Company registration number 5372857 (England and Wales)
CRS DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CRS DESIGN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CRS DESIGN LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,341
4,470
Investment properties
5
1,283,000
1,283,000
Investments
6
1
1
1,286,342
1,287,471
Current assets
Debtors
8
297,712
306,226
Cash at bank and in hand
66,261
16,755
363,973
322,981
Creditors: amounts falling due within one year
9
(124,695)
(86,997)
Net current assets
239,278
235,984
Total assets less current liabilities
1,525,620
1,523,455
Creditors: amounts falling due after more than one year
10
(49,461)
(73,315)
Provisions for liabilities
(127,731)
(127,946)
Net assets
1,348,428
1,322,194
Capital and reserves
Called up share capital
12
531,450
531,450
Profit and loss reserves
816,978
790,744
Total equity
1,348,428
1,322,194
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 1 March 2024
Christakis Christou
Director
Company Registration No. 5372857
CRS DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
CRS DESIGN LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rental services from the various properties owned by the company. Rental income is recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% Straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss account.
1.5
Fixed asset investments
Interests in a jointly controlled entity are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
CRS DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CRS DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates..
3
Employees
The average monthly number of persons (including director) employed by the company during the year was:
2023
2022
Number
Number
Total
1
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
6,130
Depreciation and impairment
At 1 July 2022
1,660
Depreciation charged in the year
1,129
At 30 June 2023
2,789
Carrying amount
At 30 June 2023
3,341
At 30 June 2022
4,470
CRS DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
5
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
1,283,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the company's director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and in his opinion has not significantly fluctuated since then.
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
7
Significant undertakings
The company also has significant holdings in undertakings which are not consolidated:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Real Best Properties Limited
England & Wales
Ordinary
50.00
The aggregate capital and reserves and the result for the year of significant undertakings noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Real Best Properties Limited
51,295
2,425,429
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18
Amounts owed by group undertakings and undertakings in which the company has a participating interest
182,816
178,770
Director's current account
-
12,866
Other debtors
114,896
114,572
297,712
306,226
No interest is charged on the loan due by the group undertaking, Real Best Properties Limited, a company in which CRS Design Limited owns 50% of the issued share capital.
Included in other debtors is an amount of £111,458 (2022 : £111,458) due by a third party. This loan is now overdue and repayable on demand. Previously, interests were charged on the loan at 3% per annum.
CRS DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
94
179
Corporation tax
6,837
5,995
Director's current account
8,171
-
Other creditors (note 14)
109,593
80,823
124,695
86,997
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other loan
49,461
73,315
Other loan represents a loan due to CRS Design Limited Pension Fund. The director is the sole member of the scheme and acts with another as trustees. This loan is secured by personal guarantees provided by the director.
11
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. No pension contribution was made to the scheme for the current or previous year.
12
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
531,420 Ordinary shares of £1 each
531,450
531,450
13
Controlling party
The company was controlled throughout the current and previous year by the director by virtue of the fact that he owns all of the company's issued share capital.
14
Directors' transactions
Dividends totalling £2,000 (2022 - £2,000) were paid in the year in respect of shares held by the company's director.
Included in other creditors (note9) is an amount of £56,429 (2022 : £52,899) due to CRS Design Limited Pension Fund. No interest is charged on the outstanding balance. The director is the only member of the scheme and acts with another as trustees.
CRS DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
14
Directors' transactions
(Continued)
- 7 -
The director's loan account was overdrawn during the year and interest amounting to £116 (2022 : £181) was paid to the company on the overdrawn balances at HMRC's official rate of interest. The maximum amount due on the director's overdrawn account during the year was £12,896, which was repaid in full by the director.