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COMPANY REGISTRATION NUMBER: 00965773
Salisbury Investment Castings Ltd
Filleted Unaudited Financial Statements
31 December 2024
Salisbury Investment Castings Ltd
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
592,833
485,216
Current assets
Stocks
116,745
114,266
Debtors
6
141,253
123,914
Cash at bank and in hand
268,113
227,410
----------
----------
526,111
465,590
Creditors: amounts falling due within one year
7
140,693
136,499
----------
----------
Net current assets
385,418
329,091
----------
----------
Total assets less current liabilities
978,251
814,307
Creditors: amounts falling due after more than one year
8
6,486
17,289
Provisions
Taxation including deferred tax
15,705
17,950
----------
----------
Net assets
956,060
779,068
----------
----------
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
338,804
210,477
Profit and loss account
607,256
558,591
----------
----------
Shareholders funds
956,060
779,068
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Salisbury Investment Castings Ltd
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 22 May 2025 , and are signed on behalf of the board by:
M. J. Findlay-Wilson
Director
Company registration number: 00965773
Salisbury Investment Castings Ltd
Notes to the Financial Statements
Year Ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dinton Business Park, Catherine Ford Road, Dinton, Salisbury, SP3 5HZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: The directors judge that the original build of the property and the care and maintenance programme in place, are sufficient to give the property a useful life of 50 years and to be in the same condition then as it is now and the carrying value of the property will be maintained.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost or in the case of freehold property 'deemed' cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line (excluding the cost of land)
Plant and machinery
-
20% reducing balance
Fixture and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
The useful economic life of the buildings was revised to 50 years from the date of transition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
Defined contribution plans
The company provides access to a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the Statement of Comprehensive Income. The company operates an executive pension scheme for the company directors which is a defined contribution scheme. The assets of the scheme are held separately from those of the company.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 14 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
475,000
535,066
40,198
13,841
1,064,105
Additions
6,508
6,508
Revaluations
125,000
125,000
----------
----------
---------
---------
-------------
At 31 December 2024
600,000
541,574
40,198
13,841
1,195,613
----------
----------
---------
---------
-------------
Depreciation
At 1 January 2024
61,920
468,094
39,494
9,381
578,889
Charge for the year
8,380
14,479
140
892
23,891
----------
----------
---------
---------
-------------
At 31 December 2024
70,300
482,573
39,634
10,273
602,780
----------
----------
---------
---------
-------------
Carrying amount
At 31 December 2024
529,700
59,001
564
3,568
592,833
----------
----------
---------
---------
-------------
At 31 December 2023
413,080
66,972
704
4,460
485,216
----------
----------
---------
---------
-------------
Freehold property is carried at the 'deemed' cost at the date of transition in accordance with FRS102. If the property was sold for the revalued amount the tax charge would be expected to be zero due to the level of construction costs incurred and indexation allowance thereon. The historical cost and accumulated depreciation of the freehold property is £308,644 and £145,734 respectively, giving a historical net book value of £162,909.
6. Debtors
2024
2023
£
£
Trade debtors
126,671
107,746
Other debtors
14,582
16,168
----------
----------
141,253
123,914
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,804
11,404
Trade creditors
64,649
48,388
Corporation tax
19,806
16,002
Social security and other taxes
28,982
24,894
Other creditors
16,452
35,811
----------
----------
140,693
136,499
----------
----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,486
17,289
-------
---------
Bank borrowings are secured by a legal mortgage dated 22 July 2004 over the leasehold property and rental income derived from it, and by a debenture dated 23 August 2004 over all the property and assets present and future.
9. Related party transactions
The company was under the control of the Board of Directors throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.