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Company registration number: 04606489
G. Craggs Limited
Unaudited filleted financial statements
31 March 2024
G. Craggs Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
G. Craggs Limited
Directors and other information
Directors S.M. Craggs
J.G. Craggs
Secretary J.G. Craggs
Company number 04606489
Registered office 1 Fishergate
Boroughbridge
York
YO51 9AL
Accountants The Barker Partnership
24 High Street
Pateley Bridge
Harrogate
North Yorkshire
HG3 5JU
Bankers National Westminster Bank plc
39 Market Place
Ripon
HG4 1DB
G. Craggs Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of G. Craggs Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G. Craggs Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of G. Craggs Limited, as a body, in accordance with the terms of our engagement letter dated 12 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of G. Craggs Limited and state those matters that we have agreed to state to the board of directors of G. Craggs Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G. Craggs Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that G. Craggs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G. Craggs Limited. You consider that G. Craggs Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of G. Craggs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
24 High Street
Pateley Bridge
Harrogate
North Yorkshire
HG3 5JU
11 October 2024
G. Craggs Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 17,013 22,691
_______ _______
17,013 22,691
Current assets
Stocks 327,027 300,301
Debtors 7 13,325 17,806
Cash at bank and in hand 25,925 4,257
_______ _______
366,277 322,364
Creditors: amounts falling due
within one year 8 ( 293,388) ( 219,709)
_______ _______
Net current assets 72,889 102,655
_______ _______
Total assets less current liabilities 89,902 125,346
Provisions for liabilities ( 2,979) ( 4,002)
_______ _______
Net assets 86,923 121,344
_______ _______
Capital and reserves
Called up share capital 100 100
Share premium account 22,760 22,760
Profit and loss account 64,063 98,484
_______ _______
Shareholders funds 86,923 121,344
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 October 2024 , and are signed on behalf of the board by:
S.M. Craggs J.G. Craggs
Director Director
Company registration number: 04606489
G. Craggs Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 1 Fishergate, Boroughbridge, York, YO51 9AL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 15 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 182,000 182,000
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 182,000 182,000
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 - -
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 and 31 March 2024 3,200 88,209 55,908 147,317
_______ _______ _______ _______
Depreciation
At 1 April 2023 3,200 85,995 35,431 124,626
Charge for the year - 558 5,120 5,678
_______ _______ _______ _______
At 31 March 2024 3,200 86,553 40,551 130,304
_______ _______ _______ _______
Carrying amount
At 31 March 2024 - 1,656 15,357 17,013
_______ _______ _______ _______
At 31 March 2023 - 2,214 20,477 22,691
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 4,467 8,157
Other debtors 8,858 9,649
_______ _______
13,325 17,806
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 3,263
Trade creditors 186,116 160,024
Corporation tax 1,200 2,224
Social security and other taxes 46,035 31,363
Other creditors 60,037 22,835
_______ _______
293,388 219,709
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Ripon shop 36,000 36,000
Boroughbridge shop 18,000 12,000
_______ _______
During the year, the Company operated from premises in Ripon owned by the directors, S & J Craggs. Details of transactions are shown above. The company also operated from premises in Boroughbridge, owned by S Craggs and his wife. Total rent paid was £54,000 (2023 £48,000). There were no balances outstanding at the year end in relation to either premises. (2023 nil )