Company No:
Contents
| Note | 31.03.2024 | |
| £ | ||
| Fixed assets | ||
| Tangible assets | 3 |
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| 233,700 | ||
| Current assets | ||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 277,439 | ||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 81,201 | |
| Total assets less current liabilities | 314,901 | |
| Creditors: amounts falling due after more than one year | 7 | (
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| Net assets |
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| Capital and reserves | ||
| Called-up share capital | 9 |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Celtic Turf Limited (registered number:
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Mrs N L McFadden
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
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 £.
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.
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
Revenue from services is recognised as they are delivered.
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.
| Plant and machinery |
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| Vehicles |
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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.
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
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.
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.
| Period from 31.03.2023 to 31.03.2024 |
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| Number | |
| Monthly average number of persons employed by the Company during the period, including directors |
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| Plant and machinery | Vehicles | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 31 March 2023 |
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| Additions |
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| At 31 March 2024 |
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| Accumulated depreciation | |||||
| At 31 March 2023 |
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| Charge for the financial period |
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| At 31 March 2024 |
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| Net book value | |||||
| At 31 March 2024 |
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| 31.03.2024 | |
| £ | |
| Stocks |
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| 31.03.2024 | |
| £ | |
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Deferred tax asset |
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| Other debtors |
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| 31.03.2024 | |
| £ | |
| Bank loans (secured) |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Obligations under finance leases and hire purchase contracts (secured) |
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| Other creditors |
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| 31.03.2024 | |
| £ | |
| Bank loans (secured) |
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| Obligations under finance leases and hire purchase contracts (secured) |
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| 31.03.2024 | |
| £ | |
| At the beginning of financial period |
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| Credited to the Statement of Income and Retained Earnings |
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| At the end of financial period |
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| 31.03.2024 | |
| £ | |
| Allotted, called-up and fully-paid | |
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Parent Company:
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| Carnyorth Industrial Site St Just Penzance TR19 7QD |