Registered number
04755685
Crofty Developments Limited
Unaudited Filleted Accounts
31 May 2024
Crofty Developments Limited
Registered number: 04755685
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Current assets
Stocks 1,101,970 2,424,536
Debtors 3 199,659 162,700
Cash at bank and in hand 254,799 4,111
1,556,428 2,591,347
Creditors: amounts falling due within one year 4 (3,462,449) (4,326,649)
Net current liabilities (1,906,021) (1,735,302)
Net liabilities (1,906,021) (1,735,302)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (1,907,021) (1,736,302)
Shareholders' funds (1,906,021) (1,735,302)
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.
Mr A Shoesmith
Director
Approved by the board on 26 November 2024
Crofty Developments Limited
Notes to the Accounts
for the year ended 31 May 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). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
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.
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 and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at the transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2024 2023
£ £
Deferred tax asset 199,659 159,615
Other debtors - 3,085
199,659 162,700
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 63,074 70,533
Taxation and social security costs 252,627 -
Other creditors 3,146,748 4,256,116
3,462,449 4,326,649
5 Loans 2024 2023
£ £
Creditors include:
Secured loans - 1,127,151
The above loan, included in other creditors, is secured against the freehold property currently carried in stock.
6 Related party transactions
At the year end, funding of £2,493,877 (2023: £2,493,877) was provided to Crofty Developments Limited by the parent company. There is no interest due on this loan.
7 Controlling party
The parent of Crofty Developments Limited is Stone Cladding Consultants Limited, a company
incorporated in Bermuda. The registered address of the parent entity is Sterling House, 16, Wesley Street, Hamilton, HM11, Bermuda.
8 Other information
Crofty Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Sunnyfield
Millford Road
Sidmouth
Devon
EX10 8DR
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