Silverfin false false 31/03/2024 31/03/2023 31/03/2024 Mrs N L McFadden 31/03/2023 Mr T N McFadden 31/03/2023 Mr L S McFadden 31/03/2023 Mr L D McFadden 31/03/2023 14 May 2025 The principal activity of the Company during the financial year was growing of other perennial crops. 14771527 2024-03-31 14771527 bus:Director1 2024-03-31 14771527 bus:Director2 2024-03-31 14771527 bus:Director3 2024-03-31 14771527 bus:Director4 2024-03-31 14771527 core:CurrentFinancialInstruments 2024-03-31 14771527 core:Non-currentFinancialInstruments 2024-03-31 14771527 core:ShareCapital 2024-03-31 14771527 core:RetainedEarningsAccumulatedLosses 2024-03-31 14771527 core:PlantMachinery 2023-03-30 14771527 core:Vehicles 2023-03-30 14771527 2023-03-30 14771527 core:PlantMachinery 2024-03-31 14771527 core:Vehicles 2024-03-31 14771527 core:CurrentFinancialInstruments core:Secured 2024-03-31 14771527 bus:OrdinaryShareClass1 2024-03-31 14771527 2023-03-31 2024-03-31 14771527 bus:FilletedAccounts 2023-03-31 2024-03-31 14771527 bus:SmallEntities 2023-03-31 2024-03-31 14771527 bus:AuditExemptWithAccountantsReport 2023-03-31 2024-03-31 14771527 bus:PrivateLimitedCompanyLtd 2023-03-31 2024-03-31 14771527 bus:Director1 2023-03-31 2024-03-31 14771527 bus:Director2 2023-03-31 2024-03-31 14771527 bus:Director3 2023-03-31 2024-03-31 14771527 bus:Director4 2023-03-31 2024-03-31 14771527 core:PlantMachinery core:TopRangeValue 2023-03-31 2024-03-31 14771527 core:Vehicles core:TopRangeValue 2023-03-31 2024-03-31 14771527 core:PlantMachinery 2023-03-31 2024-03-31 14771527 core:Vehicles 2023-03-31 2024-03-31 14771527 core:CurrentFinancialInstruments 2023-03-31 2024-03-31 14771527 core:Non-currentFinancialInstruments 2023-03-31 2024-03-31 14771527 bus:OrdinaryShareClass1 2023-03-31 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14771527 (England and Wales)

CELTIC TURF LIMITED

Unaudited Financial Statements
For the financial period from 31 March 2023 to 31 March 2024
Pages for filing with the registrar

CELTIC TURF LIMITED

Unaudited Financial Statements

For the financial period from 31 March 2023 to 31 March 2024

Contents

CELTIC TURF LIMITED

BALANCE SHEET

As at 31 March 2024
CELTIC TURF LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 3 233,700
233,700
Current assets
Stocks 4 176,244
Debtors 5 99,713
Cash at bank and in hand 1,482
277,439
Creditors: amounts falling due within one year 6 ( 196,238)
Net current assets 81,201
Total assets less current liabilities 314,901
Creditors: amounts falling due after more than one year 7 ( 262,060)
Net assets 52,841
Capital and reserves
Called-up share capital 9 1
Profit and loss account 52,840
Total shareholder's funds 52,841

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Celtic Turf Limited (registered number: 14771527) were approved and authorised for issue by the Board of Directors on 14 May 2025. They were signed on its behalf by:

Mrs N L McFadden
Director
CELTIC TURF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 31 March 2023 to 31 March 2024
CELTIC TURF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 31 March 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Celtic Turf Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Carnyorth Industrial Site, St Just, Penzance, TR19 7QD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £52,841. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

This is the first period of account for the company, therefore the financial statements have been drawn up for the period 31 March 2023 to 31 March 2024

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors 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.

Cash and cash equivalents

Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

Period from
31.03.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 4

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 31 March 2023 0 0 0
Additions 108,000 138,300 246,300
At 31 March 2024 108,000 138,300 246,300
Accumulated depreciation
At 31 March 2023 0 0 0
Charge for the financial period 12,600 0 12,600
At 31 March 2024 12,600 0 12,600
Net book value
At 31 March 2024 95,400 138,300 233,700

4. Stocks

31.03.2024
£
Stocks 176,244

5. Debtors

31.03.2024
£
Trade debtors 19,635
Amounts owed by Group undertakings 41,242
Deferred tax asset 10,568
Other debtors 28,268
99,713

6. Creditors: amounts falling due within one year

31.03.2024
£
Bank loans (secured) 66,667
Trade creditors 38,300
Amounts owed to Group undertakings 6,851
Obligations under finance leases and hire purchase contracts (secured) 71,994
Other creditors 12,426
196,238

Amounts owed under finance leases and hire purchase contracts are secured on the assets to which they relate. HSBC Bank holds a fixed and floating charge over all assets of the company in relation to the bank loan.

7. Creditors: amounts falling due after more than one year

31.03.2024
£
Bank loans (secured) 94,444
Obligations under finance leases and hire purchase contracts (secured) 167,616
262,060

Amounts owed under finance leases and hire purchase contracts are secured on the assets to which they relate. HSBC Bank holds a fixed and floating charge over all assets of the company in relation to the bank loan.

8. Deferred tax

31.03.2024
£
At the beginning of financial period 0
Credited to the Statement of Income and Retained Earnings 10,568
At the end of financial period 10,568

9. Called-up share capital

31.03.2024
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

10. Ultimate controlling party

Parent Company:

Lamorna Group Limited
Carnyorth Industrial Site
St Just
Penzance
TR19 7QD