Silverfin false false 30/09/2024 01/10/2023 30/09/2024 M W Oldfield 31/03/2003 S A Steward 31/03/2003 03 March 2025 The principal activity of the Company during the financial year was the running of a public house and restaurant. 04717365 2024-09-30 04717365 bus:Director1 2024-09-30 04717365 bus:Director2 2024-09-30 04717365 2023-09-30 04717365 core:CurrentFinancialInstruments 2024-09-30 04717365 core:CurrentFinancialInstruments 2023-09-30 04717365 core:Non-currentFinancialInstruments 2024-09-30 04717365 core:Non-currentFinancialInstruments 2023-09-30 04717365 core:ShareCapital 2024-09-30 04717365 core:ShareCapital 2023-09-30 04717365 core:RetainedEarningsAccumulatedLosses 2024-09-30 04717365 core:RetainedEarningsAccumulatedLosses 2023-09-30 04717365 core:Goodwill 2023-09-30 04717365 core:Goodwill 2024-09-30 04717365 core:LeaseholdImprovements 2023-09-30 04717365 core:FurnitureFittings 2023-09-30 04717365 core:OfficeEquipment 2023-09-30 04717365 core:LeaseholdImprovements 2024-09-30 04717365 core:FurnitureFittings 2024-09-30 04717365 core:OfficeEquipment 2024-09-30 04717365 core:MoreThanFiveYears 2024-09-30 04717365 core:MoreThanFiveYears 2023-09-30 04717365 core:WithinOneYear 2024-09-30 04717365 core:WithinOneYear 2023-09-30 04717365 core:BetweenOneFiveYears 2024-09-30 04717365 core:BetweenOneFiveYears 2023-09-30 04717365 2023-10-01 2024-09-30 04717365 bus:FilletedAccounts 2023-10-01 2024-09-30 04717365 bus:SmallEntities 2023-10-01 2024-09-30 04717365 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04717365 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04717365 bus:Director1 2023-10-01 2024-09-30 04717365 bus:Director2 2023-10-01 2024-09-30 04717365 core:Goodwill core:TopRangeValue 2023-10-01 2024-09-30 04717365 core:Goodwill 2023-10-01 2024-09-30 04717365 core:LeaseholdImprovements core:TopRangeValue 2023-10-01 2024-09-30 04717365 core:FurnitureFittings core:TopRangeValue 2023-10-01 2024-09-30 04717365 core:OfficeEquipment core:TopRangeValue 2023-10-01 2024-09-30 04717365 2022-10-01 2023-09-30 04717365 core:LeaseholdImprovements 2023-10-01 2024-09-30 04717365 core:FurnitureFittings 2023-10-01 2024-09-30 04717365 core:OfficeEquipment 2023-10-01 2024-09-30 04717365 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Company No: 04717365 (England and Wales)

CARSINGTON LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

CARSINGTON LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

CARSINGTON LTD

BALANCE SHEET

As at 30 September 2024
CARSINGTON LTD

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 11,613 12,998
11,613 12,998
Current assets
Stocks 19,057 12,806
Debtors 5 29,278 22,089
Cash at bank and in hand 182,469 178,503
230,804 213,398
Creditors: amounts falling due within one year 6 ( 193,397) ( 198,400)
Net current assets 37,407 14,998
Total assets less current liabilities 49,020 27,996
Creditors: amounts falling due after more than one year 7 ( 39,008) ( 49,325)
Provision for liabilities 8 ( 2,247) ( 1,851)
Net assets/(liabilities) 7,765 ( 23,180)
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 6,765 ( 24,180 )
Total shareholders' funds/(deficit) 7,765 ( 23,180)

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Carsington Ltd (registered number: 04717365) were approved and authorised for issue by the Board of Directors on 03 March 2025. They were signed on its behalf by:

M W Oldfield
Director
CARSINGTON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
CARSINGTON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Carsington Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is The Harbour Inn, 23 Marine Parade, Lyme Regis, Dorset, DT7 3JF.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 7 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill has been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated 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 losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 36 34

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2023 285,000 285,000
At 30 September 2024 285,000 285,000
Accumulated amortisation
At 01 October 2023 285,000 285,000
At 30 September 2024 285,000 285,000
Net book value
At 30 September 2024 0 0
At 30 September 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 October 2023 5,000 50,026 6,132 61,158
Additions 0 2,200 0 2,200
At 30 September 2024 5,000 52,226 6,132 63,358
Accumulated depreciation
At 01 October 2023 2,000 42,583 3,577 48,160
Charge for the financial year 500 2,440 645 3,585
At 30 September 2024 2,500 45,023 4,222 51,745
Net book value
At 30 September 2024 2,500 7,203 1,910 11,613
At 30 September 2023 3,000 7,443 2,555 12,998

5. Debtors

2024 2023
£ £
Other debtors 29,278 22,089

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,334 10,080
Trade creditors 54,227 68,242
Corporation tax 21,048 8,863
Other taxation and social security 85,863 91,129
Other creditors 21,925 20,086
193,397 198,400

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 7,008 17,325
Other creditors 32,000 32,000
39,008 49,325

There are no amounts included above in respect of which any security has been given by the small entity.

Within bank loans is a balance of £17,325 (2023 - £27,388) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Other creditors 32,000 32,000

8. Provision for liabilities

2024 2023
£ £
Deferred tax 2,247 1,851

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 116,830 116,830
between one and five years 460,800 460,800
after five years 172,800 288,000
750,430 865,630

The commitment shown above is in relation to non-cancellable operating leases over business premises.

10. Related party transactions

Transactions with the entity's directors

Advances

The Directors' loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 October 2023, the balance owed by the directors was £9,931. During the year, £91,821 was advanced to the directors, and £92,023 was repaid by the directors. At 30 September 2024, the balance owed by the directors was £9,729.

At 1 October 2022, the balance owed by the directors was £17,230. During the year, £100,367 was advanced to the directors, and £107,666 was repaid by the directors. At 30 September 2023, the balance owed by the directors was £9,931.