smallAccCompHo_0921.xslt
Company Registration No. 02226763 (England and Wales)
THE CRAFTSMEN POTTERS TRADING COMPANY LIMITED
Financial Statements
for the Period from 01 January 2023 to 31 December 2023

THE CRAFTSMEN POTTERS TRADING COMPANY LIMITED

Financial Statements for the period ending 31 December 2023

THE CRAFTSMEN POTTERS TRADING COMPANY LIMITED

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

1. Statutory Information
THE CRAFTSMEN POTTERS TRADING COMPANY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 02226763.
2. Accounting Policies
Basis of preparing the Financial Statements
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Presentation Currency
The accounts are presented in £ sterling.
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:Sale of goodsRevenue from the sale of goods is recognised when all of the following conditions are satisfied:- the Company has transferred the significant risks and rewards of ownership to the buyer;- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;- the amount of revenue can be measured reliably;- it is probable that the Company will receive the consideration due under the transaction; and- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

THE CRAFTSMEN POTTERS TRADING COMPANY LIMITED

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

Current Tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible Fixed Asset Policy
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or ifthere is an indication of a significant change since the last reporting date.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Land & buildings Over the life of the leaseFixtures & fittings 25% Straight line

THE CRAFTSMEN POTTERS TRADING COMPANY LIMITED

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

Intangible Asset Policy
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.The estimated useful lives range as follows:Website costs - 4 years
Stock
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.At each balance sheet date, stocks are assessed for impairment. If stock is 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.

THE CRAFTSMEN POTTERS TRADING COMPANY LIMITED

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

3. Employees
Average number of employees, including directors, during the year was as follows:
2023 5
2022 5
4. Principal Activity
The principal activity of the company is to provide the retail sale in commercial art gallery.

THE CRAFTSMEN POTTERS TRADING COMPANY LIMITED

Financial Statements for the period ending 31 December 2023

Notes to the Accounts

5. Intangible Assets
Goodwill Other Total
Cost £ £ £
At 01/01/2023 - 13,450 13,450
Additions - - -
Disposals - - -
Revaluations - - -
At 31/12/2023 - 13,450 13,450
Amortisation
At 01/01/2023 - 10,455 10,455
Charge for the Year - 2,138 2,138
On Disposals - - -
Other increases/(decreases) - - -
At end of period - 12,593 12,593
Net book value
At 31/12/2023 - 857 857
At 31/12/2022 - 2,995 2,995
6. Fixed Assets
Computer Equipment Total
Cost or valuation £ £
At 01/01/2023 8,244 8,244
Additions - -
At 31/12/2023 8,244 8,244
Depreciation
At 01/01/2023 3,791 3,791
Charge for the year 2,061 2,061
At 31/12/2023 5,852 5,852
Net Book Value
At 31/12/2023 2,392 2,392
At 31/12/2022 4,453 4,453