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Registration number: 02605120

Croft Brothers U.K. Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Croft Brothers U.K. Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Croft Brothers U.K. Limited

(Registration number: 02605120)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

98,975

108,310

Current assets

 

Stocks

5

7,875

8,000

Debtors

6

283,899

169,700

Cash at bank and in hand

 

13,768

9,809

 

305,542

187,509

Creditors: Amounts falling due within one year

7

(286,227)

(168,032)

Net current assets

 

19,315

19,477

Total assets less current liabilities

 

118,290

127,787

Creditors: Amounts falling due after more than one year

7

(80,597)

(134,709)

Provisions for liabilities

(16,913)

(15,192)

Net assets/(liabilities)

 

20,780

(22,114)

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

37,432

37,432

Retained earnings

(16,752)

(59,646)

Shareholders' funds/(deficit)

 

20,780

(22,114)

For the financial year ending 31 October 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 their 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 Profit and Loss Account.

 

Croft Brothers U.K. Limited

(Registration number: 02605120)
Balance Sheet as at 31 October 2023

Approved and authorised by the director on 30 July 2024
 

.........................................
Gerard Wilfred Thomas Vancuylenberg
Director

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
755 Deal Avenue
Slough
Berkshire
SL1 4SH

These financial statements were authorised for issue by the director on 30 July 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.

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets 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

Other tangible assets

10% on cost

Fixtures and Fittings

10% on cost

Motor Vehicles

20% on cost

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.

Trade debtors

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

Trade debtors 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 trade debtors 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.

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks 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, stocks are assessed for impairment. If stocks 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.

Trade creditors

Trade creditors 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.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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 9 (2022 - 13).

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 November 2022

15,610

8,514

67,150

149,201

240,475

Additions

-

6,495

-

9,305

15,800

At 31 October 2023

15,610

15,009

67,150

158,506

256,275

Depreciation

At 1 November 2022

9,587

8,465

42,032

72,081

132,165

Charge for the year

1,205

374

7,706

15,850

25,135

At 31 October 2023

10,792

8,839

49,738

87,931

157,300

Carrying amount

At 31 October 2023

4,818

6,170

17,412

70,575

98,975

At 31 October 2022

6,023

49

25,118

77,120

108,310

Included within the net book value of land and buildings above is £4,818 (2022 - £6,023) in respect of short leasehold land and buildings.


Assets held under finance leases and hire purchase contracts
The net carrying amount of Motor Vehicles includes the amount in respect of assets held under finance leases and hire purchase contracts £17,413 (2022 - £23,558).
 

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Stocks

2023
£

2022
£

Other inventories

7,875

8,000

6

Debtors

2023
£

2022
£

Trade debtors

119,565

98,709

Other debtors

133,184

23,434

Prepayments

31,150

47,557

283,899

169,700

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

62,139

19,079

Trade creditors

 

110,359

75,803

Social security and other taxes

 

83,990

63,578

Other payables

 

26,139

5,201

Accruals

 

3,600

4,371

 

286,227

168,032

Due after one year

 

Loans and borrowings

8

80,597

134,709

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

80,597

134,709

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

66,913

116,598

Hire purchase contracts

13,684

18,111

80,597

134,709

Current loans and borrowings

2023
£

2022
£

Bank borrowings

57,712

14,652

Hire purchase contracts

4,427

4,427

62,139

19,079

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions


Directors
At the balance sheet date, the amount owed by the director to the company was £66,744 (2022: £23,434). Interest at official HMRC rate is provided on the overdrawn loan amount.