Company registration number 03064934 (England and Wales)
CRAWFORD CARS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CRAWFORD CARS LIMITED
COMPANY INFORMATION
Director
L O'Sullivan
Secretary
Mr L J O'Sullivan
Company number
03064934
Registered office
Unit 8, Concord Business Centre
Concord Road
London
W3 0TR
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
CRAWFORD CARS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
9
Statement of cash flows
11
Notes to the financial statements
12 - 20
CRAWFORD CARS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents the strategic report for the year ended 31 March 2024.

Review of the business

In common with most business within the sector, 2024 has been a similar year to 2023. The company's turnover has marginally decreased by 2% during the year under review. The company's direct costs have decreased by 5% and the administrative expenses have increased by 13%. The director is satisfied with the results for the year in the context of the current market.

Principal risks and uncertainties

The director considers the main risks faced by the business are those relating to the cyclical nature of the industry in which it operates, as well as ever changing market conditions. The company's management regularly monitors the performance of the business through monthly management information including management accounts, records of productivity and client feedback. They work closely with relevant individuals to ensure that the risks faced by the business are mitigated as far as possible.

Development and performance

In the opinion of the director, the company remains in a strong position at the year end. Funds are considered to be in a healthy position by the directors in the light of the UK economy during this period.

Key performance indicators

The main key performance indicators are noted as gross profit margin which increased to 30% and current asset ratio which stood at 1.87.

On behalf of the board

L O'Sullivan
Director
28 November 2024
CRAWFORD CARS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of private car hire.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £10,000. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

L O'Sullivan
Corporate governance

The Company acknowledges the importance of good corporate governance and strives to adhere to high standards in its management and operations. However, during the financial year ended 31st March 2024 the Company did not fully apply the provisions of the corporate governance code, which serves as the benchmark for corporate governance practices.

 

 

The Company regularly reviews its governance practices and will continue to assess the application of the corporate governance code in light of its evolving business needs. While the Company acknowledges the importance of compliance with the Code, it believes that the current governance framework is appropriate given its specific circumstances and continues to ensure the integrity of the Company’s financial reporting and risk management practices.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as a director in order to make himself aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
L O'Sullivan
Director
28 November 2024
CRAWFORD CARS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CRAWFORD CARS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRAWFORD CARS LIMITED
- 4 -
Opinion

We have audited the financial statements of Crawford Cars Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earning, statement of comprehensive income, balance sheet, statement of changes in equity, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CRAWFORD CARS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRAWFORD CARS LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud

 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

CRAWFORD CARS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRAWFORD CARS LIMITED (CONTINUED)
- 6 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shona Munday BA FCA
2 December 2024
Statutory Auditor
Aldgate Tower
For and on behalf of Gravita II LLP
2 Leman Street
London
E1 8FA
CRAWFORD CARS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
16,637,919
17,049,037
Cost of sales
(11,600,794)
(12,238,791)
Administrative expenses
(3,859,607)
(3,417,415)
Operating profit
3
1,177,518
1,392,831
Interest receivable and similar income
5
28,176
-
Interest payable and similar expenses
6
-
(9)
Profit before taxation
1,205,694
1,392,822
Tax on profit
7
(380,379)
(264,436)
Profit for the financial year
825,315
1,128,386
Retained earnings brought forward
2,183,342
1,154,956
Dividends
8
(10,000)
(100,000)
Retained earnings carried forward
2,998,657
2,183,342

 

CRAWFORD CARS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
£
£
Profit for the year
825,315
1,128,386
Other comprehensive income
-
-
Total comprehensive income for the year
825,315
1,128,386
CRAWFORD CARS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
5,115
671
Current assets
Debtors
11
3,447,237
3,851,198
Cash at bank and in hand
2,996,149
2,264,625
6,443,386
6,115,823
Creditors: amounts falling due within one year
12
(3,449,744)
(3,933,052)
Net current assets
2,993,642
2,182,771
Net assets
2,998,757
2,183,442
Capital and reserves
Called up share capital
13
100
100
Profit and loss reserves
2,998,657
2,183,342
Total equity
2,998,757
2,183,442

