Registered number: 11978757
CREWESPACE LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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CREWESPACE LTD
REGISTERED NUMBER: 11978757
BALANCE SHEET
AS AT DECEMBER 31, 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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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:
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Adrian John Bloor
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George Edward Martin Bossom
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The notes on pages 3 to 9 form part of these financial statements.
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CREWESPACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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
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Basis of preparation of financial statements
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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:
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.
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.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss in the period in which they are incurred.
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CREWESPACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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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.
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:
Depreciation is charged to the profit and loss account over the estimated useful lives of each part of an item of tangible fixed assets.
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CREWESPACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
2.Accounting policies (continued)
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.
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.
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Cash and cash equivalents
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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.
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.
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Provisions for liabilities
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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.
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CREWESPACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
2.Accounting policies (continued)
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.
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CREWESPACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
2.Accounting policies (continued)
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Critical accounting judgements and key sources of estimation uncertainty
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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.
The Company has no employees. The Directors received no remuneration in the period.
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CREWESPACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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Charge for the year on owned assets
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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CREWESPACE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Financial assets measured at fair value through profit or loss
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