2023 $Nil)

As at 31st March 2024, the company had forward exchange contracts in place to purchase Euro €1,725 (2023 €Nil) and sell €Nil (2023 €Nil)
.

 

Carysil Surfaces Ltd

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

17

Analysis of changes in net funds

At 1 April 2023
£

Repayment of debt
£

New finance leases
£

At 31 March 2024
£

Cash and cash equivalents

Cash

48,162

314,787

-

362,949

Borrowings

Lease liabilities

(25,456)

36,359

(68,940)

(58,037)

 

22,706

351,146

(68,940)

304,912

 

Carysil Surfaces Ltd

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

18

Parent and ultimate parent undertaking

The company's immediate parent is Carysil UK Limited, incorporated in England and Wales.

The ultimate parent is Carysil Limited, incorporated in India.

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

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Carysil Limited, incorporated in India.

The address of Carysil Limited is:
B307, Citi Point, JB Nagar, Andheri (East), Mumbai, Maharashtra, 400059.

19

Related party transactions

Summary of transactions with parent

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 UK Limited secured by way of fixed and floating charge over all the property or undertakings of the company dated 6 April 2022 and over the leasehold property known as units A & B Azalea Close, Cotes Park Industrial Estate, Alfreton dated 21 October 2022 in respect of a loan in favour of Export-Import Bank of India.