Company registration number 04666852 (England and Wales)
KIRSTY CRAIG ASSOCIATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
KIRSTY CRAIG ASSOCIATES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KIRSTY CRAIG ASSOCIATES LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,659
1,079
Current assets
Stocks
-
7,000
Debtors
5
16,772
15,294
Cash at bank and in hand
20,080
46,744
36,852
69,038
Creditors: amounts falling due within one year
6
(88,256)
(90,377)
Net current liabilities
(51,404)
(21,339)
Total assets less current liabilities
(48,745)
(20,260)
Creditors: amounts falling due after more than one year
7
(55,238)
(67,747)
Provisions for liabilities
14,096
14,096
Net liabilities
(89,887)
(73,911)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(89,987)
(74,011)
Total equity
(89,887)
(73,911)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

KIRSTY CRAIG ASSOCIATES LTD
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
K Wroughton-Craig
Director
Company Registration No. 04666852
KIRSTY CRAIG ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Kirsty Craig Associates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Refuge House, 33-37 Watergate Row, Chester, CH1 2LE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

During the year the company made a loss of £15,976 (2022: £34,766 profit) and has net liabilities of £89,887 (2022: £73,911). The directors have reviewed the trading results and forecast profitability of the company for a period of 18 months after the year end and consider that the going concern basis of preparation of appropriate. The company is reliant upon the continued support of its directors.true

1.3
Turnover

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33.33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

KIRSTY CRAIG ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
KIRSTY CRAIG ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 March 2022
9,584
Additions
3,242
At 28 February 2023
12,826
Depreciation and impairment
At 1 March 2022
8,505
Depreciation charged in the year
1,662
At 28 February 2023
10,167
Carrying amount
At 28 February 2023
2,659
At 28 February 2022
1,079
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,662
13,457
Prepayments and accrued income
2,110
1,837
16,772
15,294
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,628
11,887
Trade creditors
4,453
5,389
Taxation and social security
9,044
9,897
Other creditors
62,131
63,204
88,256
90,377
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
55,238
67,747
KIRSTY CRAIG ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
18,055
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
9
Directors' transactions

At the year end, the company owed the directors £61,818 (2022: £62,950). It is an interest free loan with no fixed date of repayment.

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