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Registered number: 02000364









CASTLEBRIDGE HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr F M J Raynsford (Chairman) 
Ms H S Raynsford 
Mr G S Woods 




Company secretary
Mr F M Raynsford



Registered number
02000364



Registered office
Kingfisher House
21-23 Elmfield Road

Bromley

Kent

BR1 1LT




Independent auditors
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
CASTLEBRIDGE HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent Auditors' report
 
4 - 7
Consolidated statement of income and retained earnings
 
8
Consolidated balance sheet
 
9
Company balance sheet
 
10
Consolidated statement of cash flows
 
11
Notes to the financial statements
 
12 - 29


 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.

Business review
 
The Group has gained market share during the year via an increase in tonnages. This strategic positioning resulted in a gross profit margin of 18.7% and an operating profit of £2.30m for the year.

Principal risks and uncertainties
 
Fluctuations in turnover are common in this industry, along with raw materials being difficult to predict and control.

Financial key performance indicators
 
The Group regard tonnage, turnover, gross profit and operating profit as its key performance indicators.

Future developments
 
The Group is continuing to concentrate on its domestic, European and worldwide share of the pet food market and as a result of the investment programme, the directors believe that the Group is now in a strong position to respond to the expected upturn in demand. 
In considering future developments, the directors intend to maintain similar policies as in previous years which has resulted in substantial growth.  


This report was approved by the board on 22 May 2025 and signed on its behalf.



Ms H S Raynsford
Director

Page 1

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,860,603 (2023 - £1,850,995).

The directors recommend a final dividend of £937,337 (2023 - £430,000)

Directors

The directors who served during the year were:

Mr F M J Raynsford (Chairman) 
Ms H S Raynsford 
Mr G S Woods 

Future developments

The Group is continually researching and developing new products for use in the principal activity of its subsidiary company.

Page 2

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 May 2025 and signed on its behalf.
 





Ms H S Raynsford
Director

Page 3

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLEBRIDGE HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Castlebridge Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLEBRIDGE HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLEBRIDGE HOLDINGS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory
frame works that the group and parent company operates in and how the group and parent company are
complying with the legal and regulatory frameworks;
Enquired of management, and those charged with governance, about their own identification and
assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including
assessment of how and where the financial statements may be susceptible to fraud.

All relevant laws and regulations identified at a Group level and areas susceptible to fraud that could have a material effect on the financial statements were communicated to component auditors. Any instances of noncompliance with laws and regulations identified and communicated by a component auditor were considered in our audit approach. The most significant laws and regulations were determined as follows:
UK GAAP FRS 102 and Companies Act;
Tax compliance regulations;
Additional audit procedures performed by the audit engagement team included:
Review of the financial statement disclosures and testing to supporting documentation;
Completion of disclosure checklists to identify areas of non-compliance;

The areas that we identified as being susceptible to material misstatement due to fraud were:
Revenue Recognition;
Management Override;
Foreign exchange;
Stock.
Page 6

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASTLEBRIDGE HOLDINGS LIMITED (CONTINUED)


Audit procedures in report to the identified areas above:
Obtaining an understanding of the processes and controls around revenue recognition;
Substantively testing revenue via various testing including transactional, cut off and sequencing;
Comparison of foreign exchange rates with published rates and reworking;
Testing stock provisions to subsequent movements and market trends;
Evaluation of the appropriateness of the accounting policies;
Testing the appropriateness of journal entries and other adjustments;
Assessing whether the judgements made in making accounting estates are indicative of a potential bias;
Evaluating the business rationale of any significant transactions that are unusual or outside the normal
course of business; and
Inspection of all recent reports and certification from the relevant bodies and general inspection around the
factory.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stuart Moon (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

4 June 2025
Page 7

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
23,670,435
26,832,849

Cost of sales
  
(19,252,348)
(22,039,197)

Gross profit
  
4,418,087
4,793,652

Administrative expenses
  
(2,116,512)
(2,331,377)

