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Registration number: 09309715

The Crafthouse Collective Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

image-name
 

The Crafthouse Collective Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The Crafthouse Collective Ltd

Company Information

Directors

Mr Nicholas Matthew Vardy

Mr Jack Bryan Cregan

Mr James Phillip McFruin

Registered office

Flat 2
4 St. Aubyns
Hove
East Sussex
BN3 2TB

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

The Crafthouse Collective Ltd

(Registration number: 09309715)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

199,625

188,771

Current assets

 

Stocks

5

24,000

18,736

Debtors

6

15,632

39,589

Cash at bank and in hand

 

59,985

32,417

 

99,617

90,742

Creditors: Amounts falling due within one year

7

(156,524)

(177,928)

Net current liabilities

 

(56,907)

(87,186)

Total assets less current liabilities

 

142,718

101,585

Creditors: Amounts falling due after more than one year

7

(36,063)

(37,719)

Provisions for liabilities

(27,964)

(35,822)

Net assets

 

78,691

28,044

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

78,591

27,944

Shareholders' funds

 

78,691

28,044

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.

 

The Crafthouse Collective Ltd

(Registration number: 09309715)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr Nicholas Matthew Vardy
Director

   
     
 

The Crafthouse Collective Ltd

Notes to the Unaudited 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:
Flat 2
4 St. Aubyns
Hove
East Sussex
BN3 2TB
England

These financial statements were authorised for issue by the Board on 30 August 2024.

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.

The financial statements are presented in Sterling, which is the functional currency of the company.

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.

 

The Crafthouse Collective Ltd

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

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.

Tangible Assets

Tangible Assets are stated in the balance sheet 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.

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

Plant and machinery

Reducing balance 25%

Furniture and fittings

Reducing balance 10%

Compuer equipment

Straight line 33%

Leasehold improvements

Reducing balance 10%

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.

 

The Crafthouse Collective Ltd

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

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

The Crafthouse Collective Ltd

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2022 - 30).

4

Tangible Assets

Leasehold Improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

198,086

54,623

-

53,365

306,074

Additions

28,750

1,112

5,938

2,466

38,266

At 30 November 2023

226,836

55,735

5,938

55,831

344,340

Depreciation

At 1 December 2022

56,490

25,129

-

35,684

117,303

Charge for the year

17,034

3,857

1,484

5,037

27,412

At 30 November 2023

73,524

28,986

1,484

40,721

144,715

 

The Crafthouse Collective Ltd

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

Leasehold Improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Carrying amount

At 30 November 2023

153,312

26,749

4,454

15,110

199,625

At 30 November 2022

141,596

29,494

-

17,681

188,771

5

Stocks

2023
£

2022
£

Other inventories

24,000

18,736

 

The Crafthouse Collective Ltd

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

6

Debtors

Current

2023
£

2022
£

Trade Debtors

5,817

2,079

Prepayments

-

5,395

Other debtors

9,815

32,115

 

15,632

39,589

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

68,572

72,534

Trade Creditors

 

23,431

30,509

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

-

190

Taxation and social security

 

48,410

66,017

Accruals and deferred income

 

2,684

1,700

Other creditors

 

13,427

6,978

 

156,524

177,928

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

36,063

37,719

 

The Crafthouse Collective Ltd

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

36,063

37,719

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,772

7,544

Bank overdrafts

1,203

4,170

Other borrowings

58,597

60,820

68,572

72,534

The above liability which was is included within bank loans and overdrafts was secured by fixed charge over the non vesting debts and floating charge over the company's remaining assets. The directors have also provided a personal guarentee against the liability.
 

9

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 £21,740 (2022 - £65,500). They involve lease commitments on properties at 103 North Road and 57 Church Road.

 

The Crafthouse Collective Ltd

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

10

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

24,594

24,594

Repaid

(24,594)

(24,594)

At end of period

-

-

2022

Key management
£

Total
£

At start of period

22,219

22,219

Advanced

2,375

2,375

At end of period

24,594

24,594

Terms of loans to related parties

During the year the company provided the directors with an interest free loan. The loan was unsecured and repayable on demand.
 

Loans from related parties

2023

Key management
£

Total
£

Advanced

25,647

25,647

At end of period

25,647

25,647

Terms of loans from related parties

During the year the directors provided the company with an interest free loan, this was unsecured and repayable on demand.