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Registration number: 04227034

CRF Storage (Brantingham) Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

CRF Storage (Brantingham) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

CRF Storage (Brantingham) Limited

Company Information

Directors

JA Redhead

S Redhead

Registered office

55 Cave Road
Brough
East Yorkshire
HU15 1HH

 

CRF Storage (Brantingham) Limited

(Registration number: 04227034)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

32,264

34,073

Current assets

 

Stocks

5

1,957

511

Debtors

6

83,585

81,256

Cash at bank and in hand

 

353,742

304,122

 

439,284

385,889

Creditors: Amounts falling due within one year

7

(136,635)

(124,453)

Net current assets

 

302,649

261,436

Total assets less current liabilities

 

334,913

295,509

Provisions for liabilities

(2,934)

(2,621)

Net assets

 

331,979

292,888

Capital and reserves

 

Called up share capital

60

60

Retained earnings

331,919

292,828

Shareholders' funds

 

331,979

292,888

For the financial year ending 28 February 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 8 November 2023 and signed on its behalf by:
 

.........................................
JA Redhead
Director

.........................................
S Redhead
Director

 

CRF Storage (Brantingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private limited company incorporated in England and Wales and the company registration number is 04227034.

The address of its registered office is:
55 Cave Road
Brough
East Yorkshire
HU15 1HH

These financial statements were authorised for issue by the Board on 8 November 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 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of storage 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 received in respect of Covid-19 are immediately recognised in the profit and loss account over the period to which they relate.

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.

 

CRF Storage (Brantingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

20% on cost

Computer equipment

20% on cost

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 cost of goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less provision for irrecoverable debts. A provision for the irrecoverable debts 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.

 

CRF Storage (Brantingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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 - 7).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

274,057

279,528

553,585

At 28 February 2023

274,057

279,528

553,585

Depreciation

At 1 March 2022

256,057

263,456

519,513

Charge for the year

360

1,448

1,808

At 28 February 2023

256,417

264,904

521,321

Carrying amount

At 28 February 2023

17,640

14,624

32,264

At 28 February 2022

18,000

16,073

34,073

 

CRF Storage (Brantingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Stocks

2023
£

2022
£

Other inventories

1,957

511

6

Debtors

2023
£

2022
£

Trade debtors

43,160

42,385

Other debtors

26,954

27,927

Prepayments and accrued income

13,471

10,944

Total current trade and other debtors

83,585

81,256

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

14,221

22,832

Taxation and social security

 

23,822

22,514

Other creditors

 

23,974

22,692

Accruals and deferred income

 

3,362

3,079

Other borrowings

8

71,256

53,336

 

136,635

124,453

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

71,256

53,336

Other borrowings relate to unsecured Director loans.

 

CRF Storage (Brantingham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Related party transactions

Transactions with Directors

2023

At 1 March 2022
£

Advances to Director
£

Repayments by Director
£

At 28 February 2023
£

JA Redhead

Unsecured, interest-free, repayable on demand

(27,114)

(36,472)

36,632

(26,954)

         
       

 

Other transactions with Directors

At the year end the amounts owed to and by the Directors was as follow:

J Redhead owed the company £26,954 (2022: £27,114)
S Redhead was owed £71,256 by the company (2022: £53,335)

The amounts are unsecured, interest-free and repayable on demand.