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Registered number: 06307240 CASTLE PUMPS LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
CASTLE PUMPS LIMITED REGISTERED NUMBER: 06307240 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 14,865 |  | 6,972
Current assets |  |  |  |  |
Stocks | 6 | 2,504 |  | 91,615 |
Debtors: amounts falling due after more than one year | 7 | 297,000 |  | - |
Debtors: amounts falling due within one year | 7 | 252,283 |  | 454,138 |
Cash at bank and in hand | 8 | 234,499 |  | 253,905 |
|  | 786,286 |  | 799,658 |
Creditors: amounts falling due within one year | 9 | (516,258) |  | (560,007) |
Net current assets |  |  | 270,028 |  | 239,651
Total assets less current liabilities |  |  | 284,893 |  | 246,623
Provisions for liabilities |  |  |  |  |
Deferred taxation | 10 | (1,743) |  | (6,219) |
|  |  | (1,743) |  | (6,219)
Net assets excluding pension asset |  |  | 283,150 |  | 240,404
Net assets |  |  | 283,150 |  | 240,404
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 22 |  | 22
Profit and loss account | 12 |  | 283,128 |  | 240,382
|  |  | 283,150 |  | 240,404
Page 1
CASTLE PUMPS LIMITED REGISTERED NUMBER: 06307240 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M S Terry
Director
Date: 21 May 2025
The notes on pages 3 to 12 form part of these financial statements. Page 2
CASTLE PUMPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Castle Pumps Limited is a private limited company incorporated and domiciled in the United Kingdom. The address of the registered office is Office 2.3 Design Hub, Coventry University Technology park, Puma Way, Coventry, CV1 2TT. The principal activity of the Company in the period under review was that of the wholesale of water pumps and industrial and engineering products. The Company's trading address is Unit 41 Minworth Industrial Estate, Forge Lane, Sutton Coldfield, B76 1AH. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 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 accounts are prepared in GBP and rounded to the nearest pound. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers ∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraph 73(e) of IAS 16 Property, Plant and Equipment; ∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member This information is included in the consolidated financial statements of Flowmax Limited as at 31 December 2024 and these financial statements may be obtained from the Registrar of Companies. Page 3
CASTLE PUMPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.4 | Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods or services have transferred to the customer and the customer has control of these. The Company’s activities are described in detail below. (a) Sales of goods The Company manufactures and sells water pumps and industrial and engineering products for the business to business industrial shipping market. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied. The Company offers discounts on its sales of goods which are agreed on a customer by customer basis at the sales order stage, and the value of up-front payments received in respect of sales of goods are classified as contract liabilities. A receivable is recognised when the performance obligation is satisfied as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 4
CASTLE PUMPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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. Page 5
CASTLE PUMPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | Straight line over 7 years
|  |  |  | Motor vehicles | - | 25% on cost
|  |  |  | Computer equipment | - | 33% on cost
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.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Page 6
CASTLE PUMPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.14 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future and judgements in applying the Company's accounting policies. The resulting accounting estimates will, by definition, seldom equal the actual results. The following estimates and assumptions have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year. Provision for doubtful debts Management provides for doubtful debts on the perceived risk profile and payment history of the debtor. Provision for slow moving, damaged and obsolete stock There is a provision to write stock down to the lower of cost and net realisable value. Management have made estimates of the selling price and direct costs to sell on certain stock items. The write down is included in the operating profit note. Page 7
CASTLE PUMPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Employees
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 246,158 | 226,070
| Social security costs | 23,774 | 21,994
| Cost of defined contribution scheme | 5,810 | 4,651
|  | 275,742 | 252,715
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Sales and administration | 8 | 7
|  | Directors | 3 | 3
|  |  | 11 | 10
5. | Tangible fixed assets
|  | Fixtures and fittings | Motor vehicles | Computer equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2024 | 66,537 | 3,000 | 72,972 | 142,509
| Additions | - | - | 13,590 | 13,590
| At 31 December 2024 | 66,537 | 3,000 | 86,562 | 156,099
| Depreciation |  |  |  |
| At 1 January 2024 | 64,980 | 3,000 | 67,557 | 135,537
| Charge for the year on owned assets | 1,557 | - | 4,140 | 5,697
| At 31 December 2024 | 66,537 | 3,000 | 71,697 | 141,234
| Net book value |  |  |  |
| At 31 December 2024 | - | - | 14,865 | 14,865
| At 31 December 2023 | 1,557 | - | 5,415 | 6,972
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CASTLE PUMPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 2,504 | 91,615
| Inventories above includes a provision of £88,934 (2023: £66,588) for slow moving and obsolete stock.
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CASTLE PUMPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 297,000 | -
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 121,138 | 116,639
| Amounts owed by group undertakings | 110,647 | 296,981
| Other debtors | 16,254 | 39,348
| Prepayments and accrued income | 4,244 | 1,170
|  | 252,283 | 454,138
| Included in amounts owed by group undertakings after more than one year are loans totalling £297,000 (2023: £297,000 within one year) that are unsecured, repayable by 31 December 2026 and interest bearing at a rate of Bank of England base rate plus 1.12%. Included in amounts owed by group undertakings due within one year are loans totalling £110,000 (2023: £nil) that are unsecured, repayable by 31 December 2025 and non-interest bearing. Other amounts owed by group undertakings are unsecured, repayable on demand and non-interest bearing.
8. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 234,499 | 253,905
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CASTLE PUMPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Contract liabilities | 296,445 | 355,300
| Trade creditors | 148,906 | 163,045
| Amounts owed to group undertakings | 24,876 | -
| Corporation tax | 9,743 | 7,617
| Other taxation and social security | 15,488 | 8,961
| Other creditors | - | 8
| Accruals and deferred income | 20,800 | 25,076
|  | 516,258 | 560,007
| Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.
10. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (6,219) | (3,388)
| Charged to profit or loss | 4,476 | (2,831)
| At end of year | (1,743) | (6,219)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (1,743) | (6,219)
11. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 220 (2023 - 220) Ordinary shares of £0.10 each | 22 | 22
| Ordinary shares carry full voting rights and rights to dividends and capital distributions.
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CASTLE PUMPS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Reserves
Profit and loss account The profit and loss account is the Company's accumulated retained profits or losses as at the year end.
13. | Pension commitments
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 £5,810 (2023: £4,651). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date.
14. | Related party transactions
| During the year ended 31 December 2024, the Company undertook the following transactions with group companies.
|  | 2024 | 2023
|  | £ | £
| Purchases from group Companies | 47,965 | 76,183
| Sales to group Companies | 1,151 | 16
| Recharges from group companies | 49,270 | 48,373
|  | 98,386 | 124,572
| At the year end the Company owed £24,876 (2023: £19) to group companies. At the year end the Company was owed £407,647 (2023: £297,000) from group companies. During the year ended 31 December 2024, the Company declared dividends of £35,000 (2023: £31,500) to Centre Tank Services Limited.
15. | Controlling party
The Company is a subsidiary undertaking of Centre Tank Services Limited, a company incorporated in England and Wales. The Directors regard Flowmax Limited as the smallest group and SA Bias Industries (Pty) Limited, a company registered in South Africa, as the largest group within which the subsidiary belongs and for which group accounts are prepared. Flowmax Limited's registered office is Office 2.3 Design Hub, Coventry University Technology park, Puma Way, Coventry, CV1 2TT. Copies of the Flowmax Limited group accounts are available from the Registrar of Companies.
16. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 22 May 2025 by James Pitt BA BFP FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.
Page 12