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Registration number: 08866329

Craylon Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Craylon Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Statement of Financial Position

4

Notes to the Unaudited Financial Statements

5 to 9

 

Craylon Ltd

Company Information

Director

Mr J R Round

Registered office

14 Ryefield Way
Kingswinford
West Midlands
DY6 9XF

Accountants

Munslows Accountants Ltd
Chartered Certified Accountants
32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

 

Craylon Ltd

Director's Report for the Year Ended 30 September 2023

The director presents his report and the financial statements for the year ended 30 September 2023.

Director of the company

The director who held office during the year was as follows:

Mr J R Round

Principal activity

The principal activity of the company is carpentry contractors.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 23 February 2024
 

.........................................
Mr J R Round
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Craylon Ltd
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Craylon Ltd for the year ended 30 September 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Craylon Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Craylon Ltd and state those matters that we have agreed to state to the Board of Directors of Craylon Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Craylon Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Craylon Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Craylon Ltd. You consider that Craylon Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Craylon Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Munslows Accountants Ltd
Chartered Certified Accountants
32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

23 February 2024

 

Craylon Ltd

(Registration number: 08866329)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Non current assets

 

Property, plant and equipment

4

46,304

57,881

Current assets

 

Inventories

5

1,447,605

1,792,663

Debtors

6

559,473

606,713

Cash at bank and in hand

 

922,954

683,159

 

2,930,032

3,082,535

Creditors: Amounts falling due within one year

7

(165,199)

(346,355)

Net current assets

 

2,764,833

2,736,180

Total assets less current liabilities

 

2,811,137

2,794,061

Provisions for liabilities

(11,576)

(10,998)

Net assets

 

2,799,561

2,783,063

Equity

 

Called up share capital

8

100

100

Retained earnings

2,799,461

2,782,963

Shareholders' funds

 

2,799,561

2,783,063

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 23 February 2024
 

.........................................
Mr J R Round
Director

 

Craylon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
14 Ryefield Way
Kingswinford
West Midlands
DY6 9XF

These financial statements were authorised for issue by the director on 23 February 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 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 sale of goods and 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.

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.

 

Craylon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment 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

Commercial motor vehicles

reducing balance at 20% per annum

Office equipment

reducing balance at 20% per annum

Plant and machinery

reducing balance at 20% per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Craylon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 2 (2022 - 2).

 

Craylon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Property, plant and equipment

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

51,000

1,398

51,825

104,223

At 30 September 2023

51,000

1,398

51,825

104,223

Depreciation

At 1 October 2022

10,200

1,159

34,983

46,342

Charge for the year

8,160

48

3,369

11,577

At 30 September 2023

18,360

1,207

38,352

57,919

Carrying amount

At 30 September 2023

32,640

191

13,473

46,304

At 30 September 2022

40,800

239

16,842

57,881

5

Inventories

2023
£

2022
£

Work in progress

1,447,605

1,792,663

6

Debtors

Current

2023
£

2022
£

Other debtors

559,473

606,713

 

559,473

606,713

 

Craylon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Payables

25,061

238,334

Taxation and social security

68,193

106,246

Accruals and deferred income

1,500

1,500

Other creditors

70,445

275

165,199

346,355

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100