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Registration number: 01283106

Craig Hi-Fi Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Craig Hi-Fi Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Craig Hi-Fi Limited

Company Information

Director

Mr Mark Steven Pugh

Registered office

Unit 7 Alpha Business Park
Travellers Close
Welham Green
Hertfordshire
AL9 7NT

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Craig Hi-Fi Limited

(Registration number: 01283106)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

609,430

645,971

Current assets

 

Stocks

5

1,795,210

1,867,845

Debtors

6

516,580

349,836

Cash at bank and in hand

 

9,747

5,662

 

2,321,537

2,223,343

Creditors: Amounts falling due within one year

7

(702,176)

(714,824)

Net current assets

 

1,619,361

1,508,519

Total assets less current liabilities

 

2,228,791

2,154,490

Provisions for liabilities

(5,069)

(10,338)

Net assets

 

2,223,722

2,144,152

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

82,150

82,150

Other reserves

25,051

25,051

Retained earnings

2,116,421

2,036,851

Shareholders' funds

 

2,223,722

2,144,152

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

Approved and authorised by the director on 19 November 2024
 

 

Craig Hi-Fi Limited

(Registration number: 01283106)
Balance Sheet as at 31 March 2024

.........................................
Mr Mark Steven Pugh
Director

 

Craig Hi-Fi Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Unit 7 Alpha Business Park
Travellers Close
Welham Green
Hertfordshire
AL9 7NT
UK

The principal place of business is:
Unit 7 Alpha Business Park
Travellers Close
Welham Green
Hertfordshire
AL9 7NT
UK

These financial statements were authorised for issue by the director on 19 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.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Craig Hi-Fi Limited

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

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.

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 balance sheet 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

Plant & machinery

25% on cost

Motor vehicles

25% on cost less 20% residual value

Leasehold improvements

Over the period of the lease

Freehold buildings

2% on cost

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.

 

Craig Hi-Fi Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 15).

 

Craig Hi-Fi Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

661,820

33,527

107,100

95,291

897,738

At 31 March 2024

661,820

33,527

107,100

95,291

897,738

Depreciation

At 1 April 2023

78,170

22,534

76,416

74,647

251,767

Charge for the year

7,385

4,210

14,624

10,322

36,541

At 31 March 2024

85,555

26,744

91,040

84,969

288,308

Carrying amount

At 31 March 2024

576,265

6,783

16,060

10,322

609,430

At 31 March 2023

583,650

10,993

30,684

20,644

645,971

Included within the net book value of land and buildings above is £576,265 (2023 - £583,650) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Craig Hi-Fi Limited

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

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,795,210

1,867,845

6

Debtors

2024
£

2023
£

Trade debtors

258,885

191,525

Other debtors

117,695

66,311

Directors Loan Account

140,000

92,000

516,580

349,836

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

641,014

567,287

Taxation and social security

20,268

92,129

Accruals and deferred income

3,500

3,500

Other creditors

3,047

-

Corporation tax

34,347

51,908

702,176

714,824

 

Craig Hi-Fi Limited

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.10 each

1,000

100

1,000

100