CRANFIELD SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
Company Registration Number: 05003737
CRANFIELD SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
CRANFIELD SOLUTIONS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
DIRECTORS
Mr L D Edwards
Mrs C E A Edwards
Mr J A Ross
appointed 9 February 2023
Mr A Powell
appointed 9 February 2023
resigned 6 October 2023
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
2 Ward Road
Bletchley
Milton Keynes
Buckinghamshire
MK1 1JA
COMPANY REGISTRATION NUMBER
05003737 England and Wales
CRANFIELD SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Intangible assets 6 - 31,266
Tangible assets 7 84,222 115,690
84,222 146,956
CURRENT ASSETS
Stock 78,964 77,018
Debtors 8 139,278 1,467,443
Cash at bank and in hand 98,481 324,512
316,723 1,868,973
CREDITORS: Amounts falling due within one year 9 197,706 287,636
NET CURRENT ASSETS 119,017 1,581,337
TOTAL ASSETS LESS CURRENT LIABILITIES 203,239 1,728,293
CREDITORS: Amounts falling due after more than one year 10 - 6,152
Provisions for liabilities and charges 20,300 21,216
NET ASSETS 182,939 1,700,925
CAPITAL AND RESERVES
Called up share capital 2 2
Distributable profit and loss account 182,937 1,700,923
SHAREHOLDER'S FUNDS 182,939 1,700,925
CRANFIELD SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr L D Edwards Mr J A Ross
Director Director
Date approved by the board: 27 August 2024
CRANFIELD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 GENERAL INFORMATION
Cranfield Solutions Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
2 Ward Road
Bletchley
Milton Keynes
Buckinghamshire
MK1 1JA
The financial statements are presented in Sterling, which is the functional currency of the company.
2 RESTATEMENT OF COMPARATIVES
The comparative figures have been restated as a result of wages costs totalling £34,329 previously classified as administrative costs, being reclassified as direct costs. There has been no effect on the net profit for that year.
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the sale of specialised plastics and polymer goods, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Grant Income
Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
CRANFIELD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Intangible fixed assets
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of 2 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and machinery 25% reducing balance basis per annum
Fixtures and fittings 25% reducing balance basis per annum
Motor vehicles 25% reducing balance basis per annum
Computer equipment 33% straight line basis per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
CRANFIELD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a weighted average cost basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
CRANFIELD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
Research and development
Research and development expenditure has been written off against profits in the year in which it is incurred.
4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors have made key assumptions in determining the useful economic life of intangible assets.
CRANFIELD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 6 6
6 INTANGIBLE FIXED ASSETS
Licences
£
Cost
At 1 January 2023 93,499
At 31 December 2023 93,499
Accumulated amortisation and impairments
At 1 January 2023 62,233
Charge for year 31,266
At 31 December 2023 93,499
Net book value
At 1 January 2023 31,266
At 31 December 2023 -
CRANFIELD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
7 TANGIBLE ASSETS
Plant and machinery Fixtures and fittings Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 January 2023 430,914 20,756 26,199 3,225 481,094
Disposals - - (25,495) - (25,495)
At 31 December 2023 430,914 20,756 704 3,225 455,599
Accumulated depreciation and impairments
At 1 January 2023 323,449 15,579 23,698 2,678 365,404
Charge for year 27,506 1,693 585 208 29,992
Disposals - - (24,019) - (24,019)
At 31 December 2023 350,955 17,272 264 2,886 371,377
Net book value
At 1 January 2023 107,465 5,177 2,501 547 115,690
At 31 December 2023 79,959 3,484 440 339 84,222
The company has agreed a fixed and floating charge over the company's assets.
8 DEBTORS
2023 2022
£ £
Trade debtors 131,753 149,332
Prepayments and accrued income 7,525 4,381
Other debtors - 1,313,730
139,278 1,467,443
9 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Trade creditors 7,192 23,832
Taxation and social security 59,683 64,833
Accruals and deferred income 7,383 7,325
Other creditors 123,448 191,646
197,706 287,636
CRANFIELD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Other creditors - 6,152
11 SECURED DEBTS
The company has two loans with Ashbrook Rees Pension Scheme which are secured on the company's assets. The loans were taken out on 14 May 2020 and 16 April 2021, they are both due to be repaid over 3 years and have interest rates of 4% and 8% per annum respectively. Mr and Mrs Edwards, who are directors of Cranfield Solutions Limited, are also trustees of the Ashbrook Rees Pension Scheme.
12 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2023 2022
£ £
In less than one year 57,165 55,500
In more than one but less than five years 181,992 239,157
239,157 294,657
13 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
CSL Plastics Limited Parent company (up to 13 November 2023)
Ashbrook Holdings Limited Ultimate parent company (and Parent company from 13 November 2023)
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