Cracknell Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 03735349 (England and Wales)
Cracknell Limited
Company Information
Directors
P F Cracknell
P A F Elliott
C P Ferns
D Cracknell
(Appointed 11 May 2023)
Secretary
R Gokhale
Company number
03735349
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Cracknell Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 9
Cracknell Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
2,267
1,360
Current assets
Work in progress
18,399
52,582
Debtors
7
306,241
315,905
Cash at bank and in hand
138,230
297,688
462,870
666,175
Creditors: amounts falling due within one year
8
(674,327)
(956,676)
Net current liabilities
(211,457)
(290,501)
Total assets less current liabilities
(209,190)
(289,141)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
(209,290)
(289,241)
Total equity
(209,190)
(289,141)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
P A F Elliott
Director
Company Registration No. 03735349
Cracknell Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Cracknell Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence and be able to meet its liabilities as they fall due for at least 12 months from the approval of these financial statements. true

 

The company had net current liabilities at the balance sheet date of £211,457 (2022: £290,501) and total net liabilities amounting to £209,190 (2022: £289,141), which included £544,188 (2022: £826,216) due to group undertakings. The company met and continues to meet its day to day needs for working capital by way of funds provided by companies within the group. In addition, the parent company has agreed to provide sufficient funds to the company to enable it to continue operating and to meet its liabilities as they fall due for at least one year from the date of approval of these financial statements.

 

The directors believe that it is therefore appropriate to prepare the financial statements on a going concern basis. These financial statements do not include any adjustments that would result from a withdrawal of support from the parent company undertaking.

1.3
Turnover

Turnover is fee income earned under a variety of contracts to provide professional services in the field of landscape architecture and related services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. Fee income further represents amounts chargeable to clients including expenses and disbursements but excluding VAT. Turnover which has been accrued but has not yet been invoiced at the balance sheet date is recognise as accrued income.

1.4
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:

Office Equipment
25% straight line
Fixtures & fittings
20% straight line
Computer software
33.33% straight line
Cracknell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3

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.

1.5
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible 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).

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include deposits held at call with banks and bank overdrafts.

1.7
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.

 

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
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.

1.9
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.

Cracknell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
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.

1.10
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Cracknell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
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.

 

Revenue recognition

Revenue from contracts to provide services is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of the milestones in the contract and the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 11 (2022 - 13).

2023
2022
Number
Number
Total
11
13
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
42,466
245,079
5
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
18,801
(51,515)
Cracknell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
6
Tangible fixed assets
Equipment, Fixtures & Fittings
£
Cost
At 1 January 2023
46,102
Additions
2,282
At 31 December 2023
48,384
Depreciation and impairment
At 1 January 2023
44,742
Depreciation charged in the year
1,375
At 31 December 2023
46,117
Carrying amount
At 31 December 2023
2,267
At 31 December 2022
1,360
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
168,377
152,764
Other debtors
16,758
20,687
Prepayments and accrued income
3,641
6,188
188,776
179,639
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
117,465
136,266
Total debtors
306,241
315,905
Cracknell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,793
30,052
Amounts owed to group undertakings
544,188
826,216
Taxation and social security
20,448
28,404
Other creditors
62,140
-
Accruals and deferred income
30,758
72,004
674,327
956,676
9
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,391
30,983

The company contributes to 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.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jamie Sherman
Statutory Auditor:
Moore Kingston Smith LLP
Cracknell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
13,617
29,575
Cracknell Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 9
13
Related party transactions

As the company is a wholly owned subsidiary of Cracknell Landscape Investments Limited, it is exempt from the requirement of FRS 102 to disclose transactions with other members of the group.

 

Included in amounts due to group undertaking is an amount of £984,483 (2022: £77) due from Cracknell Landscape Design LLC, a company part owned by Cracknell Landscape Investments Limited.

 

14
Parent company

The company's immediate and ultimate parent company is Cracknell Landscape Investments Limited, a company registered in the British Virgin Islands. The consolidated financial statements of Cracknell Landscape Investments Limited are available from PO Box 71, Road Town Tortola, BVI.

 

The company is under the ultimate control of P. Cracknell.

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