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CROMER TROPHIES & ENGRAVING LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Registered number: 04794060

 
CROMER TROPHIES & ENGRAVING LIMITED
REGISTERED NUMBER:04794060

ABRIDGED BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
650

Tangible assets
 5 
30,242
9,041

  
30,242
9,691

Current assets
  

Stocks
  
15,000
10,000

Debtors
  
2,426
4,232

Cash at bank and in hand
  
23,442
23,057

  
40,868
37,289

Creditors: amounts falling due within one year
  
(30,159)
(21,481)

Net current assets
  
 
 
10,709
 
 
15,808

Total assets less current liabilities
  
40,951
25,499

Creditors: amounts falling due after more than one year
  
(4,800)
(7,200)

Provisions for liabilities
  
(5,746)
(1,718)

Net assets
  
£30,405
£16,581


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
30,305
16,481

  
£30,405
£16,581


Page 1

 
CROMER TROPHIES & ENGRAVING LIMITED
REGISTERED NUMBER:04794060

ABRIDGED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The abridged 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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The abridged financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 March 2024.




S J Burbidge
Director

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

Page 2

 
CROMER TROPHIES & ENGRAVING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Cromer Trophies & Engraving Limited is a private company, limited by shares, domiciled in England and Wales, registration number 04794060. The company's registered office is 11 West Street, Cromer, Norfolk, NR27 9HZ.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services provided, exclusive of Value Added Tax.

 
2.3

Intangible assets

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Statement of Comprehensive Income over its estimated economic life of twenty years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives.

Depreciation is provided on the following basis:

Leasehold property
-
over the period of the lease
Fixtures and equipment
-
25% reducing balance

A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.5

Stocks

Stocks have been valued by the director at the lower of cost and net realisable value.

 
2.6

Debtors

Debtors are measured at transaction price, less any impairment for bad or doubtful debts.

Page 3

 
CROMER TROPHIES & ENGRAVING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Financial instruments

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, loans from banks and other third parties.

 
2.9

Creditors

Creditors are measured at transaction price.

 
2.10

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.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

Interest income

Interest income is recognised in the Statement of Comprehensive Income in the year in which it is received.

 
2.13

Finance costs

Finance costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CROMER TROPHIES & ENGRAVING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Current and deferred taxation

The taxation expense for the year comprises current corporation tax which is recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of taxation rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.
The charge for taxation takes into account taxation deferred or accelerated as a result of all material timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that they are regarded as recoverable within the foreseeable future. Deferred tax assets and liabilities are not discounted.


3.


Employees

2023
2022
£
£

Wages and salaries
33,089
21,516

Cost of defined contribution scheme
569
124

£33,658
£21,640


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

Page 5

 
CROMER TROPHIES & ENGRAVING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 July 2022
13,000



At 30 June 2023

13,000



Amortisation


At 1 July 2022
12,350


Charge for the year on owned assets
650



At 30 June 2023

13,000



Net book value



At 30 June 2023
£-



At 30 June 2022
£650



Page 6

 
CROMER TROPHIES & ENGRAVING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Leasehold property
Fixtures & equipment
Total

£
£
£



Cost or valuation


At 1 July 2022
14,787
76,300
91,087


Additions
-
31,290
31,290



At 30 June 2023

14,787
107,590
122,377



Depreciation


At 1 July 2022
14,787
67,259
82,046


Charge for the year on owned assets
-
10,089
10,089



At 30 June 2023

14,787
77,348
92,135



Net book value



At 30 June 2023
£-
£30,242
£30,242



At 30 June 2022
£-
£9,041
£9,041


6.Other financial commitments

At 30 June 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £nil (2022 - £1,146).


Page 7