Registered number
01206848
CRISTAL INSULATIONS LIMITED
Unaudited Filleted Accounts
31 March 2024
CRISTAL INSULATIONS LIMITED
Registered number: 01206848
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 2,523 2,997
Current assets
Stocks 22,615 72,426
Debtors 3 133,501 116,870
Cash at bank and in hand 176,439 124,617
332,555 313,913
Creditors: amounts falling due within one year 4 (72,225) (50,436)
Net current assets 260,330 263,477
Net assets 262,853 266,474
Capital and reserves
Called up share capital 100 100
Profit and loss account 262,753 266,374
Shareholders' funds 262,853 266,474
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T. A. Sandy
Director
Approved by the board on 29 August 2024
CRISTAL INSULATIONS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment and tools 15% per annum on net book value
Motor vehicles 25% per annum on net book value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Debtors 2024 2023
£ £
Trade debtors 121,651 104,095
Other debtors 11,850 12,775
133,501 116,870
4 Creditors: amounts falling due within one year 2024 2023
£ £
Director's current account 2,611 3,126
Trade creditors 28,590 23,817
Corporation tax - 1,000
Other taxes and social security costs 7,687 7,428
Other creditors 33,337 15,065
72,225 50,436
5 Pension commitments
The company operates defined contribution pension schemes for employees. The assets of the schemes are held separately from those of the company in independently administered funds. The contributions paid by the company to the funds amounted to £30013 (2023:£29896)
6 Other financial commitments 2024 2023
£ £
Annual commitments under non-cancellable operating leases 13,970 13,970
7 Related party transactions 2024 2023
£ £
Dividends paid to directors 1,000 2,000
8 Controlling party
The ultimate controlling interest is held by the directors of the company (including family interests).
9 Other information
CRISTAL INSULATIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
48 Goodmayes Road
Ilford
Essex IG3 9UR
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