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Registered Number: 04078394
England and Wales

 

 

 

EQUATORIAL CRAFTS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 283    377 
283    377 
Current assets      
Stocks 35,000    24,500 
Debtors: amounts falling due within one year 99,519    90,697 
Cash at bank and in hand 99,893    101,697 
234,412    216,894 
Creditors: amount falling due within one year (139,051)   (109,087)
Net current assets 95,361    107,807 
 
Total assets less current liabilities 95,644    108,184 
Net assets 95,644    108,184 
 

Capital and reserves
     
Called up share capital 5 2    2 
Profit and loss account 95,642    108,182 
Shareholders' funds 95,644    108,184 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 12 August 2024 and were signed by:


-------------------------------
J P Rodgers
Director
1
General Information
Equatorial Crafts Limited is a private company, limited by shares, registered in England and Wales, registration number 04078394, registration address The Lower Stables, Main Street, Sudbury, Derbyshire, DE6 5HT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 5).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 February 2023 30,000    30,000 
Additions  
Disposals  
At 31 January 2024 30,000    30,000 
Amortisation
At 01 February 2023 30,000    30,000 
Charge for year  
On disposals  
At 31 January 2024 30,000    30,000 
Net book values
At 31 January 2024  
At 31 January 2023  


4.

Tangible fixed assets

Cost or valuation Fixtures & Fittings   Computer Equipment   Total
  £   £   £
At 01 February 2023 1    1,549    1,550 
Additions    
Disposals    
At 31 January 2024 1    1,549    1,550 
Depreciation
At 01 February 2023   1,173    1,173 
Charge for year   94    94 
On disposals    
At 31 January 2024   1,267    1,267 
Net book values
Closing balance as at 31 January 2024 1    282    283 
Opening balance as at 01 February 2023 1    376    377 


5.

Share Capital

Authorised
1 Ordinary share of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
1 Ordinary share of £1.00 each  
 

6.

Related Parties

£90,655.77, shown in other debtors is an amount of money owed to Equatorial Crafts Limited from JP Rodgers Limited. 
2