Company No:
Contents
DIRECTORS | W T S Breeze |
J J Goldburg | |
B P Goodin | |
M E J Riddiford |
REGISTERED OFFICE | Finsgate |
5-7 Cranwood Street | |
London | |
EC1V 9EE | |
United Kingdom |
COMPANY NUMBER | 12101162 (England and Wales) |
ACCOUNTANT | Gravita Business Services Limited |
Finsgate | |
5-7 Cranwood Street | |
London | |
EC1V 9EE | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.
It is your duty to ensure that CR (Not Required) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of CR (Not Required) Limited. You consider that CR (Not Required) Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of CR (Not Required) Limited. 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 financial statements.
Accountant
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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765,089 | 811,353 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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18,751 | 147,339 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (4,608,024) | (3,696,396) | ||
Total assets less current liabilities | (3,842,935) | (2,885,043) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of CR (Not Required) Limited (registered number:
W T S Breeze
Director |
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.
CR (Not Required) 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 Finsgate, 5-7 Cranwood Street, London, EC1V 9EE, 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 CR (Not Required) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. In the prior year the Company made the decision to reduce its UK operations for the foreseeable future. As a result the financial statements continue to be prepared on a basis other than the going concern basis of preparation. The Company is supported through loans from within the Group and the Group has sufficient funds to continue to support the Company, if required. The directors have also confirmed that repayment of the loan will not be requested within 12 months from the signing of the financial statements unless the Company has sufficient funds to do so.
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.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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.
Other operating income is recognised when the Company's right to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).
Plant and machinery |
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Office equipment |
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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.
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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.
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Office equipment | Total | |||
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Cost | |||||
At 01 July 2022 |
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Additions |
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At 30 June 2023 |
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Accumulated depreciation | |||||
At 01 July 2022 |
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Charge for the financial year |
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At 30 June 2023 |
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Net book value | |||||
At 30 June 2023 |
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At 30 June 2022 |
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£ | £ | ||
Other taxation and social security |
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Other debtors |
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£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to Parent undertakings |
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Amounts owed to related parties |
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Other creditors |
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Amounts owed to Group undertakings are unsecured, interest free and repayable on demand.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
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£ | £ | ||
within one year |
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between one and five years |
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after five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2023 | 2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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The directors were remunerated at the prevalent market rate in the current year and prior year, the directors are the only key management personnel of this company.
Included within creditors is a loan from Breeze Solutions Limited of £23,849 (2022: £nil) a Company in which W T S Breeze is also a director. This loan is interest free and repayable on demand.
Included within creditors are directors' loans of £21,725 (2022: £nil). The loans are unsecured, interest free and repayable on demand.
In accordance with FRS 102 Section 33, the Company has not disclosed any related party transactions between this Company and other wholly-owned Group entities.
The Company's immediate parent and ultimate controlling party is Circular Resources PTE Ltd, a Company incorporated and registered in Singapore at 6 Shenton Way, #33-00 OUE Downtown, Singapore 068809. This is the smallest and largest group which the results of the Company are consolidated.