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Registration number: 11255832

Craig Ormerod Associates Ltd
Annual Report and
Unaudited Financial Statements

31 March 2023

 

Craig Ormerod Associates Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Craig Ormerod Associates Ltd

Balance Sheet
31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

126,620

128,060

Current assets

 

Debtors

5

12,977

11,856

Cash at bank and in hand

 

145,441

44,682

 

158,418

56,538

Creditors: Amounts falling due within one year

6

(113,083)

(59,980)

Net current assets/(liabilities)

 

45,335

(3,442)

Total assets less current liabilities

 

171,955

124,618

Provisions for liabilities

(406)

(406)

Net assets

 

171,549

124,212

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

171,547

124,210

Shareholders' funds

 

171,549

124,212

 

Craig Ormerod Associates Ltd

Balance Sheet
31 March 2023

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2023 and signed on its behalf by:
 

.........................................
Mr C Ormerod
Director

Company Registration Number: 11255832

 

Craig Ormerod Associates Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
44 Kendal Road West
Ramsbottom
Bury
Lancashire
BL0 9SY

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 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 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.

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;
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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Craig Ormerod Associates Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

Tax

The tax expense for the period comprises current 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.

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

Motor cars

33% Straight Line

Leasehold Improvements

10% Straight Line

Office Equipment

25% Straight Line

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.

 

Craig Ormerod Associates Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

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.

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 7 (2022 - 4).

 

Craig Ormerod Associates Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

18,850

49,276

14,332

72,976

155,434

Additions

18,000

2,800

6,682

-

27,482

At 31 March 2023

36,850

52,076

21,014

72,976

182,916

Depreciation

At 1 April 2022

4,381

5,737

9,699

7,557

27,374

Charge for the year

2,248

5,207

3,223

18,244

28,922

At 31 March 2023

6,629

10,944

12,922

25,801

56,296

Carrying amount

At 31 March 2023

30,221

41,132

8,092

47,175

126,620

At 31 March 2022

14,469

43,539

4,633

65,419

128,060

 

Craig Ormerod Associates Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

8,815

11,150

Prepayments

4,162

706

 

12,977

11,856

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

7,022

2,059

Taxation and social security

102,456

38,330

Other creditors

3,605

19,591

113,083

59,980

 

Craig Ormerod Associates Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share Capital of £1 each

2

2

2

2

         
 

Craig Ormerod Associates Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

8

Related party transactions

Directors' remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.
The directors who are also shareholders receive dividends as part of this remuneration package.