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COMPANY REGISTRATION NUMBER: 05903424
CROWTHER & SHAW LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
CROWTHER & SHAW LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
CROWTHER & SHAW LIMITED
BALANCE SHEET
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
91,799
73,491
Current assets
Stocks
7
156,142
137,363
Debtors
8
2,631,132
2,644,546
Investments
9
785,739
385,658
Cash at bank and in hand
1,451,868
1,393,767
------------
------------
5,024,881
4,561,334
Creditors: amounts falling due within one year
10
( 1,853,510)
( 1,802,850)
------------
------------
Net current assets
3,171,371
2,758,484
------------
------------
Total assets less current liabilities
3,263,170
2,831,975
Provisions
Taxation including deferred tax
( 15,797)
( 8,934)
------------
------------
Net assets
3,247,373
2,823,041
------------
------------
Capital and reserves
Called up share capital
12
50,000
50,000
Revaluation reserve
10,435
( 9,282)
Profit and loss account
3,186,938
2,782,323
------------
------------
Shareholders funds
3,247,373
2,823,041
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CROWTHER & SHAW LIMITED
BALANCE SHEET (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
M R Gledhill
Director
Company registration number: 05903424
CROWTHER & SHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 05903424 . The address of the registered office is Unit 23, The Ringway Centre, Beck Road, Huddersfield, HD1 5DG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Over the term of lease
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Investments
Investments are stated at market value.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 51 (2022: 44 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
5,000
------------
Amortisation
At 1 November 2022 and 31 October 2023
5,000
------------
Carrying amount
At 31 October 2023
------------
At 31 October 2022
------------
6. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2022
70,384
50,918
53,663
71,297
246,262
Additions
3,185
45,724
48,909
------------
------------
------------
------------
------------
------------
At 31 Oct 2023
70,384
3,185
50,918
99,387
71,297
295,171
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Nov 2022
42,228
46,455
20,804
63,284
172,771
Charge for the year
7,038
796
1,116
19,647
2,004
30,601
------------
------------
------------
------------
------------
------------
At 31 Oct 2023
49,266
796
47,571
40,451
65,288
203,372
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Oct 2023
21,118
2,389
3,347
58,936
6,009
91,799
------------
------------
------------
------------
------------
------------
At 31 Oct 2022
28,156
4,463
32,859
8,013
73,491
------------
------------
------------
------------
------------
------------
7. Stocks
2023
2022
£
£
Raw materials and work in progress
156,142
137,363
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
2,269,060
1,863,977
Amounts owed by group undertakings
324,535
Prepayments and accrued income
94,797
72,134
Amounts owed by related undertakings
250,000
250,000
Other debtors
17,275
133,900
------------
------------
2,631,132
2,644,546
------------
------------
9. Investments
2023
2022
£
£
Listed investments
779,917
384,558
Cash held for investment
5,822
1,100
------------
------------
785,739
385,658
------------
------------
Investments having a net book value of £765,464 (2022: £393,300) are listed on a recognised stock exchange and had a market value of £779,917 at the end of the year (2022: £384,558).
10. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
954,838
1,178,199
Accruals and deferred income
553,373
456,483
Corporation tax
285,845
119,898
Social security and other taxes
59,454
48,270
------------
------------
1,853,510
1,802,850
------------
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
15,797
8,934
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
19,260
13,608
Other revaluations
3,613
( 2,186)
Other timing differences
( 7,076)
( 2,488)
------------
------------
15,797
8,934
------------
------------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
------------
------------
------------
------------
13. Operating leases
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £803,036 (2022: £357,129).
14. Controlling party
The company is a wholly owned subsidiary of Crowther & Shaw Holdings Limited. This company is registered in England and is controlled by M R Gledhill .