Company Registration No. NI650257 (Northern Ireland)
R CRAWFORD LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
R CRAWFORD LTD
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
R CRAWFORD LTD
COMPANY INFORMATION
- 1 -
Directors
H Crawford
J Crawford
Company number
NI650257
Registered office
18 - 22 Main Street
MAGHERA
Co Londonderry
BT46 5AE
Auditor
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
Bankers
Ulster Bank Ltd
13 Main Street
MAGHERA
Co Londonderry
BT46 5AA
Solicitors
Burnside & Logue, Solicitors
43/49 Main Street
MAGHERA
Co Londonderry
BT46 5AA
R CRAWFORD LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The company is a supermarket, and the principal activity of the company in the year under review was the retail of groceries, beverages and tobacco. The company is a family-owned business based in Maghera. The directors are pleased with the performance of the company in the current year, with performance being in line with expectations and budgets.

Principal risks and uncertainties

The key risks facing the company are rising prices, access to finance, competitors entering the market, changes in economic conditions, and operational risks such as theft.

 

The directors continue to follow an appropriate risk strategy, which effectively manages exposures related to the achievement of business objectives by ensuring that appropriate management systems are in place, key performance indicators are regularly monitored, development plans for staff are regularly reviewed and updated and the health and safety policy is well documented and properly implemented.

Development and performance

The results of the company for the year, as set out in the Statement of Comprehensive Income on page 8, show a profit before tax of £158,300 (2022: £190,990). The company intends to continue to focus on improving sales and profitability in the coming financial year.

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

 

 

Year ended

31 December

2023

Year ended

31 December

2022

 

 

£

£

 

 

 

 

Turnover

 

£10,059,654

£9,423,486

 

 

 

 

Gross profit

 

£2,973,958

£2,820,353

 

 

 

 

Profit on ordinary activities before taxation

 

£158,300

£190,990

 

 

 

 

Stock turnover

 

33 days

34 days

 

 

 

 

Shareholders’ funds

 

£2,680,821

£2,638,396

 

 

 

 

Current assets as a % of current liabilities

 

172%

123%

 

On behalf of the board

J Crawford
Director
18 September 2024
R CRAWFORD LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company was that of a supermarket.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,000. The directors do not recommend payment of a further dividend.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

H Crawford
J Crawford
G Ingram
(Resigned 29 February 2024)
Post reporting date events

The directors have confirmed that there are no significant events after the balance sheet date that they feel they need to disclose.

Future developments

The directors do not foresee any major future developments in the forthcoming year outside of normal trading.

Auditor

The auditor, IDS Chartered Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

R CRAWFORD LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J Crawford
Director
18 September 2024
R CRAWFORD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R CRAWFORD LTD
- 5 -
Opinion

We have audited the financial statements of R Crawford Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

R CRAWFORD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R CRAWFORD LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

R CRAWFORD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R CRAWFORD LTD (CONTINUED)
- 7 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mrs Alison Wallace
Senior Statutory Auditor
For and on behalf of IDS Chartered Accountants LLP
Statutory Auditor
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
18 September 2024
R CRAWFORD LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
4
10,059,654
9,423,486
Cost of sales
(7,085,696)
(6,603,133)
Gross profit
2,973,958
2,820,353
Administrative expenses
(2,859,684)
(2,748,371)
Other operating income
154,737
166,142
Operating profit
3
269,011
238,124
Interest receivable and similar income
7
161
-
0
Interest payable and similar expenses
8
(110,872)
(47,134)
Profit before taxation
158,300
190,990
Tax on profit
9
(113,875)
(99,571)
Profit for the financial year
44,425
91,419

The profit and loss account has been prepared on the basis that all operations are continuing operations.

R CRAWFORD LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,381,250
1,706,250
Tangible assets
12
2,893,231
2,483,294
4,274,481
4,189,544
Current assets
Stocks
13
916,787
893,257
Debtors
14
712,051
590,264
Cash at bank and in hand
739,120
182,080
2,367,958
1,665,601
Creditors: amounts falling due within one year
15
(1,377,358)
(1,352,527)
Net current assets
990,600
313,074
Total assets less current liabilities
5,265,081
4,502,618
Creditors: amounts falling due after more than one year
16
(2,409,038)
(1,792,161)
Provisions for liabilities
Deferred tax liability
18
175,222
72,061
(175,222)
(72,061)
Net assets
2,680,821
2,638,396
Capital and reserves
Called up share capital
20
730,100
730,100
Profit and loss reserves
1,950,721
1,908,296
Total equity
2,680,821
2,638,396

