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Registered number: 13623004









CAST GROUP SERVICES LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CAST GROUP SERVICES LTD
 
 
COMPANY INFORMATION


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




Registered number
13623004



Registered office
Unit 8 Tallon Road
Hutton

Brentwood

England

CM13 1TF




Independent auditors
Barnes Roffe LLP
Chartered Accountants 
Statutory Auditors

Leytonstone House

Leytonstone

London

E11 1GA





 
CAST GROUP SERVICES LTD
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11 - 12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14 - 15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17 - 18
Consolidated analysis of net debt
 
19
Notes to the financial statements
 
20 - 39


 
CAST GROUP SERVICES LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Business review
 
The Directors' are pleased to report that the Group 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:
Group Turnover: £32,477,273 
(2023 - £23,921,727*)
Gross Profit: £7,891,400 (2023 - £6,770,132*)
Group Profit before Tax: £1,145,042 (2023 - £2,302,155*)
*Please note the 2023 figures represent an 18 month period to 28 February 2023.
The growth in turnover is attributable to an increase in the average size of projects, an increase in the quantity of projects and an increase in furniture orders. 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 for the Cast 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 Group'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 Group 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 Group are turnover, gross profit and profit before tax as highlighted above. 

Page 1

 
CAST GROUP SERVICES LTD
 

GROUP 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 quantitative 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 reduction/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 reduction/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 GROUP SERVICES LTD
 

GROUP 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 (Social 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 25 February 2025 and signed on its behalf.





Z A Moss
Director

Page 3

 
CAST GROUP SERVICES 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

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

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £894,673 (2023 - £1,979,182).

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 (appointed19 September 2023)
N J Moss (appointed 19 September 2023)
Z A Moss 
E Neary 
A Potter (appointed 19 September 2023)

Research and development activities

The Company carries out research and development activities in the normal course of its business. 

Page 4

 
CAST GROUP SERVICES LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Disclosure of information to auditors

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 and the Group's auditors are 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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 February 2025 and signed on its behalf.
 





Z A Moss
Director

Page 5

 
CAST GROUP SERVICES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST GROUP SERVICES LTD
 

Opinion


We have audited the financial statements of Cast Group Services Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent 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 GROUP SERVICES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST GROUP SERVICES LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 7

 
CAST GROUP SERVICES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST GROUP SERVICES LTD (CONTINUED)


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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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 Group 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 Group 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 Group'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.


Page 8

 
CAST GROUP SERVICES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST GROUP SERVICES LTD (CONTINUED)


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 Auditors' 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.


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 Auditors' 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 Auditors
Leytonstone House
Leytonstone
London
E11 1GA

25 February 2025
Page 9

 
CAST GROUP SERVICES LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

Year ended
29 February
2024
As restated
Unaudited
18 months ended
28 February
2023
Note
£
£

  

Turnover
 4 
32,477,273
23,921,727

Cost of sales
  
(24,585,873)
(17,151,595)

Gross profit
  
7,891,400
6,770,132

Administrative expenses
  
(6,746,358)
(4,467,240)

Operating profit
 5 
1,145,042
2,302,892

Interest payable and similar expenses
 9 
-
(737)

Profit before taxation
  
1,145,042
2,302,155

Tax on profit
 10 
(174,293)
(282,059)

Profit for the financial year
  
970,749
2,020,096

Profit for the year attributable to:
  

Non-controlling interests
  
76,076
40,914

Owners of the parent Company
  
894,673
1,979,182

  
970,749
2,020,096

The notes on pages 20 to 39 form part of these financial statements.

Page 10

 
CAST GROUP SERVICES LTD
REGISTERED NUMBER: 13623004

CONSOLIDATED BALANCE SHEET
AS AT 29 FEBRUARY 2024

As restated Unaudited
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
(131,510)
(122,544)

Tangible assets
 13 
119,823
67,995

Investments
 14 
275,000
-

  
263,313
(54,549)

Current assets
  

Stocks
 15 
417,929
296,375

Debtors: amounts falling due after more than one year
 16 
60,220
-

Debtors: amounts falling due within one year
 16 
9,917,435
6,652,988

Cash at bank and in hand
 17 
1,847,424
4,705,572

  
12,243,008
11,654,935

Creditors: amounts falling due within one year
 18 
(10,118,236)
(9,693,249)

