Silverfin 19 April 2024 05 April 2024 Philip Handley FCA HSKSG Audit 51,048 57,971 false true 31/12/2022 01/01/2022 31/12/2022 Lawrence Rosen 17/08/2020 05 April 2024 The principal activity of the Company is to provide management services. 12819457 2022-12-31 12819457 bus:Director1 2022-12-31 12819457 core:CurrentFinancialInstruments 2022-12-31 12819457 core:CurrentFinancialInstruments 2021-12-31 12819457 2021-12-31 12819457 core:ShareCapital 2022-12-31 12819457 core:ShareCapital 2021-12-31 12819457 core:RetainedEarningsAccumulatedLosses 2022-12-31 12819457 core:RetainedEarningsAccumulatedLosses 2021-12-31 12819457 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 12819457 core:ImmediateParent core:CurrentFinancialInstruments 2021-12-31 12819457 core:WithinOneYear 2022-12-31 12819457 core:WithinOneYear 2021-12-31 12819457 core:BetweenOneFiveYears 2022-12-31 12819457 core:BetweenOneFiveYears 2021-12-31 12819457 2022-01-01 2022-12-31 12819457 bus:FullAccounts 2022-01-01 2022-12-31 12819457 bus:SmallEntities 2022-01-01 2022-12-31 12819457 bus:Audited 2022-01-01 2022-12-31 12819457 2021-01-01 2021-12-31 12819457 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12819457 bus:Director1 2022-01-01 2022-12-31 12819457 core:CurrentFinancialInstruments 2022-01-01 2022-12-31 iso4217:USD xbrli:pure

Company No: 12819457 (England and Wales)

CRA-Z-ART UK LIMITED

Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

CRA-Z-ART UK LIMITED

Financial Statements

For the financial year ended 31 December 2022

Contents

CRA-Z-ART UK LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2022
CRA-Z-ART UK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2022
DIRECTOR Lawrence Rosen
REGISTERED OFFICE Deloitte
2 New Street Square
London
EC4A 3BZ
United Kingdom
COMPANY NUMBER 12819457 (England and Wales)
AUDITOR HSKSG Audit
3rd Floor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE
United Kingdom
CRA-Z-ART UK LIMITED

BALANCE SHEET

As at 31 December 2022
CRA-Z-ART UK LIMITED

BALANCE SHEET (continued)

As at 31 December 2022
2022 2021
$ $
Current assets
Debtors 3 28,922 27,533
28,922 27,533
Creditors: amounts falling due within one year 4 ( 83,187) ( 132,846)
Net current liabilities (54,265) (105,313)
Total assets less current liabilities (54,265) (105,313)
Net liabilities ( 54,265) ( 105,313)
Capital and reserves
Called-up share capital 10,000 10,000
Profit and loss account ( 64,265 ) ( 115,313 )
Total shareholder's deficit ( 54,265) ( 105,313)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cra-Z-Art UK Limited (registered number: 12819457) were approved and authorised for issue by the Director on 05 April 2024. They were signed on its behalf by:

Lawrence Rosen
Director
CRA-Z-ART UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
CRA-Z-ART UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cra-Z-Art UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Deloitte, 2 New Street Square, London, EC4A 3BZ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Cra-Z-Art UK Limited is considered to be USD because that is the currency of the primary economic environment in which the Company operates.

Going concern

The director has considered the net liability position of the Company however the parent company, LaRose Industries LLC, confirms to financially support the business for now and in the future and not request repayment of their loan for a period of at least 12 months from the date of the approval of this report. The director is satisfied that the parent company can financially support the Company.

On the basis of the assessment of the Company's financial position, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Debtors

2022 2021
$ $
Deferred tax asset 21,422 0
Other debtors 7,500 27,533
28,922 27,533

4. Creditors: amounts falling due within one year

2022 2021
$ $
Amounts owed to Parent undertakings 9,025 84,480
Other creditors 74,162 48,366
83,187 132,846

Amounts owed to Parent undertakings are repayable on demand and do not bear interest.

5. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2022 2021
$ $
within one year 38,016 13,536
between one and five years 53,856 0
91,872 13,536

6. Related party transactions

The Company has taken the qualifying entities exemptions available in FRS 102 1a to not disclose related party transactions with fellow wholly-owned Group entities.

No remuneration was paid to the director during the current year or prior period. The director is the only key management personnel of this Company.

7. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2022 was unqualified.

The audit report was signed by Philip Handley FCA on behalf of HSKSG Audit.

8. Ultimate controlling party

The immediate and the ultimate parent company is LaRose Industries LLC, with registered office address 1578 Sussex Turnpike, Randolph, NJ 07869. This is also the smallest and largest Group for which consolidated financial statements are prepared which include Cra-Z-Art UK Limited financial statements.

The ultimate controlling party is Mr. Lawrence Rosen.