Company Registration No. 09012851 (England and Wales)
CALZTEC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
CALZTEC LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CALZTEC LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CALZTEC LTD FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Calztec Ltd for the year ended 30 April 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Calztec Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Calztec Ltd and state those matters that we have agreed to state to the Board of Directors of Calztec Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Calztec Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Calztec Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Calztec Ltd. You consider that Calztec Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Calztec Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
26 January 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
CALZTEC LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
269,224
157,779
Investments
4
34,340
269,224
192,119
Current assets
Debtors
5
747,748
650,841
Cash at bank and in hand
1,051,170
1,033,293
1,798,918
1,684,134
Creditors: amounts falling due within one year
6
(898,151)
(702,505)
Net current assets
900,767
981,629
Total assets less current liabilities
1,169,991
1,173,748
Creditors: amounts falling due after more than one year
7
(43,333)
(63,333)
Provisions for liabilities
9
(31,029)
(29,740)
Net assets
1,095,629
1,080,675
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
1,095,628
1,080,674
Total equity
1,095,629
1,080,675
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CALZTEC LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 26 January 2024.
Mr J W Haslam
Director
Company Registration No. 09012851
CALZTEC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
Calztec Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Romsley Point, Farley Lane, Romsley, Bromsgrove, B62 0LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% on reducing balance
Fixtures, fittings and equipment
20% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
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.
1.4
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CALZTEC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2022 - 16).
CALZTEC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
36,791
11,093
30,920
249,035
327,839
Additions
27,923
4,678
181,877
214,478
Disposals
(13,050)
(13,050)
At 30 April 2023
64,714
11,093
35,598
417,862
529,267
Depreciation and impairment
At 1 May 2022
21,883
5,791
24,754
117,633
170,061
Depreciation charged in the year
8,569
1,062
5,293
75,058
89,982
At 30 April 2023
30,452
6,853
30,047
192,691
260,043
Carrying amount
At 30 April 2023
34,262
4,240
5,551
225,171
269,224
At 30 April 2022
14,908
5,303
6,166
131,402
157,779
4
Fixed asset investments
2023
2022
£
£
Investments
-
34,340
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2022
34,340
Disposals
(34,340)
At 30 April 2023
-
Carrying amount
At 30 April 2023
-
At 30 April 2022
34,340
CALZTEC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
413,352
400,500
Amounts owed by group undertakings
299,912
205,782
Other debtors
34,484
44,559
747,748
650,841
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,000
40,258
Trade creditors
271,799
144,936
Taxation and social security
554,002
471,606
Other creditors
52,350
45,705
898,151
702,505
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
43,333
63,333
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
63,333
103,591
63,333
103,591
Bank loans are secured by way of a government-backed guarantee.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
31,029
29,740
CALZTEC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of 1p each
1
1
1
1
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Control
Parent Company
The ultimate parent company is Haslam Group Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr J W Haslam, by virtue of his controlling interest in the ultimate parent company.