CRANFIELD SOLUTIONS LIMITED |
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BALANCE SHEET |
AS AT 31 DECEMBER 2023 |
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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. |
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For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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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. |
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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. |
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Signed on behalf of the board of directors |
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Mr L D Edwards |
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Mr J A Ross |
Director |
Director |
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Date approved by the board: 27 August 2024 |
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CRANFIELD SOLUTIONS LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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1 |
GENERAL INFORMATION |
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Cranfield Solutions Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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2 Ward Road |
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Bletchley |
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Milton Keynes |
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Buckinghamshire |
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MK1 1JA |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2 |
RESTATEMENT OF COMPARATIVES |
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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. |
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3 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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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. |
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Revenue recognition |
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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. |
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Plant and machinery |
25% reducing balance basis per annum |
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Fixtures and fittings |
25% reducing balance basis per annum |
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Motor vehicles |
25% reducing balance basis per annum |
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Computer equipment |
33% straight line basis per annum |
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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. |
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Financial Instruments |
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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. |
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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. |
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CRANFIELD SOLUTIONS LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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7 |
TANGIBLE ASSETS |
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Plant and machinery |
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Fixtures and fittings |
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Motor vehicles |
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Computer equipment |
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Total |
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£ |
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£ |
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£ |
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£ |
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£ |
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Cost |
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At 1 January 2023 |
430,914 |
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20,756 |
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26,199 |
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3,225 |
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481,094 |
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Disposals |
- |
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- |
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(25,495) |
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- |
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(25,495) |
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At 31 December 2023 |
430,914 |
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20,756 |
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704 |
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3,225 |
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455,599 |
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Accumulated depreciation and impairments |
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At 1 January 2023 |
323,449 |
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15,579 |
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23,698 |
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2,678 |
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365,404 |
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Charge for year |
27,506 |
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1,693 |
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585 |
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208 |
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29,992 |
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Disposals |
- |
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- |
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(24,019) |
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- |
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(24,019) |
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At 31 December 2023 |
350,955 |
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17,272 |
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264 |
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2,886 |
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371,377 |
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Net book value |
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At 1 January 2023 |
107,465 |
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5,177 |
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2,501 |
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547 |
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115,690 |
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At 31 December 2023 |
79,959 |
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3,484 |
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440 |
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339 |
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84,222 |
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The company has agreed a fixed and floating charge over the company's assets. |
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8 |
DEBTORS |
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2023 |
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2022 |
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£ |
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£ |
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Trade debtors |
131,753 |
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149,332 |
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Prepayments and accrued income |
7,525 |
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4,381 |
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Other debtors |
- |
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1,313,730 |
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139,278 |
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1,467,443 |
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9 |
CREDITORS: Amounts falling due within one year |
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2023 |
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2022 |
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£ |
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£ |
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Trade creditors |
7,192 |
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23,832 |
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Taxation and social security |
59,683 |
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64,833 |
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Accruals and deferred income |
7,383 |
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7,325 |
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Other creditors |
123,448 |
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191,646 |
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197,706 |
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287,636 |
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CRANFIELD SOLUTIONS LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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10 |
CREDITORS: Amounts falling due after more than one year |
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2023 |
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2022 |
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£ |
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£ |
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Other creditors |
- |
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6,152 |
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11 |
SECURED DEBTS |
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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. |
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12 |
CONTINGENCIES AND COMMITMENTS |
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Other Commitments |
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Amounts falling due under operating leases: |
2023 |
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2022 |
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£ |
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£ |
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In less than one year |
57,165 |
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55,500 |
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In more than one but less than five years |
181,992 |
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239,157 |
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239,157 |
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294,657 |
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13 |
RELATED PARTY TRANSACTIONS |
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The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members: |
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CSL Plastics Limited |
Parent company (up to 13 November 2023) |
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Ashbrook Holdings Limited |
Ultimate parent company (and Parent company from 13 November 2023) |