Company registration number 00485558 (England and Wales)
F L CASWELL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
F L CASWELL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
F L CASWELL LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
38,169
38,169
Investments
4
206,391
213,055
244,560
251,224
Current assets
Debtors
6
8
2
Cash at bank and in hand
99,169
97,298
99,177
97,300
Creditors: amounts falling due within one year
7
(8,855)
(5,475)
Net current assets
90,322
91,825
Total assets less current liabilities
334,882
343,049
Provisions for liabilities
8
(32,756)
(36,584)
Net assets
302,126
306,465
Capital and reserves
Called up share capital
9
2,000
2,000
Profit and loss reserves
10
300,126
304,465
Total equity
302,126
306,465

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

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

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

F L CASWELL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
P C Balmbra
Director
Company Registration No. 00485558
F L CASWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

F L Caswell Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thorpe House, 93 Headlands, Kettering, Northamptonshire, United Kingdom, NN15 6BL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain investments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover comprises dividend income and interest receivable.

 

Dividend income is accounted for when the company's right to the income is established.

 

Where the company has elected to receive its dividends in the form of additional shares rather than in cash, the amount of the cash dividend is recognised as income.

 

Interest receivable is accounted for on an accruals basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of any depreciation and any impairment losses.

No depreciation is provided on freehold properties because they are fully maintained on a regular basis. Accordingly the directors consider the lives of these assets to be so long and their residual value so high, that their depreciation is insignificant.

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.

F L CASWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments

The investment in the subsidiary is measured at cost and is assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

Listed investments are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date. The profit and loss account includes the net gains and losses arising on revaluation and disposals throughout the year.

 

Listed investments are all traded in quoted public markets, primarily the London Stock Exchange and the basis of fair value for listed investments is equivalent to the market market value, using bid price. Fair value changes in listed investments are classified as realised profits or losses and are included in distributable reserves.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

Cash at bank and in hand 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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

F L CASWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

F L CASWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

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

2024
2023
Number
Number
Total
6
6
3
Tangible fixed assets
Freehold land and buildings
£
Cost
At 1 October 2023 and 30 September 2024
38,169
Depreciation and impairment
At 1 October 2023 and 30 September 2024
-
0
Carrying amount
At 30 September 2024
38,169
At 30 September 2023
38,169

Freehold land and buildings are held for use by the subsidiary company, F L Caswell (Kettering) Limited.

F L CASWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,000
4,000
Other investments other than loans
202,391
209,055
206,391
213,055
Fixed asset investments revalued

Other investments other than loans comprise listed investments, which are traded in quoted public markets, primarily the London Stock Exchange and the basis of fair value for listed investments is equivalent to the market value, using the bid price. The historical cost of listed investments at 30 September 2024 was £98,702 (2023: £90,052).

Fixed asset investments not carried at market value

The investment in the subsidiary is measured at cost.

Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2023
4,000
209,055
213,055
Additions
-
8,651
8,651
Fair value movement
-
(15,315)
(15,315)
At 30 September 2024
4,000
202,391
206,391
Carrying amount
At 30 September 2024
4,000
202,391
206,391
At 30 September 2023
4,000
209,055
213,055
5
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
F L Caswell (Kettering) Limited
81-83 Montagu Street, Kettering, Northants, NN16 8YD
Ordinary shares
80.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
F L Caswell (Kettering) Limited
264,122
(80,501)
F L CASWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
8
2
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
7,105
4,275
Other creditors
1,750
1,200
8,855
5,475
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
32,756
36,584
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
10
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
304,465
275,676
(Loss)/profit for the year
(4,339)
28,789
At the end of the year
300,126
304,465
11
Related party transactions
Transactions with related parties

During the year the company and its subsidiary entered into the following transactions with related parties:

 

In the year ended 30 September 2024, F L Caswell (Kettering) Limited made sales of £nil (2023: £1,000) to a person connected with the directors of the company.

 

The company provides, rent free, property occupied by F L Caswell (Kettering) Limited.

 

Creditors at 30 September 2024 include £7,105 (2023: £4,275) owed to F L Caswell (Kettering) Limited, which is interest-free and repayable on demand.

F L CASWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
12
Directors' transactions

During the year, the subsidiary company, F L Caswell (Kettering) Limited, entered into the following transactions with directors of the company:

The subsidiary company sold goods to P C Balmbra and connected persons. The value of the sales was £1,261 (2023: £6,902) and £858 (2023: £6,902) was paid in the year. The balance due to the company at 30 September 2024 was £484 (: £nil).

 

The subsidiary company sold goods to A M Caswell-Jones. The value of the sales was £179 (2023: £7) and £179 (2023: £7) was paid during the year. The balance due to the company at 30 September 2024 was £nil (2023: £nil).

 

The subsidiary company sold goods to P R E Jones. The value of the sales was £441 (2023: £nil) and £441 (2023: £nil) was paid during the year. The balance due to the copmany at 30 September 2024 was £nil (2023: £nil).

 

The subsidiary company sold goods to R A Jones. The value of the sales was £2,983 (2023: £nil) and £2,983 (2023: £nil) was paid in the year. The balance due to the company at 30 September 2024 was £nil (2023: £nil).

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