Company Registration No. 12812006 (England and Wales)
Keepsake Crafts Ltd
Unaudited accounts
for the period from 1 September 2021 to 28 February 2023
Keepsake Crafts Ltd
Unaudited accounts
Contents
Keepsake Crafts Ltd
Company Information
for the period from 1 September 2021 to 28 February 2023
Directors
Alexandru Serban
Andreea Serban
Company Number
12812006 (England and Wales)
Registered Office
3 CUMBERLAND AVENUE
WELLINGORE
LINCOLN
LINCOLNSHIRE
LN5 0BL
ENGLAND
Accountants
Square Accounts Limited
5 Albert Road
Southsea
Hampshire
PO5 2SE
Keepsake Crafts Ltd
Statement of financial position
as at 28 February 2023
Cash at bank and in hand
256
32,582
Creditors: amounts falling due within one year
-
(23,647)
Net current assets
2,420
14,382
Called up share capital
20
20
Profit and loss account
2,400
19,634
Shareholders' funds
2,420
19,654
For the period ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by
Alexandru Serban
Director
Company Registration No. 12812006
Keepsake Crafts Ltd
Notes to the Accounts
for the period from 1 September 2021 to 28 February 2023
Keepsake Crafts Ltd is a private company, limited by shares, registered in England and Wales, registration number 12812006. The registered office is 3 CUMBERLAND AVENUE, WELLINGORE, LINCOLN, LINCOLNSHIRE, LN5 0BL, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The financial statements have not been prepared on a going concern basis as the company ceased trading on 28 February 2023.
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events and are based on experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have any significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next
financial year.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Keepsake Crafts Ltd
Notes to the Accounts
for the period from 1 September 2021 to 28 February 2023
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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
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 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.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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.
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.
Keepsake Crafts Ltd
Notes to the Accounts
for the period from 1 September 2021 to 28 February 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 September 2021
4,552
1,083
5,635
Disposals
(4,552)
(2,005)
(6,557)
At 1 September 2021
216
147
363
Charge for the period
683
637
1,320
On disposals
(899)
(783)
(1,682)
At 31 August 2021
4,336
936
5,272
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2021
Taxes and social security
-
4,437
Loans from directors
-
18,628
Allotted, called up and fully paid:
10 Ordinary A shares of £1 each
10
10
10 Ordinary B shares of £1 each
10
10
8
Transactions with related parties
The directors maintain a loan account with the company. At the period end the company owed them £nil ( 2021: £18,628).
9
Average number of employees
During the period the average number of employees was 2 (2021: 2).