Company registration number 10051640 (England and Wales)
Investment Castings Holdings Limited
Unaudited financial statements
For the year ended 31 August 2023
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 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
435,560
445,634
Investments
3
100
100
435,660
445,734
Current assets
Debtors
4
51,196
58,864
Cash at bank and in hand
16,133
4,412
67,329
63,276
Creditors: amounts falling due within one year
5
(28,701)
(39,865)
Net current assets
38,628
23,411
Total assets less current liabilities
474,288
469,145
Creditors: amounts falling due after more than one year
6
(300,000)
(300,000)
Net assets
174,288
169,145
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
174,088
168,945
Total equity
174,288
169,145
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 2023 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.
The 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 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 October 2023 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 2023
- 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 amounts 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 2023
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 payments 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. Amounts 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
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Investment Castings Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 5 -
1.7
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.
2
Tangible fixed assets
Freehold land and buildings
Freehold improvements
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
480,000
23,708
503,708
Depreciation and impairment
At 1 September 2022
57,600
474
58,074
Depreciation charged in the year
9,600
474
10,074
At 31 August 2023
67,200
948
68,148
Carrying amount
At 31 August 2023
412,800
22,760
435,560
At 31 August 2022
422,400
23,234
445,634
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
51,196
58,864
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
4,043
Other creditors
24,658
39,865
28,701
39,865
Investment Castings Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
300,000
300,000