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Registration number: 07869513

The Crew (Nuneaton) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

The Crew (Nuneaton) Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 13

 

The Crew (Nuneaton) Limited

Company Information

Director

Mr Richard Burlingham

Registered office

Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

The Crew (Nuneaton) Limited

Director's Report for the Year Ended 31 December 2022

The director presents his report and the financial statements for the year ended 31 December 2022.

Director of the company

The director who held office during the year was as follows:

Mr Richard Burlingham

Principal activity

The principal activity of the company is that of a public house.

Small companies provision statement

This report has 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.

Approved by the director on 28 November 2023 and signed on its behalf by:

.........................................
Mr Richard Burlingham
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Crew (Nuneaton) Limited
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Crew (Nuneaton) Limited for the year ended 31 December 2022 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of The Crew (Nuneaton) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Crew (Nuneaton) Limited and state those matters that we have agreed to state to the Board of Directors of The Crew (Nuneaton) Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Crew (Nuneaton) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Crew (Nuneaton) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Crew (Nuneaton) Limited. You consider that The Crew (Nuneaton) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Crew (Nuneaton) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

28 November 2023

 

The Crew (Nuneaton) Limited

(Registration number: 07869513)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

6

125,317

98,492

Current assets

 

Stocks

7

17,441

11,044

Debtors

8

20,884

11,243

Cash at bank and in hand

 

23,517

23,076

 

61,842

45,363

Creditors: Amounts falling due within one year

9

(75,367)

(69,403)

Net current liabilities

 

(13,525)

(24,040)

Total assets less current liabilities

 

111,792

74,452

Creditors: Amounts falling due after more than one year

9

(45,408)

(36,293)

Provisions for liabilities

(32,028)

(23,805)

Net assets

 

34,356

14,354

Capital and reserves

 

Called up share capital

11

1

1

Retained earnings

34,355

14,353

Shareholders' funds

 

34,356

14,354

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

The Crew (Nuneaton) Limited

(Registration number: 07869513)
Balance Sheet as at 31 December 2022

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.

Approved and authorised by the director on 28 November 2023
 

.........................................
Mr Richard Burlingham
Director

 

The Crew (Nuneaton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

These financial statements were authorised for issue by the director on 28 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.

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

The accrual model is adopted for the recognition of grant income received.

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.

 

The Crew (Nuneaton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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 vehicles

25% reducing balance

Fixtures and fittings

10% reducing balance

Office equipment

3 year straight line

Plant & machinery

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

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.

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.

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.

 

The Crew (Nuneaton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

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.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

The Crew (Nuneaton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 17 (2021 - 16).

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

19,441

10,125

Amortisation expense

-

1,000

 

The Crew (Nuneaton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

10,000

10,000

At 31 December 2022

10,000

10,000

Amortisation

At 1 January 2022

10,000

10,000

At 31 December 2022

10,000

10,000

Carrying amount

At 31 December 2022

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2022

95,085

5,000

55,565

155,650

Additions

24,568

27,994

900

53,462

Disposals

-

-

(7,575)

(7,575)

At 31 December 2022

119,653

32,994

48,890

201,537

Depreciation

At 1 January 2022

47,934

4,718

4,506

57,158

Charge for the year

7,308

3,278

8,855

19,441

Eliminated on disposal

-

-

(379)

(379)

At 31 December 2022

55,242

7,996

12,982

76,220

Carrying amount

At 31 December 2022

64,411

24,998

35,908

125,317

At 31 December 2021

47,151

282

51,059

98,492

7

Stocks

2022
£

2021
£

Other inventories

17,441

11,044

 

The Crew (Nuneaton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

8

Debtors

2022
£

2021
£

Prepayments

924

938

Other debtors

19,960

10,305

 

20,884

11,243

9

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

19,643

17,855

Trade creditors

 

22,897

24,167

Taxation and social security

 

25,409

26,107

Other creditors

 

7,418

1,274

 

75,367

69,403

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

45,408

36,293

 

The Crew (Nuneaton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

24,167

34,167

Hire purchase contracts

21,241

2,126

45,408

36,293

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

11,810

Bank overdrafts

3,040

3,535

Hire purchase contracts

6,603

2,510

19,643

17,855

11

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         
 

The Crew (Nuneaton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

12

Related party transactions

Transactions with director

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Loan to director

10,305

55,033

(53,457)

11,881

         
       

 

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2021
£

Loan to director

11,132

109,208

(110,035)

10,305

         
       

 

The loan was interest free up to £10,000 then incurred interest at a rate of 2% on balances in excess over £10,000. The loan is repayable on demand.

13

Government grants

During the period the company received government grants in support of the pandemic Covid-19.
The amount of grants recognised in the financial statements was £76,800 (2021 - £236,464).