Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseWholsesale of hides, skins and leather.1010falsetruefalse 08445320 2023-04-01 2024-03-31 08445320 2022-04-01 2023-03-31 08445320 2024-03-31 08445320 2023-03-31 08445320 c:Director3 2023-04-01 2024-03-31 08445320 d:MotorVehicles 2023-04-01 2024-03-31 08445320 d:MotorVehicles 2024-03-31 08445320 d:MotorVehicles 2023-03-31 08445320 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08445320 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08445320 d:FurnitureFittings 2023-04-01 2024-03-31 08445320 d:FurnitureFittings 2024-03-31 08445320 d:FurnitureFittings 2023-03-31 08445320 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08445320 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08445320 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08445320 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08445320 d:Goodwill 2024-03-31 08445320 d:Goodwill 2023-03-31 08445320 d:ComputerSoftware 2024-03-31 08445320 d:ComputerSoftware 2023-03-31 08445320 d:CurrentFinancialInstruments 2024-03-31 08445320 d:CurrentFinancialInstruments 2023-03-31 08445320 d:Non-currentFinancialInstruments 2024-03-31 08445320 d:Non-currentFinancialInstruments 2023-03-31 08445320 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08445320 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08445320 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08445320 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08445320 d:ShareCapital 2024-03-31 08445320 d:ShareCapital 2023-03-31 08445320 d:RetainedEarningsAccumulatedLosses 2024-03-31 08445320 d:RetainedEarningsAccumulatedLosses 2023-03-31 08445320 c:FRS102 2023-04-01 2024-03-31 08445320 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08445320 c:FullAccounts 2023-04-01 2024-03-31 08445320 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08445320 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08445320 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08445320 2 2023-04-01 2024-03-31 08445320 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 08445320 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 08445320 d:LeasedAssetsHeldAsLessee 2024-03-31 08445320 d:LeasedAssetsHeldAsLessee 2023-03-31 08445320 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 08445320 d:ComputerSoftware d:OwnedIntangibleAssets 2023-04-01 2024-03-31 08445320 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 08445320









A & A CRACK & SONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
A & A CRACK & SONS LIMITED
REGISTERED NUMBER: 08445320

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
17,278
22,628

Tangible assets
 5 
118,023
14,234

  
135,301
36,862

Current assets
  

Stocks
  
302,838
341,950

Debtors: amounts falling due within one year
 6 
416,263
303,206

Cash at bank and in hand
 7 
547,010
362,765

  
1,266,111
1,007,921

Creditors: amounts falling due within one year
 8 
(763,600)
(588,077)

Net current assets
  
 
 
502,511
 
 
419,844

Total assets less current liabilities
  
637,812
456,706

Creditors: amounts falling due after more than one year
 9 
(91,501)
(95,176)

Provisions for liabilities
  

Deferred tax
 10 
(23,443)
(7,004)

  
 
 
(23,443)
 
 
(7,004)

Net assets
  
522,868
354,526


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
522,768
354,426

  
522,868
354,526


Page 1

 
A & A CRACK & SONS LIMITED
REGISTERED NUMBER: 08445320
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J S Crack
Director

Date: 29 July 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
A & A CRACK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

A & A Crack and Sons Limited is a company limited by shares, incorporated in England and Wales.
The principal activity of the company during the year was to supply quality wholesale leather products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
A & A CRACK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
A & A CRACK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
A & A CRACK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20% straight line
Fixtures & fittings
-
15% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
A & A CRACK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 10).


4.


Intangible assets




Website development
Goodwill
Total

£
£
£



Cost


At 1 April 2023
26,750
1,141,116
1,167,866



At 31 March 2024

26,750
1,141,116
1,167,866



Amortisation


At 1 April 2023
4,122
1,141,116
1,145,238


Charge for the year on owned assets
5,350
-
5,350



At 31 March 2024

9,472
1,141,116
1,150,588



Net book value



At 31 March 2024
17,278
-
17,278



At 31 March 2023
22,628
-
22,628


Page 7

 
A & A CRACK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
           4.Intangible assets (continued)



5.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 April 2023
20,701
43,203
63,904


Additions
137,770
1,570
139,340


Disposals
(46,636)
-
(46,636)



At 31 March 2024

111,835
44,773
156,608



Depreciation


At 1 April 2023
16,906
32,763
49,669


Charge for the year on owned assets
3,812
3,958
7,770


Charge for the year on financed assets
2,711
-
2,711


Disposals
(21,566)
-
(21,566)



At 31 March 2024

1,863
36,721
38,584



Net book value



At 31 March 2024
109,972
8,052
118,024



At 31 March 2023
3,795
10,439
14,234

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
108,953
-

108,953
-


6.


Debtors

2024
2023
£
£
Page 8

 
A & A CRACK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.Debtors (continued)



Trade debtors
380,337
248,177

Prepayments and accrued income
35,926
55,029

416,263
303,206



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
547,010
362,765

547,010
362,765



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
36,842
36,842

Trade creditors
322,195
261,647

Corporation tax
185,084
106,143

Other taxation and social security
149,596
144,925

Obligations under finance lease and hire purchase contracts
36,667
-

Other creditors
10,566
17,520

Accruals and deferred income
22,650
21,000

763,600
588,077



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
58,334
95,176

Net obligations under finance leases and hire purchase contracts
33,167
-

91,501
95,176


Page 9

 
A & A CRACK & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024


£






At beginning of year
(7,004)


Charged to profit or loss
(16,439)



At end of year
(23,443)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(23,443)
(7,004)

(23,443)
(7,004)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £87,342 (2023: £55,570). Contributions totalling £1,670 (2023: £2,311) were payable to the fund at the balance sheet date.


12.


Controlling party

The company is controlled by AACS Holdings Limited, a company incorporated in England and Wales.

 
Page 10