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Registration number: 08615958

Crown Property Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Crown Property Solutions Limited

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Crown Property Solutions Limited

Company Information

Directors

Mr D Willis

Mr D Willis

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co.
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Crown Property Solutions Limited

(Registration number: 08615958)
Statement of financial position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,490

20,754

Current assets

 

Debtors

5

53,649

34,718

Cash at bank and in hand

 

-

42,938

 

53,649

77,656

Creditors: Amounts falling due within one year

6

(32,232)

(29,601)

Net current assets

 

21,417

48,055

Total assets less current liabilities

 

36,907

68,809

Creditors: Amounts falling due after more than one year

6

(33,136)

(43,514)

Provisions for liabilities

(3,098)

(4,151)

Net assets

 

673

21,144

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

573

21,044

Shareholders' funds

 

673

21,144

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 

 

Crown Property Solutions Limited

(Registration number: 08615958)
Statement of financial position as at 31 July 2024

.........................................
Mr D Willis
Director

 

Crown Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the Board on 15 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Crown Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Plant and Machinery

25% Reducing Balance

FF and Equipment

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Crown Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Crown Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

7,089

52,023

59,112

At 31 July 2024

7,089

52,023

59,112

Depreciation

At 1 August 2023

5,123

33,235

38,358

Charge for the year

567

4,697

5,264

At 31 July 2024

5,690

37,932

43,622

Carrying amount

At 31 July 2024

1,399

14,091

15,490

At 31 July 2023

1,966

18,788

20,754

5

Debtors

Current

2024
£

2023
£

Trade debtors

37,931

26,730

Prepayments

427

507

Other debtors

15,291

7,481

 

53,649

34,718

 

Crown Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

14,955

10,158

Trade creditors

 

2,248

30

Social security and other taxes

 

2,125

4,806

Accruals

 

1,245

1,210

Tax liability

11,659

13,397

 

32,232

29,601

Due after one year

 

Loans and borrowings

33,136

43,514

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

Crown Property Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

Advanced

6,874

6,874

At end of period

6,874

6,874

Terms of loans to related parties

The directors loan was repaid within 9 months of the year end.