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REGISTERED NUMBER: 02899732












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

CROWN SUPPLIES LIMITED

CROWN SUPPLIES LIMITED (REGISTERED NUMBER: 02899732)

ABRIDGED BALANCE SHEET
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 55,461 55,788
55,461 55,788

CURRENT ASSETS
Stocks 165,112 135,150
Debtors 465,652 379,294
Cash at bank 10,420 88,082
641,184 602,526
CREDITORS
Amounts falling due within one year 468,331 438,692
NET CURRENT ASSETS 172,853 163,834
TOTAL ASSETS LESS CURRENT
LIABILITIES

228,314

219,622

CREDITORS
Amounts falling due after more than one
year

(37,482

)

(38,634

)

PROVISIONS FOR LIABILITIES (8,512 ) (6,640 )
NET ASSETS 182,320 174,348

RESERVES
Called up share capital 2 2
Retained earnings 182,318 174,346
SHAREHOLDERS' FUNDS 182,320 174,348

CROWN SUPPLIES LIMITED (REGISTERED NUMBER: 02899732)

ABRIDGED BALANCE SHEET - continued
31 July 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





J McNicol - Director


CROWN SUPPLIES LIMITED (REGISTERED NUMBER: 02899732)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Crown Supplies Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02899732 and the registered office is 3 Vulcan Road North, Norwich, Norfolk, NR6 6AQ.

The presentation currency of the financial statements is sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


CROWN SUPPLIES LIMITED (REGISTERED NUMBER: 02899732)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 70 (2022 - 58 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022
and 31 July 2023 900
AMORTISATION
At 1 August 2022
and 31 July 2023 900
NET BOOK VALUE

At 31 July 2023 -
At 31 July 2022 -

CROWN SUPPLIES LIMITED (REGISTERED NUMBER: 02899732)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022 143,065
Additions 19,595
At 31 July 2023 162,660
DEPRECIATION
At 1 August 2022 87,277
Charge for year 19,922
At 31 July 2023 107,199
NET BOOK VALUE
At 31 July 2023 55,461
At 31 July 2022 55,788

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 8,354 9,622
Between one and five years 19,149 10,301
27,503 19,923

Non-cancellable operating leases
2023 2022
£    £   
Within one year 30,000 30,000
Between one and five years - 30,000
30,000 60,000

CROWN SUPPLIES LIMITED (REGISTERED NUMBER: 02899732)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 27,503 19,923

Hire purchase liabilities are secured against the relevant fixed assets.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company maintains current accounts with its directors. The overall credit balance of the directors accounts at 31.7.23 was £410 (31.7.22 debit balance of £7,773). Interest amounting to £236 was charged using HM Revenue & Customs official rates.

Directors current accounts are unsecured and repayable on demand.

10. RELATED PARTY DISCLOSURES

The bank overdraft is guaranteed by RS Jeans.