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Company No: 06837800 (England and Wales)

# CARITE LTD

### Unaudited Financial Statements
For the financial year ended 31 July 2025
Pages for filing with the registrar

CARITE LTD

## Unaudited Financial Statements

For the financial year ended 31 July 2025

Contents

CARITE LTD

## STATEMENT OF FINANCIAL POSITION

As at 31 July 2025
CARITE LTD

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Tangible assets | 4 | 703,017 |  | 565,898
Investment property | 5 | 1,100,000 |  | 1,100,000
|  | 1,803,017 |  | 1,665,898
Current assets |  |  |  |
Stocks |  | 1,258,651 |  | 1,379,538
Debtors | 6 | 358,347 |  | 188,305
Cash at bank and in hand |  | 234,085 |  | 121,644
|  | 1,851,083 |  | 1,689,487
Creditors: amounts falling due within one year | 7 | ( 1,484,619) |  | ( 1,106,837)
Net current assets |  | 366,464 |  | 582,650
Total assets less current liabilities |  | 2,169,481 |  | 2,248,548
Creditors: amounts falling due after more than one year | 8 | ( 752,096) |  | ( 918,486)
Provision for liabilities |  | ( 148,900) |  | ( 137,698)
Net assets |  | 1,268,485 |  | 1,192,364
Capital and reserves |  |  |  |
Called-up share capital | 9 | 2 |  | 2
Revaluation reserve |  | 117,188 |  | 117,188
Profit and loss account | 11 | 1,151,295 |  | 1,075,174
Total shareholder's funds |  | 1,268,485 |  | 1,192,364

For the financial year ending 31 July 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Carite Ltd (registered number: 06837800) were approved and authorised for issue by the Director on 07 April 2026. They were signed on its behalf by:

Timothy John Maddocks Director |

CARITE LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025
CARITE LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025

##### 1. Accounting policies

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.

##### General information and basis of accounting

Carite Ltd (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 1-3 Moormead Road, Wroughton, Swindon, SN4 9BS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment 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 £.

##### Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Prior year adjustment

Where material misstatements are found in prior year figures, then these figures are restated to show the corrected position as detailed in Note 2.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Employee 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 Statement of Financial Position.

##### Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
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 Statement of Financial Position 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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings | not depreciated
Plant and machinery | 15 % reducing balance
Vehicles | 25 % reducing balance
Fixtures and fittings | 15 % reducing balance
Office equipment | 33 % reducing balance

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.
Land and buildings were valued by the directors at the year end.

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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the director, on an open market value for existing use basis.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
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.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

##### 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.

#### 2. Prior year adjustment

The comparative information has been adjusted to correct the exclusion of deferred tax and the misclassification of investment property. As a result we have adjusted the below figures accordingly:

The comparative information has been adjusted to correct the valuation of the company's properties. As a result, we have adjusted the below figures accordingly:

The comparative information has been adjusted to correct the misclassification of debtors and creditors. As a result we have adjusted the below figures accordingly:

|  | As previously reported |  | Adjustment |  | As restated
Year ended 31 July 2024 |  | £ |  | £ |  | £
Revaluation Reserves |  | (955,000) |  | 837,812 |  | (117,188)
Retained Earnings |  | (830,060) |  | (245,114) |  | (1,075,174)
Land and Buildings |  | 2,055,000 |  | (1,555,000) |  | 500,000
Investment Properties |  | 0 |  | 1,100,000 |  | 1,100,000
Provision for liabilities |  | 0 |  | (137,698) |  | (137,698)
Debtors |  | 146,668 |  | 41,637 |  | 188,305
Cash at bank and in hand |  | 88,409 |  | 33,235 |  | 121,644
Creditors: amounts falling due within one year |  | (1,021,297) |  | (85,540) |  | (1,106,837)
Creditors: amounts falling due after more than one year |  | (929,154) |  | 10,668 |  | (918,486)

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 10 |  | 9

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Fixtures and fittings |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |  |  |
At 01 August 2024 | 500,000 |  | 33,520 |  | 121,817 |  | 16,108 |  | 21,302 |  | 692,747
Additions | 0 |  | 0 |  | 144,037 |  | 8,389 |  | 1,240 |  | 153,666
At 31 July 2025 | 500,000 |  | 33,520 |  | 265,854 |  | 24,497 |  | 22,542 |  | 846,413
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |
At 01 August 2024 | 0 |  | 21,112 |  | 77,016 |  | 10,280 |  | 18,441 |  | 126,849
Charge for the financial year | 0 |  | 1,861 |  | 11,200 |  | 2,133 |  | 1,353 |  | 16,547
At 31 July 2025 | 0 |  | 22,973 |  | 88,216 |  | 12,413 |  | 19,794 |  | 143,396
Net book value |  |  |  |  |  |  |  |  |  |  |
At 31 July 2025 | 500,000 |  | 10,547 |  | 177,638 |  | 12,084 |  | 2,748 |  | 703,017
At 31 July 2024 | 500,000 |  | 12,408 |  | 44,801 |  | 5,828 |  | 2,861 |  | 565,898

#### 5. Investment property

| Investment property
| £
Valuation |
As at 01 August 2024 | 1,100,000
As at 31 July 2025 | 1,100,000

Valuation

A full market valuation of investment property was completed by 31 July 2025 at the Statement of Financial Position date. The fair value of the Group’s residential investment property at 31 July 2025 have been arrived at on the basis of valuations carried out on that date by the directors.

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 106,815 |  | 38,636
Amounts owed by director | 27,209 |  | 31,129
Other debtors | 224,323 |  | 118,540
| 358,347 |  | 188,305

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 809,785 |  | 330,267
Trade creditors | 274,758 |  | 618,860
Amounts owed to Group undertakings | 209,140 |  | 74,872
Accruals | 2,999 |  | 0
Taxation and social security | 159,519 |  | 53,618
Obligations under finance leases and hire purchase contracts | 0 |  | 10,668
Other creditors | 28,418 |  | 18,552
| 1,484,619 |  | 1,106,837

#### 8. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 752,096 |  | 918,486

The bank loans are secured by a legal mortgage over the freehold property and by a fixed and floating charge over all of the company’s assets.

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
2 Ordinary shares of £ 1.00 each | 2 |  | 2

#### 10. Related party transactions

Transactions with the entity's director

| 2025 |  | 2024
| £ |  | £
Amounts Owed by Directors | 27,209 |  | 31,129

Advances to the directors were made to the director during the year totalling £106,488 and repayments to the company of £110,408. Interest has been charged at HMRC's standard rate.
During the year there were dividends voted of £98,500 (2024: £37,000)

#### 11. Distributable Reserves

Included in the profit and loss account are non-distributable reserves of £257,812 (2024: £257,812) representing the cumulative fair value movements of the Investment property amounting to £343,750 (2024: 343,750), net of deferred tax amounting to £85,938 (2024: £85,938). The remaining amount is distributable.