REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
CAMCRAFT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
CAMCRAFT LIMITED |
CAMCRAFT LIMITED (REGISTERED NUMBER: 02405751) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CAMCRAFT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Black Country House |
Rounds Green Road |
Oldbury |
West Midlands |
B69 2DG |
CAMCRAFT LIMITED (REGISTERED NUMBER: 02405751) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAMCRAFT LIMITED (REGISTERED NUMBER: 02405751) |
BALANCE SHEET - continued |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CAMCRAFT LIMITED (REGISTERED NUMBER: 02405751) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Camcraft Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Development costs are being amortised evenly over their estimated useful life of 10 years. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
Derivatives, including forward foreign exchange rates, are not basic financial instruments. Derivatives artificially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at the year end. Changes in the fair value of derivatives are recognised in the statement of income and retained earnings as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange contracts. |
CAMCRAFT LIMITED (REGISTERED NUMBER: 02405751) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. |
The interest element of those obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The directors have considered the financial requirements of the company and consider that it will be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis. |
CAMCRAFT LIMITED (REGISTERED NUMBER: 02405751) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The net book value of assets held under finance leases or hire purchase contracts, included within the above categories, are plant and machinery £567,184 (2022: £577,016) and motor vehicles £45,662 (2022: £33,856). |
CAMCRAFT LIMITED (REGISTERED NUMBER: 02405751) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 204,347 | 224,853 |
Corporation tax |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
VAT | 868 | - |
Pensions owed | - | 31,992 |
Derivative liability | - | 236,692 |
Business credit card | 12,690 | 99,546 |
Business interruption loans | 80,096 | 183,647 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Business interruption loans | 17,365 | 97,461 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 513,407 | 415,167 |
CAMCRAFT LIMITED (REGISTERED NUMBER: 02405751) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 252,529 | 196,387 |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Provided during year |
Balance at 30 September 2023 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Money was owed to the company by the Directors at the year end, as shown in the debtors note. Interest is charged on these balances at the HMRC approved rate. The loans are unsecured and are repayable on demand. |
CAMCRAFT LIMITED (REGISTERED NUMBER: 02405751) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
12. | RELATED PARTY DISCLOSURES |
Co-Motion Limited is majority owned by one of the directors of Camcraft Limited. No amounts were due to Co-Motion Limited at either year end. In the year to 30 September 2022 the opening balance of £82,647 was written off by a write back to the profit and loss account. During the year ended 30 September 2023 £2,678 of Co-Motion Limited costs were written off. |
Camcraft Limited is a wholly owned subsidiary of Transom Wild Limited. Mr J S Pearson and Mrs S Lawrence are directors of both companies. |