Registered number
10498095
Craft In Focus Ltd
Unaudited Filleted Accounts
31 March 2024
Craft In Focus Ltd
Registered number: 10498095
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 21,027 22,838
Current assets
Debtors 5 473,728 405,485
Cash at bank and in hand 386,781 385,226
860,509 790,711
Creditors: amounts falling due within one year 6 (838,319) (721,157)
Net current assets 22,190 69,554
Net assets 43,217 92,392
Capital and reserves
Called up share capital 100 100
Profit and loss account 43,117 92,292
Shareholder's funds 43,217 92,392
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr R Chapman
Director
Approved by the board on 8 November 2024
Craft In Focus Ltd
Notes to the Accounts
for the year ended 31 March 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).
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. No provision for deferred tax has been made since the director is of the opinion that no liability will crystallise in the foreseeable future.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 99,300
At 31 March 2024 99,300
Amortisation
At 1 April 2023 99,300
At 31 March 2024 99,300
Net book value
At 31 March 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 5,082 33,903 38,985
Additions 4,964 - 4,964
At 31 March 2024 10,046 33,903 43,949
Depreciation
At 1 April 2023 1,314 14,833 16,147
Charge for the year 2,008 4,767 6,775
At 31 March 2024 3,322 19,600 22,922
Net book value
At 31 March 2024 6,724 14,303 21,027
At 31 March 2023 3,768 19,070 22,838
5 Debtors 2024 2023
£ £
Trade debtors 122,223 91,714
Other debtors 351,505 313,771
473,728 405,485
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 33,038 17,218
Taxation and social security costs 129,941 115,356
Other creditors 675,340 588,583
838,319 721,157
7 Related party transactions
During the year the company provided a loan of £200,000 to a connected company. £300,000 was outstanding at the balance sheet date, and this amount is included in other debtors. A loan from the previous year of £170,000 to the same connected company was written off in the year.
8 Other information
Craft In Focus Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3 Roses Farm
Gallants Lane
East Farleigh
ME15 0LG
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