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Registered number: 04601681
Crocodile Stores Limited
Unaudited Financial Statements
For the Period 1 September 2023 to 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04601681
31 December 2023 31 August 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 585,257 533,237
585,257 533,237
CURRENT ASSETS
Stocks 5 9,443 3,500
Debtors 6 284,053 202,685
Cash at bank 173,973 66,167
467,469 272,352
Creditors: Amounts Falling Due Within One Year 7 (182,963 ) (116,546 )
NET CURRENT ASSETS (LIABILITIES) 284,506 155,806
TOTAL ASSETS LESS CURRENT LIABILITIES 869,763 689,043
Creditors: Amounts Falling Due After More Than One Year 8 (261,954 ) (270,942 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (36,617 ) (32,909 )
NET ASSETS 571,192 385,192
CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 9 59,249 -
Profit and Loss Account 511,941 385,190
SHAREHOLDERS' FUNDS 571,192 385,192
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Page 2
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
M R Kirby
Director
24th September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Crocodile Stores Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04601681 . The registered office is Unit 14 Manvers Business Park, High Hazels Road, Cotgrave, Nottinghamshire, NG12 3GZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold property 2% on cost
Plant & Machinery 15% on reducing balance
Motor Vehicles 15% on reducing balance
Computer Equipment 15% on reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 15 (2023: 15)
15 15
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4. Tangible Assets
Land & Property
Freehold property Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 September 2023 476,532 71,053 45,479 8,064 601,128
Revaluation 38,468 - - - 38,468
As at 31 December 2023 515,000 71,053 45,479 8,064 639,596
Depreciation
As at 1 September 2023 19,193 27,593 16,711 4,394 67,891
Provided during the period 3,433 2,173 1,438 184 7,228
On revaluations (20,780 ) - - - (20,780 )
As at 31 December 2023 1,846 29,766 18,149 4,578 54,339
Net Book Value
As at 31 December 2023 513,154 41,287 27,330 3,486 585,257
As at 1 September 2023 457,339 43,460 28,768 3,670 533,237
The freehold property was revaluated in November 2023 by NG Chartered Surveyors. The historic cost of the freehold property is £476,532.
5. Stocks
31 December 2023 31 August 2023
£ £
Finished goods 9,443 3,500
6. Debtors
31 December 2023 31 August 2023
£ £
Due within one year
Trade debtors 207,653 121,027
Other debtors 76,400 81,658
284,053 202,685
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 August 2023
£ £
Trade creditors 33,766 28,168
Bank loans and overdrafts 11,163 16,211
Other taxes and social security 126,472 57,874
Other creditors 11,562 14,293
182,963 116,546
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 August 2023
£ £
Bank loans 261,954 270,942
261,954 270,942
9. Reserves
Revaluation Reserve
£
Surplus on revaluation 59,249
As at 31 December 2023 59,249
10. Related Party Transactions
During the period, total dividends of £nil (31/08/2023: £56,000) were paid to directors.
At 31/12/2023 the directors owed the company £60,937 (31/08/2023: £47,280).
11. Ultimate Controlling Party
After the balance sheet date the company was sold to TransGlobal Freight Management Limited who are the parent undertaking and controlling party.
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