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
L O'Sullivan
Director
Company registration number 03064934 (England and Wales)
CRAWFORD CARS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
1,154,956
1,155,056
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
1,128,386
1,128,386
Dividends
8
-
(100,000)
(100,000)
Balance at 31 March 2023
100
2,183,342
2,183,442
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
825,315
825,315
Dividends
8
-
(10,000)
(10,000)
Balance at 31 March 2024
100
2,998,657
2,998,757
CRAWFORD CARS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
17
961,634
2,045,944
Interest paid
-
0
(9)
Income taxes paid
(242,941)
(167,228)
Net cash inflow from operating activities
718,693
1,878,707
Investing activities
Purchase of tangible fixed assets
(5,345)
(758)
Interest received
28,176
123,444
Net cash generated from investing activities
22,831
122,686
Financing activities
Dividends paid
(10,000)
(100,000)
Net cash used in financing activities
(10,000)
(100,000)
Net increase in cash and cash equivalents
731,524
1,901,393
Cash and cash equivalents at beginning of year
2,264,625
363,232
Cash and cash equivalents at end of year
2,996,149
2,264,625
CRAWFORD CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information

Crawford Cars Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

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.

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
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for chauffeur related services provided in the normal course of business, and is shown net of VAT, sales being recognised on the date the journey is completed. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Fixtures and fittings
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CRAWFORD CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow associated companies are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

CRAWFORD CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Rentals payable under operating leases are generally charged to profit or loss on a straight-line basis over the lease term. Details on the nature of leases are included in note 14.

2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Chaffeur services
16,637,919
17,049,037
2024
2023
£
£
Other revenue
Interest income
28,176
-
CRAWFORD CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
11,652
Depreciation of owned tangible fixed assets
901
87
Operating lease charges
127,660
127,660
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
1
1

No remuneration was paid to the director.

5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
27,706
-
0
Other interest income
470
-
0
Total income
28,176
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
28,176
-
0
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
9
CRAWFORD CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
319,954
264,436
Adjustments in respect of prior periods
60,425
-
0
Total current tax
380,379
264,436

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,205,694
1,392,822
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
301,424
264,636
Tax effect of expenses that are not deductible in determining taxable profit
19,948
1,213
Adjustments in respect of prior years
60,424
-
0
Depreciation on assets not qualifying for tax allowances
(1,417)
(1,413)
Taxation charge for the year
380,379
264,436

The proposed interim dividend for the year ended 31 March 2024 is:

8
Dividends
2024
2023
£
£
Interim paid
10,000
100,000
CRAWFORD CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
9
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023
758
Additions
5,345
At 31 March 2024
6,103
Depreciation and impairment
At 1 April 2023
87
Depreciation charged in the year
901
At 31 March 2024
988
Carrying amount
At 31 March 2024
5,115
At 31 March 2023
671

As of 31 March 2024, Barclays Bank Plc holds a debenture over the company, which includes fixed charges over specific assets, an assignment of the rights and assets, and floating charges over all the company’s property and undertakings. This charge was created 5 April 2022 and is outstanding.

 

 