Net current assets
  
 
 
2,124,772
 
 
1,961,686

Total assets less current liabilities
  
2,388,085
1,907,137

Creditors: amounts falling due after more than one year
 19 
(10,353)
(35,658)

Net assets
  
2,377,732
1,871,479


Capital and reserves
  

Called up share capital 
 21 
10
10

Share premium account
 22 
125,264
125,264

Other reserves
 22 
94,040
89,637

Profit and loss account
 22 
1,968,531
1,558,909

Equity attributable to owners of the parent Company
  
2,187,845
1,773,820

Non-controlling interests
  
189,887
97,659

  
2,377,732
1,871,479


Page 11

 
CAST GROUP SERVICES LTD
REGISTERED NUMBER: 13623004
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2025.




Z A Moss
Director

The notes on pages 20 to 39 form part of these financial statements.

Page 12

 
CAST GROUP SERVICES LTD
REGISTERED NUMBER: 13623004

COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024

Unaudited
2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
1,449,126
1,174,126

Current assets
  

Cash at bank and in hand
 17 
4,008
-

  
4,008
-

Creditors: amounts falling due within one year
 18 
(279,108)
(100)

Net current liabilities
  
 
 
(275,100)
 
 
(100)

Total assets less current liabilities
  
1,174,026
1,174,026

  

  

Net assets
  
1,174,026
1,174,026


Capital and reserves
  

Called up share capital 
 21 
10
10

Share premium account
 22 
125,264
125,264

Merger reserve
 22 
1,048,752
1,048,752

Profit for the year
  
485,051
389,278

Dividends paid

  

(485,051)
(389,278)

Profit and loss account carried forward
  
-
-

  
1,174,026
1,174,026


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2025.


Z A Moss
Director

The notes on pages 20 to 39 form part of these financial statements.

Page 13
 

 
CAST GROUP SERVICES LTD


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024



Called up share capital
Share premium account
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 March 2023 (as previously stated)
10
125,264
89,637
1,717,062
1,931,973
97,659
2,029,632


Prior year adjustment - correction of error
-
-
-
(158,153)
(158,153)
-
(158,153)


At 1 March 2023 (as restated)
10
125,264
89,637
1,558,909
1,773,820
97,659
1,871,479



Comprehensive income for the year


Profit for the year
-
-
-
894,673
894,673
92,228
986,901


Other movement
-
-
4,403
-
4,403
-
4,403

Total comprehensive income for the year
-
-
4,403
894,673
899,076
92,228
991,304



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(485,051)
(485,051)
-
(485,051)



Total transactions with owners
-
-
-
(485,051)
(485,051)
-
(485,051)



At 29 February 2024
10
125,264
94,040
1,968,531
2,187,845
189,887
2,377,732



The notes on pages 20 to 39 form part of these financial statements.

Page 14

 

 
CAST GROUP SERVICES LTD


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023



Called up share capital
Share premium account
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 15 September 2021
-
-
15,722
-
15,722
-
15,722



Comprehensive income for the period


Profit for the period
-
-
-
1,979,182
1,979,182
97,659
2,076,841


Other movement
-
-
73,915
-
73,915
-
73,915

Total comprehensive income for the period
-
-
73,915
1,979,182
2,053,097
97,659
2,150,756



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(420,273)
(420,273)
-
(420,273)


Shares issued during the year
10
125,264
-
-
125,274
-
125,274



Total transactions with owners
10
125,264
-
(420,273)
(294,999)
-
(294,999)



At 28 February 2023
10
125,264
89,637
1,558,909
1,773,820
97,659
1,871,479



The notes on pages 20 to 39 form part of these financial statements.

Page 15
 
CAST GROUP SERVICES LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Share premium account
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
-
389,278
389,278

Other movement
-
-
1,048,752
-
1,048,752
Total comprehensive income for the year
-
-
1,048,752
389,278
1,438,030


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(389,278)
(389,278)

Shares issued during the period
10
125,264
-
-
125,274


Total transactions with owners
10
125,264
-
(389,278)
(264,004)



At 1 March 2023
10
125,264
1,048,752
-
1,174,026


Comprehensive income for the year

Profit for the year
-
-
-
485,051
485,051
Total comprehensive income for the year
-
-
-
485,051
485,051


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(485,051)
(485,051)


At 29 February 2024
10
125,264
1,048,752
-
1,174,026


The notes on pages 20 to 39 form part of these financial statements.

