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Registration number: 09955928

Croft (East Midlands) Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 31 January 2024

 

Croft (East Midlands) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Croft (East Midlands) Limited

(Registration number: 09955928)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

4

 

12,550

 

17,825

Tangible assets

5

 

2,529

 

3,285

   

15,079

 

21,110

Current assets

   

 

Stocks

6

14,616

 

-

 

Debtors

7

19,855

 

19,938

 

Cash at bank and in hand

 

39,722

 

23,713

 

 

74,193

 

43,651

 

Creditors: Amounts falling due within one year

8

(42,085)

 

(29,816)

 

Net current assets

   

32,108

 

13,835

Total assets less current liabilities

   

47,187

 

34,945

Creditors: Amounts falling due after more than one year

8

 

(8,800)

 

(15,400)

Provisions for liabilities

 

(632)

 

-

Net assets

   

37,755

 

19,545

Capital and reserves

   

 

Called up share capital

1

 

1

 

Profit and loss account

37,754

 

19,544

 

Total equity

   

37,755

 

19,545

 

Croft (East Midlands) Limited

(Registration number: 09955928)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

.........................................
Mr O.D. Mynard
Director

 

Croft (East Midlands) Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2024

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:
Unit 11, Fusion Court
Aberford Road
Garforth
Leeds
LS25 2GH

These financial statements were authorised for issue by the Board on 15 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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 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.

 

Croft (East Midlands) Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2024

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.

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

Plant and Machinery

15% reducing balance

Motor Vehicles

25% 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

Franchise Fee

10% straight line

Stocks

Stocks are initially measured at cost and then amortised over their expected useful life, the value on the balance sheet is the remaining non-amortised value.

 

Croft (East Midlands) Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2024

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.

Share capital

Ordinary shares are classified as equity.

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 3 (2023 - 2).

 

Croft (East Midlands) Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

52,750

52,750

At 31 January 2024

52,750

52,750

Amortisation

At 1 February 2023

34,925

34,925

Amortisation charge

5,275

5,275

At 31 January 2024

40,200

40,200

Carrying amount

At 31 January 2024

12,550

12,550

At 31 January 2023

17,825

17,825

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

970

12,819

81,545

95,334

At 31 January 2024

970

12,819

81,545

95,334

Depreciation

At 1 February 2023

970

10,193

80,886

92,049

Charge for the year

-

657

99

756

At 31 January 2024

970

10,850

80,985

92,805

Carrying amount

At 31 January 2024

-

1,969

560

2,529

At 31 January 2023

-

2,626

659

3,285

 

Croft (East Midlands) Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2024

6

Stocks

2024
£

2023
£

Other inventories

14,616

-

7

Debtors

Current

2024
£

2023
£

Trade debtors

18,499

19,938

Prepayments

1,356

-

 

19,855

19,938

8

Creditors

2024
£

2023
£

Due within one year

Loans and borrowings

6,600

6,600

Trade creditors

23,830

1,958

Taxation and social security

10,370

19,965

Other creditors

1,285

1,293

42,085

29,816

Due after one year

Loans and borrowings

8,800

15,400