Company No:
Contents
DIRECTOR | Lawrence Rosen |
REGISTERED OFFICE | Deloitte |
2 New Street Square | |
London | |
EC4A 3BZ | |
United Kingdom |
COMPANY NUMBER | 12819457 (England and Wales) |
AUDITOR | HSKSG Audit |
3rd Floor | |
Butt Dyke House | |
33 Park Row | |
Nottingham | |
NG1 6EE | |
United Kingdom |
2022 | 2021 | |||
$ | $ | |||
Current assets | ||||
Debtors | 3 |
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28,922 | 27,533 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (54,265) | (105,313) | ||
Total assets less current liabilities | (54,265) | (105,313) | ||
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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The financial statements of Cra-Z-Art UK Limited (registered number:
Lawrence Rosen
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.
Cra-Z-Art UK 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 Deloitte, 2 New Street Square, London, EC4A 3BZ, 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 Cra-Z-Art UK Limited is considered to be USD because that is the currency of the primary economic environment in which the Company operates.
The director has considered the net liability position of the Company however the parent company, LaRose Industries LLC, confirms to financially support the business for now and in the future and not request repayment of their loan for a period of at least 12 months from the date of the approval of this report. The director is satisfied that the parent company can financially support the Company.
On the basis of the assessment of the Company's financial position, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
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.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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2022 | 2021 | ||
$ | $ | ||
Deferred tax asset |
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Other debtors |
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2022 | 2021 | ||
$ | $ | ||
Amounts owed to Parent undertakings |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2022 | 2021 | ||
$ | $ | ||
within one year |
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between one and five years |
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The Company has taken the qualifying entities exemptions available in FRS 102 1a to not disclose related party transactions with fellow wholly-owned Group entities.
No remuneration was paid to the director during the current year or prior period. The director is the only key management personnel of this Company.
The audit report was signed by Philip Handley FCA on behalf of HSKSG Audit.
The immediate and the ultimate parent company is LaRose Industries LLC, with registered office address 1578 Sussex Turnpike, Randolph, NJ 07869. This is also the smallest and largest Group for which consolidated financial statements are prepared which include Cra-Z-Art UK Limited financial statements.
The ultimate controlling party is Mr. Lawrence Rosen.