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COMPANY REGISTRATION NUMBER: 09224835
Castlefield Kennels Limited
Filleted Unaudited Financial Statements
31 March 2024
Castlefield Kennels Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
690,115
585,995
Current assets
Stocks
1,650
950
Debtors
6
22,617
17,409
Cash at bank and in hand
13,880
5,606
--------
--------
38,147
23,965
Creditors: amounts falling due within one year
7
483,669
421,544
---------
---------
Net current liabilities
445,522
397,579
---------
---------
Total assets less current liabilities
244,593
188,416
Creditors: amounts falling due after more than one year
8
40,910
45,984
Provisions
Taxation including deferred tax
2,273
---------
---------
Net assets
201,410
142,432
---------
---------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
4,167
4,167
Profit and loss account
197,241
138,263
---------
---------
Shareholders funds
201,410
142,432
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Castlefield Kennels Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr A M Williams
Director
Company registration number: 09224835
Castlefield Kennels Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
4% straight line
Equipment
-
15% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
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. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 9 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 April 2023
581,558
6,256
587,814
Additions
95,493
13,762
109,255
---------
--------
---------
At 31 March 2024
677,051
20,018
697,069
---------
--------
---------
Depreciation
At 1 April 2023
1,819
1,819
Charge for the year
3,082
2,053
5,135
---------
--------
---------
At 31 March 2024
3,082
3,872
6,954
---------
--------
---------
Carrying amount
At 31 March 2024
673,969
16,146
690,115
---------
--------
---------
At 31 March 2023
581,558
4,437
585,995
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
11,862
13,973
Other debtors
10,755
3,436
--------
--------
22,617
17,409
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,372
5,172
Trade creditors
13,427
4,020
Corporation tax
18,885
7,559
Social security and other taxes
13,739
3,079
Other creditors
432,246
401,714
---------
---------
483,669
421,544
---------
---------
The aggregate amount due by the company on bank loans within one year amounts to £5,372. This liability is secured by the asset to which it relates.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
40,910
45,984
--------
--------
The aggregate amount due by the company on bank loans between two and five years amounts to £21,488. This liability is secured by the asset to which it relates.
Included within creditors: amounts falling due after more than one year is an amount of £19,422 in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. The repayments are £781 per month with a fixed rate of interest of 3.5% above Bank of England Base Rate .
9. Directors' advances, credits and guarantees
At the year end the total amount owed to directors was £422,308 (2023 - £393,408). Interest is charged on directors' loans at a rate of 4% per annum. The directors' loans are repayable on demand.