Page 16

 
CAST GROUP SERVICES LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

Year ended
29 February
Unaudited
18 months ended
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
970,749
2,020,096

Adjustments for:

Amortisation of intangible assets
8,966
9,713

Depreciation of tangible assets
22,823
44,634

Interest paid
-
737

Taxation charge
174,293
282,059

Increase in stocks
(121,554)
(296,375)

Increase in debtors
(3,394,723)
(6,063,624)

Increase in creditors
333,279
8,595,876

Corporation tax paid
(159,303)
(123,510)

Net cash generated from operating activities

(2,165,470)
4,469,606


Cash flows from investing activities

Purchase of tangible fixed assets
(54,822)
(33,995)

Purchase of fixed asset investments
(137,500)
-

Net cash inflow on acquisitions
-
701,660

Net cash from investing activities

(192,322)
667,665
Page 17

 
CAST GROUP SERVICES LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
28 February

2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(15,305)
(10,689)

Dividends paid
(485,051)
(420,273)

Interest paid
-
(737)

Net cash used in financing activities
(500,356)
(431,699)

Net (decrease)/increase in cash and cash equivalents
(2,858,148)
4,705,572

Cash and cash equivalents at beginning of period
4,705,572
-

Cash and cash equivalents at the end of period
1,847,424
4,705,572


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,847,424
4,705,572

1,847,424
4,705,572


The notes on pages 20 to 39 form part of these financial statements.

Page 18

 
CAST GROUP SERVICES LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 29 FEBRUARY 2024





At 1 March 2023
Cash flows
Other non-cash changes
At 29 February 2024
£

£

£

£

Cash at bank and in hand

4,705,572

(2,858,148)

-

1,847,424

Debt due after 1 year

(35,658)

10,000

15,305

(10,353)

Debt due within 1 year

-

-

(15,305)

(15,305)


4,669,914
(2,848,148)
-
1,821,766

The notes on pages 20 to 39 form part of these financial statements.

Page 19

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Cast Group Services 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.
The company was incorporated on 15 September 2021 and therefore the comparative figures represent the period from incorporation to 28 February 2023. The current year figures represent the year to 29 February 2024.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors have a reasonable expectation that the Group 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 20

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 21

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Revenue

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
Turnover is measured by reference to the stage of completion of the contract activity.
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.

Sale of goods

In respect of sales from commercial office furniture, revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
 
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

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.

Page 22

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

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
Motor vehicles
-
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.

 
2.7

Operating leases: the Group as lessee

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

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

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.

 
2.10

Borrowing costs

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

Page 23

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss 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 Group in independently administered funds.

 
2.12

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 and the Group operate and generate 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.


Page 24

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.
Negative goodwill is subsequently measured with the excess up to the fair value of non-monetary assets acquired recognised in profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired shall be recognised in profit or loss in the periods expected to be benefited.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.15

Investments in associates

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in, but not to control or jointly control, the financial and operating policy decisions of the investee.
Investments in associates and joint ventures are recognised initially in the consolidated statement of financial position at cost. Subsequently, they are accounted for using the equity method.
In the separate financial statements, the Parent Company measures investments in associates and joint ventures at cost less impairment.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 25

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.17

Debtors

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

 
2.18

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. 

 
2.20

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.

Page 26

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.21

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.


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.


4.


Turnover

An analysis of turnover by class of business is as follows:


Year ended
29 February
2024
As restated
Unaudited
18 months ended
28 February
2023
£
£

Construction Contracts
22,807,338
16,801,612

Sale of Goods
9,669,935
7,120,115

32,477,273
23,921,727


All turnover arose within the United Kingdom.

Page 27

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Operating profit

The operating profit is stated after charging:

Year ended
29 February
2024
Unaudited
18 months ended
28 February
2023
£
£

Depreciation of tangible fixed assets
22,823
42,137

Amortisation of intangible fixed assets
8,909
9,651

Exchange differences
19
-

Other operating lease rentals
241,121
97,810

Research & development charged as an expense
-
912,611


6.


