Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30true2023-05-01falseNo description of principal activity108trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03841035 2023-05-01 2024-04-30 03841035 2022-05-01 2023-04-30 03841035 2024-04-30 03841035 2023-04-30 03841035 c:Director1 2023-05-01 2024-04-30 03841035 c:Director2 2023-05-01 2024-04-30 03841035 c:Director3 2023-05-01 2024-04-30 03841035 d:MotorVehicles 2023-05-01 2024-04-30 03841035 d:MotorVehicles 2024-04-30 03841035 d:MotorVehicles 2023-04-30 03841035 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03841035 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 03841035 d:FurnitureFittings 2023-05-01 2024-04-30 03841035 d:FurnitureFittings 2024-04-30 03841035 d:FurnitureFittings 2023-04-30 03841035 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03841035 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 03841035 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03841035 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 03841035 d:Goodwill 2023-05-01 2024-04-30 03841035 d:Goodwill 2024-04-30 03841035 d:Goodwill 2023-04-30 03841035 d:CurrentFinancialInstruments 2024-04-30 03841035 d:CurrentFinancialInstruments 2023-04-30 03841035 d:Non-currentFinancialInstruments 2024-04-30 03841035 d:Non-currentFinancialInstruments 2023-04-30 03841035 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03841035 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03841035 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 03841035 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 03841035 d:ShareCapital 2024-04-30 03841035 d:ShareCapital 2023-04-30 03841035 d:CapitalRedemptionReserve 2024-04-30 03841035 d:CapitalRedemptionReserve 2023-04-30 03841035 d:RetainedEarningsAccumulatedLosses 2024-04-30 03841035 d:RetainedEarningsAccumulatedLosses 2023-04-30 03841035 c:FRS102 2023-05-01 2024-04-30 03841035 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03841035 c:FullAccounts 2023-05-01 2024-04-30 03841035 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03841035 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 03841035 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 03841035 2 2023-05-01 2024-04-30 03841035 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 03841035 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 03841035 d:LeasedAssetsHeldAsLessee 2024-04-30 03841035 d:LeasedAssetsHeldAsLessee 2023-04-30 03841035 d:Goodwill d:OwnedIntangibleAssets 2023-05-01 2024-04-30 03841035 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 03841035










CROCUS WEALTH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
CROCUS WEALTH LIMITED
REGISTERED NUMBER:03841035

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
151,620
177,988

Tangible assets
 5 
184,500
187,182

  
336,120
365,170

Current assets
  

Debtors: amounts falling due within one year
 6 
53,687
57,287

Cash at bank and in hand
 7 
268,065
300,856

  
321,752
358,143

Creditors: amounts falling due within one year
 8 
(275,744)
(207,005)

Net current assets
  
 
 
46,008
 
 
151,138

Total assets less current liabilities
  
382,128
516,308

Creditors: amounts falling due after more than one year
 9 
(103,701)
(110,480)

Provisions for liabilities
  

Deferred tax
 10 
(21,300)
(24,494)

  
 
 
(21,300)
 
 
(24,494)

Net assets
  
257,127
381,334


Capital and reserves
  

Called up share capital 
  
100
100

Capital redemption reserve
  
10
10

Profit and loss account
  
257,017
381,224

  
257,127
381,334


Page 1

 
CROCUS WEALTH LIMITED
REGISTERED NUMBER:03841035

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

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 on 1 August 2024.




P Norgate
G R E Heath
Director
Director



G K Maguire
Director




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

Page 2

 
CROCUS WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Crocus Wealth Limited is a private limited company limited by shares and incorporated in England. Its principal place of business is Ground Floor, 146 High Street, Billericay, Essex, CM12 9DF. 
The registered number of the company is 03841035. 
The principal activity of the company is that of financial planning services.

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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
CROCUS WEALTH LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
CROCUS WEALTH LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Motor vehicles
-
15% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
CROCUS WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 8).


4.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
263,690



At 30 April 2024

263,690



Amortisation


At 1 May 2023
85,702


Charge for the year on owned assets
26,368



At 30 April 2024

112,070



Net book value



At 30 April 2024
151,620



At 30 April 2023
177,988



Page 6

 
CROCUS WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 May 2023
280,094
137,025
417,119


Additions
68,560
6,596
75,156


Disposals
(65,443)
-
(65,443)



At 30 April 2024

283,211
143,621
426,832



Depreciation


At 1 May 2023
126,404
103,534
229,938


Charge for the year on owned assets
-
5,287
5,287


Charge for the year on financed assets
46,092
-
46,092


Disposals
(38,984)
-
(38,984)



At 30 April 2024

133,512
108,821
242,333



Net book value



At 30 April 2024
149,699
34,800
184,499



At 30 April 2023
153,691
33,491
187,182

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
149,699
153,691

149,699
153,691


6.


Debtors

2024
2023
£
£


Trade debtors
45,000
55,000

Prepayments and accrued income
8,687
2,287

53,687
57,287


Page 7

 
CROCUS WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
268,065
300,856



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
119,599
58,003

Corporation tax
59,690
56,661

Other taxation and social security
29,193
26,223

Obligations under finance lease and hire purchase contracts
67,262
66,118

275,744
207,005



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
103,701
110,480


The following liabilities were secured:

2024
2023
£
£



Hire purchase contracts
170,962
176,598

Details of security provided:

The above liabilities are secured against the specific motor vehicle to which they relate.


10.


Deferred taxation




2024


£






At beginning of year
(24,494)


Charged to profit or loss
3,194



At end of year
(21,300)

Page 8

 
CROCUS WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(21,300)
(24,494)

(21,300)
(24,494)


11.


Pension commitments

The company contributes operates a defined contribution pension scheme in respect of certain directors and employees. The schemes and their assets are held by independent managers. The pension charge represents contributions payable by the company and amounted to £127,595 (2023 - £116,123).


12.


Controlling party

The company is the wholly owned subsidiary of 7181 Limited, a company incorporated in England and controlled by P Norgate.


Page 9