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Registration number: 08611118

Crew & Co Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Crew & Co Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Crew & Co Limited

Company Information

Directors

K Sarantis

WG Crew

Registered office

157 High Road
Loughton
IG10 4LF

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Crew & Co Limited

(Registration number: 08611118)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

33,418

32,723

Current assets

 

Debtors

5

18,698

21,113

Cash at bank and in hand

 

55,825

48,586

 

74,523

69,699

Creditors: Amounts falling due within one year

6

(80,083)

(96,474)

Net current liabilities

 

(5,560)

(26,775)

Total assets less current liabilities

 

27,858

5,948

Creditors: Amounts falling due after more than one year

6

(26,301)

(40,647)

Net assets/(liabilities)

 

1,557

(34,699)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,457

(34,799)

Shareholders' funds/(deficit)

 

1,557

(34,699)

For the financial year ending 31 July 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.

 

Crew & Co Limited

(Registration number: 08611118)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

.........................................
K Sarantis
Director

.........................................
WG Crew
Director

 

Crew & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
157 High Road
Loughton
IG10 4LF

These financial statements were authorised for issue by the Board on 8 April 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

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.

 

Crew & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

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

Land and buildings

10% straight line basis

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Showroom Improvements

20% straight line basis

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 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.

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.

 

Crew & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Leases

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.

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 5 (2022 - 4).

 

Crew & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 August 2022

4,316

5,873

156,806

26,224

Additions

-

13,732

-

-

At 31 July 2023

4,316

19,605

156,806

26,224

Depreciation

At 1 August 2022

3,706

1,175

141,995

13,620

Charge for the year

431

5,752

3,703

3,151

At 31 July 2023

4,137

6,927

145,698

16,771

Carrying amount

At 31 July 2023

179

12,678

11,108

9,453

At 31 July 2022

610

4,698

14,811

12,604

Total
£

Cost or valuation

At 1 August 2022

193,219

Additions

13,732

At 31 July 2023

206,951

Depreciation

At 1 August 2022

160,496

Charge for the year

13,037

At 31 July 2023

173,533

Carrying amount

At 31 July 2023

33,418

At 31 July 2022

32,723

Included within the net book value of land and buildings above is £179 (2022 - £610) in respect of freehold land and buildings.
 

 

Crew & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

6,198

-

Prepayments

-

8,613

Other debtors

12,500

12,500

 

18,698

21,113

 

Crew & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

14,346

14,346

Trade creditors

 

2,582

-

Taxation and social security

 

16,042

25,636

Accruals and deferred income

 

4,370

4,160

Other creditors

 

42,743

52,332

 

80,083

96,474

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

26,301

40,647

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,333

28,333

Hire purchase contracts

7,968

12,314

26,301

40,647

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

4,346

4,346

14,346

14,346