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Company registration number: 08983887
CRYSTALLINE GRANITE SPECIALISTS LIMITED
Unaudited filleted financial statements
31 March 2023
CRYSTALLINE GRANITE SPECIALISTS LIMITED
Contents
Statement of financial position
Notes to the financial statements
CRYSTALLINE GRANITE SPECIALISTS LIMITED
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 149,473 144,621
_______ _______
149,473 144,621
Current assets
Debtors 6 77,945 99,682
Cash at bank and in hand 48,402 57,816
_______ _______
126,347 157,498
Creditors: amounts falling due
within one year 7 ( 81,572) ( 95,190)
_______ _______
Net current assets 44,775 62,308
_______ _______
Total assets less current liabilities 194,248 206,929
Creditors: amounts falling due
after more than one year 8 ( 88,045) ( 110,863)
Provisions for liabilities ( 27,605) ( 27,478)
_______ _______
Net assets 78,598 68,588
_______ _______
Capital and reserves
Called up share capital 100 100
Share premium account 9,998 9,998
Profit and loss account 68,500 58,490
_______ _______
Shareholders funds 78,598 68,588
_______ _______
For the year ending 31 March 2023 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 09 October 2023 , and are signed on behalf of the board by:
Mr R James
Director
Company registration number: 08983887
CRYSTALLINE GRANITE SPECIALISTS LIMITED
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 28 Delaware Road, Styvechale, Coventry, CV3 6LX.
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.
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.
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:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
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.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 21 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2022 35,149 326,038 361,187
Additions 17,731 90,438 108,169
Disposals - ( 57,688) ( 57,688)
_______ _______ _______
At 31 March 2023 52,880 358,788 411,668
_______ _______ _______
Depreciation
At 1 April 2022 13,749 202,818 216,567
Charge for the year 12,828 64,477 77,305
Disposals - ( 31,677) ( 31,677)
_______ _______ _______
At 31 March 2023 26,577 235,618 262,195
_______ _______ _______
Carrying amount
At 31 March 2023 26,303 123,170 149,473
_______ _______ _______
At 31 March 2022 21,400 123,220 144,620
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 34,750 30,195
Other debtors 43,195 69,487
_______ _______
77,945 99,682
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Corporation tax 15,780 34,727
Social security and other taxes 819 -
Other creditors 54,973 50,463
_______ _______
81,572 95,190
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 21,667 31,667
Other creditors 66,378 79,196
_______ _______
88,045 110,863
_______ _______
9. Directors advances, credits and guarantees
As at 31 March 2023 the company was owed £25,208 by one of its directors, Mr R James . Interest of 5% per annum is charged on this loan.
10. Controlling party
The company is controlled by a director, Mr R James, by virtue of his shareholding.