Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30false2022-10-01falseNo description of principal activity2626truetrue 01698337 2022-10-01 2023-09-30 01698337 2021-10-01 2022-09-30 01698337 2023-09-30 01698337 2022-09-30 01698337 2021-10-01 01698337 1 2022-10-01 2023-09-30 01698337 d:Director3 2022-10-01 2023-09-30 01698337 c:PlantMachinery 2022-10-01 2023-09-30 01698337 c:PlantMachinery 2023-09-30 01698337 c:PlantMachinery 2022-09-30 01698337 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 01698337 c:ComputerEquipment 2022-10-01 2023-09-30 01698337 c:ComputerEquipment 2023-09-30 01698337 c:ComputerEquipment 2022-09-30 01698337 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 01698337 c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 01698337 c:CurrentFinancialInstruments 2023-09-30 01698337 c:CurrentFinancialInstruments 2022-09-30 01698337 c:Non-currentFinancialInstruments 2023-09-30 01698337 c:Non-currentFinancialInstruments 2022-09-30 01698337 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 01698337 c:CurrentFinancialInstruments c:WithinOneYear 2022-09-30 01698337 c:ShareCapital 2023-09-30 01698337 c:ShareCapital 2022-09-30 01698337 c:ShareCapital 2021-10-01 01698337 c:SharePremium 2022-10-01 2023-09-30 01698337 c:SharePremium 2023-09-30 01698337 c:SharePremium 2022-09-30 01698337 c:SharePremium 2021-10-01 01698337 c:CapitalRedemptionReserve 2022-10-01 2023-09-30 01698337 c:CapitalRedemptionReserve 2023-09-30 01698337 c:CapitalRedemptionReserve 2022-09-30 01698337 c:CapitalRedemptionReserve 2021-10-01 01698337 c:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 01698337 c:RetainedEarningsAccumulatedLosses 2023-09-30 01698337 c:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 01698337 c:RetainedEarningsAccumulatedLosses 2022-09-30 01698337 c:RetainedEarningsAccumulatedLosses 2021-10-01 01698337 c:AcceleratedTaxDepreciationDeferredTax 2023-09-30 01698337 c:AcceleratedTaxDepreciationDeferredTax 2022-09-30 01698337 d:OrdinaryShareClass1 2022-10-01 2023-09-30 01698337 d:OrdinaryShareClass1 2023-09-30 01698337 d:OrdinaryShareClass1 2022-09-30 01698337 d:FRS102 2022-10-01 2023-09-30 01698337 d:Audited 2022-10-01 2023-09-30 01698337 d:FullAccounts 2022-10-01 2023-09-30 01698337 d:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 01698337 c:Subsidiary1 2022-10-01 2023-09-30 01698337 c:Subsidiary1 1 2022-10-01 2023-09-30 01698337 c:WithinOneYear 2023-09-30 01698337 c:WithinOneYear 2022-09-30 01698337 c:BetweenOneFiveYears 2023-09-30 01698337 c:BetweenOneFiveYears 2022-09-30 01698337 d:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 01698337 2 2022-10-01 2023-09-30 01698337 6 2022-10-01 2023-09-30 01698337 7 2022-10-01 2023-09-30 01698337 e:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01698337










CROFT ASSOCIATES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023



 
CROFT ASSOCIATES LIMITED
REGISTERED NUMBER: 01698337

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
111,874
73,269

Investments
 5 
27
27

  
111,901
73,296

Current assets
  

Stocks
 6 
1,040,204
283,192

Debtors: amounts falling due after more than one year
 7 
-
10,000

Debtors: amounts falling due within one year
 7 
1,093,400
2,196,073

Cash at bank and in hand
  
3,342,027
2,671,543

  
5,475,631
5,160,808

Creditors: amounts falling due within one year
 8 
(1,723,420)
(1,929,098)

Net current assets
  
 
 
3,752,211
 
 
3,231,710

Total assets less current liabilities
  
3,864,112
3,305,006

Provisions for liabilities
  

Deferred tax
 9 
(26,139)
(16,500)

  
 
 
(26,139)
 
 
(16,500)

Net assets
  
3,837,973
3,288,506


Capital and reserves
  

Called up share capital 
 10 
4,936
4,936

Share premium account
 11 
73,220
73,220

Capital redemption reserve
 11 
12,087
12,087

Profit and loss account
 11 
3,747,730
3,198,263

  
3,837,973
3,288,506


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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
CROFT ASSOCIATES LIMITED
REGISTERED NUMBER: 01698337

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M B Johnson
Director
Date: 20 March 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
CROFT ASSOCIATES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2022
4,936
73,220
12,087
3,198,263
3,288,506


Comprehensive income for the year

Profit for the year
-
-
-
2,549,461
2,549,461

Dividends: Equity capital
-
-
-
(1,999,994)
(1,999,994)


At 30 September 2023
4,936
73,220
12,087
3,747,730
3,837,973


The notes on pages 4 to 13 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2021
4,936
73,220
12,087
2,191,519
2,281,762


Comprehensive income for the year

Profit for the year
-
-
-
2,006,738
2,006,738

Dividends: Equity capital
-
-
-
(999,994)
(999,994)


At 30 September 2022
4,936
73,220
12,087
3,198,263
3,288,506


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
CROFT ASSOCIATES LIMITED
 

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

1.


