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Company registration number: 07102448
I W Critchley & Son Ltd
Unaudited filleted financial statements
31 March 2022
I W Critchley & Son Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
I W Critchley & Son Ltd
Directors and other information
Directors Mr Peter Critchley
Mr James William Critchley
Mrs Janet Elaine Critchley
Mr Richard Wilf Critchley
Mr Robert Peter Critchley
Secretary Mrs Janet Elaine Critchley
Company number 07102448
Registered office Four Winds
Burgh Lane
Chorley
Lancashire
PR7 3PU
Business address Four Winds
Burgh Lane
Chorley
Lancashire
PR7 3PU
Accountants Roby Brimley & Co Ltd
5 Farrington Street
Chorley
Lancashire
PR7 1DY
I W Critchley & Son Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of I W Critchley & Son Ltd
Year ended 31 March 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2022 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Roby Brimley & Co Ltd
Accountants & Tax Advisers
5 Farrington Street
Chorley
Lancashire
PR7 1DY
7 September 2022
I W Critchley & Son Ltd
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 36,344 30,433
Tangible assets 6 71,418 61,802
_______ _______
107,762 92,235
Current assets
Stocks 1,900 1,100
Debtors 7 167,786 249,722
Cash at bank and in hand 205,795 67,955
_______ _______
375,481 318,777
Creditors: amounts falling due
within one year 8 ( 177,060) ( 171,021)
_______ _______
Net current assets 198,421 147,756
_______ _______
Total assets less current liabilities 306,183 239,991
Provisions for liabilities ( 13,569) ( 11,742)
_______ _______
Net assets 292,614 228,249
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 292,514 228,149
_______ _______
Shareholders funds 292,614 228,249
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 September 2022 , and are signed on behalf of the board by:
Mr Peter Critchley
Director
Company registration number: 07102448
I W Critchley & Son Ltd
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Four Winds, Burgh Lane, Chorley, Lancashire, PR7 3PU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2021: 14 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2021 62,388 62,388
Additions 13,500 13,500
_______ _______
At 31 March 2022 75,888 75,888
_______ _______
Amortisation
At 1 April 2021 31,955 31,955
Charge for the year 7,589 7,589
_______ _______
At 31 March 2022 39,544 39,544
_______ _______
Carrying amount
At 31 March 2022 36,344 36,344
_______ _______
At 31 March 2021 30,433 30,433
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 61,294 35,486 80,919 177,699
Additions 187 1,759 25,034 26,980
Disposals - - ( 6,650) ( 6,650)
_______ _______ _______ _______
At 31 March 2022 61,481 37,245 99,303 198,029
_______ _______ _______ _______
Depreciation
At 1 April 2021 33,850 23,816 58,231 115,897
Charge for the year 4,145 2,022 9,130 15,297
Disposals - - ( 4,583) ( 4,583)
_______ _______ _______ _______
At 31 March 2022 37,995 25,838 62,778 126,611
_______ _______ _______ _______
Carrying amount
At 31 March 2022 23,486 11,407 36,525 71,418
_______ _______ _______ _______
At 31 March 2021 27,444 11,670 22,688 61,802
_______ _______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 154,337 238,718
Other debtors 13,449 11,004
_______ _______
167,786 249,722
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 83,207 99,751
Corporation tax 42,950 52,879
Social security and other taxes 5,136 6,337
Other creditors 45,767 12,054
_______ _______
177,060 171,021
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Peter Critchley ( 3) ( 45,065) 27,261 ( 17,807)
Mr James William Critchley ( 2) ( 8,450) 8,405 ( 47)
Mrs Janet Elaine Critchley ( 3) ( 45,065) 27,261 ( 17,807)
Mr Richard Wilf Critchley ( 20) ( 2,550) 2,552 ( 18)
Mr Robert Peter Critchley ( 83) ( 2,400) 2,427 ( 56)
_______ _______ _______ _______
( 111) ( 103,530) 67,906 ( 35,735)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Peter Critchley ( 18,478) ( 12,661) 31,136 ( 3)
Mr James William Critchley ( 852) ( 11,269) 12,119 ( 2)
Mrs Janet Elaine Critchley ( 18,478) ( 12,661) 31,136 ( 3)
Mr Richard Wilf Critchley - ( 150) 130 ( 20)
Mr Robert Peter Critchley - ( 4,100) 4,017 ( 83)
_______ _______ _______ _______
( 37,808) ( 40,841) 78,538 ( 111)
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2022 2021
£ £
Mr Peter Critchley and Mrs Janet Elaine Critchley (Directors) 30,000 30,000
_______ _______
The company rents its trading premises from Mr Peter Critchley and Mrs Janet Elaine Critchley (directors). The rent payable for the year was £30,000 (2021: £30,000).
11. Controlling party
The company is controlled by Mr Peter Critchley (a director) by virtue of his ownership of a majority of the issued share capital.