REGISTERED NUMBER: 02623200 (England and Wales)

CREASEY CASTINGS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr R J Creasey

Mr S T Creasey

Mr J W Townsend

SECRETARY:

Mr R J Creasey

REGISTERED OFFICE:

Unit 6

Eurolink Way

SITTINGBOURNE

Kent

ME10 3RN

REGISTERED NUMBER:

02623200 (England and Wales)

SENIOR STATUTORY AUDITOR:

Clair Rayner FCA DChA

AUDITORS:

McCabe Ford Williams

Statutory Auditors and Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

SITTINGBOURNE

Kent

ME9 8PX

FIXED ASSETS

Intangible assets

5

1,200

2,100

Tangible assets

6

419,238

320,871

420,438

322,971

CURRENT ASSETS

Stocks

168,080

181,567

Debtors

7

1,167,328

1,153,558

Investments

8

1,297,272

750,000

Cash at bank and in hand

401,078

840,990

3,033,758

2,926,115

CREDITORS

Amounts falling due within one year

9

443,877

474,121

NET CURRENT ASSETS

2,589,881

2,451,994

TOTAL ASSETS LESS CURRENT LIABILITIES

3,010,319

2,774,965

PROVISIONS FOR LIABILITIES

(82,752

)

(54,993

)

ACCRUALS AND DEFERRED INCOME

(35,000

)

(41,667

)

NET ASSETS

2,892,567

2,678,305

CAPITAL AND RESERVES

Called up share capital

11

300

300

Retained earnings

2,892,267

2,678,005

SHAREHOLDERS' FUNDS

2,892,567

2,678,305

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:

Mr R J Creasey - Director

1.	STATUTORY INFORMATION

Creasey Castings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The material estimates in the accounts relate to the valuation of finished goods for which an accounting policy has been adopted to value such items at 25%. In addition, depreciation of fixed assets is a significant estimation within the accounts which has been calculated in accordance with the disclosed accounting policies.

Turnover

Turnover represents revenue earned for goods provided to customers. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, but excluding Value Added Tax. For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and relevant contract terms. Unbilled revenue is included in debtors and revenue billed in advance is included in creditors under accruals and deferred income.

Intangible assets

Amortisation is provided at the following annual rates in order to write off the asset over its estimated useful life

Computer Software

-

20% straight line

Capital items of £1,000 or more will be capitalised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the asset over its estimated useful life

Short leasehold property

-

over remaining term of lease

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Capital items of £1,000 or more will be capitalised.

Stocks

Raw materials stocks are valued at the lower of cost and net realisable value, using the FIFO method, after making due allowance for obsolete and slow moving items.

Stocks of castings made in anticipation of future orders are valued at 25% of selling price after allowance for obsolete items.

Financial instruments

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

a) Trade and other debtors

Trade and other debtors and amounts owed by group undertakings 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.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand.

c) Impairment of financial assets

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 profit or loss.

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 the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, 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 financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Functional currency and presentation currency

The company's functional currency is British Pound Sterling (GBP), which is also the presentation currency for the company. The financial statements are therefore presented in British Pound Sterling.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2023 - 55 ) .

5.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

and 31 December 2024

4,500

AMORTISATION

At 1 January 2024

2,400

Amortisation for year

900

At 31 December 2024

3,300

NET BOOK VALUE

At 31 December 2024

1,200

At 31 December 2023

2,100

6.	TANGIBLE FIXED ASSETS

Short

Fixtures

leasehold

Plant and

Office

and

property

machinery

equipment

fittings

Totals

£

£

£

£

£

COST

At 1 January 2024

181,225

747,087

7,576

14,133

950,021

Additions

-

173,244

4,049

7,821

185,114

At 31 December 2024

181,225

920,331

11,625

21,954

1,135,135

DEPRECIATION

At 1 January 2024

88,505

523,167

5,765

11,713

629,150

Charge for year

12,177

72,005

1,166

1,399

86,747

At 31 December 2024

100,682

595,172

6,931

13,112

715,897

NET BOOK VALUE

At 31 December 2024

80,543

325,159

4,694

8,842

419,238

At 31 December 2023

92,720

223,920

1,811

2,420

320,871

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

1,000,847

937,164

Amounts owed by participating interests

39,437

41,680

Other debtors

1,626

2,001

Accrued income

57,828

54,468

Prepayments

67,590

118,245

1,167,328

1,153,558

8.	CURRENT ASSET INVESTMENTS

31.12.24

31.12.23

£

£

Cash Investments

1,297,272

750,000

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

106,192

142,862

Amounts owed to participating interests

13,112

11,526

Other creditors

2,596

25,726

Other taxes and PAYE

237,542

253,492

Accrued expenses

84,435

40,515

443,877

474,121

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

157,951

158,749

Between one and five years

559,905

577,880

In more than five years

284,953

424,929

1,002,809

1,161,558

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

15,000

Ordinary A

0.01

150

150

(31.12.23 - 150 )

150

Ordinary B

1

150

150

300

300

On 19 June 2024, the share structure of the company was subdivided changing the ordinary share capital from 150 A ordinary shares of £1 to 15,000 A ordinary shares of £0.01.

Each ordinary share in the company has full rights with respect to voting, dividends and distributions.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Clair Rayner FCA DChA (Senior Statutory Auditor)

for and on behalf of McCabe Ford Williams

13.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Our auditors also provide payroll related services to the company.