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COMPANY REGISTRATION NUMBER: 03001329
Castle Contracts (UK) Ltd
Filleted Unaudited Financial Statements
30 June 2024
Castle Contracts (UK) Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
239,225
202,153
Current assets
Debtors
7
14,762
16,871
Cash at bank and in hand
37,071
80,530
--------
--------
51,833
97,401
Creditors: amounts falling due within one year
8
115,271
116,701
---------
---------
Net current liabilities
63,438
19,300
---------
---------
Total assets less current liabilities
175,787
182,853
Creditors: amounts falling due after more than one year
9
25,963
67,627
Provisions
14,322
7,748
---------
---------
Net assets
135,502
107,478
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
135,402
107,378
---------
---------
Shareholders funds
135,502
107,478
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Castle Contracts (UK) Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mr N D Payne
Director
Company registration number: 03001329
Castle Contracts (UK) Ltd
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Heathrow Logistics Park, Bedfont Road, Feltham, Middlesex, TW14 8EE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The Financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Revenue is recognised from vehicle rental and repairs when, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Trade debtors
Trade and other debtors are initially recognised at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment for bad and doubtful debts.
5. Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
152,193
421,623
30,558
604,374
Additions
10,000
110,464
120,464
Disposals
( 48,623)
( 48,623)
---------
---------
--------
---------
At 30 June 2024
162,193
483,464
30,558
676,215
---------
---------
--------
---------
Depreciation
At 1 July 2023
136,646
236,912
28,663
402,221
Charge for the year
6,387
72,881
474
79,742
Disposals
( 44,973)
( 44,973)
---------
---------
--------
---------
At 30 June 2024
143,033
264,820
29,137
436,990
---------
---------
--------
---------
Carrying amount
At 30 June 2024
19,160
218,644
1,421
239,225
---------
---------
--------
---------
At 30 June 2023
15,547
184,711
1,895
202,153
---------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
14,762
14,794
Other debtors
2,077
--------
--------
14,762
16,871
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,000
12,823
Social security and other taxes
2,997
Other creditors
102,274
103,878
---------
---------
115,271
116,701
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
25,963
67,627
--------
--------
10. Related party transactions
As at 30 June 2024 the company owed a director £45,079 (2023: £45,079) in respect of his current account. During the year the company paid £14,487 (2023: £13,049) to a Director of the company, in respect of rent for office and vehicle storage facilities. During the year the company traded with companies with a common director. Sales of £65,756 (2023: £57,961) were made to the companies.