Company No:
Contents
DIRECTORS | Michael Barrett Mcfadgen |
Igor Pikovsky | |
Ralph Rogge |
REGISTERED OFFICE | 192 Campden Hill Road |
London | |
W8 7TH | |
England | |
United Kingdom |
COMPANY NUMBER | 11752182 (England and Wales) |
ACCOUNTANT | OnTheGo Accountants Limited |
330 Holborn Gate | |
High Holborn | |
London | |
WC1V 7QH | |
England |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 6 |
|
|
|
Tangible assets | 7 |
|
|
|
Investments | 8 |
|
|
|
19,201 | 14,296 | |||
Current assets | ||||
Debtors |
|
|
||
Cash at bank and in hand |
|
|
||
5,271,767 | 2,588,204 | |||
Creditors: amounts falling due within one year | (
|
(
|
||
Net current assets | 5,112,835 | 2,488,067 | ||
Total assets less current liabilities | 5,132,036 | 2,502,363 | ||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 10 |
|
|
|
Share premium account |
|
|
||
Other reserves |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Crezco Limited (registered number:
Ralph Rogge
Director |
Called-up share capital | Share premium account | Other reserves | Profit and loss account | Total | |||||
£ | £ | £ | £ | £ | |||||
At 01 February 2021 |
|
|
|
(
|
|
||||
Loss for the financial year |
|
|
|
(
|
(
|
||||
Total comprehensive loss |
|
|
|
(
|
(
|
||||
Issue of share capital |
|
|
|
|
|
||||
Credit to equity for equity settled share-based payment |
|
|
|
|
|
||||
At 31 January 2022 |
|
|
|
(
|
|
||||
At 01 February 2022 |
|
|
|
(
|
|
||||
Loss for the financial year |
|
|
|
(
|
(
|
||||
Total comprehensive loss |
|
|
|
(
|
(
|
||||
Issue of share capital |
|
|
|
|
|
||||
Credit to equity for equity settled share-based payment |
|
|
|
|
|
||||
At 31 January 2023 |
|
|
|
(
|
|
||||
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Crezco Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 192 Campden Hill Road, London, W8 7TH, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Fair value is measured by use of the exercise price which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Trademarks, patents and licences |
|
Office equipment |
|
Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
2023 | 2022 | ||
£ | £ | ||
Interest payable and similar expenses |
|
|
2023 | 2022 | ||
£ | £ | ||
Current tax on loss | |||
UK corporation tax |
|
(
|
|
Total current tax |
|
(
|
|
Deferred tax | |||
Origination and reversal of timing differences |
|
|
|
Total deferred tax |
|
|
|
Total tax on loss |
|
(
|
The March 2021 Budget announced a further increase to the main rate of corporation tax to 25% from April 2023 as well as introducing a small profits rate of 19%. These rates were substantively enacted via the Finance Bill 2021 on 24 May 2021.
At the Balance Sheet date, it was estimated that the Company’s future profits will be applicable to the small profits rate and therefore deferred tax balances as at 31 January 2023 continue to be measured at 19%.
Equity-settled share-based payment schemes
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Details of the share options outstanding during the financial year are as follows:
2023 | 2022 | ||||
---|---|---|---|---|---|
Weighted Average | Weighted Average | ||||
Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
Outstanding at beginning of period |
|
|
|
|
|
Granted during the period |
|
|
|
|
|
Outstanding at the end of the period |
|
|
|
|
|
Exercisable at the end of the period |
|
|
|
|
Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 01 February 2022 |
|
|
|
At 31 January 2023 |
|
|
|
Accumulated amortisation | |||
At 01 February 2022 |
|
|
|
Charge for the financial year |
|
|
|
At 31 January 2023 |
|
|
|
Net book value | |||
At 31 January 2023 |
|
|
|
At 31 January 2022 |
|
|
Office equipment | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 February 2022 |
|
|
|
||
Additions |
|
|
|
||
At 31 January 2023 |
|
|
|
||
Accumulated depreciation | |||||
At 01 February 2022 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 January 2023 |
|
|
|
||
Net book value | |||||
At 31 January 2023 |
|
|
|
||
At 31 January 2022 |
|
|
|
Other investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 February 2022 |
|
|
|
Additions |
|
|
|
At 31 January 2023 |
|
|
|
Provisions for impairment | |||
At 01 February 2022 |
|
|
|
At 31 January 2023 |
|
|
|
Carrying value at 31 January 2023 |
|
|
|
Carrying value at 31 January 2022 |
|
|
2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
|
|
|
Charged to the Profit and Loss Account | (
|
(
|
|
At the end of financial year | (
|
(
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
488 | 359 |
Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Director's remuneration | 191,667 | 153,333 |