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Registration number: 07336211

Cassidy Group (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Cassidy Group (UK) Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 12

 

Cassidy Group (UK) Limited

Company Information

Director

Mr James Patrick Francis Slattery Cassidy

Registered office

5 Russell Street
Leamington Spa
Warwickshire
CV32 5QA

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Cassidy Group (UK) Limited

Director's Report for the Year Ended 30 June 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Director of the company

The director who held office during the year was as follows:

Mr James Patrick Francis Slattery Cassidy

Principal activity

The principal activity of the company is that of property development.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 24 March 2025 and signed on its behalf by:

.........................................
Mr James Patrick Francis Slattery Cassidy
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cassidy Group (UK) Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cassidy Group (UK) Limited for the year ended 30 June 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Cassidy Group (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cassidy Group (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Cassidy Group (UK) Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cassidy Group (UK) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cassidy Group (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cassidy Group (UK) Limited. You consider that Cassidy Group (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cassidy Group (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

24 March 2025

 

Cassidy Group (UK) Limited

(Registration number: 07336211)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

281,575

171,956

Current assets

 

Stocks

6

2,912,539

2,178,609

Debtors

7

1,498,670

1,516,468

Cash at bank and in hand

 

55,686

35,803

 

4,466,895

3,730,880

Creditors: Amounts falling due within one year

8

(4,352,723)

(3,487,051)

Net current assets

 

114,172

243,829

Total assets less current liabilities

 

395,747

415,785

Creditors: Amounts falling due after more than one year

8

(182,361)

(155,402)

Provisions for liabilities

-

(34,788)

Net assets

 

213,386

225,595

Capital and reserves

 

Called up share capital

90

90

Capital redemption reserve

10

10

Retained earnings

213,286

225,495

Shareholders' funds

 

213,386

225,595

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 24 March 2025
 

.........................................
Mr James Patrick Francis Slattery Cassidy
Director

 

Cassidy Group (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Russell Street
Leamington Spa
Warwickshire
CV32 5QA

These financial statements were authorised for issue by the director on 24 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cassidy Group (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Office Equipment

3 year straight line

Plant and Machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Cassidy Group (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Cassidy Group (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

 

Cassidy Group (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company during the year, was 4 (2023 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

61,126

49,710

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

11,973

177,530

247,935

437,438

Additions

2,751

167,995

-

170,746

At 30 June 2024

14,724

345,525

247,935

608,184

Depreciation

At 1 July 2023

10,317

122,509

132,656

265,482

Charge for the year

1,566

36,505

23,056

61,127

At 30 June 2024

11,883

159,014

155,712

326,609

Carrying amount

At 30 June 2024

2,841

186,511

92,223

281,575

At 30 June 2023

1,656

55,021

115,279

171,956

 

Cassidy Group (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Work in progress

2,912,539

2,178,609

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

2,584

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

56,313

458,048

Prepayments

 

20,727

38,790

Other debtors

 

1,419,046

1,019,630

 

1,498,670

1,516,468

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

89,259

86,075

Trade creditors

 

137,245

209,938

Amounts owed to associated companies

11

3,753,181

2,644,610

Taxation and social security

 

15,704

19,748

Other creditors

 

357,334

526,680

 

4,352,723

3,487,051

Due after one year

 

Loans and borrowings

9

182,361

155,402

 

Cassidy Group (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

124,027

47,069

Other borrowings

58,334

108,333

182,361

155,402

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

39,259

36,075

Other borrowings

50,000

50,000

89,259

86,075

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £108,333 (2023 - £158,333). Lloyds Bank PLC was granted a fixed and floating charge over the company's assets 6th August 2020.

11

Related party transactions


Loans from related parties

Cassidy Rural Homes Limited
Included within creditors is an amount of £524,748 (2023: £330,611) due to Cassidy Rural Homes Ltd, a company connected by virtue of common directorship.

Cassidy Group (Allesley) Limited
Included within creditors is an amount of £3,075,286 (2023: £2,314,000) due to Cassidy Group (Allesley) Ltd, a company connected by virtue of common directorship.

Cassidy Homes Limited
Included within creditors is an amount of £148,345 (2023: -£212,087) due to Cassidy Homes Ltd, a company connected by virtue of common directorship.

Cassidy Group (St Chads) Limited
Included within creditors is an amount of £4,802 (2023: -£1,452) due to Cassidy Group (St Chads) Ltd, a company connected by virtue of common directorship.

Terms of loans from related parties
The loans from related parties are interest free and have no set repayment terms.

 

Cassidy Group (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Loans to related parties

Stadiarena Limited
Included within debtors is an amount of £56,313 (2023: £56,025) due from Stadiarena Limited, a company connected by virtue of common directorship.

Cassidy Homes (Earlsdon) Limited
Included within debtors is an amount of £Nil (2023: £31,714) due from Cassidy Homes (Earlsdon) Ltd, a company connected by virtue of common directorship.

Cassidy Group (Arkwright Street) Limited
Included within debtors is an amount of £Nil (2023: £156,770) due from Cassidy Group (Arkwright Street) Ltd, a company connected by virtue of common directorship.

Terms of loans to related parties
The loans to related parties are interest free and have no set repayment terms.