Company Registration No. 06534180 (England and Wales)
CRANE PLASTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
CRANE PLASTICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CRANE PLASTICS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
432,128
438,346
Current assets
Stocks
260,000
145,000
Debtors
6
415,044
297,451
Cash at bank and in hand
32,039
74,811
707,083
517,262
Creditors: amounts falling due within one year
7
(430,146)
(269,544)
Net current assets
276,937
247,718
Total assets less current liabilities
709,065
686,064
Creditors: amounts falling due after more than one year
8
(56,120)
(165,459)
Provisions for liabilities
(37,139)
(37,912)
Net assets
615,806
482,693
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
615,706
482,593
Total equity
615,806
482,693

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 31 March 2022 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 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.

CRANE PLASTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 August 2022
Mr C S Burdon
Director
Company Registration No. 06534180
CRANE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information

Crane Plastics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, Saxon Fields, Old Harborough Road, Brixworth, Northamptonshire, United Kingdom, NN6 9BX.

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
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

1.4
Tangible fixed assets

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
at varying rates on cost
Fixtures and fittings
25% on cost
Motor vehicles
at varying rates on cost
1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

CRANE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
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.

 

1.7
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.8
Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under purchase contracts are depreciated over their estimated useful lives. Those held finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
15
15
CRANE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
20,000
Amortisation and impairment
At 1 April 2021 and 31 March 2022
20,000
Carrying amount
At 31 March 2022
-
0
At 31 March 2021
-
0
5
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2021
683,025
26,930
33,300
743,255
Additions
39,325
5,223
11,000
55,548
At 31 March 2022
722,350
32,153
44,300
798,803
Depreciation and impairment
At 1 April 2021
256,990
19,829
28,090
304,909
Depreciation charged in the year
56,902
3,551
1,313
61,766
At 31 March 2022
313,892
23,380
29,403
366,675
Carrying amount
At 31 March 2022
408,458
8,773
14,897
432,128
At 31 March 2021
426,035
7,101
5,210
438,346
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
393,092
275,699
Other debtors
702
502
Prepayments and accrued income
21,250
21,250
415,044
297,451
CRANE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
15,960
17,866
Other borrowings
82,665
59,555
Trade creditors
207,820
132,716
Corporation tax
20,213
7,249
Other taxation and social security
37,733
33,867
Other creditors
33,364
5,010
Accruals and deferred income
32,391
13,281
430,146
269,544
8
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
18,620
34,580
Other borrowings
37,500
130,879
56,120
165,459

The following secured debts are included within creditors:

 

Bank loans for £34,580 (2021; £50,540)

9
Financial commitments, guarantees and contingent liabilities

The company had an annual property lease rental commitment of £100,000 which expired on 1 August 2021.

10
Other creditors

Other creditors includes £31,856 (2021: £853) owed to Mr & Mrs C S Burdon as at 31 March 2022

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