Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 1,325,667 | 987,812 | |||
| Current assets | ||||
| Stocks |
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| Debtors | ||||
| - due within one year | 4 |
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| - due after more than one year | 4 |
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| Cash at bank and in hand |
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| 4,537,230 | 4,977,095 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 2,458,723 | 2,813,364 | ||
| Total assets less current liabilities | 3,784,390 | 3,801,176 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Net assets |
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| Revaluation reserve |
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| Capital redemption reserve |
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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 Centristic Limited (registered number:
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Alistair Roderick Grant
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Centristic 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 Centristic Cavalier Road, Heathfield Industrial Estate, Newton Abbot, TQ12 6TQ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and 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 £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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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.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
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 Profit and Loss Account as described below.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
| 2025 | 2024 | ||
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| Monthly average number of persons employed by the Company during the year, including directors |
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| Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Cost/Valuation | |||||||||||
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| Revaluations |
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| At 31 March 2025 |
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| At 31 March 2025 |
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| Net book value | |||||||||||
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| At 31 March 2024 |
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Revaluation of tangible assets
Freehold land and buildings were professionally valued by Stratton Creber Commercial, an independent valuer, to market value at 19/06/2024, with subsequent additions at cost. The directors are satisfied this accurately reflects the market value of the freehold land and property at the balance sheet date.
| 2025 | 2024 | ||
| £ | £ | ||
| Historical cost | 167,149 | 167,149 | |
| Accumulated depreciation | 116,309 | 108,102 | |
| Carrying value |
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| Debtors: amounts falling due within one year | |||
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| Amounts owed by Parent undertakings |
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| Amounts owed by directors |
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| Prepayments |
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| Other debtors |
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| Debtors: amounts falling due after more than one year | |||
| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Accruals and deferred income |
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| Taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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Other financial commitments
| 2025 | 2024 | ||
| £ | £ | ||
| Commitments in respect of parents and subsidiaries |
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Cross guarantees have been entered into between the company and its parent company Waldegrave (RG) Limited. The guarantee is unlimited. All assets of the company are pledged as security for any amounts owed to both the bank and to one of the directors, by way of fixed and floating charges.
The companies acts as a guarantor on an operating lease for an entity under common control. The amount guaranteed is £10,320 per annum for the five year lease term ending 21 May 2028.
Transactions with the entity's directors
Advances
Advances were granted to a further director in the form of a director's loan account during the year. £5,000 was advanced, and £0 was subsequently repaid. The balance at the end of the year was £5,000.