Company registration number 06534180 (England and Wales)
CRANE PLASTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CRANE PLASTICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CRANE PLASTICS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
329,690
389,777
Current assets
Stocks
235,000
252,500
Debtors
6
382,432
405,057
Cash at bank and in hand
10,749
20,777
628,181
678,334
Creditors: amounts falling due within one year
7
(322,583)
(332,606)
Net current assets
305,598
345,728
Total assets less current liabilities
635,288
735,505
Creditors: amounts falling due after more than one year
8
(19,327)
Provisions for liabilities
(19,912)
(38,728)
Net assets
615,376
677,450
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
615,276
677,350
Total equity
615,376
677,450
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CRANE PLASTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
Mr C S Burdon
Director
Company Registration No. 06534180
CRANE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Crane Plastics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, Saxon Fields, Old Harborough Road, Brixworth, Northamptonshire, United Kingdom, NN6 9BX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.
1.4
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Plant and machinery
at varying rates on cost
Fixtures and fittings
25% on cost
Motor vehicles
at varying rates on cost
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
CRANE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.8
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under purchase contracts are depreciated over their estimated useful lives. Those held finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
15
CRANE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
20,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
20,000
Carrying amount
At 31 March 2024
At 31 March 2023
5
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
750,350
32,153
44,300
826,803
Additions
16,669
875
17,544
At 31 March 2024
16,669
751,225
32,153
44,300
844,347
Depreciation and impairment
At 1 April 2023
376,026
27,534
33,466
437,026
Depreciation charged in the year
556
75,094
209
1,772
77,631
At 31 March 2024
556
451,120
27,743
35,238
514,657
Carrying amount
At 31 March 2024
16,113
300,105
4,410
9,062
329,690
At 31 March 2023
374,324
4,619
10,834
389,777
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
260,592
373,504
Other debtors
702
4,552
Prepayments and accrued income
15,001
27,001
276,295
405,057
CRANE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Debtors
(Continued)
- 6 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
106,137
Total debtors
382,432
405,057
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,741
15,960
Other borrowings
16,668
57,500
Trade creditors
107,462
123,500
Corporation tax
36,991
38,236
Other taxation and social security
34,976
25,922
Other creditors
66,240
44,718
Accruals and deferred income
57,505
26,770
322,583
332,606
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19,327
The following secured debts are included within creditors:
Bank loans for £2,660 (2023; £35,287)
9
Other creditors
Other creditors includes £24,887 (2023: £40,917) owed to Mr & Mrs C S Burdon as at 31 March 2024.