Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3122022-04-01falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00548034 2022-04-01 2023-03-31 00548034 2021-04-01 2022-03-31 00548034 2023-03-31 00548034 2022-03-31 00548034 c:Director1 2022-04-01 2023-03-31 00548034 d:Buildings 2022-04-01 2023-03-31 00548034 d:Buildings 2023-03-31 00548034 d:Buildings 2022-03-31 00548034 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00548034 d:LandBuildings 2023-03-31 00548034 d:LandBuildings 2022-03-31 00548034 d:PlantMachinery 2022-04-01 2023-03-31 00548034 d:PlantMachinery 2023-03-31 00548034 d:PlantMachinery 2022-03-31 00548034 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00548034 d:MotorVehicles 2022-04-01 2023-03-31 00548034 d:MotorVehicles 2023-03-31 00548034 d:MotorVehicles 2022-03-31 00548034 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00548034 d:FurnitureFittings 2022-04-01 2023-03-31 00548034 d:FurnitureFittings 2023-03-31 00548034 d:FurnitureFittings 2022-03-31 00548034 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00548034 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00548034 d:CurrentFinancialInstruments 2023-03-31 00548034 d:CurrentFinancialInstruments 2022-03-31 00548034 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00548034 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00548034 d:ShareCapital 2023-03-31 00548034 d:ShareCapital 2022-03-31 00548034 d:CapitalRedemptionReserve 2023-03-31 00548034 d:CapitalRedemptionReserve 2022-03-31 00548034 d:RetainedEarningsAccumulatedLosses 2023-03-31 00548034 d:RetainedEarningsAccumulatedLosses 2022-03-31 00548034 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 00548034 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 00548034 c:FRS102 2022-04-01 2023-03-31 00548034 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00548034 c:FullAccounts 2022-04-01 2023-03-31 00548034 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00548034 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 00548034









CRAZE BROTHERS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
CRAZE BROTHERS LIMITED
REGISTERED NUMBER: 00548034

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,082,061
1,082,641

  
1,082,061
1,082,641

Current assets
  

Debtors: amounts falling due within one year
 5 
25,873
36,652

Cash at bank and in hand
 6 
249,617
220,246

  
275,490
256,898

Creditors: amounts falling due within one year
 7 
(371,651)
(329,476)

Net current liabilities
  
 
 
(96,161)
 
 
(72,578)

Total assets less current liabilities
  
985,900
1,010,063

  

Net assets
  
985,900
1,010,063


Capital and reserves
  

Called up share capital 
  
6,902
6,902

Capital redemption reserve
  
3,101
3,101

Profit and loss account
  
975,897
1,000,060

  
985,900
1,010,063


Page 1

 
CRAZE BROTHERS LIMITED
REGISTERED NUMBER: 00548034
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2023.





................................................
C D Knight
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Craze Brothers Limited is a private company limited by share capital incorporated in England and Wales. The principal activity of the Company throughout the year was that of motor dealers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Straight line over 50 years
Plant and machinery
-
33% reducing balance
Motor vehicles
-
Fixtures and fittings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 4

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
1,257,369
10,365
-
14,787
1,282,521


Additions
-
-
33,000
-
33,000



At 31 March 2023

1,257,369
10,365
33,000
14,787
1,315,521



Depreciation


At 1 April 2022
181,755
7,154
-
10,971
199,880


Charge for the year on owned assets
25,148
1,068
6,600
764
33,580



At 31 March 2023

206,903
8,222
6,600
11,735
233,460



Net book value



At 31 March 2023
1,050,466
2,143
26,400
3,052
1,082,061



At 31 March 2022
1,075,614
3,211
-
3,816
1,082,641

Page 5

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
1,050,466
1,075,614

1,050,466
1,075,614



5.


Debtors

2023
2022
£
£


Trade debtors
24,002
34,870

Other debtors
43
43

Prepayments and accrued income
1,828
1,739

25,873
36,652



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
249,617
220,246

249,617
220,246


Page 6

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
110
1,056

Corporation tax
11,826
14,522

Other taxation and social security
2,204
4,489

Other creditors
326,294
274,570

Accruals and deferred income
31,217
34,839

371,651
329,476





8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
249,617
220,246




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Controlling party

The Company is controlled by the director, C D Knight, by virtue of his shareholding as described in the Director's report.

 
Page 7