Company registration number 08008752 (England and Wales)
CRAIGMORE RESEARCH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
FILLETED ACCOUNTS
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
CRAIGMORE RESEARCH LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
CRAIGMORE RESEARCH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
813,610
1,885,927
Current assets
Debtors
6
6,073
16,378
Cash at bank and in hand
49,512
128,868
55,585
145,246
Creditors: amounts falling due within one year
7
(95,199)
(62,405)
Net current (liabilities)/assets
(39,614)
82,841
Total assets less current liabilities
773,996
1,968,768
Creditors: amounts falling due after more than one year
8
(1,753,533)
(2,842,796)
Net liabilities
(979,537)
(874,028)
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
(979,539)
(874,030)
Total equity
(979,537)
(874,028)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
WRN Tapp
Director
Company registration number 08008752 (England and Wales)
CRAIGMORE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Craigmore Research Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

 

Craigmore Research Limited is a wholly owned subsidiary of Craigmore Research Holdings Limited , a limited company incorporated in New Zealand which is ultimately owned and controlled by Craigmore Sustainables Group LP, a limited partnership incorporated in New Zealand. The results of Craigmore Research Limited are included in the consolidated financial statements of Craigmore Sustainables Group LP which are available from PO Box 16343, Hornby, Christchurch, New Zealand.

1.2
Going concern

The financial statements are prepared on a going concern basis based on the continuing support of the ultimate parent entity Craigmore Sustainables Group LPtrue.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Unbilled revenue earned in the period is recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits will flow to the entity and the costs incurred or to be incurred can be measured reliably. Unbilled revenue is classified as accrued income and included in other debtors.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CRAIGMORE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

CRAIGMORE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment assessment on investments in subsidiaries

The Company assesses the impairment of investments in subsidiaries at the end of each financial year and whenever triggering events or changes in circumstances indicate that an investment may be impaired and its carrying value may not be recoverable. The Company measures the impairment based on a projected future cash flow of the subsidiary undertaking, including the underlying assumptions of sales growth rate and profitability estimated by the entities' internal management team. The Company also takes into account market conditions and the relevant industry trends to ensure the reasonableness of such assumptions.

CRAIGMORE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Employees

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

2023
2022
Number
Number
Total
1
1

The directors received no remuneration in the year.

4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
813,610
1,885,927
Movements in fixed asset investments
Shares in subsidiaries
£
Cost
At 1 July 2022
1,885,927
Repayment of capital
(1,072,317)
At 30 June 2023
813,610
Carrying amount
At 30 June 2023
813,610
At 30 June 2022
1,885,927
5
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Craigmore Sustainables LLP
Tavistock House South, Tavistock Square, London, WC1H 9LG
Management and administrative services as an intermediary to the holders of investment funds
Corporate Member
100.00
CRAIGMORE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,000
5,700
Amounts owed by group undertakings
-
0
7,899
Other debtors
3,073
2,779
6,073
16,378
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
69,358
47,072
Taxation and social security
3,358
3,328
Other creditors
22,483
12,005
95,199
62,405
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
1,753,533
2,842,796

The long-term loan is unsecured.

 

The loan is repayable within 5 years. Under the terms of the loan agreement, the loan can be repaid within 12 months at the option of the borrower. The loan bears interest in accordance with the terms of the loan agreement. At the statement of financial position date the interest rate being charged was 9.68% per annum.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Darren Hill FCA
Statutory Auditor:
Rayner Essex LLP
CRAIGMORE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
22,400
-
0
12
Related party transactions

Included in turnover is £30,000 (2022: £45,000) relating to management services provided during the year on normal commercial terms to a company with a person with significant control in common. Shared costs totalling £200 (2022: £nil) were recharged in the year to this company. At the statement of financial position date, the amount due from this company was £3,000 (2022: £3,000). This balance is included in debtors, note 6.

13
Parent company

The intermediate holding company is Craigmore Research Holdings Limited, a company incorporated in New Zealand. The ultimate parent entity is Craigmore Sustainables Group LP, a limited partnership incorporated in New Zealand.

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