Registered number
11820762
Craftfab Limited
Unaudited Filleted Accounts
29 February 2024
Craftfab Limited
Registered number: 11820762
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 7,524 1,249
Cash at bank and in hand 144 379
7,668 1,628
Creditors: amounts falling due within one year 4 (7,475) (9,263)
Net current assets/(liabilities) 193 (7,635)
Net assets/(liabilities) 193 (7,635)
Capital and reserves
Called up share capital 100 100
Profit and loss account 93 (7,735)
Shareholders' funds 193 (7,635)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Forletta
Director
Approved by the board on 11 November 2024
Craftfab Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Going concern
The financial statements have been prepared under the going concern convention, which requires the continued support of the company's directors and creditors.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2024 2023
£ £
Trade debtors 1,524 906
Other debtors 6,000 343
7,524 1,249
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 7,475 9,199
Other creditors - 64
7,475 9,263
5 Loans to directors
B/fwd Paid Repaid C/fwd
£ £ £ £
A M Forletta
Interest free loan - 2,829 - 2,829
D Forletta
Interest free loan - 2,828 - 2,828
- 5,657 - 5,657
6 Other information
Craftfab Limited is a private company limited by shares and incorporated in England. Its registered office is:
6A Little Aston Lane
Little Aston
Sutton Coldfield
B74 3UF
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