Operating profit
 5 
2,301,575
2,462,275

Interest receivable and similar income
  
35,313
-

Interest payable and similar expenses
  
-
(9,348)

Profit before tax
  
2,336,888
2,452,927

Tax on profit
 11 
(476,285)
(601,932)

Profit after tax
  
1,860,603
1,850,995

  

  

Retained earnings at the beginning of the year
  
13,843,882
12,790,887

Profit for the year attributable to the owners of the parent
  
1,860,603
1,850,995

Dividends declared and paid
  
(860,000)
(798,000)

Retained earnings at the end of the year
  
14,844,485
13,843,882

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 12 to 29 form part of these financial statements.

Page 8

 
CASTLEBRIDGE HOLDINGS LIMITED
REGISTERED NUMBER: 02000364

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,208,095
1,089,393

Investments
 14 
2
2

  
3,208,097
1,089,395

Current assets
  

Stocks
 15 
9,839,196
9,521,779

Debtors: amounts falling due within one year
 16 
3,374,683
3,952,182

Cash at bank and in hand
 17 
2,155,286
2,833,105

  
15,369,165
16,307,066

Creditors: amounts falling due within one year
 18 
(3,258,775)
(3,447,881)

Net current assets
  
 
 
12,110,390
 
 
12,859,185

Total assets less current liabilities
  
15,318,487
13,948,580

Creditors: amounts falling due after more than one year
  
(369,304)
-

Provisions for liabilities
  

Net assets
  
14,949,183
13,948,580


Capital and reserves
  

Called up share capital 
 22 
100,200
100,200

Share premium account
 23 
4,498
4,498

Profit and loss account
 23 
14,844,485
13,843,882

Equity attributable to owners of the parent Company
  
14,949,183
13,948,580


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2025.




Ms H S Raynsford
Director

The notes on pages 12 to 29 form part of these financial statements.

Page 9

 
CASTLEBRIDGE HOLDINGS LIMITED
REGISTERED NUMBER: 02000364

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
95,503
95,503

Current assets
  

Debtors: amounts falling due within one year
 16 
14,860
14,860

  
14,860
14,860

Creditors: amounts falling due within one year
 18 
(1)
(1)

Net current assets
  
 
 
14,859
 
 
14,859

Total assets less current liabilities
  
110,362
110,362

  

  

Net assets
  
110,362
110,362


Capital and reserves
  

Called up share capital 
 22 
100,200
100,200

Share premium account
 23 
4,498
4,498

Profit and loss account brought forward
  
5,664
5,664

Profit for the year
  
860,000
798,000

Dividends

  

(860,000)
(798,000)

Profit and loss account carried forward
  
5,664
5,664

  
110,362
110,362


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2025.


Ms H S Raynsford
Director

The notes on pages 12 to 29 form part of these financial statements.

Page 10

 
CASTLEBRIDGE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,860,603
1,850,995

Adjustments for:

Depreciation of tangible assets
117,867
119,240

Profit on disposal of tangible assets
(419,486)
-

Interest paid
-
9,348

Interest received
(35,313)
-

Taxation charge
476,285
601,932

(Increase)/decrease in stocks
(317,417)
316,202

Decrease in debtors
789,650
1,104,119

(Decrease) in creditors
(103,105)
(426,632)

Corporation tax (paid)
(998,978)
(962,478)

Net cash generated from operating activities

1,370,106
2,612,726


Cash flows from investing activities

Purchase of tangible fixed assets
(2,340,794)
(11,730)

Sale of tangible fixed assets
523,711
-

Interest received
35,313
-

Net cash from investing activities

(1,781,770)
(11,730)

Cash flows from financing activities

New secured loans
593,845
-

Dividends paid
(860,000)
(798,000)

Interest paid
-
(9,348)

Net cash used in financing activities
(266,155)
(807,348)

Net (decrease)/increase in cash and cash equivalents
(677,819)
1,793,648

Cash and cash equivalents at beginning of year
2,833,105
1,039,457

Cash and cash equivalents at the end of year
2,155,286
2,833,105


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,155,286
2,833,105


The notes on pages 12 to 29 form part of these financial statements.

