REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 February 2024 |
for |
The Cubra Casting Company Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 February 2024 |
for |
The Cubra Casting Company Limited |
The Cubra Casting Company Limited (Registered number: 04103234) |
Contents of the Financial Statements |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
The Cubra Casting Company Limited |
Company Information |
for the year ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
Belmont House |
Shrewsbury Business Park |
Shrewsbury |
Shropshire |
SY2 6LG |
BANKERS: |
The Bridge |
Walsall |
West Midlands |
WS1 1LG |
The Cubra Casting Company Limited (Registered number: 04103234) |
Statement of Financial Position |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings | 8 |
The Cubra Casting Company Limited (Registered number: 04103234) |
Statement of Financial Position - continued |
29 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Cubra Casting Company Limited (Registered number: 04103234) |
Notes to the Financial Statements |
for the year ended 29 February 2024 |
1. | STATUTORY INFORMATION |
The Cubra Casting Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Freehold property | - 2% straight line |
Plant and machinery | - 20% straight line |
Fixtures and fittings | - 20% to 25% straight line |
Motor vehicles | - 25% on reducing balance |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The Cubra Casting Company Limited (Registered number: 04103234) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss. |
Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The Cubra Casting Company Limited (Registered number: 04103234) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The Cubra Casting Company Limited (Registered number: 04103234) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
5. | PROPERTY, PLANT AND EQUIPMENT - continued |
Cost or valuation at 29 February 2024 is represented by: |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2018 | (410,093 | ) | (58,142 | ) | (12,085 | ) | (480,320 | ) |
Cost | 826,434 | 71,946 | 22,585 | 920,965 |
416,341 | 13,804 | 10,500 | 440,645 |
If tangible fixed assets had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 920,965 | 1,310,167 |
Aggregate depreciation | 781,477 | 1,000,001 |
Value of land in freehold land and buildings | - | 191,871 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
The Cubra Casting Company Limited (Registered number: 04103234) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
8. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 1,278,015 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Revaluation - transfer to retained earnings |
171,163 |
(171,163 |
) |
- |
At 29 February 2024 | 848,577 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the year the company operated a loan account with Wrekin Shell Mouldings Ltd, it's parent company. |
At the balance sheet date the loan balance was £48,469 (2023: £Nil), no interest was charged on this loan during the year (2023: £Nil). |
During the year the company paid dividends of £325,000 (2023: £nil) to Wrekin Shell Mouldings Limited. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking of the company is Wrekin Shell Mouldings Limited. |
The registered office and business address of Wrekin Shell Mouldings Limited is Units D1 and D2, Halesfield 21, Telford, TF7 4NX. |
A copy of the group accounts can be obtained from Companies House. |