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Registered number: 12446316









CAST FIT OUT LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CAST FIT OUT LTD
 
 
COMPANY INFORMATION


Directors
S E Gayle 
L E Goode 
N J Moss 
Z A Moss 
E Neary 
A Potter 




Registered number
12446316



Registered office
Unit 8 Tallon Road
Hutton

Brentwood

CM13 1TF




Independent auditor
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
CAST FIT OUT LTD
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditor's report
 
6 - 9
Statement of income and retained earnings
 
10
Balance sheet
 
11
Notes to the financial statements
 
12 - 24


 
CAST FIT OUT LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Business review
 
The Directors' are pleased to report that the Company has continued its growth and market presence within the commercial office real estate sector. This has been achieved through our services in design and build, under turnkey or traditional methods, focusing heavily on the landlord and asset owning client base whom align more centrally with our values on fairness, sustainability, diversity and a quality construction product. 
We have continued to secure repeat business through effective key account management and high-quality genuine customer service which has contributed to the business ongoing success and sound platform for the future. 
The following key financials can be reported:
Turnover: £25,459,410 (2023 - £16,141,823)
Gross Profit: £5,982,324 (2023 - £4,285,645)
Profit before tax: £703,846 (2023 - £901,977)
The growth in turnover is attributable to an increase in the average size of projects and an increase in the quantity of projects. The business has heavily invested in the future pipeline of work through the hiring of key senior leaders to help support our ongoing growth aspirations in Cast Fit Out Ltd and the wider group; we are confident the fruits of this investment will be borne in the next financial year and account for the slight drop in our net profit position. 
The director's are confident that the Company's exceptional reputation within the industry continues to allow them to attract the best talent in the market including our well-publicised culture, carbon neutral approach and innovative thinking in what remains a competitive market for people.

Principal risks and uncertainties
 
The market has enjoyed a more stable period from an inflationary perspective and by maintaining quality and breadth in our client base and supply chain, the directors endeavour to mitigate any market fluctuations. The nature of main contracting fit out typically supports this but additionally we diversify the wider group offering into public sector decarbonisation contracting and cross sector furniture provisions in both residential and commerical B2B sales.
The directors continue to remain aware of EU challenges associated with supply and demand and to mitigate this they chose local procurement, where possible being mindful of componentry sourced from further afield and limiting our liability in programmes to counter these potential risks.
Staff retention in a competitive market is combatted through a systemic culture of "be heard" and "contribute your opinion" with the leadership team 'listening'. The Directors have also implemented incentives and benefits that are holistically supportive of the staff through welbeing, health, development opportunities, remuneration and tangible support to create a place of work that encapsulates exactly what we represent. The directors are proud to report that in our most recent staff satisfaction survery, we achieved a satisfaction level of 77%.

Financial key performance indicators
 
The Company continues to use a range of well-established and appropriate key performance indicators (KPI's) to monitor the progress of the business. The KPI's for the Company are turnover, gross profit and profit before tax as highlighted above. 

Page 1

 
CAST FIT OUT LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Other key performance indicators
 
