Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-272024-02-27true2023-03-01falseHay and straw merchant1612trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09952042 2023-03-01 2024-02-27 09952042 2022-03-01 2023-02-28 09952042 2024-02-27 09952042 2023-02-28 09952042 c:Director1 2023-03-01 2024-02-27 09952042 d:PlantMachinery 2023-03-01 2024-02-27 09952042 d:PlantMachinery 2024-02-27 09952042 d:PlantMachinery 2023-02-28 09952042 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-27 09952042 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-27 09952042 d:MotorVehicles 2023-03-01 2024-02-27 09952042 d:MotorVehicles 2024-02-27 09952042 d:MotorVehicles 2023-02-28 09952042 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-27 09952042 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-27 09952042 d:FurnitureFittings 2023-03-01 2024-02-27 09952042 d:FurnitureFittings 2024-02-27 09952042 d:FurnitureFittings 2023-02-28 09952042 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-27 09952042 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-27 09952042 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-27 09952042 d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-27 09952042 d:CurrentFinancialInstruments 2024-02-27 09952042 d:CurrentFinancialInstruments 2023-02-28 09952042 d:Non-currentFinancialInstruments 2024-02-27 09952042 d:Non-currentFinancialInstruments 2023-02-28 09952042 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-27 09952042 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09952042 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-27 09952042 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09952042 d:ShareCapital 2024-02-27 09952042 d:ShareCapital 2023-02-28 09952042 d:RetainedEarningsAccumulatedLosses 2024-02-27 09952042 d:RetainedEarningsAccumulatedLosses 2023-02-28 09952042 c:FRS102 2023-03-01 2024-02-27 09952042 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-27 09952042 c:FullAccounts 2023-03-01 2024-02-27 09952042 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-27 09952042 d:HirePurchaseContracts d:WithinOneYear 2024-02-27 09952042 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 09952042 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-27 09952042 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 09952042 6 2023-03-01 2024-02-27 09952042 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-02-27 09952042 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-02-28 09952042 d:LeasedAssetsHeldAsLessee 2024-02-27 09952042 d:LeasedAssetsHeldAsLessee 2023-02-28 09952042 e:PoundSterling 2023-03-01 2024-02-27 iso4217:GBP xbrli:pure

Registered number: 09952042










CORBETTS (MALPAS) LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 27 FEBRUARY 2024

 
CORBETTS (MALPAS) LTD
REGISTERED NUMBER: 09952042

BALANCE SHEET
AS AT 27 FEBRUARY 2024

27 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
339,929
345,596

Investments
 5 
45
45

  
339,974
345,641

Current assets
  

Stocks
  
5,500
30,000

Debtors: amounts falling due within one year
 6 
988,159
833,774

Cash at bank and in hand
  
195,378
142,705

  
1,189,037
1,006,479

Creditors: amounts falling due within one year
 7 
(600,827)
(430,726)

Net current assets
  
 
 
588,210
 
 
575,753

Total assets less current liabilities
  
928,184
921,394

Creditors: amounts falling due after more than one year
 8 
(45,914)
(73,187)

Provisions for liabilities
  

Deferred tax
  
(84,982)
(86,399)

  
 
 
(84,982)
 
 
(86,399)

Net assets
  
797,288
761,808


Capital and reserves
  

Called up share capital 
  
70
70

Profit and loss account
  
797,218
761,738

  
797,288
761,808


Page 1

 
CORBETTS (MALPAS) LTD
REGISTERED NUMBER: 09952042
    
BALANCE SHEET (CONTINUED)
AS AT 27 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Bernard Paul Corbett
Director

Date: 25 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CORBETTS (MALPAS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 FEBRUARY 2024

1.


General information

Corbetts (Malpas) Limited is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Greenfields Station Road, Hampton Heath, Malpas, Cheshire, SY14 8LU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
CORBETTS (MALPAS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis..

Depreciation is provided on the following basis:

Plant and machinery
-
10%
reducing balance
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
10%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
CORBETTS (MALPAS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
CORBETTS (MALPAS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 FEBRUARY 2024

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 16 (2023 - 12).

Page 6

 
CORBETTS (MALPAS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 FEBRUARY 2024

4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 March 2023
112,266
1,079,532
9,016
1,200,814


Additions
-
178,000
-
178,000


Disposals
-
(75,000)
-
(75,000)



At 27 February 2024

112,266
1,182,532
9,016
1,303,814



Depreciation


At 1 March 2023
54,928
795,655
4,635
855,218


Charge for the period on owned assets
5,736
38,278
439
44,453


Charge for the period on financed assets
-
120,464
-
120,464


Disposals
-
(56,250)
-
(56,250)



At 27 February 2024

60,664
898,147
5,074
963,885



Net book value



At 27 February 2024
51,602
284,385
3,942
339,929



At 28 February 2023
57,338
283,877
4,381
345,596

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


27 February
28 February
2024
2023
£
£



Motor vehicles
248,674
191,138

248,674
191,138

Page 7

 
CORBETTS (MALPAS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 FEBRUARY 2024

5.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
45



At 27 February 2024
45





6.


Debtors

27 February
28 February
2024
2023
£
£


Trade debtors
784,530
618,115

Amounts owed by connected business
100,000
100,000

Other debtors
103,629
115,659

988,159
833,774



7.


Creditors: Amounts falling due within one year

27 February
28 February
2024
2023
£
£

Trade creditors
286,988
144,321

Other taxation and social security
68,331
56,014

Obligations under finance lease and hire purchase contracts
95,072
64,843

Other creditors
147,211
162,448

Accruals and deferred income
3,225
3,100

600,827
430,726


Page 8

 
CORBETTS (MALPAS) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

27 February
28 February
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
45,914
73,187

45,914
73,187



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

27 February
28 February
2024
2023
£
£


Within one year
98,912
73,169

Between 1-5 years
45,980
64,843

144,892
138,012

 
Page 9