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Registered number: 02368980










CROWN HAND TOOLS LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2023

 
CROWN HAND TOOLS LIMITED
 

Company Information


Directors
B L Gandy 
L J Gandy 
C E Wardle 
E Gandy 




Company secretary
C E Wardle



Registered number
02368980



Registered office
332-334 Coleford Road
Darnall

Sheffield

S9 5PH





 
CROWN HAND TOOLS LIMITED
Registered number: 02368980

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
86,634
72,229

Investments
  
100
100

  
86,734
72,329

Current assets
  

Stocks
  
545,805
629,372

Debtors
  
273,875
376,816

Cash at bank and in hand
  
548,240
535,098

  
1,367,920
1,541,286

Creditors: amounts falling due within one year
 8 
(383,467)
(557,531)

Net current assets
  
 
 
984,453
 
 
983,755

Total assets less current liabilities
  
1,071,187
1,056,084

Creditors: amounts falling due after more than one year
  
(22,435)
(32,387)

Provisions for liabilities
  
(16,053)
(13,227)

Net assets
  
1,032,699
1,010,470


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
1,032,599
1,010,370

  
1,032,699
1,010,470


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.

C E Wardle
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
CROWN HAND TOOLS LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Crown Hand Tools Limited is a private company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. 
Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.  This is usually on the dispatch of the goods.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

 
CROWN HAND TOOLS LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

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.

 
2.11

Tangible fixed assets

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.

Page 3

 
CROWN HAND TOOLS LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property improvements
-
10%
Plant and machinery
-
15%
Motor vehicles
-
25%
Office equipment
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there 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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

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 weighted average 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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
CROWN HAND TOOLS LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 -22).

Page 5

 
CROWN HAND TOOLS LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
15,500



At 31 December 2023

15,500



Amortisation


At 1 January 2023
15,500



At 31 December 2023

15,500



Net book value



At 31 December 2023
-



At 31 December 2022
-




5.


Tangible fixed assets





Leasehold property improvements
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
68,760
279,097
10,573
35,343
393,773


Additions
-
29,474
-
2,115
31,589



At 31 December 2023

68,760
308,571
10,573
37,458
425,362



Depreciation


At 1 January 2023
68,760
212,735
9,584
30,465
321,544


Charge for the year on owned assets
-
14,610
989
1,585
17,184



At 31 December 2023

68,760
227,345
10,573
32,050
338,728



Net book value



At 31 December 2023
-
81,226
-
5,408
86,634



At 31 December 2022
-
66,362
989
4,878
72,229

Page 6

 
CROWN HAND TOOLS LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
100



At 31 December 2023
100





7.


Debtors

2023
2022
£
£


Trade debtors
255,907
339,215

Other debtors
3,941
24,308

Prepayments and accrued income
14,028
13,293

273,876
376,816



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,952
9,707

Trade creditors
86,047
204,114

Amounts owed to group undertakings
100
100

Taxation and social security
68,472
63,565

Other creditors
209,939
269,256

Accruals and deferred income
8,957
10,789

383,467
557,531



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
22,435
32,387

22,435
32,387


Page 7

 
CROWN HAND TOOLS LIMITED
 

 
Notes to the financial statements
For the year ended 31 December 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 -100) Ordinary shares of £1.00 each
100
100



11.


Transactions with directors

Included within other debtors due within one year are loans to directors in the sum of £3,941 (2022 - £4,442).
The loans are unsecured, interest free and repayable on demand.


Page 8