Page 11

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Castlebridge Holdings Limited ("the Company") and its subsidiaries (together "the Group") had the following principal activities during the year:
The principal activity of Castlebridge Holdings Limited continued to be that of a holding company.
The principal activity of Gel Systems Limited continued to be that of blenders and suppliers of food and pet food ingredients.
The principal activity of Gel Food Solutions Limited continued to be that of a dormant company. 
The Company is a private company limited by shares, incorporated in England and Wales. Its registered office is Kingfisher House, 21-23 Elmfield Road, Bromley, Kent, BR1 1LT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

  
2.3

Going concern

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 12

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 13

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 14

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Over 50% years
Long-term leasehold property
-
Over the lease term
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of income and retained earnings.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment.

  
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.15

Creditors

Short-term creditors are measured at the transaction price.

Page 15

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 16

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

The Group only enters into basic financial instruments transactions 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, loans to related parties and investments in non-puttable ordinary shares.
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.
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 the profit and loss account.

Page 17

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.17

Foreign exchange

Functional and presentation currency
The Group's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency based on the spot exchange rates at the dates of the transactions. The Group makes prudent adjustments to the spot rate used to account for any potential movement in foreign exchange in the forthcoming short term period. 
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.19

Interest income

nterest income is recognised in the Statement of income and retained earnings using the effective interest method.

  
2.20

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 18

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the entity's accounting policies
The Group does not consider there to be any critical judgments in applying accounting policies.
b) Critical accounting estimates and assumptions
i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and note 2.10 for the useful economic lives for each class of assets.
ii) Foreign currency translation
The Group makes prudent adjustments to the spot rate used to account for any potential movement in foreign exchange in the forthcoming short term period.


4.


Turnover

The whole of the turnover is attributable to the subsidiary's principal business activity.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,486,388
7,304,394

Europe
11,093,359
12,809,105

Rest of the world
7,090,688
6,719,350

23,670,435
26,832,849


Page 19

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
117,862
119,241

Exchange differences
(524,818)
(811,482)

Other operating lease rentals
59,499
53,099

Defined contribution pension cost
36,836
19,395


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
13,620
13,620

Page 20

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
1,417,801
1,471,332

Social security costs
257,072
72,220

Cost of defined contribution scheme
36,836
19,395

1,711,709
1,562,947


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration
8
6
3
3



Development
3
3
-
-



Manufacturing
13
15
-
-



Sales
2
2
-
-

26
26
3
3


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
464,350
542,521

Group contributions to defined contribution pension schemes
13,460
4,000

477,810
546,521


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £464,350 (2023 - £542,521).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,460 (2023 - £4,000).

Page 21

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
35,313
-


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
-
9,348


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
465,073
602,185

Adjustments in respect of previous periods
11,212
(253)


476,285
601,932


Total current tax
476,285
601,932
Page 22

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,336,888
2,452,927


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
584,222
576,942

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(88,631)
2,093

Adjustments to tax charge in respect of prior periods
11,212
(253)

Unprovided deferred tax
(11,932)
23,178

Non-taxable income
(18,586)
(28)

Total tax charge for the year
476,285
601,932


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


12.


Dividends

As restated
2024
2023
£
£


Dividends paid
860,000
798,000

The directors propose a dividend of £937,337 (2023 - £430,000).
See note 24 for more information.