Accreditation fostering culture
The business maintains a raft of accreditations that demonstrate quality procedures, environmental standards and safety across ISO 9001, ISO 45001 and ISO 14001. With Construction Gold and Safe Contractor SSIP, we emanate a culture of safety and excellence in delivery which we are now known for. There is no compromise for us in ensuring these are the quantitive minimum standards we are held account to. We channel this into our culture which yields greater business returns through continued long term customer retention and a team that have faith in the way in which we deliver out projects from a cradle to grave perspective.
ESG Strategy
Operating sustainably and responsibly is a commitment that the directors and team have been unwavering on since inception. Using our baseline carbon accounting in 2022, we have continuously developed our activity-based reporting, increasing the accuracy of our emission data. For all Cast Interiors projects, we complete a comprehensive embodied carbon calculation allowing us to transition away from proxy or financial assumptions and provide our clients with accurate and project specific carbon data. Additional to providing carbon reporting, our ESG reports cover social and wider environmental impacts including social value, waste reduction and material reuse outcomes confirmed by our ISO 14001 annual auditing.  2023 carbon accounts and our carbon reduction strategy are externally validated through Greenly, with SBTI and B Corp submissions pending.
2022 
Scope 1 - 1.59 tCO2e (vehicle fuel combustion)
Scope 2 - 1.48 tCO2e (electricity consumption)
Total reforestation: 4988 trees                
Total carbon avoidance/offsetting purchased 176.56 Tonnes CO2e
2023 
Scope 1 - 1.51 tCO2e (vehicle fuel combustion)
Scope 2 - 1.32 tCO2e (electricity consumption)
Total reforestation: 4987 trees                               
Total carbon avoidance/offsetting purchased: 475.51 Tonnes CO2e 
In order to continue our progress to achieving Net Zero Carbon, we have adopted the following carbon reduction targets: 
-  Achieving Net Zero Carbon Scope 1 & 2 emissions by 2035, with an interim goal of 50% reduction by
          2030 latest. 
-  A 50% reduction in Scope 3 greenhouse gas emissions by 2035 
-  Net Zero Carbon emissions by 2040 at the latest.
Diversity 
As a diverse construction business, we are proud of the fact we are majority female owned and are subsequently accredited as such by WeConnect and have maintained, since inception, a team with over 35% female. The directors consider this to be a key success metric that will move forward with the business. Our workforce is currently 38% female across the business against an industry average of just 14%
 
Page 2

 
CAST FIT OUT LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024


Innovation, Research & Development 
Through the expansion of our Operational Innovation team, we continue to push the limits on the ways in which we report to our customer base across sustainability and social value. We are proud of our strategic partnerships with Unseen (Modern Slavery), Greenly (Carbon Accounting) and Thrive (Soial Value measuring), recognising that this is what sets us apart from our competitors by investing in platforms and support that do not enhance profit but enhance the core values of the business. This in turn improves team morale, quality and returning client base that do directly impact the current and future success of the organisation. 


This report was approved by the board on 29 November 2024 and signed on its behalf.



Z A Moss
Director

Page 3

 
CAST FIT OUT LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is that of high quality, carbon neutral commercial office fit out and design services. 

Results and dividends

The profit for the year, after taxation, amounted to £570,564 (2023 - £901,977).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

S E Gayle 
L E Goode 
N J Moss 
Z A Moss 
E Neary 
A Potter 

Page 4

 
CAST FIT OUT LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This report was approved by the board on 29 November 2024 and signed on its behalf.
 





Z A Moss
Director

Page 5

 
CAST FIT OUT LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAST FIT OUT LTD
 

Opinion


We have audited the financial statements of Cast Fit Out Ltd (the 'Company') for the year ended 29 February 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 29 February 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
CAST FIT OUT LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAST FIT OUT LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
CAST FIT OUT LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAST FIT OUT LTD (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
laws and regulations identified were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
 
reviewed the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations; and
performed analytical procedures and tested journal entries to identify any unusual or unexpected relationships or transactions.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Other matters

In the previous accounting period the directors of the Company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.


Page 8

 
CAST FIT OUT LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAST FIT OUT LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Gary Leonard (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

29 November 2024
Page 9

 
CAST FIT OUT LTD
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
As restated
Unaudited
2023
Note
£
£

  

Turnover
 4 
25,459,410
16,141,823

Cost of sales
  
(19,477,086)
(11,856,178)

Gross profit
  
5,982,324
4,285,645

Administrative expenses
  
(5,278,478)
(3,382,931)

Operating profit
 5 
703,846
902,714

Interest payable and similar expenses
 10 
-
(737)

Profit before tax
  
703,846
901,977

Tax on profit
 9 
(133,282)
-

Profit after tax
  
570,564
901,977

Retained earnings
  

-  as previously stated
  
1,144,822
726,121

-  correction of a prior period error
  
72,753
-

At the beginning of the year as restated
  
1,217,575
726,121

  

