Castle Irwell Limited - Period Ending 2022-01-31

Castle Irwell Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

Castle Irwell Limited

(Registration number: 12094090)
Balance Sheet as at 31 January 2022

	Note	2022 £	2021 £
Current assets
Stocks	4	37,927,522	31,798,944
Debtors	5	100,560	63,276
Cash at bank and in hand		1,068,855	273,749
		39,096,937	32,135,969
Creditors: Amounts falling due within one year	6	(12,342,861)	(9,428,534)
Total assets less current liabilities		26,754,076	22,707,435
Creditors: Amounts falling due after more than one year	6	(25,643,039)	(22,712,423)
Net assets/(liabilities)		1,111,037	(4,988)
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,110,937	(5,088)
Shareholders' funds/(deficit)		1,111,037	(4,988)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 28 July 2022 and signed on its behalf by:
 

......................................... Mr S A Ismail Director

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3 Birchwood One Business Park
Dewhurst Road
Birchwood
Warrington
WA3 7GB
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by the parent company. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

Audit report
The Independent Auditor's Report was unqualified. This is the first period that the company has been audited and as such we have not been able to obtain sufficient appropriate audit evidence regarding the opening balances. The name of the Senior Statutory Auditor who signed the audit report on 28 July 2022 was Mr Ian William Biddington, who signed for and on behalf of Alextra Audit Limited.

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2022

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

4

Stocks

	2022 £	2021 £
Work in progress	37,927,522	31,798,944

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2022

5

Debtors

	2022 £	2021 £
Trade debtors	-	6,250
Other debtors	100,560	57,026
	100,560	63,276

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2022

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Loans and borrowings	8,955,739	8,262,582
Trade creditors	1,537,347	1,124,827
Taxation and social security	323,641	-
Accruals and deferred income	835,262	4,500
Other creditors	690,872	36,625
	12,342,861	9,428,534

	2022 £	2021 £
Current loans and borrowings
Other borrowings	8,955,739	8,262,582

Included within Loans and borrowings is an amount falling due less than one year of £8,956,913 (2021: £8,262,582), and an amount falling due after more than one year of £2,470,676 (2021: £nil) which total £11,427,589 in relation to a loan which is secured by fixed and floating charge dated 16 October 2020 over all the property or undertakings of the company and the land known as on the north-west of Cromwell Road, unregistered land being part of the property transferred by a transfer dated 6 September 2019 made between the University of Salford and the chargor and also described as the 'property' in a statutory declaration made by Hazel Taylor on 2 September 2019 and the registered land transferred by a transfer dated 16 June 2020 made between the University of Salford and the chargor.

Castle Irwell Limited

Notes to the Financial Statements for the Year Ended 31 January 2022

Creditors: amounts falling due after more than one year

	2022 £	2021 £
Due after one year
Loans and borrowings	2,470,677	-
Amounts owed to group undertakings	23,172,362	22,712,423
	25,643,039	22,712,423

Included within Loans and borrowings is an amount falling due less than one year of £8,956,913 (2021: £8,262,582), and an amount falling due after more than one year of £2,470,676 (2021: £nil) which total £11,427,589 in relation to a loan which is secured by fixed and floating charge dated 16 October 2020 over all the property or undertakings of the company and the land known as on the north-west of Cromwell Road, unregistered land being part of the property transferred by a transfer dated 6 September 2019 made between the University of Salford and the chargor and also described as the 'property' in a statutory declaration made by Hazel Taylor on 2 September 2019 and the registered land transferred by a transfer dated 16 June 2020 made between the University of Salford and the chargor.

7	Parent and ultimate parent undertaking

The company's immediate parent is FICM Limited, incorporated in England and Wales.

 

The parent of the largest group in which these financial statements are consolidated is FICM Limited, incorporated in England and Wales.

The address of FICM Limited is:
The Spectrum
Benson Road
Birchwood
Warrington
WA3 7PQ

The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A. These accounts are consolidated within the group financial statements prepared by FICM Limited.