Auditors' remuneration

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


Year ended
29 February
2024
Unaudited
18 months ended
28 February
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
50,000
-

Page 28

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Employees

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


Group
Group
Unaudited 
Company
Company
Unaudited 
Year ended
29 February
2024
18 months ended
28 February
2023
Year ended
29 February
2024
18 months ended
28 February
2023
£
£
£
£


Wages and salaries
3,828,525
2,613,563
-
-

Social security costs
413,647
254,285
-
-

Cost of defined contribution scheme
205,913
55,251
-
-

4,448,085
2,923,099
-
-


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
56
48
-
-



Directors
6
3
6
3

62
51
6
3


8.


Directors' remuneration

Year ended
29 February
2024
Unaudited
18 months ended
28 February
2023
£
£

Directors' emoluments
120,951
65,523

Group contributions to defined contribution pension schemes
71,887
1,699

192,838
67,222


During the year retirement benefits were accruing to 6 directors (2023 - 3) in respect of defined contribution pension schemes.

Page 29

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Interest payable and similar expenses

Year ended
29 February
2024
Unaudited
18 months ended
28 February
2023
£
£


Other loan interest
-
737


10.


Taxation


Year ended
29 February
2024
18 months ended
28 February
2023
£
£

Corporation tax


Current tax on profits for the year
309,272
282,059

Adjustments in respect of previous periods
(134,979)
-


Total current tax
174,293
282,059
Page 30

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
10.Taxation (continued)


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
1,145,042
2,302,155


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
286,261
437,421

Effects of:


Non-tax deductible amortisation of goodwill and impairment
2,241
1,834

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
52,068
314

Capital allowances for year in excess of depreciation
(9,274)
(20,738)

Utilisation of tax losses
(55,427)
-

Adjustments to tax charge in respect of prior periods
(135,733)
-

Adjustment in research and development tax credit leading to a decrease in the tax charge
-
(225,415)

Unrelieved tax losses carried forward
-
41,627

Other differences leading to an increase (decrease) in the tax charge
34,157
47,016

Total tax charge for the year
174,293
282,059


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

Year ended
29 February
Unaudited
18 months ended
28 February
2024
2023
£
£


Dividends declared and paid
485,051
420,273

Page 31

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Intangible assets

Group







Goodwill
Negative goodwill
Total

£
£
£



Cost


At 1 March 2023
89,660
(202,491)
(112,831)



At 29 February 2024

89,660
(202,491)
(112,831)



Amortisation


At 1 March 2023
9,713
-
9,713


Charge for the year on owned assets
8,966
-
8,966



At 29 February 2024

18,679
-
18,679



Net book value



At 29 February 2024
70,981
(202,491)
(131,510)



At 28 February 2023
79,947
(202,491)
(122,544)



Page 32

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Tangible fixed assets

Group








Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
69,583
33,995
40,887
144,465


Additions
54,822
-
-
54,822



At 29 February 2024

124,405
33,995
40,887
199,287



Depreciation


At 1 March 2023
46,673
19,526
10,271
76,470


Charge for the year on owned assets
7,018
(8,201)
4,177
2,994



At 29 February 2024

53,691
11,325
14,448
79,464



Net book value



At 29 February 2024
70,714
22,670
26,439
119,823



At 28 February 2023
22,910
14,469
30,616
67,995


14.


Fixed asset investments

Group








Investment in associates

£



Cost


Additions
275,000



At 29 February 2024
275,000




Page 33

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Company








Investments in subsidiary companies
Investment in associate
Total

£
£
£



Cost or valuation


At 1 March 2023
1,174,126
-
1,174,126


Additions
-
275,000
275,000



At 29 February 2024
1,174,126
275,000
1,449,126





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Cast Fit Out Ltd
Ordinary
100%
Cast Furniture Ltd
Ordinary
84%
Cast Living Ltd
Ordinary
55%
Cast Contracts Ltd
Ordinary
100%

The registered office of the above entities are Unit 8 Tallon Road, Hutton, Brentwood, England, CM13 1TF. 

The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Cast Fit Out Ltd
1,303,088
570,564

Cast Furniture Ltd
977,475
349,340

Cast Living Ltd
132,466
73,272

Cast Contracts Ltd
92,298
(17,469)

Page 34

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

15.


