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Registration number: 04067896

Crown Cleaning Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Crown Cleaning Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Crown Cleaning Systems Limited

Company Information

Directors

Mr A Riley

Mr D M Riley

Mr S R Riley

Company secretary

Mr A Riley

Registered office

Hill Top Farm
Sutton Road
Wawne
KINGSTON UPON HULL
HU7 5YY

 

Crown Cleaning Systems Limited

(Registration number: 04067896)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

288,000

284,602

 

288,000

284,602

Current assets

 

Stocks

6

100

100

Debtors

7

8,349

6,993

Cash at bank and in hand

 

4,786

2,249

 

13,235

9,342

Creditors: Amounts falling due within one year

8

(248,851)

(241,938)

Net current liabilities

 

(235,616)

(232,596)

Total assets less current liabilities

 

52,384

52,006

Provisions for liabilities

(13,273)

(11,809)

Net assets

 

39,111

40,197

Capital and reserves

 

Called up share capital

1

1

Retained earnings

39,110

40,196

Shareholders' funds

 

39,111

40,197

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.

Directors' 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 directors acknowledge 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Crown Cleaning Systems Limited

(Registration number: 04067896)
Balance Sheet as at 31 October 2023

Approved and authorised for issue by the Board on 15 July 2024 and signed on its behalf by:
 

.........................................

Mr D M Riley

Director

 

Crown Cleaning Systems 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 & Wales.

The address of its registered office is:
Hill Top Farm
Sutton Road
Wawne
KINGSTON UPON HULL
HU7 5YY

These financial statements were authorised for issue by the Board on 15 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

At the balance sheet date, the company’s net current liabilities exceeded its net current assets. The company has received assurance from the director that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company’s accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company’s assets or liabilities that might be necessary should this basis not continue to be appropriate.

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.

 

Crown Cleaning Systems Limited

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

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.

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

Freehold property

2% on cost

Plant and machinery

15% and 25% on reducing balance

Stable block

2% on cost

Motor vehicles

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

 

Crown Cleaning Systems Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 7).

 

Crown Cleaning Systems Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

45,074

45,074

At 31 October 2023

45,074

45,074

Amortisation

At 1 November 2022

45,074

45,074

At 31 October 2023

45,074

45,074

Carrying amount

At 31 October 2023

-

-

 

Crown Cleaning Systems Limited

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

5

Tangible assets

Freehold
land and
buildings
£

Stable block
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

315,543

95,296

7,917

27,891

446,647

Additions

-

-

2,500

10,150

12,650

At 31 October 2023

315,543

95,296

10,417

38,041

459,297

Depreciation

At 1 November 2022

106,630

20,965

7,037

27,413

162,045

Charge for the year

6,322

1,906

481

543

9,252

At 31 October 2023

112,952

22,871

7,518

27,956

171,297

Carrying amount

At 31 October 2023

202,591

72,425

2,899

10,085

288,000

At 31 October 2022

208,913

74,331

880

478

284,602

6

Stocks

2023
£

2022
£

Other inventories

100

100

7

Debtors

Current

2023
£

2022
£

Trade debtors

3,935

4,814

Prepayments

2,375

1,795

Other debtors

2,039

384

 

8,349

6,993

 

Crown Cleaning Systems Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

244,391

239,241

Trade creditors

 

-

7

Taxation and social security

 

-

624

Accruals and deferred income

 

4,460

2,066

 

248,851

241,938

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

9,138

975

Other borrowings

235,253

238,266

244,391

239,241