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REGISTERED NUMBER: 03454334 (England and Wales)












Financial Statements

for the Year Ended 5 April 2024

for

IRONRIDGE CRAFTS LIMITED

IRONRIDGE CRAFTS LIMITED (REGISTERED NUMBER: 03454334)






Contents of the Financial Statements
for the Year Ended 5 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IRONRIDGE CRAFTS LIMITED

Company Information
for the Year Ended 5 April 2024







DIRECTOR: M R Mugridge





SECRETARY: Mrs A H Mugridge





REGISTERED OFFICE: 100 Church Street
Brighton
East Sussex
BN1 1UJ





REGISTERED NUMBER: 03454334 (England and Wales)





ACCOUNTANTS: Paddenburg & Co Limited
100 Church Street
Brighton
East Sussex
BN1 1UJ

IRONRIDGE CRAFTS LIMITED (REGISTERED NUMBER: 03454334)

Balance Sheet
5 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,980 4,395

CURRENT ASSETS
Stocks 5 3,000 3,000
Debtors 6 25,521 24,966
Cash at bank 43,219 47,369
71,740 75,335
CREDITORS
Amounts falling due within one year 7 61,109 53,472
NET CURRENT ASSETS 10,631 21,863
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,611

26,258

PROVISIONS FOR LIABILITIES 8 995 835
NET ASSETS 13,616 25,423

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 13,614 25,421
SHAREHOLDERS' FUNDS 13,616 25,423

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IRONRIDGE CRAFTS LIMITED (REGISTERED NUMBER: 03454334)

Balance Sheet - continued
5 April 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





M R Mugridge - Director


IRONRIDGE CRAFTS LIMITED (REGISTERED NUMBER: 03454334)

Notes to the Financial Statements
for the Year Ended 5 April 2024

1. STATUTORY INFORMATION

Ironridge Crafts Limited 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

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

IRONRIDGE CRAFTS LIMITED (REGISTERED NUMBER: 03454334)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 6 April 2023 1,240 21,556 22,608 1,427 46,831
Additions - - - 900 900
At 5 April 2024 1,240 21,556 22,608 2,327 47,731
DEPRECIATION
At 6 April 2023 1,240 18,871 20,973 1,352 42,436
Charge for year - 715 410 190 1,315
At 5 April 2024 1,240 19,586 21,383 1,542 43,751
NET BOOK VALUE
At 5 April 2024 - 1,970 1,225 785 3,980
At 5 April 2023 - 2,685 1,635 75 4,395

5. STOCKS
2024 2023
£    £   
Stocks 3,000 3,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 25,521 24,966

IRONRIDGE CRAFTS LIMITED (REGISTERED NUMBER: 03454334)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 4,087 6,989
Tax 12,639 12,631
Social security and other taxes 1,013 1,679
VAT 14,660 13,277
Directors' loan accounts 27,090 17,276
Accrued expenses 1,620 1,620
61,109 53,472

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 995 835

Deferred
tax
£   
Balance at 6 April 2023 835
Accelerated capital allowances 160
Balance at 5 April 2024 995

9. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party as the company's share capital is split equally between the director Mr Mugridge and the company secretary Mrs Mugridge.