Page 23

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,273,078
127,720
1,600,391
-
3,001,189


Additions
2,199,622
-
123,358
17,814
2,340,794


Disposals
(86)
(127,720)
(36,624)
-
(164,430)



At 31 December 2024

3,472,614
-
1,687,125
17,814
5,177,553



Depreciation


At 1 January 2024
430,961
58,715
1,422,120
-
1,911,796


Charge for the year on owned assets
54,725
1,490
58,386
3,266
117,867


Disposals
-
(60,205)
-
-
(60,205)



At 31 December 2024

485,686
-
1,480,506
3,266
1,969,458



Net book value



At 31 December 2024
2,986,928
-
206,619
14,548
3,208,095



At 31 December 2023
842,117
69,005
178,271
-
1,089,393

Page 24

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments

Group





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2024
1
1
2



At 31 December 2024
1
1
2




The results of the investment has not been included with these consolidated accounts on the basis that its inclusion is immaterial for the purpose of giving a true and fair view in accordance with the Companies Act 2006.

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
95,503



At 31 December 2024
95,503





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Gel Systems Limited
Ordinary
100%
Gel Food Solutions Limited
Ordinary
100%

The registered office of Gel Systems Limited is Kingfisher House, 21-23 Elmfield Road, Bromley, Kent, England, BR1 1LT.
The registered office of Gel Food Solutions Limited is 45 O'Connell Street, Limerick, V94 XE18.

Gel Food Solutions Limited is excluded from consolidation on the basis that it is immaterial to the group
Page 25

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Stocks

Group
Group
Company
Company
2023
2023
2023
2023
£
£
£
£

Raw materials and consumables
9,839,196
9,521,779
-
-



16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,037,063
3,844,542
-
-

Amounts owed by group undertakings
-
-
14,860
14,860

Other debtors
222,595
14,611
-
-

Prepayments and accrued income
115,025
93,029
-
-

3,374,683
3,952,182
14,860
14,860



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,155,286
2,833,105
-
-



18.


Creditors: Amounts falling due within one year

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Bank loans
224,541
-
-
-

Trade creditors
1,987,097
1,837,959
-
-

Corporation tax
-
310,542
-
-

Other taxation and social security
122,019
120,551
-
-

Other creditors
823,469
1,072,036
1
1

Accruals and deferred income
101,649
106,793
-
-

3,258,775
3,447,881
1
1


Page 26

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
369,304
-





20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
224,541
-

Amounts falling due 1-2 years

Bank loans
241,648
-

Amounts falling due 2-5 years

Bank loans
127,656
-


593,845
-


The loans are secured upon the properties to which they relate.

Page 27

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Financial instruments

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,155,286
2,833,105
-
-

Financial assets that are debt instruments measured at amortised cost
3,047,507
3,859,153
14,860
14,860

5,202,793
6,692,258
14,860
14,860


Financial liabilities

Financial liabilities measured at amortised cost
(2,912,215)
(3,016,788)
(1)
(1)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary A shares of £1.00 each
100,000
100,000
200 (2023 - 200) Ordinary B shares of £1.00 each
200
200

100,200

100,200



23.


Reserves

Share premium account

The share premium account represents the excess amount received by the Company over the par value of the shares.

Profit and loss account

The profit and loss account represents accumulated profits and losses of the group since incorporation less dividends paid.


24.


Prior year adjustment

The prior year has been restated for dividends declared at the balance sheet date. The effect is to reduce reserves by £386,000 with a corresponding adjustment to other creditors.

Page 28

 
CASTLEBRIDGE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £36,836 (2023 - £19,395). Contributions totalling £4,418 (2023 - £4,021) were payable to the fund at the balance sheet date and are included in creditors.


26.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Other

Not later than 1 year
20,316
14,232

Later than 1 year and not later than 5 years
31,713
22,113

52,029
36,345


Group
Group
2024
2023
£
£

Land and buildings

Not later than 1 year
19,500
21,137


27.


Related party transactions

The Group has taken advantage of the exemption from disclosing transactions with group companies, available under FRS102 (Section 33). The Group publishes consolidated accounts. 
The directors had an interest in dividends paid during the year of £187,050 (
as restated 2023 - £173,565). 
Total key management personnel compensation including salaries and other benefits (other than directors) during the year was £170,993 (
2023 - £200,993).

28.


Ultimate controlling party

There is no ultimate controlling party.

 
Page 29