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Registered number: 12472491
Craft Kits n Bits Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Freya Accounts Ltd
Holbrook House, 32 Oakley Lane
Oakley
Basingstoke
Hampshire
RG23 7JY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12472491
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 425 2,557
425 2,557
CURRENT ASSETS
Stocks 5 20,077 21,582
Debtors 6 222 75
Cash at bank and in hand 1,989 2,839
22,288 24,496
Creditors: Amounts Falling Due Within One Year 7 (88,738 ) (82,346 )
NET CURRENT ASSETS (LIABILITIES) (66,450 ) (57,850 )
TOTAL ASSETS LESS CURRENT LIABILITIES (66,025 ) (55,293 )
NET LIABILITIES (66,025 ) (55,293 )
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account (66,027 ) (55,295 )
SHAREHOLDERS' FUNDS (66,025) (55,293)
Page 1
Page 2
For the year ending 31 January 2024 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
Mr Alexander Rowley
Director
17th October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Craft Kits n Bits Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12472491 . The registered office is 4 Rowan Tree Road, Oakley, Basingstoke, Hampshire, RG23 7GA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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:
Fixtures & Fittings 20% On Cost
Computer Equipment 3 Years
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 February 2023 3,988 302 4,290
Disposals (2,916 ) - (2,916 )
As at 31 January 2024 1,072 302 1,374
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 February 2023 1,495 238 1,733
Provided during the period 215 64 279
Disposals (1,063 ) - (1,063 )
As at 31 January 2024 647 302 949
Net Book Value
As at 31 January 2024 425 - 425
As at 1 February 2023 2,493 64 2,557
5. Stocks
2024 2023
£ £
Materials 20,077 21,582
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 172 -
Prepayments and accrued income 49 74
Other taxes and social security 1 1
222 75
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 573 1,231
VAT 700 676
Capital On Tap 3,303 4,130
Gift Certificates - 92
Accruals and deferred income 560 560
Directors' loan accounts 83,602 75,657
88,738 82,346
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 4