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Company No: 09035383 (England and Wales)

CRACKSHOT LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

CRACKSHOT LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

CRACKSHOT LIMITED

BALANCE SHEET

As at 31 May 2024
CRACKSHOT LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 5,867 0
Tangible assets 4 26,721 29,693
32,588 29,693
Current assets
Stocks 201,711 226,266
Debtors 5 12,848 13,797
Cash at bank and in hand 33,856 42,947
248,415 283,010
Creditors: amounts falling due within one year 6 ( 132,594) ( 153,311)
Net current assets 115,821 129,699
Total assets less current liabilities 148,409 159,392
Creditors: amounts falling due after more than one year 7 ( 11,881) ( 62,862)
Provision for liabilities ( 8,100) ( 10,300)
Net assets 128,428 86,230
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 128,328 86,130
Total shareholders' funds 128,428 86,230

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

Directors' responsibilities:

The financial statements of Crackshot Limited (registered number: 09035383) were approved and authorised for issue by the Board of Directors on 18 November 2024. They were signed on its behalf by:

Mr E Irish
Director
CRACKSHOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
CRACKSHOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Crackshot Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

The principal place of business is 1&2 Sabre Close, Heathfield, Newton Abbot, Devon, TQ12 6TW

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 3 years straight line
Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 9

3. Intangible assets

Development costs Website costs Total
£ £ £
Cost
At 01 June 2023 12,500 0 12,500
Additions 0 6,600 6,600
At 31 May 2024 12,500 6,600 19,100
Accumulated amortisation
At 01 June 2023 12,500 0 12,500
Charge for the financial year 0 733 733
At 31 May 2024 12,500 733 13,233
Net book value
At 31 May 2024 0 5,867 5,867
At 31 May 2023 0 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 June 2023 10,637 28,018 29,032 82,643 150,330
Additions 0 3,670 0 3,891 7,561
At 31 May 2024 10,637 31,688 29,032 86,534 157,891
Accumulated depreciation
At 01 June 2023 10,637 23,318 10,645 76,037 120,637
Charge for the financial year 0 1,816 5,806 2,911 10,533
At 31 May 2024 10,637 25,134 16,451 78,948 131,170
Net book value
At 31 May 2024 0 6,554 12,581 7,586 26,721
At 31 May 2023 0 4,700 18,387 6,606 29,693

5. Debtors

2024 2023
£ £
Trade debtors 784 511
Other debtors 12,064 13,286
12,848 13,797

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,248 14,539
Trade creditors 79,822 74,553
Amounts owed to directors 17,509 21,097
Accruals 3,500 3,600
Taxation and social security 15,260 29,372
Obligations under finance leases and hire purchase contracts (secured) 5,758 5,758
Other creditors 497 4,392
132,594 153,311

Bank borrowings:

Included in the bank loans at the year end is £NIL (2023: £4,543) on which security has been provided in the form of a personal guarantee by the directors.

Hire purchase:

Included in hire purchase at the year end is £5,758 (2023: 5,758) which is secured on asset concerned.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,441 20,665
Amounts owed to directors 0 35,000
Obligations under finance leases and hire purchase contracts (secured) 1,440 7,197
11,881 62,862

Hire purchase:

Included in hire purchase at the year end is £1,440 (2023: £7,197) which is secured on asset concerned.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £44,167 (2023: £70,667).