Company registration number 02707131 (England and Wales)
CASPIAN GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CASPIAN GROUP LIMITED
COMPANY INFORMATION
Directors
Mr R C Tyler
Mr N V Garrison
Secretary
Mrs R S Garrison
Company number
02707131
Registered office
Caspian House
East Common Lane
Scunthorpe
North Lincolnshire
United Kingdom
DN16 1DE
Auditor
Rackhams Accountants Limited
3 Melton Enterprise Park
Redcliff Road
Melton
East Yorkshire
HU14 3RS
CASPIAN GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
CASPIAN GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

The company suffered reductions in turnover and profit before tax from the previous year.

 

The factors contributing to this are:

 

A German company, Ziegler, flooded the market in the year with selling cheap scaffold boards. Ziegler were selling the boards to the consumer the price we were buying them for. This meant we were unable to achieve a decent profit margin to be able to be competitive. This continued into the following financial year.

However, at the time of writing this report, Zeigler, is no longer trading and therefore no longer a competitor in the market.

 

Post Covid bounce back loans with low interest rates provided many of our customers with the cash resources to enable them to buy scaffold boards instead of hiring them. This meant that the contracts income, which is pure profit, significantly deceased in the year, therefore directly affecting profit obtained in the year.

 

Finally, there was a decline in the construction industry in the year. We made the decision not to make staff redundant due to the costs and difficulties we would face when it comes to rehiring key employees when the market picks up again.

Principal risks and uncertainties

Macroeconomic conditions impact the sales and profitable to the company. Inflationary pressures and increases in interest rates impact on financial performance.

 

The company operates in an industry where safety is paramount for employees, customers and the general public. Failure to maintain high safety standards and provide adequate training can lead to risk of serious injury or death.

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

Unit
2024
2023
Turnover
£
12,725,981.00
14,766,170.00
Gross Profit
£
1,664,925.00
2,853,333.00
Gross Profit Margin
%
13.08
19.30
Profit Before Tax
£
78,060.00
1,192,777.00

On behalf of the board

Mr N V Garrison
Director
10 January 2025
- 1 -
CASPIAN GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of sales to the construction industry.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £50,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R C Tyler
Mr N V Garrison
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N V Garrison
Director
10 January 2025
- 2 -
CASPIAN GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

- 3 -
CASPIAN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CASPIAN GROUP LIMITED
Opinion
- 4 -

We have audited the financial statements of Caspian Group Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 UK, including the FRC’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.

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 report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

CASPIAN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CASPIAN GROUP LIMITED (CONTINUED)
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

As part of our planning process:

 

 

 

 

- 5 -
CASPIAN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CASPIAN GROUP LIMITED (CONTINUED)

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

 

 

 

 

 

 

 

 

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Mr Trevor Rackham FCCA
Senior Statutory Auditor
For and on behalf of Rackhams Accountants Limited
10 January 2025
Chartered Certified
Statutory Auditor
3 Melton Enterprise Park
Redcliff Road
Melton
East Yorkshire
HU14 3RS
- 6 -
CASPIAN GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
2024
2023
Notes
£
£
Turnover
3
12,725,981
14,766,171
Cost of sales
(11,061,056)
(11,912,837)
Gross profit
1,664,925
2,853,334
Administrative expenses
(1,550,698)
(1,649,092)
Other operating income
17,039
54,955
Operating profit
4
131,266
1,259,197
Interest receivable and similar income
7
349
-
0
Interest payable and similar expenses
8
(103,555)
(66,420)
Profit before taxation
28,060
1,192,777
Tax on profit
9
(60,337)
(221,808)
(Loss)/profit for the financial year
(32,277)
970,969

The profit and loss account has been prepared on the basis that all operations are continuing operations.

- 7 -
CASPIAN GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
2024
2023
£
£
(Loss)/profit for the year
(32,277)
970,969
Other comprehensive income
-
-
Total comprehensive income for the year
(32,277)
970,969
- 8 -
CASPIAN GROUP LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,007,981
904,841
Current assets
Stocks
12
3,260,430
3,624,834
Debtors
13
3,906,557
4,110,290
Cash at bank and in hand
238,117
387,786
7,405,104
8,122,910
Creditors: amounts falling due within one year
14
(2,995,697)
(3,448,587)
Net current assets
4,409,407
4,674,323
Total assets less current liabilities
5,417,388
5,579,164
Creditors: amounts falling due after more than one year
15
(281,962)
(421,798)
Provisions for liabilities
Deferred tax liability
18
179,365
119,028
(179,365)
(119,028)
Net assets
4,956,061
5,038,338
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
4,955,961
5,038,238
Total equity
4,956,061
5,038,338

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 10 January 2025 and are signed on its behalf by:
Mr N V Garrison
Director
Company registration number 02707131 (England and Wales)
- 9 -
CASPIAN GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
4,067,269
4,067,369
Year ended 30 April 2023:
Profit and total comprehensive income
-
970,969
970,969
Balance at 30 April 2023
100
5,038,238
5,038,338
Year ended 30 April 2024:
Loss and total comprehensive income
-
(32,277)
(32,277)
Dividends
10
-
(50,000)
(50,000)
Balance at 30 April 2024
100
4,955,961
4,956,061
- 10 -
CASPIAN GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
405,771
1,315,051
Interest paid
(103,555)
(66,420)
Income taxes paid
-
0
(48,025)
Net cash inflow from operating activities
302,216
1,200,606
Investing activities
Purchase of tangible fixed assets
(160,155)
(168,427)
Proceeds from disposal of tangible fixed assets
3,500
35,108
Repayment of loans
60,986
(619,922)
Interest received
349
-
0
Net cash used in investing activities
(95,320)
(753,241)
Financing activities
Repayment of bank loans
(238,658)
(300,503)
Payment of finance leases obligations
(67,907)
(41,035)
Dividends paid
(50,000)
-
0
Net cash used in financing activities
(356,565)
(341,538)
Net (decrease)/increase in cash and cash equivalents
(149,669)
105,827
Cash and cash equivalents at beginning of year
387,786
281,959
Cash and cash equivalents at end of year
238,117
387,786
- 11 -
CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
Company information