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
H Crawford
J Crawford
Director
Director
Company registration number NI650257 (Northern Ireland)
R CRAWFORD LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
730,100
1,820,877
2,550,977
Year ended 31 December 2022:
Profit and total comprehensive income
-
91,419
91,419
Dividends
10
-
(4,000)
(4,000)
Balance at 31 December 2022
730,100
1,908,296
2,638,396
Year ended 31 December 2023:
Profit and total comprehensive income
-
44,425
44,425
Dividends
10
-
(2,000)
(2,000)
Balance at 31 December 2023
730,100
1,950,721
2,680,821
R CRAWFORD LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
755,410
(188,284)
Interest paid
(110,872)
(47,134)
Income taxes paid
(88,276)
(227,842)
Net cash inflow/(outflow) from operating activities
556,262
(463,260)
Investing activities
Purchase of tangible fixed assets
(496,965)
(114,815)
Repayment of loans
(289,109)
-
0
Interest received
161
-
0
Net cash used in investing activities
(785,913)
(114,815)
Financing activities
Proceeds from new bank loans
900,000
200,000
Repayment of bank loans
(111,309)
(124,941)
Dividends paid
(2,000)
(4,000)
Net cash generated from financing activities
786,691
71,059
Net increase/(decrease) in cash and cash equivalents
557,040
(507,016)
Cash and cash equivalents at beginning of year
182,080
689,096
Cash and cash equivalents at end of year
739,120
182,080
R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

R Crawford Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 18 - 22 Main Street, MAGHERA, Co Londonderry, BT46 5AE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
0%
Fixtures and fittings
10-25% straight line
Motor vehicles
25% straight line
R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.13
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,500
11,000
Depreciation of owned tangible fixed assets
87,028
72,936
Amortisation of intangible assets
325,000
325,000
4
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Retail sales
10,059,654
9,423,486
2023
2022
£
£
Other revenue
Interest income
161
-
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
111
89
R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,641,532
1,531,782
Social security costs
117,131
109,704
Pension costs
80,697
78,991
1,839,360
1,720,477
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
100,596
93,093
Company pension contributions to defined contribution schemes
53,258
53,175
153,854
146,268
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
161
-
0
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
110,872
47,134
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
10,713
88,275
Deferred tax
Origination and reversal of timing differences
103,162
11,296
Total tax charge
113,875
99,571
R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
158,300
190,990
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
39,575
36,288
Effect of change in corporation tax rate
(685)
-
0
Permanent capital allowances in excess of depreciation
(109,246)
(9,763)
Amortisation on assets not qualifying for tax allowances
81,250
61,750
Tax at marginal rate
(180)
-
0
Deferred tax movement
103,161
11,296
Taxation charge for the year
113,875
99,571
10
Dividends
2023
2022
£
£
Final paid
2,000
4,000
11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
3,250,000
Amortisation and impairment
At 1 January 2023
1,543,750
Amortisation charged for the year
325,000
At 31 December 2023
1,868,750
Carrying amount
At 31 December 2023
1,381,250
At 31 December 2022
1,706,250
R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
12
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
2,180,000
527,254
45,312
2,752,566
Additions
-
0
486,465
10,500
496,965
At 31 December 2023
2,180,000
1,013,719
55,812
3,249,531
Depreciation and impairment
At 1 January 2023
-
0
226,085
43,187
269,272
Depreciation charged in the year
-
0
82,278
4,750
87,028
At 31 December 2023
-
0
308,363
47,937
356,300
Carrying amount
At 31 December 2023
2,180,000
705,356
7,875
2,893,231
At 31 December 2022
2,180,000
301,169
2,125
2,483,294
13
Stocks
2023
2022
£
£
Finished goods and goods for resale
916,787
893,257
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,923
51,681
Other debtors
659,128
538,583
712,051
590,264
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
389,551
217,737
Trade creditors
851,302
684,413
Corporation tax
10,713
88,275
Other taxation and social security
104,804
72,556
Other creditors
-
0
239,891
Accruals and deferred income
20,988
49,655
1,377,358
1,352,527
R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
2,409,038
1,792,161

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
913,758
921,214
17
Loans and overdrafts
2023
2022
£
£
Bank loans
2,798,589
2,009,898
Payable within one year
389,551
217,737
Payable after one year
2,409,038
1,792,161

The bank loan is secured by the following:

 

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
175,222
72,061
2023
Movements in the year:
£
Liability at 1 January 2023
72,061
Charge to profit or loss
103,161
Liability at 31 December 2023
175,222
R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
80,697
78,991

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of £1 each
100
100
100
100
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
730,000
730,000
730,000
730,000
Preference shares classified as equity
730,000
730,000
Total equity share capital
730,100
730,100
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Other related parties
-
239,891

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
271,000
451,000
Other related parties
289,109
-
R CRAWFORD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
22
Directors' transactions

Dividends totalling £2,000 (2022 - £4,000) were paid in the year in respect of shares held by the company's directors.

23
Ultimate controlling party

The ultimate controlling party is Mr J Crawford being a director and majority shareholder.

24
Cash generated from/(absorbed by) operations
2023
2022
£
£
Profit for the year after tax
44,425
91,419
Adjustments for:
Taxation charged
113,875
99,571
Finance costs
110,872
47,134
Investment income
(161)
-
0
Amortisation and impairment of intangible assets
325,000
325,000
Depreciation and impairment of tangible fixed assets
87,028
72,936
Movements in working capital:
Increase in stocks
(23,530)
(35,581)
Decrease in debtors
167,322
234,028
Decrease in creditors
(69,421)
(1,022,791)
Cash generated from/(absorbed by) operations
755,410
(188,284)
25
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
182,080
557,040
739,120
Borrowings excluding overdrafts
(2,009,898)
(788,691)
(2,798,589)
(1,827,818)
(231,651)
(2,059,469)
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