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REGISTERED NUMBER: 09215227 (England and Wales)















Crazy P's Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2023






Crazy P's Ltd (Registered number: 09215227)






Contents of the Financial Statements
for the year ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Crazy P's Ltd

Company Information
for the year ended 31 January 2023







DIRECTORS: JW Ferguson
LB Higginson
R Mackenzie
P Robinson





REGISTERED OFFICE: The Landmark
21 Back Turner Street
Manchester
M4 1FR





REGISTERED NUMBER: 09215227 (England and Wales)





ACCOUNTANTS: McMillan & Co LLP
Chartered Accountants
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Crazy P's Ltd (Registered number: 09215227)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 213,963 89,832

CURRENT ASSETS
Stocks 16,215 16,490
Debtors 5 419,025 228,135
Cash at bank 70,949 624,377
506,189 869,002
CREDITORS
Amounts falling due within one year 6 310,942 511,027
NET CURRENT ASSETS 195,247 357,975
TOTAL ASSETS LESS CURRENT
LIABILITIES

409,210

447,807

PROVISIONS FOR LIABILITIES 9 44,965 15,276
NET ASSETS 364,245 432,531

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 364,244 432,530
364,245 432,531

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Crazy P's Ltd (Registered number: 09215227)

Balance Sheet - continued
31 January 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





P Robinson - Director


Crazy P's Ltd (Registered number: 09215227)

Notes to the Financial Statements
for the year ended 31 January 2023

1. STATUTORY INFORMATION

Crazy P's Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) and the amounts in the financial statements have been rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the time of signing these accounts the directors are of the opinion that the company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Over the term of the lease
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

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

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Crazy P's Ltd (Registered number: 09215227)

Notes to the Financial Statements - continued
for the year ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 February 2022 109,058 105,058 24,568 238,684
Additions 11,323 141,898 - 153,221
Disposals - (1,744 ) - (1,744 )
At 31 January 2023 120,381 245,212 24,568 390,161
DEPRECIATION
At 1 February 2022 65,640 64,338 18,874 148,852
Charge for year 11,349 15,322 1,134 27,805
Eliminated on disposal - (459 ) - (459 )
At 31 January 2023 76,989 79,201 20,008 176,198
NET BOOK VALUE
At 31 January 2023 43,392 166,011 4,560 213,963
At 31 January 2022 43,418 40,720 5,694 89,832

Included within tangible fixed assets are assets held under hire purchase and finance lease agreements. The net book value of these assets at the year end was £97,048 and the depreciation charged on them in the year was £5,108.


Crazy P's Ltd (Registered number: 09215227)

Notes to the Financial Statements - continued
for the year ended 31 January 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,642 1,100
Amounts owed by group undertakings 279,463 210,637
Other debtors 125,389 7,720
Prepayments and accrued income 10,531 8,678
419,025 228,135

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 7) 96,146 -
Trade creditors 58,823 14,391
Amounts owed to group undertakings - 225,597
Taxation and social security 98,629 108,505
Other creditors 57,344 162,534
310,942 511,027

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 96,146 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 65,325 48,000
Between one and five years 64,638 148,000
129,963 196,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 96,146 -

The hire purchase liabilities are secured on certain of the company's tangible fixed assets.

Crazy P's Ltd (Registered number: 09215227)

Notes to the Financial Statements - continued
for the year ended 31 January 2023

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 44,965 15,276

Deferred
tax
£   
Balance at 1 February 2022 15,276
Provided during year 29,689
Balance at 31 January 2023 44,965

10. RELATED PARTY DISCLOSURES

In the opinion of the directors the company is controlled by the parent company Crazy Pedro's (Holdings) Ltd, which has held 100% of the share capital since 7 July 2022.

Crazy Pedro's (Holdings) Ltd is exempt from the requirement to produce group accounts.

There is a cross guarantee between Crazy P's Ltd and the other group and related companies in favour of the groups bankers.