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Registration number: 00400905

Craig & Parsons Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Craig & Parsons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Craig & Parsons Limited

Company Information

Directors

N Gordon

S Craig

R A Craig

N Craig

Company secretary

N Gordon

Registered office

Units 3-4 North Close
Shorncliffe Industrial Estate
Folkestone
Kent
CT20 3UH

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Craig & Parsons Limited

(Registration number: 00400905)
Balance Sheet as at 30 November 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

1,068,769

 

1,154,235

Current assets

   

 

Stocks

5

181,600

 

211,961

 

Debtors

6

811,097

 

774,839

 

Cash at bank and in hand

 

236,994

 

284,787

 

 

1,229,691

 

1,271,587

 

Creditors: Amounts falling due within one year

7

(1,000,143)

 

(1,031,342)

 

Net current assets

   

229,548

 

240,245

Total assets less current liabilities

   

1,298,317

 

1,394,480

Provisions for liabilities

 

(161,391)

 

(132,114)

Net assets

   

1,136,926

 

1,262,366

Capital and reserves

   

 

Called up share capital

2,000

 

2,000

 

Retained earnings

1,134,926

 

1,260,366

 

Shareholders' funds

   

1,136,926

 

1,262,366

 

Craig & Parsons Limited

(Registration number: 00400905)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 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.

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

.........................................
N Gordon
Company secretary and director

.........................................
S Craig
Director

 

Craig & Parsons Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 3-4 North Close
Shorncliffe Industrial Estate
Folkestone
Kent
CT20 3UH

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.

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.

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.

 

Craig & Parsons Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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.

The directors consider the residual value of the freehold property to be in excess of cost, and any depreciation charge to be immaterial. No depreciation is therefore charged on freehold property.

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

depreciation is not provided

Plant and machinery

10% on reducing balance

Fixture and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

Straight line over 4 years

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.

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

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

 

Craig & Parsons Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 27).

 

Craig & Parsons Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

411,310

123,877

1,491,984

51,653

2,078,824

Additions

-

4,637

3,980

720

9,337

Disposals

-

(1,770)

(20,000)

-

(21,770)

At 30 November 2023

411,310

126,744

1,475,964

52,373

2,066,391

Depreciation

At 1 December 2022

-

78,993

806,172

39,424

924,589

Charge for the year

-

11,468

68,886

3,192

83,546

Eliminated on disposal

-

-

(10,513)

-

(10,513)

At 30 November 2023

-

90,461

864,545

42,616

997,622

Carrying amount

At 30 November 2023

411,310

36,283

611,419

9,757

1,068,769

At 30 November 2022

411,310

44,884

685,812

12,229

1,154,235

5

Stocks

2023
£

2022
£

Raw materials and finished goods

181,600

211,961

6

Debtors

2023
£

2022
£

Trade debtors

776,077

735,655

Prepayments

35,020

37,632

Other debtors

-

1,552

811,097

774,839

 

Craig & Parsons Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

241,021

176,097

Taxation and social security

311,083

261,098

Accruals and deferred income

24,536

14,200

Other creditors

423,503

579,947

1,000,143

1,031,342

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £33,116 (2022 - £91,460).

9

Related party transactions

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

344,907

2022

Key management
£

Amounts payable to related party

471,315