General information

Croft Associates Limited is a private company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The presentational and functional currency of these financial statements is GBP. Values are rounded
to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements as the company is subject to small companies regime. Information contained in these financial statements is therefore presented for the individual company rather than the group.

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
CROFT ASSOCIATES LIMITED
 

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

2.Accounting policies (continued)

  
2.4

Long term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. This percentage completion approach is based on percentage of costs incurred compared to the estimated total costs on a contract by contract basis. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.5

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.

 
2.6

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.

  
2.7

Research and development

Expenditure on research and development is charged to the Statement of Comprehensive Income in the year in which it is incurred.

  
2.8

Foreign currency translation

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

 
2.9

Interest income

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

Page 5

 
CROFT ASSOCIATES LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual values, of all fixed assets, except assets held in the course of construction, over their expected useful lives. It is calculated on a straight line basis at the following rates:


IT equipment
-
33%
straight line
Other equipment
-
20%
straight line

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due
allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate portion of fixed and variable overheads.

 
2.14

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.15

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.

Page 6

 
CROFT ASSOCIATES LIMITED
 

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

2.Accounting policies (continued)

 
2.16

Creditors

Short term creditors are measured at the transaction price.

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial Position date.

 
2.18

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.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.19

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 26 (2022 - 26).

Page 7

 
CROFT ASSOCIATES LIMITED
 

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

4.


Tangible fixed assets





Other equipment
IT equipment
Total

£
£
£



Cost or valuation


At 1 October 2022
344,229
110,529
454,758


Additions
72,077
26,639
98,716


Disposals
(12,234)
(3,340)
(15,574)



At 30 September 2023

404,072
133,828
537,900



Depreciation


At 1 October 2022
292,318
89,171
381,489


Charge for the year
43,433
16,391
59,824


Disposals
(11,947)
(3,340)
(15,287)



At 30 September 2023

323,804
102,222
426,026



Net book value



At 30 September 2023
80,268
31,606
111,874



At 30 September 2022
51,911
21,358
73,269

Page 8

 
CROFT ASSOCIATES LIMITED
 

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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
27



At 30 September 2023
27






Net book value



At 30 September 2023
27



At 30 September 2022
27


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Holding

Croft, Inc
251 Little Falls Drive
Wilmington
 DE19808
USA
Services relating to packaging for the transport, storage, or disposal of radioactive materials.
100%







6.


Stocks

2023
2022
£
£

Raw materials
923,946
278,165

Work in progress (goods to be sold)
116,258
-

Finished goods and goods for resale
-
5,027

1,040,204
283,192


Page 9

 
CROFT ASSOCIATES LIMITED
 

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

7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
10,000

-
10,000


2023
2022
£
£

Due within one year

Trade debtors
675,866
926,957

Amounts owed by group undertakings
-
24,615

Other debtors
19,095
168,086

Prepayments and accrued income
398,439
1,076,415

1,093,400
2,196,073



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
220,082
727,273

Amounts owed to group undertakings
58,819
-

Corporation tax
707,821
380,290

Other taxation and social security
69,235
63,914

Other creditors
667,463
757,621

1,723,420
1,929,098


Page 10

 
CROFT ASSOCIATES LIMITED
 

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

9.


Deferred taxation




2023
2022


£

£






At beginning of year
(16,500)
(63,135)


Charged to profit or loss
(9,639)
46,635



At end of year
(26,139)
(16,500)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(26,139)
(16,500)

(26,139)
(16,500)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



493,622 (2022 - 493,622) Ordinary shares of £0.01 each
4,936
4,936

Prescribed particulars of the ordinary shares:
Voting rights - all shares rank equally for voting purposes.
Dividend rights - each share ranks equally for any dividend declared.
Rights to capital - each share ranks equally for any distribution made on a winding up.
Rights of redemption - the shares are not redeemable.


Page 11

 
CROFT ASSOCIATES LIMITED
 

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

11.


Reserves

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Capital redemption reserve

The capital redemption reserve contains the nominal value of own shares that have been acquired by the
company and cancelled.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other
adjustments.


12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £51,925 (2022 - £34,913). Contributions totalling £9,857 (2022 - £9,362) were payable to the fund at the reporting date and are included in creditors.


13.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
59,675
68,200

Later than 1 year and not later than 5 years
-
59,675

59,675
127,875


14.


Related party transactions

During the year, a partnership in which a director of the company is a partner provided consultancy services to the company, amounting to £50,100 (2022 - £49,650). As at 30 September 2023 the company owed the partnership £4,980 (2022 - £4,980).


15.


Post balance sheet events

Following the year end, after due and careful consideration the Board approved payment of an interim dividend of £999,979 to the holders of ordinary shares in proportion to their holdings of those ordinary shares, to be paid as soon as practicable.


16.


Controlling party

The company is controlled by R A Vaughan, a director and majority shareholder of the company.

Page 12

 
CROFT ASSOCIATES LIMITED
 

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

17.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 26 March 2024 by Alexander Peal BSc(Hons) FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 13