Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true0Construction of domestic buildings2023-01-01false0trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11978757 2023-01-01 2023-12-31 11978757 2023-12-31 11978757 2022-01-01 2022-12-31 11978757 2022-12-31 11978757 c:Director1 2023-01-01 2023-12-31 11978757 c:Director2 2023-01-01 2023-12-31 11978757 d:FurnitureFittings 2023-01-01 2023-12-31 11978757 d:FurnitureFittings 2023-12-31 11978757 d:FurnitureFittings 2022-12-31 11978757 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11978757 d:OfficeEquipment 2023-01-01 2023-12-31 11978757 d:OfficeEquipment 2023-12-31 11978757 d:OfficeEquipment 2022-12-31 11978757 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11978757 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11978757 d:CurrentFinancialInstruments 2023-12-31 11978757 d:CurrentFinancialInstruments 2022-12-31 11978757 d:Non-currentFinancialInstruments 2023-12-31 11978757 d:Non-currentFinancialInstruments 2022-12-31 11978757 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11978757 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11978757 d:ShareCapital 2023-12-31 11978757 d:ShareCapital 2022-12-31 11978757 d:RetainedEarningsAccumulatedLosses 2023-12-31 11978757 d:RetainedEarningsAccumulatedLosses 2022-12-31 11978757 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 11978757 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 11978757 c:FRS102 2023-01-01 2023-12-31 11978757 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11978757 c:FullAccounts 2023-01-01 2023-12-31 11978757 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11978757 2 2023-01-01 2023-12-31 11978757 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 11978757


CREWESPACE LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023

 
CREWESPACE LTD
REGISTERED NUMBER: 11978757

BALANCE SHEET
AS AT DECEMBER 31, 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
36,041
34,375

  
36,041
34,375

Current assets
  

Stocks
  
84,486
106,456

Debtors: amounts falling due after more than one year
 5 
400,000
400,000

Debtors: amounts falling due within one year
 5 
7,135,166
4,853,945

Cash at bank and in hand
  
21,809
-

  
7,641,461
5,360,401

Creditors: amounts falling due within one year
 7 
(9,390,282)
(5,976,085)

Net current liabilities
  
 
 
(1,748,821)
 
 
(615,684)

Total assets less current liabilities
  
(1,712,780)
(581,309)

Provisions for liabilities
  

Deferred tax
  
(9,010)
-

  
 
 
(9,010)
 
 
-

Net liabilities
  
(1,721,790)
(581,309)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,721,890)
(581,409)

  
(1,721,790)
(581,309)


Page 1

 
CREWESPACE LTD
REGISTERED NUMBER: 11978757
    
BALANCE SHEET (CONTINUED)
AS AT DECEMBER 31, 2023

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 income and retained earnings 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: 




................................................
Adrian John Bloor
................................................
George Edward Martin Bossom
Director
Director
Date: August 5, 2024

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
CREWESPACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023

1.


General information

Crewespace Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis which assumes the Company will
continue in operation and be able to meet its liabilities as they fall due for at least 12 months from
the date of these financial statements.
The Company (and the wider group to which it belongs) maintains detailed cash flow and covenant compliance  models  to  ensure that the Company (and wider group) can continue to meet its liabilities as they fall due. Parent undertakings have confirmed they will support the Company in meeting its liabilties as and when they fall due, but only to the extent that money is not otherwise available to the Company to meet such liabilities.
The Company  and  the  wider  group  entities  have  received  written  confirmation  that  the  ultimate beneficial  owners would provide financial support as part of the "going concern" analysis in the group's annual report.

 
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:
Revenue represents the value of legally completed open market sales during the period. Revenue is measured at the fair value of the consideration received, excluding discounts and VAT, arising from the principal activity of the company. In relation to JCT contracts revenue represents the amount invoiced under the contract based on monthly valuations, which are in turn based on percentage completion.

 
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 in the period in which they are incurred.

Page 3

 
CREWESPACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
The Company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line

Depreciation is charged to the profit and loss account over the estimated useful lives of each part of an item of tangible fixed assets. 



