Tan Y Castell (Foods) Limited 06488707 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is manufacturing and distributing Welshcakes and similar products Digita Accounts Production Advanced 6.30.9574.0 true 06488707 2023-04-01 2024-03-31 06488707 2024-03-31 06488707 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-03-31 06488707 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax 2024-03-31 06488707 core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 06488707 core:CurrentFinancialInstruments 2024-03-31 06488707 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06488707 core:Non-currentFinancialInstruments 2024-03-31 06488707 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06488707 core:Goodwill 2024-03-31 06488707 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 06488707 core:FurnitureFittingsToolsEquipment 2024-03-31 06488707 core:LandBuildings 2024-03-31 06488707 core:MotorVehicles 2024-03-31 06488707 core:OtherPropertyPlantEquipment 2024-03-31 06488707 bus:SmallEntities 2023-04-01 2024-03-31 06488707 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06488707 bus:FullAccounts 2023-04-01 2024-03-31 06488707 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06488707 bus:RegisteredOffice 2023-04-01 2024-03-31 06488707 bus:Director1 2023-04-01 2024-03-31 06488707 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06488707 core:Goodwill 2023-04-01 2024-03-31 06488707 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 06488707 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06488707 core:LandBuildings 2023-04-01 2024-03-31 06488707 core:LeaseholdImprovements 2023-04-01 2024-03-31 06488707 core:MotorVehicles 2023-04-01 2024-03-31 06488707 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06488707 core:PlantMachinery 2023-04-01 2024-03-31 06488707 countries:EnglandWales 2023-04-01 2024-03-31 06488707 2023-03-31 06488707 core:Goodwill 2023-03-31 06488707 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 06488707 core:FurnitureFittingsToolsEquipment 2023-03-31 06488707 core:LandBuildings 2023-03-31 06488707 core:MotorVehicles 2023-03-31 06488707 core:OtherPropertyPlantEquipment 2023-03-31 06488707 2022-04-01 2023-03-31 06488707 2023-03-31 06488707 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-03-31 06488707 core:FurtherSpecificItem2DeferredTaxComponentTotalForDeferredTax 2023-03-31 06488707 core:CurrentFinancialInstruments 2023-03-31 06488707 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06488707 core:Non-currentFinancialInstruments 2023-03-31 06488707 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06488707 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 06488707 core:FurnitureFittingsToolsEquipment 2023-03-31 06488707 core:LandBuildings 2023-03-31 06488707 core:MotorVehicles 2023-03-31 06488707 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06488707

Prepared for the registrar

Tan Y Castell (Foods) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Tan Y Castell (Foods) Limited

(Registration number: 06488707)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,258,944

1,030,030

Current assets

 

Stocks

6

225,442

158,699

Debtors

7

762,466

1,104,792

Cash at bank and in hand

 

206,104

3,563

 

1,194,012

1,267,054

Creditors: Amounts falling due within one year

8

(497,094)

(520,015)

Net current assets

 

696,918

747,039

Total assets less current liabilities

 

1,955,862

1,777,069

Creditors: Amounts falling due after more than one year

8

(484,531)

(269,806)

Deferred tax liabilities

10

(207,332)

(164,918)

Net assets

 

1,263,999

1,342,345

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

1,263,799

1,342,145

Shareholders' funds

 

1,263,999

1,342,345

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 has been taken.

Approved and authorised by the director on 4 September 2024
 


C P Mear
Director

 

Tan Y Castell (Foods) 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:
Unit 1-2, West Wales Business Park
Redstone Road
Narberth
Pembrokeshire
SA67 7ES

 

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Tan Y Castell (Foods) Limited

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

Tax

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

The current corporation 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold property

Nil

Leasehold improvement

20% on cost / 7 years straight line

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

20% reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over five years

 

Tan Y Castell (Foods) Limited

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

Investments

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

Tan Y Castell (Foods) Limited

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

Hire purchase

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

Assets held under hire purchase 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 57 (2023 - 59).

 

Tan Y Castell (Foods) Limited

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

 

4

Intangible assets

Goodwill
 £

Cost

At 1 April 2023

11,900

At 31 March 2024

11,900

Amortisation

At 1 April 2023

11,900

At 31 March 2024

11,900

Carrying amount

At 31 March 2024

-

 

Tan Y Castell (Foods) Limited

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

 

5

Tangible assets

Freehold land and buildings
£

Leasehold improvements
 £

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 April 2023

140,000

231,177

71,527

205,630

1,932,947

2,581,281

Additions

-

-

-

-

449,128

449,128

At 31 March 2024

140,000

231,177

71,527

205,630

2,382,075

3,030,409

Depreciation

At 1 April 2023

-

174,285

52,551

77,915

1,246,500

1,551,251

Charge for the year

-

22,126

3,795

31,928

162,365

220,214

At 31 March 2024

-

196,411

56,346

109,843

1,408,865

1,771,465

Carrying amount

At 31 March 2024

140,000

34,766

15,181

95,787

973,210

1,258,944

At 31 March 2023

140,000

56,892

18,976

127,715

686,447

1,030,030

 

Tan Y Castell (Foods) Limited

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

 

6

Stocks

2024
£

2023
£

Raw materials and consumables

225,442

158,699

 

7

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

567,066

603,347

Amounts owed by related parties

11

50,865

72,497

Other debtors

 

77,988

290,787

VAT control account

 

54,744

130,194

Prepayments

 

11,803

7,967

   

762,466

1,104,792

 

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

144,451

163,203

Trade creditors

 

170,428

239,463

Social security and other taxes

 

18,568

21,379

Outstanding defined contribution pension costs

 

3,096

3,154

Other creditors

 

6,044

14,100

Accrued expenses

 

154,507

78,716

 

497,094

520,015

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

484,531

269,806

 

Tan Y Castell (Foods) Limited

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

 

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,098

9,849

Bank overdrafts

-

96,802

Hire purchase liabilities

134,353

56,552

144,451

163,203

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

16,514

26,612

Hire purchase liabilities

468,017

243,194

484,531

269,806

 

10

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Tax losses carried forward

(34,332)

Difference between accumulated depreciation, amortisation and capital allowances

241,939

Short term timing differences

(285)

207,322

2023

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

165,207

Short term timing differences

(289)

164,918

 

11

Related party transactions

At 31 March 2024, C P Mear owed the company £50,865 (2023: £72,497). The loan is unsecured, interest free and repayable on demand.