Stocks

Group
Group
As restated
Unaudited
Company
Company
As restated
Unaudited
2024
2023
2024
2023
£
£
£
£

Finished goods
417,929
296,375
-
-


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

Group
Group
Unaudited
Company
Company
Unaudited
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
60,220
-
-
-


Group
Group
As restated
Unaudited
Company
Company
As restated
Unaudited
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
3,872,003
3,460,060
-
-

Other debtors
13,587
286,074
-
-

Prepayments and accrued income
2,976,190
1,450,848
-
-

Amounts recoverable on long-term contracts
2,088,500
1,081,368
-
-

Sales retentions
967,155
374,638
-
-

9,917,435
6,652,988
-
-



17.


Cash and cash equivalents

Group
Group
Unaudited
Company
Company
Unaudited
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,847,424
4,705,572
4,008
-


Page 35

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

18.


Creditors: Amounts falling due within one year

Group
Group
As restated Unaudited
Company
Company
As restated Unaudited
2024
2023
2024
2023
£
£
£
£

Bank loans
10,000
-
-
-

Trade creditors
3,341,943
4,211,591
-
-

Amounts owed to group undertakings
-
-
141,508
-

Corporation tax
265,400
183,692
-
-

Other taxation and social security
1,027,749
982,196
-
-

Other creditors
541,415
644,801
137,600
100

Accruals and deferred income
4,931,729
3,670,969
-
-

10,118,236
9,693,249
279,108
100



19.


Creditors: Amounts falling due after more than one year

Group
Group
Unaudited
Company
Company
Unaudited
2024
2023
2024
2023
£
£
£
£

Bank loans
10,353
35,658
-
-




20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Unaudited
Company
Company
Unaudited
2024
2023
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 36

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

21.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



539 (2023 - 539) Ordinary A shares of £0.01 each
5.39
5.39
196 (2023 - 196) Ordinary B shares of £0.01 each
1.96
1.96
196 (2023 - 196) Ordinary C shares of £0.01 each
1.96
1.96
52 (2023 - 52) Ordinary D shares of £0.01 each
0.52
0.52
52 (2023 - 52) Ordinary E shares of £0.01 each
0.52
0.52

10.35

10.35



22.


Reserves

Share premium account

The share premium account represents the excess over par value paid for shares.

Merger Reserve

On 17 January 2022, 620 Ordinary A, 207 Ordinary B and 207 Ordinary C shares in Cast Group Services Limited were issued to the shareholders of Cast Fit Out Limited as part consideration for the acquisition.
As section 612 Companies Act 2006 applies, no premium was recognised; however, the company has chosen to account for the shares at their fair value and therefore a merger reserve has been created representing the difference between the nominal value and fair value of the shares.

Profit and loss account

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

Page 37

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

23.


Prior year adjustment

During the year, stock, amounts recoverable on long-term contracts, sales retentions, amounts owed by group undertakings, prepayments and accrued income, other debtors, purchase retentions, corporation tax liability, creditors greater than one year, accruals and deferred income, share capital, turnover, cost of sales and corporation tax changes were identified in respect of the period ended 28 February 2023. This has had an impact on the following statements lines:


18 months ended
28 February
2023
£



Stock
296,375

Amounts recoverable on long term contracts
(625,638)

Sales retentions
374,638

Amounts owed by group undertakings
(700,866)

Prepayments and accrued income
799,952

Other debtors
100

Purchase retentions
(212,329)

Corporation tax liability
201,371

Creditors due greater than one year
700,866

Accruals and deferred income
(992,522)

Share capital
(100)

Turnover
(1,157,967)

Cost of sales
1,517,491

Corporation tax
(201,371)


24.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £205,913 (2023 - £51,211). Contibutions totalling £6,784 (2023 - £7,412) were payable to the fund at the balance sheet date.

Page 38

 
CAST GROUP SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

25.


Commitments under operating leases

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


Group
Group
Unaudited
2024
2023
£
£

Not later than 1 year
277,168
266,006

Later than 1 year and not later than 5 years
671,092
911,522

948,260
1,177,528
The Company had no commitments under non-cancellable operating leases at the balance sheet date.


26.


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.
At the year end, there were amounts of £50 
(2023 - £13,998 owed from) owed to the directors of the Company. 


27.


Controlling party

The ultimate controlling party of the Company is Mrs Z Moss.

 
Page 39