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REGISTERED NUMBER: 05563099 (England and Wales)














CR PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023






CR PRODUCTS LIMITED (REGISTERED NUMBER: 05563099)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CR PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: D N Thornton
M R Thornton
Mrs R E Thornton
M D Westwood





SECRETARY: D N Thornton





REGISTERED OFFICE: Churchfield House
36 Vicar Street
Dudley
West Midlands
DY2 8RG





REGISTERED NUMBER: 05563099 (England and Wales)

CR PRODUCTS LIMITED (REGISTERED NUMBER: 05563099)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 60,523 74,292
Investments 5 832 832
61,355 75,124

CURRENT ASSETS
Stocks 421,805 569,192
Debtors 6 477,626 457,376
Cash at bank and in hand 48,115 59,030
947,546 1,085,598
CREDITORS
Amounts falling due within one year 7 562,671 698,963
NET CURRENT ASSETS 384,875 386,635
TOTAL ASSETS LESS CURRENT
LIABILITIES

446,230

461,759

CREDITORS
Amounts falling due after more than one
year

8

(48,866

)

(69,914

)

PROVISIONS FOR LIABILITIES (15,131 ) (14,115 )
NET ASSETS 382,233 377,730

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 381,233 376,730
SHAREHOLDERS' FUNDS 382,233 377,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 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.

CR PRODUCTS LIMITED (REGISTERED NUMBER: 05563099)

BALANCE SHEET - continued
28TH FEBRUARY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2nd November 2023 and were signed on its behalf by:





D N Thornton - Director


CR PRODUCTS LIMITED (REGISTERED NUMBER: 05563099)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

1. STATUTORY INFORMATION

CR Products Limited 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 (£).


The financial statements are rounded to the nearest £.

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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have been consistently applied within the same accounts.

Preparation of consolidated financial statements
The financial statements contain information about CR Products Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.
Plant and machinery etc - 25% on cost, 20% on cost, 10% on cost and Straight line up to 7 years

Investments in subsidiaries
Investments in shares are included at fair value.

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

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

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

CR PRODUCTS LIMITED (REGISTERED NUMBER: 05563099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes deposits held at call at banks.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price, less any impairment.

Grants
Government grants are recognised at fair value when there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. Grants are accounted for under the accruals model. Grants relating to purchase of assets are treated as deferred income and allocated to profit and loss account over the useful lives of the related assets, while grants related to expenses are treated as other income in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st March 2022 182,137
Additions 4,361
At 28th February 2023 186,498
DEPRECIATION
At 1st March 2022 107,845
Charge for year 18,130
At 28th February 2023 125,975
NET BOOK VALUE
At 28th February 2023 60,523
At 28th February 2022 74,292

CR PRODUCTS LIMITED (REGISTERED NUMBER: 05563099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

4. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 10,759 (2022 - £ 24,640 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st March 2022
and 28th February 2023 832
NET BOOK VALUE
At 28th February 2023 832
At 28th February 2022 832

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 368,278 289,022
Amounts owed by group undertakings 81,841 122,495
Other debtors 27,507 45,859
477,626 457,376

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 18,182 18,184
Hire purchase contracts 3,004 3,251
Trade creditors 464,719 485,069
Taxation and social security 33,886 44,130
Other creditors 42,880 148,329
562,671 698,963

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 40,909 58,954
Hire purchase contracts 7,957 10,960
48,866 69,914

CR PRODUCTS LIMITED (REGISTERED NUMBER: 05563099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 10,961 14,211
Factoring liability 19,534 109,200
30,495 123,411

The hire purchase liability is secured on the assets concerned.

The factoring liability is secured by a fixed and floating charge over the company's assets.

The bank loans are from the coronavirus business interruption loan scheme and are secured by a government guarantee.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
750 Ordinary 1 750 750
250 Ordinary A shares 1 250 250
1,000 1,000

Ordinary shares

Each share is entitled to one vote in any circumstances.
Each share is entitled pari passu to dividend payments or any other distribution.
Each share is entitled pari passu to participate in a distribution arising from a winding up of the company.


'A' Ordinary shares

The 'A' ordinary shares rank pari passu in all respects, save as regards dividends where distributions are at the discretion of the directors.

11. OTHER FINANCIAL COMMITMENTS

The company has office rental commitments of £31,333 (2022 - £54,833).

It also has other operating lease commitments of £16,412 (2022 - £31,026).