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Company Registration number: 07041777

Ceramic Systems (Northern) Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 October 2024

 

Ceramic Systems (Northern) Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Ceramic Systems (Northern) Limited

Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

31,750

30,031

Current assets

 

Stocks

5

162,185

147,708

Debtors

6

200,080

161,050

Cash at bank and in hand

 

12,350

444

 

374,615

309,202

Creditors: Amounts falling due within one year

7

(342,841)

(273,656)

Net current assets

 

31,774

35,546

Total assets less current liabilities

 

63,524

65,577

Creditors: Amounts falling due after more than one year

7

(51,390)

(45,833)

Net assets

 

12,134

19,744

Capital and reserves

 

Called up share capital

99

99

Retained earnings

12,035

19,645

Shareholders' funds

 

12,134

19,744

 

Ceramic Systems (Northern) Limited

Balance Sheet as at 31 October 2024 (continued)

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 07041777

Approved and authorised by the Board on 22 April 2025 and signed on its behalf by:
 

.........................................
Mr R G Graham
Director

.........................................
Mr R G Fisher
Director

 

Ceramic Systems (Northern) Limited

Notes to the financial statements for the Year Ended 31 October 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:
Dalmar House
Barras Lane Estate
Dalston
Carlisle
CA5 7NY

These financial statements were authorised for issue by the Board on 22 April 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.

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

 

Ceramic Systems (Northern) Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax for the period comprises 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 corporation 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.


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.

 

Ceramic Systems (Northern) Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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

Plant and machinery

20% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

25% Straight line

Fixtures and fittings

25% Reducing balance

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.

 

Ceramic Systems (Northern) Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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.

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

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Ceramic Systems (Northern) Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 9).

 

Ceramic Systems (Northern) Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

4

TANGIBLE ASSETS

Fixtures and fittings
 £

Motor vehicles
 £

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

84,236

49,145

10,834

15,520

159,735

Additions

-

9,995

900

-

10,895

At 31 October 2024

84,236

59,140

11,734

15,520

170,630

Depreciation

At 1 November 2023

70,702

39,196

8,024

11,781

129,703

Charge for the year

3,383

3,945

1,101

748

9,177

At 31 October 2024

74,085

43,141

9,125

12,529

138,880

Carrying amount

At 31 October 2024

10,151

15,999

2,609

2,991

31,750

At 31 October 2023

13,534

9,949

2,810

3,738

30,031


 

 

Ceramic Systems (Northern) Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

5

STOCKS

2024
£

2023
£

Stocks

162,185

147,708

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

115,387

84,458

Prepayments

16,117

10,672

Other debtors

68,576

65,920

 

200,080

161,050

7

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

14,887

42,321

Trade creditors

176,673

163,607

Taxation and social security

48,492

44,323

Accruals and deferred income

2,964

15,775

Other creditors

99,825

7,630

342,841

273,656


Creditors include bank loans and overdrafts and net obligations hire purchase contracts which are secured of £7,669 (2023 - £28,139).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

51,390

45,833


Creditors include bank loans and overdrafts and net obligations under hire purchase contracts which are secured of £5,557 (2023 - £Nil).

 

Ceramic Systems (Northern) Limited

Notes to the financial statements for the Year Ended 31 October 2024 (continued)

8

RELATED PARTY TRANSACTIONS

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Mr R G Fisher

Director's loan account

54,278

52,602

(54,278)

52,602

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr R G Fisher

Director's loan account

30,193

54,278

(30,193)

54,278