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REGISTERED NUMBER: 05349438 (England and Wales)















CRAFTWORK UPHOLSTERY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






CRAFTWORK UPHOLSTERY LIMITED (REGISTERED NUMBER: 05349438)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CRAFTWORK UPHOLSTERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: R Carr





REGISTERED OFFICE: 88 Armley Road
Leeds
LS12 2EJ





REGISTERED NUMBER: 05349438 (England and Wales)





AUDITORS: DSC Accountants Ltd
Chartered Accountants
Statutory Auditors
Tattersall House
East Parade
Harrogate
North Yorkshire
HG1 5LT

CRAFTWORK UPHOLSTERY LIMITED (REGISTERED NUMBER: 05349438)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 87,315 114,782

CURRENT ASSETS
Stocks 381,794 384,784
Debtors 5 1,100,455 906,204
Cash at bank and in hand 11,615 155,010
1,493,864 1,445,998
CREDITORS
Amounts falling due within one year 6 907,601 957,437
NET CURRENT ASSETS 586,263 488,561
TOTAL ASSETS LESS CURRENT
LIABILITIES

673,578

603,343

CREDITORS
Amounts falling due after more than one
year

7

(65,848

)

(8,643

)

PROVISIONS FOR LIABILITIES (12,687 ) (21,809 )
NET ASSETS 595,043 572,891

CAPITAL AND RESERVES
Called up share capital 475,000 475,000
Retained earnings 120,043 97,891
SHAREHOLDERS' FUNDS 595,043 572,891

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 director and authorised for issue on 7 November 2023 and were signed by:





R Carr - Director


CRAFTWORK UPHOLSTERY LIMITED (REGISTERED NUMBER: 05349438)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Craftwork Upholstery 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.

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.

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 - 20% on cost and 10% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, 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 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.

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.

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.

CRAFTWORK UPHOLSTERY LIMITED (REGISTERED NUMBER: 05349438)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2022 - 48 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 245,051 76,731 13,190 334,972
Additions 50,545 25,151 3,411 79,107
Reclassification/transfer (245,051 ) - (13,190 ) (258,241 )
At 31 May 2023 50,545 101,882 3,411 155,838
DEPRECIATION
At 1 June 2022 165,824 47,092 7,274 220,190
Charge for year 4,179 16,821 431 21,431
Reclassification/transfer (165,824 ) - (7,274 ) (173,098 )
At 31 May 2023 4,179 63,913 431 68,523
NET BOOK VALUE
At 31 May 2023 46,366 37,969 2,980 87,315
At 31 May 2022 79,227 29,639 5,916 114,782

During the year, the company sold a number of assets to Carr Holdings Limited, its parent company. The above Reclassifications/transfers reflect those assets.

The net book value of tangible fixed assets includes £ 70,652 (2022 - £ 25,016 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 627,527 550,837
Amounts owed by group undertakings 462,095 331,485
Prepayments 10,833 23,882
1,100,455 906,204

CRAFTWORK UPHOLSTERY LIMITED (REGISTERED NUMBER: 05349438)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,000 -
Hire purchase contracts 20,774 10,603
Trade creditors 252,957 285,141
Tax 8,008 21,008
Social security and other taxes 27,739 32,151
VAT 62,913 69,807
Other creditors 5,759 13,373
Ultimate Finance 398,543 385,000
Accrued expenses 125,908 140,354
907,601 957,437

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 7,846 -
Hire purchase contracts 40,454 8,643
Ultimate Finance 17,548 -
65,848 8,643

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham French (Senior Statutory Auditor)
for and on behalf of DSC Accountants Ltd

9. OTHER FINANCIAL COMMITMENTS

The company has agreement in place regarding the lease of 88 Armley Road, Leeds, LS12 2EJ with the following commitments:

Due within one year £130,000
Due within two to five years £520,000
Due over five years £276,250

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Carr Holdings Limited, a company registered in England and Wales whose registered office is 11 Mellington Close, Sheffield, S8 8JZ.