Profit for the year
  
570,564
901,977

Dividends declared and paid
 11 
(485,051)
(410,523)

Retained earnings at the end of the year
  
1,303,088
1,217,575

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
CAST FIT OUT LTD
REGISTERED NUMBER: 12446316

BALANCE SHEET
AS AT 29 FEBRUARY 2024

As restated
Unaudited
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
68,746
44,843

Current assets
  

Debtors: amounts falling due after more than one year
 13 
60,220
-

Debtors: amounts falling due within one year
 13 
9,033,380
5,384,153

Cash at bank and in hand
 14 
837,754
2,008,124

  
9,931,354
7,392,277

Creditors: amounts falling due within one year
 15 
(8,686,559)
(6,168,065)

Net current assets
  
 
 
1,244,795
 
 
1,224,212

Total assets less current liabilities
  
1,313,541
1,269,055

Creditors: amounts falling due after more than one year
 16 
(10,353)
(35,658)

  

Net assets
  
1,303,188
1,233,397


Capital and reserves
  

Called up share capital 
 18 
100
100

Other reserves
 19 
-
15,722

Profit and loss account
 19 
1,303,088
1,217,575

  
1,303,188
1,233,397


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.




Z A Moss
Director


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Cast Fit Out Ltd ("the Company") is a private Company limited by shares, incorporated in England and Wales. Its registered office is Unit 8 Tallon Road, Hutton, Brentwood, England, CM13 1TF.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Companies financial statements are presented in sterling, which is also the company's functional currency, and all values are rounded to the nearest pound (£). 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Cast Group Services Limited as at 29 February 2024 and these financial statements may be obtained from the Companies registered office.

 
2.3

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and are not aware of any circumstances likely to arise which may cause the going concern basis to be inappropriate. 

Page 12

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Turnover is measured by reference to the stage of completion of the contract activity.
The Company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entities and when specific criteria have been met as described below.

Construction contracts

Profit on construction contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is recognised relative to the stage of completion of the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
2 to 5 years straight line
Office equipment
-
2 to 5 years straight line

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.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 13

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. 

Page 14

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution schemes for its employees. A defined contribution scheme is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

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.

Page 15

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.15

Taxation

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Judgements in applying accounting policies.
The company does not consider there to be any critical judgements in applying accounting policies.
Accounting judgements and estimation
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
(i)  Construction contracts
The company applies a general policy of recognising profit on contracts only when the final outcome can be assessed with reasonable certainty. In doing so the directors have made key assumptions regarding the future costs to complete the construction contracts.

Page 16

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Turnover

2024
As restated
Unaudited
2023
£
£

Sales
25,459,410
16,141,823


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
Unaudited
2023
£
£

Research & development charged as an expense
-
831,342

Depreciation
10,606
29,253

Other operating lease rentals
187,602
97,810


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
Unaudited
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
22,500
-

Page 17

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
Unaudited
2023
£
£

Wages and salaries
2,733,004
1,824,845

Social security costs
342,576
183,433

Cost of defined contribution scheme
186,998
44,634

3,262,578
2,052,912


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
50
33


8.


Directors' remuneration

2024
Unaudited
2023
£
£

Directors' emoluments
157,103
130,283

Company contributions to defined contribution pension schemes
112,128
1,699

269,231
131,982


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £98,623 (2023 - £45,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2,128 (2023 - £881).

Page 18

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
200,000
-

Adjustments in respect of previous periods
(66,718)
-


Total current tax
133,282
-

Deferred tax

Total deferred tax
-
-


Tax on profit
133,282
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
703,846
901,977


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
175,962
171,376

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
39,858
5,711

Capital allowances for year in excess of depreciation
(6,016)
-

Adjustments to tax charge in respect of prior periods
(66,718)
-

Adjustment in research and development tax credit leading to an decrease in the tax charge
-
(205,342)

Other differences leading to an increase (decrease) in the tax charge
(9,804)
28,255

Total tax charge for the year
133,282
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other interest
-
737


11.


