Company registration number 03369675 (England and Wales)
TRADITIONAL CASTINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
TRADITIONAL CASTINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
TRADITIONAL CASTINGS LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
322,504
285,878
Current assets
Stocks
72,500
72,500
Debtors
4
1,209,404
1,338,751
Cash at bank and in hand
46,765
82,679
1,328,669
1,493,930
Creditors: amounts falling due within one year
5
(1,467,618)
(1,642,445)
Net current liabilities
(138,949)
(148,515)
Total assets less current liabilities
183,555
137,363
Creditors: amounts falling due after more than one year
6
(77,998)
(32,000)
Net assets
105,557
105,363
Capital and reserves
Called up share capital
11
11
Profit and loss reserves
105,546
105,352
Total equity
105,557
105,363
TRADITIONAL CASTINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 8 January 2025 and are signed on its behalf by:
Mr M P Stone
Mr J F Brittin
Director
Director
Mr J P Petre
Director
Company registration number 03369675 (England and Wales)
TRADITIONAL CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Traditional Castings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1386 London Road, Leigh-on-Sea, Essex, England, SS9 2UJ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Turnover

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.

1.3
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:

Plant and equipment
15% Reducing balance
Fixtures and fittings
15% Reducing balance
Motor vehicles
20% Reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.5
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.

1.6
Financial instruments
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.

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.

1.7
Taxation

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

TRADITIONAL CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.8
Retirement benefits

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

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
162,399
20,303
556,515
739,217
Additions
-
0
-
0
147,194
147,194
Disposals
-
0
-
0
(86,290)
(86,290)
At 31 May 2024
162,399
20,303
617,419
800,121
Depreciation and impairment
At 1 June 2023
108,036
16,447
328,859
453,342
Depreciation charged in the year
8,154
578
68,255
76,987
Eliminated in respect of disposals
-
0
-
0
(52,712)
(52,712)
At 31 May 2024
116,190
17,025
344,402
477,617
Carrying amount
At 31 May 2024
46,209
3,278
273,017
322,504
At 31 May 2023
54,363
3,856
227,659
285,878
TRADITIONAL CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
317,847
541,883
Corporation tax recoverable
-
0
17,616
Other debtors
891,557
779,252
1,209,404
1,338,751
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
39,278
Trade creditors
733,858
750,006
Corporation tax
307,287
270,913
Other taxation and social security
507
147
Other creditors
425,966
582,101
1,467,618
1,642,445
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
77,998
32,000
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