Castlebrook Furniture & Design (UK) Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI635397

Castlebrook Furniture & Design (UK) Ltd

Filleted Financial Statements

31 December 2024

Castlebrook Furniture & Design (UK) Ltd

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Current assets

Debtors	5	463,070	761,532
Cash at bank and in hand		495,868	492,883
		---------	------------
		958,938	1,254,415

Creditors: amounts falling due within one year	6	1,064,905	1,405,761
		------------	------------
Net current liabilities		105,967	151,346
		---------	---------
Total assets less current liabilities		( 105,967)	( 151,346)
		---------	---------
Net liabilities		( 105,967)	( 151,346)
		---------	---------

Capital and reserves

Called up share capital	8	1	1
Profit and loss account	9	( 105,968)	( 151,347)
		---------	---------
Shareholder deficit		( 105,967)	( 151,346)
		---------	---------

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 income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 11 August 2025 , and are signed on behalf of the board by:

Laurence Byrne

Director

Company registration number: NI635397

Castlebrook Furniture & Design (UK) 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 Northern Ireland. The address of the registered office is c/o FEB Chartered Accountants, Linenhall Exchange, First Floor, 26 Linenhall Street, Belfast, BT2 8BG.

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.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loan 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

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future, having adequate funds to meet obligations as they fall due. The Directors continue to monitor the residual risks and uncertainties associated with the Ukraine War, Brexit fallout, and resulting currency fluctuations. We will continue to monitor these events as they develop and take any necessary actions or adjustments. The Group has sufficient order book and a substantial pipeline of quotations issued and enquiries for 2024 and on into 2025. The Group has remained profitable overall. Therefore, the directors have deemed it appropriate to prepare the statutory financial statements on a going concern basis.

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 3 months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amoritised cost using the effective interest method.

Income and deferred taxation

The taxation expense represents the aggregate amounts 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 diretly in equity respectively.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Deferred tax assets are recognised to the extent that they are regarded as recoverable. Deferred tax assets are regarded as recoverable to the extent that, on the basis of all available evidence, it can be be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities recognised have not been discounted.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Number of other staff	5	5
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	373,451	390,110
Social security costs	40,214	42,973
Other pension costs	23,400	23,400
	---------	---------
	437,065	456,483
	---------	---------

Castlebrook Furniture & Design Ltd charged a fee of £328,815 for Head office shared costs and services provided, which is not included in the above staff figures but is included in overhead expenses (2023: £397,879).

5. Debtors

	2024	2023
	£	£
Trade debtors	239,185	66,642
Payments made on account	67,988	95,024
Other debtors	155,897	599,866
	---------	---------
	463,070	761,532
	---------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	1,706	3,491
Payments received on account	98,814	52,465
Trade creditors	262,977	90,647
Amounts owed to group undertakings	396,266	319,393
Accruals and deferred income	212,202	784,277
Social security and other taxes	92,940	155,488
	------------	------------
	1,064,905	1,405,761
	------------	------------

Amounts owed to group undertakings are unsecured, interest free, & repayable on demand. The Bank of Ireland holds a fixed and floating charge over the assets of the company, and a cross guarantee with the parent undertaking, Castlebrook Furniture & Design Ltd.

7. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 23,400 (2023: £ 23,400 ).

8. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

9. Reserves

The Profit and loss account reserve records retained earnings and accumulated losses.

10. Summary audit opinion

The auditor's report dated 11 August 2025 was unqualified .

The senior statutory auditor was Michael Flannigan , for and on behalf of FEB Chartered Accountants .

11. Related party transactions

Advantage has been taken of the exemption not to disclose transactions with entities that are part of the group, provided that any subsidiary involved is wholly owned.

12. Controlling party

The company's immediate and ultimate holding company is Castlebrook Furniture & Design Ltd, a company incorporated in the Republic of Ireland. The ultimate controlling parties are the shareholders of Castlebrook Furniture & Design Ltd.