1 June 2023 v2024.53.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsexbrli:purexbrli:sharesiso4217:GBP085290642023-06-012024-05-31085290642024-05-3108529064bus:Director12023-06-012024-05-31085290642022-06-012023-05-3108529064core:RetainedEarningsAccumulatedLosses2023-06-0108529064core:RetainedEarningsAccumulatedLosses2022-06-0108529064core:RetainedEarningsAccumulatedLosses2023-06-012024-05-3108529064core:RetainedEarningsAccumulatedLosses2022-06-012023-05-3108529064core:RetainedEarningsAccumulatedLosses2024-05-3108529064core:RetainedEarningsAccumulatedLosses2023-05-31085290642023-05-3108529064core:WithinOneYear2024-05-3108529064core:WithinOneYear2023-05-3108529064core:ShareCapital2024-05-3108529064core:ShareCapital2023-05-3108529064core:PlantMachinery2023-06-0108529064core:PlantMachinery2023-06-012024-05-3108529064core:PlantMachinery2024-05-3108529064core:PlantMachinery2023-05-310852906412023-06-012024-05-3108529064countries:EnglandWales2023-06-012024-05-3108529064bus:AuditExemptWithAccountantsReport2023-06-012024-05-3108529064bus:PrivateLimitedCompanyLtd2023-06-012024-05-3108529064bus:SmallEntities2023-06-012024-05-3108529064bus:FullAccounts2023-06-012024-05-31
Company registration number:
08529064
Casgo Connections Ltd
Unaudited Financial Statements for the year ended
31 May 2024
Casgo Connections Ltd
Officers and Professional Advisers
Year ended
31 May 2024
Director
Stanley Onwuje
Accountant
Benford Accountancy Ltd
Hickstead Works
london Road
Hickstead
West Sussex
RH17 5LZ
United Kingdom
Casgo Connections Ltd
Director's Report
Year ended
31 May 2024
The director presents the report and the unaudited
financial statements
of the company for the year ended 31 May 2024.

Directors

The director who served the company during the year was as follows:
Stanley Onwuje

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
16 October 2024
and signed on behalf of the board by:
Stanley Onwuje
Director
Casgo Connections Ltd
Report of the Accountant to the director of Casgo Connections Ltd
Year ended
31 May 2024
These financial statements have been prepared in accordance with my terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended
31 May 2024
.
I have prepared these financial statements based on the accounting records, information and explanations provided by you. I do not express any opinion on the financial statements.
On the statement of financial position you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a "true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Benford Accountancy Ltd
Hickstead Works
london Road
Hickstead
West Sussex
RH17 5LZ
United Kingdom
Date:
16 October 2024
Casgo Connections Ltd
Income Statement
Year ended
31 May 2024
20242023
££
Turnover
2,619,356
 
2,410,189
 
Cost of sales -   (6,426 )
Gross profit
2,619,356
 
2,403,763
 
Administrative expenses
(2,565,065
)
(2,282,098
)
Operating profit
54,291
 
121,665
 
Interest payable and similar expenses
(7,944
) -  
Profit before tax
46,347
 
121,665
 
Tax on profit
(8,805
)
(25,314
)
Profit for the financial year
37,542
 
96,351
 
The company has no other recognised items of income or expense other than the results for the year as set out above.
Casgo Connections Ltd
Statement of Income and Retained Earnings
Year ended
31 May 2024
20242023
££
Retained earnings at the start of the year
58,093
 
16,742
 
Profit for the financial year
37,542
 
96,351
 
Dividends declared and paid or payable during the year
(26,318
)
(55,000
)
Retained earnings at the end of the year
69,317
 
58,093
 
Casgo Connections Ltd
Statement of Financial Position
31 May 2024
20242023
Note££
Fixed assets    
Tangible assets 5
4,494
 
5,641
 
Current assets    
Debtors 6
273,655
 
175,667
 
Cash at bank and in hand
195,539
 
158,170
 
469,194
 
333,837
 
Creditors: amounts falling due within one year 7
(404,271
)
(281,285
)
Net current assets
64,923
 
52,552
 
Total assets less current liabilities 69,417   58,193  
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
69,317
 
58,093
 
Shareholders funds
69,417
 
58,193
 
For the year ending
31 May 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These
financial statements
were approved by the board of directors and authorised for issue on
16 October 2024
, and are signed on behalf of the board by:
Stanley Onwuje
Director
Company registration number:
08529064
Casgo Connections Ltd
Notes to the Financial Statements
Year ended
31 May 2024

1 General information

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
153
(2023:
129
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2023
19,299
 
Additions
351
 
At
31 May 2024
19,650
 
Depreciation  
At
1 June 2023
13,658
 
Charge
1,498
 
At
31 May 2024
15,156
 
Carrying amount  
At
31 May 2024
4,494
 
At 31 May 2023
5,641
 

6 Debtors

20242023
££
Trade debtors
273,655
 
175,667
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
269,614
 
95,000
 
Trade creditors
8,211
 
8,157
 
Taxation and social security
96,165
  -  
Other creditors
30,281
 
178,128
 
404,271
 
281,285