Company registration number 12495057 (England and Wales)
CR Holdings (Staffs) Limited
Unaudited financial statements
For the year ended 31 March 2024
CR Holdings (Staffs) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
CR Holdings (Staffs) Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
686,950
Investments
4
2,113,762
2,113,762
2,800,712
2,113,762
Current assets
Debtors
5
514,112
480,926
Cash at bank and in hand
21,939
21,602
536,051
502,528
Creditors: amounts falling due within one year
6
(268,715)
(664,989)
Net current assets/(liabilities)
267,336
(162,461)
Total assets less current liabilities
3,068,048
1,951,301
Creditors: amounts falling due after more than one year
7
(465,240)
(107,518)
Net assets
2,602,808
1,843,783
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,602,708
1,843,683
Total equity
2,602,808
1,843,783
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CR Holdings (Staffs) Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
Ms C Bates
Mr R J Gray
Director
Director
Company registration number 12495057 (England and Wales)
CR Holdings (Staffs) Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information
CR Holdings (Staffs) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brookhouse Industrial Estate, Brookhouse Way, Cheadle, Stoke on Trent, Staffordshire, England, ST10 1SR.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 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 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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.
1.3
Investment property
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Property rented to a group entity is accounted for at fair value with changes in fair value recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, other short-term liquid investments with original maturities of three months or less.
CR Holdings (Staffs) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances and loans to fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
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.
1.8
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 income statement 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.
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.
CR Holdings (Staffs) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 April 2023
Additions
686,950
At 31 March 2024
686,950
Investment property comprises of a commercial property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,113,762
2,113,762
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
506,897
476,297
Other debtors
7,215
4,629
514,112
480,926
CR Holdings (Staffs) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
124,663
578,607
Other creditors
144,052
86,382
268,715
664,989
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
465,240
107,518
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
380,635
107,518
8
Security
The bank loans are secured by way of fixed charge over the investment property held by the company.