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Registered number: 04484465
Crumbs (Rugeley) Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04484465
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 6,200 850
6,200 850
CURRENT ASSETS
Stocks 6 250 250
Debtors 7 5,503 2,110
Cash at bank and in hand 1,763 7,033
7,516 9,393
Creditors: Amounts Falling Due Within One Year 8 (9,679 ) (5,488 )
NET CURRENT ASSETS (LIABILITIES) (2,163 ) 3,905
TOTAL ASSETS LESS CURRENT LIABILITIES 4,037 4,755
Creditors: Amounts Falling Due After More Than One Year 9 (2,987 ) (4,494 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (962 ) (161 )
NET ASSETS 88 100
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account (12 ) -
SHAREHOLDERS' FUNDS 88 100
Page 1
Page 2
For the year ending 31 July 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 N Phillips
Director
22 October 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Crumbs (Rugeley) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04484465 . The registered office is 1 Bow Street Chambers, Market Square, Rugeley, Staffordshire, WS15 2AZ.
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.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. 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.
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2.6. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
2.7. 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.
2.8. Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing financial
statements.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
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4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 10,000
As at 31 July 2024 10,000
Amortisation
As at 1 August 2023 10,000
As at 31 July 2024 10,000
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 -
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 3,100 16,012 643 19,755
Additions 6,470 - - 6,470
Disposals 3,100 - - 3,100
As at 31 July 2024 12,670 16,012 643 29,325
Depreciation
As at 1 August 2023 2,533 15,732 640 18,905
Provided during the period 1,617 70 - 1,687
Disposals 2,533 - - 2,533
As at 31 July 2024 6,683 15,802 640 23,125
Net Book Value
As at 31 July 2024 5,987 210 3 6,200
As at 1 August 2023 567 280 3 850
6. Stocks
2024 2023
£ £
Stock 250 250
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Page 6
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 91 229
Other debtors 480 555
VAT 291 -
Directors' loan accounts 4,641 1,326
5,503 2,110
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,719 2,094
Bank loans and overdrafts 779 1,172
Other loans 4,020 -
Corporation tax 1,678 1,044
Other taxes and social security 20 -
VAT - 335
Pension creditor (8 ) (27 )
Accruals and deferred income 1,471 870
9,679 5,488
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,987 4,494
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 August 2023 161 161
Utilised 801 801
Balance at 31 July 2024 962 962
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11. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mrs Elizabeth Phillips 663 35,507 (33,849 ) - (2,320 )
Mr Neil Phillips 663 35,507 (33,489 ) - (2,320 )
The above loan is unsecured, interest free and repayable on demand.
The full amount of this loan was repaid within nine months of the company year end.
13. Ultimate Controlling Party
The company is controlled by Mr and Mrs Phillips , directors, by virtue of owning 100% of the ordinary issued share capital.
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