Castle Irwell Limited - Period Ending 2021-01-31

Castle Irwell Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 5

Castle Irwell Limited

(Registration number: 12094090)
Balance Sheet as at 31 January 2021

	Note	2021 £	2020 £
Current assets
Stocks	4	31,798,944	22,377,575
Debtors	5	63,276	37,162
Cash at bank and in hand		273,749	1,813,558
		32,135,969	24,228,295
Creditors: Amounts falling due within one year	6	(9,428,534)	(624,975)
Total assets less current liabilities		22,707,435	23,603,320
Creditors: Amounts falling due after more than one year	6	(22,712,423)	(23,605,250)
Net liabilities		(4,988)	(1,930)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(5,088)	(2,030)
Shareholders' deficit		(4,988)	(1,930)

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 21 September 2021 and signed on its behalf by:
 

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

Castle Irwell Limited

Notes to the Financial Statements for the Period from 1 August 2020 to 31 January 2021

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:
3A Birchwood One Business Park Road
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.

Disclosure of long or short period

These accounts are for the period 1 August 2020 to 31 January 2021 which is a short period. The reason for this change is that the directors considered that a year end date of 31 January 2021 would allow the financial statements of the group company to provide more useful information. As such the comparatives on these accounts are for a 6 month period are not directly comparable.

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.

Castle Irwell Limited

Notes to the Financial Statements for the Period from 1 August 2020 to 31 January 2021

Audit report
The Independent Auditor's Report was qualified. 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. We have audited the financial statements of Castle Irwell Limited (the 'company') for the period ended 31 January 2021, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The name of the Senior Statutory Auditor who signed the audit report on 24 September 2021 was Matthew Geoffrey Price , who signed for and on behalf of Alextra Audit Limited.

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.

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 period, was 3 (2020 - 3).

4

Stocks

	2021 £	2020 £
Work in progress	31,798,944	22,377,575

Castle Irwell Limited

Notes to the Financial Statements for the Period from 1 August 2020 to 31 January 2021

5

Debtors

	2021 £	2020 £
Trade debtors	6,250	-
Other debtors	57,026	37,162
	63,276	37,162

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Loans and borrowings	8,262,582	-
Trade creditors	1,124,827	622,975
Accruals and deferred income	4,500	2,000
Other creditors	36,625	-
	9,428,534	624,975

	2021 £	2020 £
Current loans and borrowings
Other borrowings	8,262,582	-

Creditors: amounts falling due after more than one year

	2021 £	2020 £
Due after one year
Loans and borrowings	-	2,000,000
Amounts owed to group undertakings	22,712,423	21,605,250
	22,712,423	23,605,250

Included in Loans and borrowings is an amount of £8,164,610 (2020: £nil) which is secured by way of a floating and a fixed charge dated 16 October 2020 over the land known as on the north-west side of Cromwell Road.

Castle Irwell Limited

Notes to the Financial Statements for the Period from 1 August 2020 to 31 January 2021

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.