Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00548034 2023-04-01 2024-03-31 00548034 2022-04-01 2023-03-31 00548034 2024-03-31 00548034 2023-03-31 00548034 c:Director1 2023-04-01 2024-03-31 00548034 d:Buildings 2023-04-01 2024-03-31 00548034 d:Buildings 2024-03-31 00548034 d:Buildings 2023-03-31 00548034 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00548034 d:LandBuildings 2024-03-31 00548034 d:LandBuildings 2023-03-31 00548034 d:PlantMachinery 2023-04-01 2024-03-31 00548034 d:PlantMachinery 2024-03-31 00548034 d:PlantMachinery 2023-03-31 00548034 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00548034 d:MotorVehicles 2023-04-01 2024-03-31 00548034 d:MotorVehicles 2024-03-31 00548034 d:MotorVehicles 2023-03-31 00548034 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00548034 d:FurnitureFittings 2023-04-01 2024-03-31 00548034 d:FurnitureFittings 2024-03-31 00548034 d:FurnitureFittings 2023-03-31 00548034 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00548034 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00548034 d:CurrentFinancialInstruments 2024-03-31 00548034 d:CurrentFinancialInstruments 2023-03-31 00548034 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00548034 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00548034 d:ShareCapital 2024-03-31 00548034 d:ShareCapital 2023-03-31 00548034 d:CapitalRedemptionReserve 2024-03-31 00548034 d:CapitalRedemptionReserve 2023-03-31 00548034 d:RetainedEarningsAccumulatedLosses 2024-03-31 00548034 d:RetainedEarningsAccumulatedLosses 2023-03-31 00548034 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 00548034 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 00548034 c:FRS102 2023-04-01 2024-03-31 00548034 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00548034 c:FullAccounts 2023-04-01 2024-03-31 00548034 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00548034 2 2023-04-01 2024-03-31 00548034 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 00548034









CRAZE BROTHERS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CRAZE BROTHERS LIMITED
REGISTERED NUMBER: 00548034

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
910,838
1,082,061

  
910,838
1,082,061

Current assets
  

Debtors: amounts falling due within one year
 5 
33,358
25,873

Cash at bank and in hand
 6 
177,354
249,617

  
210,712
275,490

Creditors: amounts falling due within one year
 7 
(120,183)
(371,651)

Net current assets/(liabilities)
  
 
 
90,529
 
 
(96,161)

Total assets less current liabilities
  
1,001,367
985,900

  

Net assets
  
1,001,367
985,900


Capital and reserves
  

Called up share capital 
  
6,902
6,902

Capital redemption reserve
  
3,101
3,101

Profit and loss account
  
991,364
975,897

  
1,001,367
985,900


Page 1

 
CRAZE BROTHERS LIMITED
REGISTERED NUMBER: 00548034
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 November 2024.





................................................
C D Knight
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Craze Brothers Limited is a private company limited by share capital incorporated in England and Wales. The principal activity of the Company throughout the year was that of motor dealers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Page 3

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Straight line over 50 years
Plant and machinery
-
33% reducing balance
Motor vehicles
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
1,257,369
10,365
33,000
14,787
1,315,521


Disposals
(158,491)
-
-
-
(158,491)



At 31 March 2024

1,098,878
10,365
33,000
14,787
1,157,030



Depreciation


At 1 April 2023
206,903
8,222
6,600
11,735
233,460


Charge for the year on owned assets
21,978
712
5,280
612
28,582


Disposals
(15,850)
-
-
-
(15,850)



At 31 March 2024

213,031
8,934
11,880
12,347
246,192



Net book value



At 31 March 2024
885,847
1,431
21,120
2,440
910,838



At 31 March 2023
1,050,466
2,143
26,400
3,052
1,082,061




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
885,847
1,050,466

885,847
1,050,466


Page 6

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
32,388
24,002

Other debtors
-
43

Prepayments and accrued income
970
1,828

33,358
25,873



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
177,354
249,617

177,354
249,617



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,439
110

Corporation tax
31,040
11,826

Other taxation and social security
4,135
2,204

Other creditors
53,600
326,294

Accruals and deferred income
27,969
31,217

120,183
371,651




Page 7

 
CRAZE BROTHERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
177,354
249,617




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Controlling party

The Company is controlled by the director, C D Knight, by virtue of his shareholding as described in the Director's report.

 
Page 8