Page 4

 
CREWESPACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023

2.Accounting policies (continued)

  
2.9

Work in progress

Work in progress is stated at the lower of cost and net realisable value.  Costs include amounts incurred on development projects that are yet to commence.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
CREWESPACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023

2.Accounting policies (continued)

  
2.14

Financial instruments

Financial instruments, or their component parts, are classified on initial recognition as either a financial asset,  a  financial  liability  or  an  equity  instrument  in  accordance  with  the  substance  of  the  contractual arrangement.  Financial  instruments  are  recognised  when  the  Company  becomes  a  party  to  the contractual provisions of the instrument. Financial instruments are derecognised when the Company is no longer a party to the contractual provisions of the instrument.
Financial assets
Financial assets are stated at either a) cost or b) amortised cost using the effective interest method which is  a  method  of  calculating  the  amortised  cost  of  a  financial  asset,  where  this  differs  from  the  original transaction value, and of allocating the interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial asset.
(i)  Cash  and  cash  equivalents  -  cash  is  represented  by  cash  in  hand  and  on  demand  deposits  less overdrafts.  Cash equivalents represents deposits held with financial institutions repayable without penalty on notice of not more than 24 hours.
(ii) Trade receivables - trade receivables are recognised and carried at the original transaction value. A provision  for  impairment  is  established  where  there  is  evidence  that  the  Company  will  not  be  able  to collect all amounts due according to the original terms of the receivables concerned.
Financial liabilities
Financial  liabilities  and  equity  are  classified  according  to  the  substance  of  the  financial  instruments contractual obligations, rather than the financial instruments legal form.
(i) Trade payables - trade payables are recognised and carried at the original transaction value.

Page 6

 
CREWESPACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023

2.Accounting policies (continued)

  
2.15

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements in accordance with FRS 102, the Financial Reporting Standard applicable  in  the  United  Kingdom  and  the  Republic  of  Ireland,  requires  the  use  of  certain  critical accounting  estimates  and  judgements.  Estimates  and  judgements  are  continually  evaluated  and  are based on historical experience and other factors, including exit date, expectations of future events that are  believed  to  be  reasonable  under  the  circumstances.  Although  these  estimates  are  based  on Directors' best knowledge of the amount, event or actions, actual results may differ from those estimates. The following is intended to provide an understanding of the policies that the Directors consider critical because of the level of complexity, judgement or estimation involved in their application and their impact on the financial statements.
Impairment of work in progress 
The  Company  regularly  assesses  whether  there  are  any  indications  that the work in progress may be impaired. This assessment involves considering both internal and external factors, such as changes in market conditions, technological advancements, or physical damage to assets. If indicators of impairment are  identified,  the  group  estimates  the  recoverable  amount  of  the  work  in  progress.  This  involves determining the higher of its fair value less costs to sell and its value in use. The carrying amount of the work  in  progress  is  compared  with  its  recoverable  amount.  If  the  carrying  amount  exceeds  the recoverable  amount,  then  impairment  is  recognised.  If  impairment  is  identified,  an  impairment  loss  is recognised. The impairment loss is calculated as the difference between the carrying amount of the work in progress and its recoverable amount. 
Deferred tax asset
The Company assesses the probability of future taxable profits based on its business plans, forecasted financial performance, and other relevant factors. This assessment requires judgement and may involve consideration of factors such as historical profitability, industry trends, and economic conditions.


3.


Employees

The Company has no employees. The Directors received no remuneration in the period.

Page 7

 
CREWESPACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
2,032
36,831
38,863


Additions
4,006
8,457
12,463



At December 31, 2023

6,038
45,288
51,326



Depreciation


At 1 January 2023
286
4,202
4,488


Charge for the year on owned assets
889
9,908
10,797



At December 31, 2023

1,175
14,110
15,285



Net book value



At December 31, 2023
4,863
31,178
36,041


5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
400,000
400,000

400,000
400,000


2023
2022
£
£

Due within one year

Trade debtors
445,394
541,363

Amounts owed by group undertakings
6,624,377
4,057,180

Other debtors
65,268
56,167

Prepayments and accrued income
127
1,545

Deferred taxation
-
197,690

7,135,166
4,853,945


Page 8

 
CREWESPACE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
21,809
-

Less: bank overdrafts
-
(1,199,478)

21,809
(1,199,478)



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
1,199,477

Trade creditors
171,758
998,208

Amounts owed to group undertakings
7,994,387
2,913,387

Other taxation and social security
-
5,093

Other creditors
560,563
-

Accruals and deferred income
663,574
859,920

9,390,282
5,976,085



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
21,809
-



 
Page 9