Caspian Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Caspian House, East Common Lane, Scunthorpe, North Lincolnshire, United Kingdom, DN16 1DE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
- 12 -

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Plant and equipment
15% reducing balance
Fixtures and fittings
20% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
1.5
Impairment of fixed assets
- 13 -

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

- 14 -
CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

- 15 -
CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
349
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,100
11,000
Depreciation of owned tangible fixed assets
135,495
109,235
Depreciation of tangible fixed assets held under finance leases
78,935
41,541
Profit on disposal of tangible fixed assets
(1,763)
(12,816)
- 16 -
CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Director
1
1
Head Office
5
5
Sales
3
3
Scunthorpe
11
13
Scunthorpe Manufacturing
11
14
Total
31
36

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,058,384
1,260,596
Social security costs
3,364
3,086
Pension costs
14,983
5,183
1,076,731
1,268,865
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
34,910
31,200
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
349
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
349
-
0
- 17 -
CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
92,077
34,028
Other interest on financial liabilities
-
0
22,386
92,077
56,414
Other finance costs:
Interest on finance leases and hire purchase contracts
9,279
10,006
Other interest
2,199
-
0
103,555
66,420
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
221,985
Deferred tax
Origination and reversal of timing differences
60,337
(177)
Total tax charge
60,337
221,808

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
28,060
1,192,777
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
7,015
226,628
Tax effect of expenses that are not deductible in determining taxable profit
6,271
3,085
Gains not taxable
(441)
(3,054)
Unutilised tax losses carried forward
16,406
-
0
Depreciation on assets not qualifying for tax allowances
53,608
28,547
Deferred tax adjustments in respect of prior years
60,337
(177)
Capital allowances
(82,859)
(33,221)
Taxation charge for the year
60,337
221,808
- 18 -
CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Dividends
2024
2023
£
£
Final paid
50,000
-
0
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
195,445
1,409,739
93,330
19,403
496,565
2,214,482
Additions
-
0
8,395
8,938
2,631
299,346
319,310
Disposals
-
0
(7,500)
-
0
-
0
-
0
(7,500)
At 30 April 2024
195,445
1,410,634
102,268
22,034
795,911
2,526,292
Depreciation and impairment
At 1 May 2023
20,678
910,570
86,117
4,851
287,428
1,309,644
Depreciation charged in the year
3,909
75,874
3,230
4,296
127,121
214,430
Eliminated in respect of disposals
-
0
(5,763)
-
0
-
0
-
0
(5,763)
At 30 April 2024
24,587
980,681
89,347
9,147
414,549
1,518,311
Carrying amount
At 30 April 2024
170,858
429,953
12,921
12,887
381,362
1,007,981
At 30 April 2023
174,767
499,170
7,214
14,552
209,138
904,841

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
19,941
23,460
Motor vehicles
226,248
112,202
246,189
135,662
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,260,430
3,624,834
- 19 -
CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,638,917
2,460,375
Other debtors
1,180,535
1,552,437
Prepayments and accrued income
87,105
97,478
3,906,557
4,110,290
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
271,762
297,137
Obligations under finance leases
17
83,400
65,599
Trade creditors
1,707,581
2,115,326
Corporation tax
631,360
631,360
Other taxation and social security
249,636
273,541
Other creditors
20,011
11,399
Accruals and deferred income
31,947
54,225
2,995,697
3,448,587
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
121,250
334,533
Obligations under finance leases
17
160,712
87,265
281,962
421,798
16
Loans and overdrafts
2024
2023
£
£
Bank loans
393,012
631,670
Payable within one year
271,762
297,137
Payable after one year
121,250
334,533
- 20 -
CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
83,400
65,599
In two to five years
160,712
87,265
244,112
152,864

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
179,365
119,028
2024
Movements in the year:
£
Liability at 1 May 2023
119,028
Charge to profit or loss
60,337
Liability at 30 April 2024
179,365

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
14,983
5,183

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

- 21 -
CASPIAN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
21
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(32,277)
970,969
Adjustments for:
Taxation charged
60,337
221,808
Finance costs
103,555
66,420
Investment income
(349)
-
0
Gain on disposal of tangible fixed assets
(1,763)
(12,816)
Depreciation and impairment of tangible fixed assets
214,430
150,776
Movements in working capital:
Decrease in stocks
364,404
603,307
Decrease in debtors
142,750
607,328
Decrease in creditors
(445,316)
(1,292,741)
Cash generated from operations
405,771
1,315,051
22
Analysis of changes in net debt
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
387,786
(149,669)
-
238,117
Borrowings excluding overdrafts
(631,670)
238,658
-
(393,012)
Obligations under finance leases
(152,864)
67,907
(159,155)
(244,112)
(396,748)
156,896
(159,155)
(399,007)
- 22 -
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