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Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2024
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CAPS CASES LIMITED
COMPANY INFORMATION
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CAPS CASES LIMITED
CONTENTS
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CAPS CASES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
This Strategic Report provides a balanced and comprehensive review of the Company’s performance and development during the year ended 31 October 2024, as well as its financial and operational position at the year end. The commentary is proportionate to the size and relatively non-complex nature of the business and has been prepared in the context of the principal risks and uncertainties that the Company faces.
The Company’s core activity during the year remained the manufacture of packaging materials.
Operating within a highly competitive market environment and against a backdrop of sustained inflationary pressure, the company delivered a resilient performance. Continued capital investment, prudent supply chain management, and the commitment of our workforce supported the maintenance of a reliable and efficient supply capability. Despite these strengths, turnover for the year declined by 3%, falling to £29.6 million (2023 - £30.5 million). However, operational efficiencies enabled the business to maintain a consistent gross margin relative to the prior year. The reduction in turnover, combined with increased wage and salary obligations (driven by statutory minimum requirements), a full-year impact of depreciation, and additional rental expenses linked to capital investments and corporate acquisitions, contributed to a decrease in operating profit margin—from 5.5% in 2023 to 2.6% in 2024. Looking ahead to the remainder of 2024 and into 2025, although overall demand for corrugated packaging has softened slightly, the directors are confident in the company’s ability to achieve growth by adapting to evolving market demands. In particular, demand for high-quality, high-graphic packaging solutions for the e-commerce sector remains robust, despite wider economic challenges.
Given the straightforward nature of the business, the directors consider that the most relevant performance indicators are those reflecting financial outcomes at a high level. These include:
Key Metric 2024 2023 £ £ Turnover 29,596,153 30,543,271 Gross Profit 11,139,009 11,482,056 Profit Before Tax 372,348 1,300,837 The directors are of the view that further breakdown or analysis using additional performance metrics is not required to understand the Company’s financial performance or position.
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CAPS CASES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The Company operates in an environment subject to a range of risks and uncertainties, predominantly influenced by the broader UK packaging industry. Factors such as fluctuations in board prices and general macroeconomic conditions can significantly impact performance.
To manage its exposure, the Company identifies and mitigates key areas of financial risk, which include market risk, price risk, and credit risk. Measures implemented to address these risks include: • Preparation and ongoing monitoring of profit and loss budgets and cash flow forecasts. • Regular performance comparisons against budgeted expectations. Credit risk, arising primarily from trade debtors, is actively managed through: • Defined and regularly reviewed customer credit limits. • Use of credit reports, debtor ageing profiles, and collection history. • Maintenance of a trade credit insurance policy to further mitigate risk. The Company also maintains strong working relationships with its primary funders. All credit facilities have been extended or renewed as required. Interest rate risk is managed by selecting borrowing terms that align with the purpose of each facility, ensuring that financing costs remain controlled and appropriate.
This report was approved by the board and signed on its behalf by:
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CAPS CASES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The Directors present their report and the financial statements for the year ended 31 October 2024.
The profit for the year, after taxation, amounted to £595,879 (2023 - £627,279).
Dividends of £NIL (2023 - £NIL) were paid during the year. No final dividends have been recommended.
The Directors who served during the year were:
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CAPS CASES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The Company remains committed to maintaining an efficient and technologically advanced manufacturing process. In anticipation of sustained competitive pressures, we will continue to focus on the production of high-quality, specialist bespoke products and world-class print solutions.
As part of our customer-focused approach, we will actively support clients in identifying opportunities to reduce packaging costs. This will be achieved through innovative design improvements and packaging rationalisation initiatives, helping to mitigate the inflationary challenges currently facing the UK packaging sector. Looking ahead, we expect continued robust demand for corrugated packaging, which is increasingly recognised as a sustainable and environmentally responsible (“Green”) solution.
During the year the Company continued to invest in research and development (R&D). Our R&D activities primarily centred on developing next-generation products that meet evolving customer demands in terms of performance, efficient and sustainability. The directors recognise the importance of R&D in driving the company’s future growth and differentiation in the marketplace.
Subsequent to the financial year end, on 1 November 2024, the Company undertook a group restructuring whereby the trade and assets of two group companies, UK Corr Limited and Reliant Packaging Limited, were transferred to the Company by way of a hive-up arrangement.
The hive-up was effected through the transfer of all operational assets and liabilities. The group companies ceased trading following the transfer and are expected to be formally dissolved in due course.
Peters Elworthy & Moore were appointed auditor in March 2025.
The auditor, Peters Elworthy & Moore, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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CAPS CASES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
This report was approved by the board and signed on its behalf by:
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CAPS CASES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED
We have audited the financial statements of Caps Cases Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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).
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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.
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 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.
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CAPS CASES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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CAPS CASES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED (CONTINUED)
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 Auditor's 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 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the Responsible Individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and taxation legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙tested significant transactions, in particular the evaluation of the business rationale for any which appeared unusual or outside the Company’s normal course of business.
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CAPS CASES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED (CONTINUED)
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Auditor's 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 2006. Our 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 Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salisbury House
Station Road
CB1 2LA
Date:
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CAPS CASES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
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CAPS CASES LIMITED
REGISTERED NUMBER: 01636565
BALANCE SHEET
AS AT 31 OCTOBER 2024
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CAPS CASES LIMITED
REGISTERED NUMBER: 01636565
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 36 form part of these financial statements.
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CAPS CASES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Caps Cases Limited (the 'Company') is a private company limited by shares and incorporated in England and Wales. Its registered office and principal trading address is Studland Park Industrial Estate, Newmarket, Suffolk, CB8 7AU.
