Company registration number 10051640 (England and Wales)
Investment Castings Holdings Limited
Unaudited financial statements
For the year ended 31 August 2022
Investment Castings Holdings Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Investment Castings Holdings Limited
Statement of financial position
as at 31 August 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
445,634
455,708
Investments
4
100
100
445,734
455,808
Current assets
Debtors
5
58,864
67,303
Cash at bank and in hand
4,412
52,449
63,276
119,752
Creditors: amounts falling due within one year
6
(39,865)
(48,303)
Net current assets
23,411
71,449
Total assets less current liabilities
469,145
527,257
Creditors: amounts falling due after more than one year
7
(300,000)
(300,000)
Net assets
169,145
227,257
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
168,945
227,057
Total equity
169,145
227,257
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have 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.
Investment Castings Holdings Limited
Statement of financial position (continued)
as at 31 August 2022
31 August 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 December 2022 and are signed on its behalf by:
Mr D W Clarkson
Mr P N Clarkson
Director
Director
Company Registration No. 10051640
Investment Castings Holdings Limited
Notes to the financial statements
For the year ended 31 August 2022
- 3 -
1
Accounting policies
Company information
Investment Castings Holdings Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Greenfield Industrial Estates, Back Lane, Congleton, Cheshire, England, CW12 4TR.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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:
Freehold land and buildings
2% on cost
Freehold improvements
2% on cost
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
.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
Investment Castings Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors,
loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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.
1.6
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 entities within the group where the relationship is one of being
wholly owned.
Investment Castings Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Tangible fixed assets
Freehold land and buildings
Freehold improvements
Total
£
£
£
Cost
At 1 September 2021 and 31 August 2022
480,000
23,708
503,708
Depreciation and impairment
At 1 September 2021
48,000
48,000
Depreciation charged in the year
9,600
474
10,074
At 31 August 2022
57,600
474
58,074
Carrying amount
At 31 August 2022
422,400
23,234
445,634
At 31 August 2021
432,000
23,708
455,708
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
100
100
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
58,864
67,303
Investment Castings Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
487
Other creditors
39,865
47,816
39,865
48,303
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
300,000
300,000