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Company No: 07510482 (England and Wales)

CREST PUMPS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CREST PUMPS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CREST PUMPS LTD

BALANCE SHEET

As at 31 December 2023
CREST PUMPS LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 67,918 73,708
67,918 73,708
Current assets
Stocks 4 273,563 253,527
Debtors 5 439,152 277,918
Cash at bank and in hand 76,001 68,596
788,716 600,041
Creditors: amounts falling due within one year 6 ( 595,817) ( 370,720)
Net current assets 192,899 229,321
Total assets less current liabilities 260,817 303,029
Creditors: amounts falling due after more than one year 7 ( 67,636) ( 106,363)
Provision for liabilities ( 16,979) ( 14,005)
Net assets 176,202 182,661
Capital and reserves
Called-up share capital 100 100
Profit and loss account 176,102 182,561
Total shareholders' funds 176,202 182,661

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Crest Pumps Ltd (registered number: 07510482) were approved and authorised for issue by the Board of Directors on 21 August 2024. They were signed on its behalf by:

J P Dashwood
Director
CREST PUMPS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CREST PUMPS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Crest Pumps Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is 7 Queensway, Stem Lane Industrial Estate, New Milton, Hampshire, BH25 5NN.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 15

3. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 147,718 8,795 4,892 18,218 179,623
Additions 3,859 0 826 3,222 7,907
Disposals 0 0 0 ( 308) ( 308)
At 31 December 2023 151,577 8,795 5,718 21,132 187,222
Accumulated depreciation
At 01 January 2023 81,701 7,230 3,157 13,827 105,915
Charge for the financial year 10,153 391 281 2,573 13,398
Disposals 0 0 0 ( 9) ( 9)
At 31 December 2023 91,854 7,621 3,438 16,391 119,304
Net book value
At 31 December 2023 59,723 1,174 2,280 4,741 67,918
At 31 December 2022 66,017 1,565 1,735 4,391 73,708

4. Stocks

2023 2022
£ £
Stocks 208,223 166,177
Work in progress 65,340 87,350
273,563 253,527

5. Debtors

2023 2022
£ £
Trade debtors 378,719 258,646
Other debtors 60,433 19,272
439,152 277,918

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured £ 22,727) 38,727 38,727
Trade creditors 408,848 241,563
Taxation and social security 116,559 44,869
Obligations under finance leases and hire purchase contracts 0 1,034
Other creditors 31,683 44,527
595,817 370,720

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured £ 30,303) 67,636 106,363

The bank loan is secured by a fixed and floating charge over the assets of the company

8. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 148,568 161,084

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Advanced to directors 26,307 0