2.ACCOUNTING POLICIES
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 management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of CATMJ Limited as at 31 October 2024 and these financial statements may be obtained from Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
The financial statements have been prepared on a going concern basis which assumes that the Company will have adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.
In making their assessment, the Directors have reviewed the latest available financial information at the date of signing, including trading forecasts for the remainder of the financial year and the period beyond. The Company meets its day to day working capital requirements using cash reserves and bank borrowings for capital purchases. Business performance is reviewed monthly and the Directors acknowledge the ongoing turbulent global economic environment. However, having considered the adequacy of the Company's financial position at the time of approving the financial statements, noting the level of cash held, the cost base of the Company, the sales pipeline and approved budgets, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On the basis of their review they are therefore satisfied that it is appropriate to prepare the financial statements on the going concern basis.
Functional and presentation currency
Transactions and balances
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Research and development expenditure is written off as incurred.
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
GOODWILL
OTHER INTANGIBLE ASSETS
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a range of methods as set out below.
Depreciation is provided on the following basis:
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.
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
The Company 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 Company's Balance Sheet when the Company 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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.
Basic 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 Company after the deduction of all its liabilities.
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Depreciation and useful economic life of tangible fixed assets The determination of the useful economic lives and residual values of tangible fixed assets is a key area of judgement. Management reviews the expected useful lives of assets at each reporting date, taking into account factors such as the expected usage of the asset, physical wear and tear, technical or commercial obsolescence, and legal or similar limits on the use of the asset. Changes in these estimates could significantly affect the carrying amount of tangible fixed assets and the depreciation charge for the year. Where there is a change in the estimated useful life of an asset, the depreciation charge is adjusted prospectively. These estimates are based on historical experience and industry practice, and are reviewed regularly to ensure they remain appropriate. Amortisation and useful economic life of goodwill The Company determines the useful economic life of goodwill arising on business combinations based on management’s judgement of the period over which the acquired business is expected to generate economic benefits. This assessment considers factors such as the nature of the business, the stability of the industry, expected future cash flows, and the anticipated duration of customer relationships. The Company has determined a useful economic life of 10 years for goodwill recognised in the financial statements, based on the expected longevity of the acquired business’s operations and synergies. This estimate is reviewed annually and revised if there are indicators that the useful life has changed. Changes in the estimated useful life could have a material impact on the amortisation charge and the carrying amount of goodwill. Carrying value of investments in subsidiaries The Company assesses the carrying value of investments in subsidiaries at each reporting date to determine whether there is any indication of impairment. This assessment requires significant judgement, particularly in evaluating the future performance and financial position of the subsidiaries. Indicators of impairment may include recurring operating losses, deteriorating market conditions, or adverse changes in the economic environment. Where such indicators exist, the Company estimates the recoverable amount of the investment, which is the higher of fair value less costs to sell and value in use. This involves forecasting future cash flows and selecting appropriate discount rates, both of which require judgement and estimation. Changes in these assumptions could lead to material adjustments to the carrying value of the investments.
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Analysis of turnover by country of destination:
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
11.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 27
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 28
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 29
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 30
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 31
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 33
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Profit and loss account
During the current financial year, the directors undertook a review of the classification of stock balances. It was identified that amounts previously presented as "amounts recoverable on contracts" within debtors due within one year more appropriately meet the definition of "finished goods and goods for resale" and "work in progress (goods to be sold)" within stock, as they represent bespoke stock items that had not been dispatched at the year end.
As a result, a prior year adjustment has been made to reclassify these balances in the comparative period. This adjustment has no impact on previously reported profit or net assets but affects the presentation of the balance sheet. The impact of the reclassification is as follows:
∙Increase in "finished goods and goods for resale" within stock, of £336,841;
∙Increase in "work in progress (goods to be sold)" within stock of £57,495; and
∙Decrease in "amounts recoverable on contacts" within debtors due within one year of £394,336.
The comparative figures have been restated accordingly, and the notes to the financial statements reflect this reclassification. Additionally, during the current financial year, the directors undertook a review of the classification of deposit balances. It was identified that amounts previously presented as "prepayments and accrued income" within debtors due within one year more appropriately meet the definition of "other debtors" within debtors due within one year. As a result, a prior year adjustment has been made to reclassify these balances in the comparative period. This adjustment has no impact on previously reported profit or net assets but affects the presentation of the balance sheet. The impact of the reclassification is as follows:
∙Increase in "other debtors" within debtors due within one year, of £487,179; and
∙Decrease in "prepayments and accrued income" within debtors due within one year of £487,179.
The comparative figures have been restated accordingly, and the notes to the financial statements reflect this reclassification.
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £130,891 (2023 - £144,043). Contributions totalling £24,596 (2023 - £25,083) were payable to the fund at the balance sheet date and are included in other creditors.
30.FINANCIAL GUARANTEES
The Company has provided a cross guarantee in respect of the bank borrowings of the immediate parent undertaking, Tradegreat Limited. As at 31 October 2024, these borrowings amounted to £1,092,346 (2023 - £1,335,966).
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CAPS CASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The hive-up was effected through the transfer of all operational assets and liabilities. The group companies ceased trading following the transfer and are expected to be formally dissolved in due course.
The immediate parent undertaking is Tradegreat Limited and the ultimate parent undertaking is CATMJ Limited. These companies are both incorporated in England and Wales.
The smallest group in which the results of the company are consolidated is that headed by CATMJ Limited. Copies of the consolidated financial statements can be obtained from Companies House. The ultimate controlling party is C H Bissett and A B Bissett by virtue of their shareholdings in the ultimate parent undertaking, CATMJ Limited.
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