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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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CASTLE GROUP LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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CASTLE GROUP LIMITED |
CASTLE GROUP LIMITED (REGISTERED NUMBER: 02388128) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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CASTLE GROUP LIMITED |
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COMPANY INFORMATION |
for the year ended 30 June 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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CASTLE GROUP LIMITED (REGISTERED NUMBER: 02388128) |
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STATEMENT OF FINANCIAL POSITION |
30 June 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Inventories |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CASTLE GROUP LIMITED (REGISTERED NUMBER: 02388128) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 June 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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CASTLE GROUP LIMITED (REGISTERED NUMBER: 02388128) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2020 |
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1. | STATUTORY INFORMATION |
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Castle Group Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
During the period under review and continuing to the date that the Financial Statements were approved, the Coronavirus (Covid-19) outbreak has caused extensive disruptions to businesses and economic activities globally. This has had a significant impact on the company to the date of signing and the directors continue to monitor the situation. |
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The directors have considered the financial resources and commitments of the company, particularly in light of the Coronavirus outbreak, and concluded that they have sufficient resources to meet liabilities as they fall due. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis. |
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Significant judgements and estimates |
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. |
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Critical judgements in applying the company's policies |
The management consider that no significant judgements have had to made in preparing these financial statements. |
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Critical accounting estimates and assumptions |
Inventories: The management have assessed the allowances made for slow moving and obsolete inventories based on previous experience and all available knowledge and information. These allowances are recognised according to management's assessment of the likely usage of individual stock lines in the next financial year. |
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The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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Revenue |
Revenue represents goods and services supplied, excluding value added tax. It is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration. |
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Where payments are received from customers in advance of the right to consideration being earned, the amounts are recorded as deferred income and included within creditors falling due within one year. |
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Goodwill |
Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated amortisation and any accumulated impairment losses. Goodwill, being the amount paid in connection with the acquisition of a business in 1996 has been fully amortised. |
CASTLE GROUP LIMITED (REGISTERED NUMBER: 02388128) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Property, plant and equipment |
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
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Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life. |
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Lab stock | 20% on a straight line basis |
Plant and machinery | 15% on a reducing balance basis |
Fixtures and fittings | 15% - 30% on a straight line basis |
Motor vehicles | 25% on a reducing balance basis |
Hire stock | 10% on a straight line basis |
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Investments in subsidiaries |
Investments in subsidiary undertakings are initially measured at cost. After initial recognition investments in subsidiary undertakings are measured at cost less any accumulated impairment losses. |
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Inventories |
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Leases |
Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Operating lease rentals are charged against profits of the period to which they relate. |
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Pension costs and other post-retirement benefits |
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate. |
CASTLE GROUP LIMITED (REGISTERED NUMBER: 02388128) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties. |
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Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method. |
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Comparatives |
In the comparative year £43,227 of costs previously classed as overheads have been reallocated to direct expenses as the directors consider this to better reflect the nature of the expenditure. This has had no impact on the results or reserves for the comparative year. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2019 |
and 30 June 2020 |
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AMORTISATION |
At 1 July 2019 |
and 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and |
Lab stock | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2019 |
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Additions |
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Disposals |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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CASTLE GROUP LIMITED (REGISTERED NUMBER: 02388128) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2020 |
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5. | PROPERTY, PLANT AND EQUIPMENT - continued |
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Motor | Hire |
vehicles | stock | Totals |
£ | £ | £ |
COST |
At 1 July 2019 |
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Additions |
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Disposals |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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The net book value of property, plant and equipment includes £ 1,401 (2019 - £ 1,954 ) in respect of assets held under finance leases. |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 July 2019 |
and 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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CASTLE GROUP LIMITED (REGISTERED NUMBER: 02388128) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Finance leases |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Finance leases |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
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Finance leases | 1,145 | 2,033 |
Bank loan | 242,575 | 255,275 |
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As security for the loan, the company has given unlimited guarantees to its bankers by way of fixed and floating charges over all of the company assets and undertakings. |
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Finance leases are secured on the underlying assets. |
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11. | OTHER FINANCIAL COMMITMENTS |
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The company had total commitments at the balance sheet date of £19,773 (2019 - £30,281). |
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12. | RELATED PARTY DISCLOSURES |
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The directors have made interest free loans to the company. At the year end the amount due to them was £2,438 (2019 - £2,029). |
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Interest free loans also exist between the company and other group companies. The amounts owed to other group companies at the year end was £15,000 (2019 - £15,000) while the amounts owed by other group companies at the year end was £19,318 (2019 - £13,525). |
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The company occupies premises owned by another group company. During the year the amount of rent payable was £nil (2019 - £28,398) and the amount owed at the year end was £nil (2019 - £14,199). |