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Registration number: 08934335

Crocus Enterprise Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Crocus Enterprise Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 17

 

Crocus Enterprise Limited

Company Information

Directors

R S Patel

R Patel

Registered office

295 - 297 Chichester Road
Bognor Regis
West Sussex
PO21 5AL

Accountants

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

 

Crocus Enterprise Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the abridged financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

R S Patel

R Patel

Principal activity

The principal activity of the company is Retail sale in non-specialised stores with food, beverages or tobacco predominating.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 19 August 2023 and signed on its behalf by:
 

.........................................
R S Patel
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Crocus Enterprise Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Crocus Enterprise Limited for the year ended 31 March 2023 as set out on pages 4 to 17 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Crocus Enterprise Limited, as a body, in accordance with the terms of our engagement letter dated 16 February 2021. Our work has been undertaken solely to prepare for your approval the accounts of Crocus Enterprise Limited and state those matters that we have agreed to state to the Board of Directors of Crocus Enterprise Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crocus Enterprise Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Crocus Enterprise Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Crocus Enterprise Limited. You consider that Crocus Enterprise Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Crocus Enterprise Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

19 August 2023

 

Crocus Enterprise Limited

Abridged Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Gross profit

 

361,941

342,329

Administrative expenses

 

(327,286)

(279,304)

Other interest receivable and similar income

 

-

15

Interest payable and similar expenses

 

(3,848)

(3,878)

Profit before tax

4

30,807

59,162

Tax on profit

 

(9,024)

(11,309)

Profit for the financial year

 

21,783

47,853

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Crocus Enterprise Limited

Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

21,783

47,853

Total comprehensive income for the year

21,783

47,853

 

Crocus Enterprise Limited

(Registration number: 08934335)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

5

131,383

143,326

Tangible Assets

6

252,873

266,160

Investment property

8,050

8,050

 

392,306

417,536

Current assets

 

Stocks

7

50,000

53,948

Debtors

8

1,000

4,000

Cash at bank and in hand

 

117,544

30,845

 

168,544

88,793

Prepayments and accrued income

 

5,197

2,583

Creditors: Amounts falling due within one year

9.1

(298,718)

(268,008)

Net current liabilities

 

(124,977)

(176,632)

Total assets less current liabilities

 

267,329

240,904

Creditors: Amounts falling due after more than one year

9.2

(42,814)

(77,618)

Provisions for liabilities

(12,926)

(12,280)

Accruals and deferred income

 

(80,000)

(11,200)

Net assets

 

131,589

139,806

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

131,489

139,706

Shareholders' funds

 

131,589

139,806

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Crocus Enterprise Limited

(Registration number: 08934335)
Abridged Balance Sheet as at 31 March 2023

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 19 August 2023 and signed on its behalf by:
 

.........................................
R S Patel
Director

 

Crocus Enterprise Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

139,706

139,806

Profit for the year

-

21,783

21,783

Dividends

-

(30,000)

(30,000)

At 31 March 2023

100

131,489

131,589

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

100

121,853

121,953

Profit for the year

-

47,853

47,853

Dividends

-

(30,000)

(30,000)

At 31 March 2022

100

139,706

139,806

 

Crocus Enterprise Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
295 - 297 Chichester Road
Bognor Regis
West Sussex
PO21 5AL

These financial statements were authorised for issue by the Board on 19 August 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or on completion of the designated services;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Crocus Enterprise Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short Leasehold

Over the lease term

Fixtures and fittings

20% on reducing balance

Motor vehicles

20% on reducing balance

Freehold Property

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over the period of 20 years

 

Crocus Enterprise Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Crocus Enterprise Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

13,287

16,519

Amortisation expense

11,943

11,943

 

Crocus Enterprise Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

238,874

At 31 March 2023

238,874

Amortisation

At 1 April 2022

95,548

Amortisation charge

11,943

At 31 March 2023

107,491

Carrying amount

At 31 March 2023

131,383

At 31 March 2022

143,326

6

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

203,336

208,959

26,755

439,050

At 31 March 2023

203,336

208,959

26,755

439,050

Depreciation

At 1 April 2022

1,806

153,096

17,988

172,890

Charge for the year

361

11,173

1,753

13,287

At 31 March 2023

2,167

164,269

19,741

186,177

Carrying amount

At 31 March 2023

201,169

44,690

7,014

252,873

At 31 March 2022

201,530

55,863

8,767

266,160

Included within the net book value of land and buildings above is £199,000 (2022 - £199,000) in respect of freehold land and buildings and £2,169 (2022 - £2,530) in respect of short leasehold land and buildings.
 

Investment properties

 

Crocus Enterprise Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

2023
£

At 1 April

8,050

The investment represents shares in a buying group of which the company is a member.

There has been no valuation of investment property by an independent valuer.

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

50,000

53,948

8

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

9

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £25,100 (2020 - £32,495).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £60,659 (2020 - £85,759).

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Dividends

Final dividends paid

Interim dividends paid

 

Crocus Enterprise Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

   

2023
£

 

2022
£

Interim dividend of 30.00 per each ordinary shares

 

30,000

 

30,000

         

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of 30 per each ordinary shares

 

30,000

 

30,000

         

Recommended final dividends paid and not recognised in the accounts

The directors are recommending the following final dividends:

These dividends have not been accrued in the balance sheet.

12

Related party transactions

 

Crocus Enterprise Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

R Patel

(209,458)

(24,095)

(233,553)

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

R Patel

(168,088)

(41,370)

(209,458)

       
     

 

 

Crocus Enterprise Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,002

24,999

13

Parent and ultimate parent undertaking

The ultimate controlling party is directors.