Dividends

2024
2023
£
£


Ordinary dividends declared and paid
485,051
410,523


12.


Tangible fixed assets







Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
53,964
40,887
94,851


Additions
34,509
-
34,509



At 29 February 2024

88,473
40,887
129,360



Depreciation


At 1 March 2023
39,737
10,271
50,008


Charge for the year on owned assets
6,429
4,177
10,606



At 29 February 2024

46,166
14,448
60,614



Net book value



At 29 February 2024
42,307
26,439
68,746



At 28 February 2023
14,227
30,616
44,843

Page 20

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
60,220
-


As restated
Unaudited
2024
2023
£
£

Due within one year

Trade debtors
3,013,497
2,815,735

Amounts owed by group undertakings
182,903
-

Other debtors
4,314
43,163

Prepayments and accrued income
2,853,735
1,305,794

Amounts recoverable on long-term contracts
2,045,526
876,399

Sales retention
933,405
343,062

9,033,380
5,384,153



14.


Cash and cash equivalents

Unaudited
2024
2023
£
£

Cash at bank and in hand
837,754
2,008,124


Page 21

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

15.


Creditors: Amounts falling due within one year

As restated
Unaudited
2024
2023
£
£

Bank loans
10,000
-

Trade creditors
3,637,811
3,321,353

Amounts owed to group undertakings
2,307,992
733,524

Corporation tax
200,000
-

Other taxation and social security
925,658
917,210

Other creditors
401,882
561,440

Accruals and deferred income
1,203,216
634,538

8,686,559
6,168,065



16.


Creditors: Amounts falling due after more than one year

Unaudited
2024
2023
£
£

Bank loans
10,353
35,658



17.


Loans


Analysis of the maturity of loans is given below:


Unaudited
2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
-

Amounts falling due 1-2 years

Bank loans
10,000
20,000

Amounts falling due 2-5 years

Bank loans
353
15,658


20,353
35,658


Page 22

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

18.


Share capital

Unaudited
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



19.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments. 


20.


Prior year adjustment

During the year, amounts recoverable on long-term contracts, prepayments, accruals, corporation tax and sales and purchase retentions were identified in respect of the period ended 28 February 2023. This has had an impact on the following statements lines:

28 February 2023
£
Sales

(392,564)

Cost of sales

521,182

Corporation tax

201,371

Prepayments and accrued income

1,305,794

Amounts recoverable on long-term contracts

(830,607)

Sales retention

343,062

Accruals

(634,538)

Amounts owed to Group companies

(100,000)

Purchase retention

(212,329)

Corporation tax liability

(201,371)



21.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the fund and amounted to £186,998 (2023 - £44,634). Contibutions totalling £4,224 (2023 - £Nil) were payable to the fund at the balance sheet date.

Page 23

 
CAST FIT OUT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

22.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
Unaudited
28 February
2024
2023
£
£


Not later than 1 year
269,912
266,006

Later than 1 year and not later than 5 years
660,812
911,522

930,724
1,177,528


23.


Transactions with directors

During the year, there were no amounts (2023 - £Nil) advanced to directors. Interest of £Nil (2023 - £Nil) was charged on amounts advanced and £15,722 (2023 - £Nil) was repaid. At the year end, the directors owed the Company £1,078 (2023 - £16,800).


24.


Related party transactions

The Company has taken the exemption from disclosing related party transactions within wholly owned subsidiaries within the Group under FRS 102 Section 33.1A.
During the year there were sales of £68,727 
(2023 - £Nil) made to a Company within the Group under common control. At the year end £45,403 (2023 - £45,441) was owed from this Company.


25.


Controlling party

The immediate parent company is Cast Group Services Limited, a Company incorporated in the UK and registered in England and Wales. 
The smallest and largest group to consolidate these financial statements is Cast Group Services Limited. Copies of these consolidated financial statements can be obtained from the Companies registered office being Unit 8 Tallon Road, Hutton, Brentwood, England, CM13 1TF.  
The ultimate controlling party of the Company is Mrs Z Moss.

 
Page 24