10
Financial instruments
The carrying values of the main categories of financial assets and liabilities at year-end were:
2024
2023
£
£
Financial assets measured at amortised cost
Cash at bank and in hand
2,996,149
2,264,625
Trade debtors
2,056,748
2,393,042
Other debtors
1,750
1,890
Amounts due by associated companies
2,475,794
73,594
Financial liabilities measured at amortised cost
Trade creditors
203,374
167,309
Amounts due to associated companies
2,475,794
3,223,623
Other creditors
135,736
85,851
Accruals and deferred income
193,751
230,481
CRAWFORD CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,056,748
2,114,982
Corporation tax recoverable
-
0
191,272
Amounts owed by associated companies
923,446
1,158,712
Other debtors
1,750
96,727
Prepayments and accrued income
465,293
11,445
3,447,237
3,573,138
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
203,374
167,309
Amounts owed to associated companies
2,475,794
3,223,623
Corporation tax
171,954
225,788
Other taxation and social security
269,135
-
0
Other creditors
135,736
85,851
Accruals and deferred income
193,751
230,481
3,449,744
3,933,052
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordibary shares of £1 each
100
100
100
100
14
Operating lease commitments
Lessee

The Company is a party to an operating lease agreements for office space with a related company. The lease arrangement is informal, renewing annually without a formal agreement or specified end date, and can be cancelled at any time without significant penalties.

 

The total lease expense recognized during the year was £127,660. This lease is classified as cancellable under FRS 102 and is disclosed within the related party transactions with the Sullivan Trust. As such, there is no disclosure for non-cancellable lease commitments.

CRAWFORD CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
15
Related party transactions

All transactions noted below are with companies under common ownership and/or directorship. Reference to purchases invoices is in respect of services provided by the related companies, while reference to sales invoices is in respect of recharged costs to the companies.

 

There were purchases invoices of £4,026,811 (2023: £2,498,867) with Motorhire Limited. Other transactions of £3,354,001 related to net payments made to the related party. As at the year end, Motorhire Limited was owed £538,617 (2023: owed £134,193) by the company.

 

There were purchases invoices of £580,554 (2023: £541,613) and sales invoices of £46,178 (2023: £Nil) with Mistybridge Limited. Other transactions of £54,217 related to net payments made to the related party. As at the year end, Mistybridge Limited was owed £1,675,688 (2023: £1,195,528) by the company.

 

There were purchases invoices of £153,192 (2023: £139,401) with the Sullivans Trust. Other transactions of £243,816 related to net payments made to the related party. As at year end, the trust was owed £84,046 (2023: £177,045) by the company.

 

There were purchases invoices of £22,586 (2023: £210,452) and sales invoices of £5,142 (2023: £3,555) with Park Royal Office Furniture Limited. Other transactions of £40,959 related to net payments made to the related party. As at the year end, Park Royal Office Furniture Limited owed £27,002 (2023: £1,306) to the company.

 

There were sales invoices of £2,413 (2023: £nil) with Perands Crash Repairs Limited. Payments on account of £35,058 were made to the related party and £62,692 has been written off an unrecoverable. As at year end, Perands Crash Repairs Limited owed £nil (2023: £25,222) to the company.

 

There were purchases invoices of £766,602 (2023: £7,385,549) and sales invoices of £56,892 (2023: £464,065) with Driverfind Limited. Other transactions of £1,249,815 related to net payments made to the related party. As at the year end, Driverfind Limited was owed £176,486 (2023: £716,591) by the company.

 

As at the year end, Castleisland Properties Limited was owed £3,852 (2023: £3,852) by the company. There were no transactions in the year.

 

There were purchases invoices of £3,114,991 (2023: £2,263,854) with Staffcharter Limited. Other transactions of £3,866,233 related to net payments made to the related party. As at the year end, As at the year end, Staffcharter Limited owed £827,773 (2023: £76,513) to the company.

 

There were purchases invoices of £26,876 (2023: £19,373) and sales invoices of £30,485 (£33,611) with Wyndham Cars Limited. As at the year end, Wyndham Cars Limited owed £68,670 (2023: £65,061) to the company.

 

There is a cross guarantee and debenture held by the bank between Castleisland Property Management Limited, Driverfind Limited, Mistybridge Limited, Motorhire Limited, Park Royal Office Furniture Limited, Staffcharter Limited and Wyndham Cars Limited dated 5 April 2022.

16
Director's and Shareholders' transactions

Dividends totalling £5,100 (2023: £51,000) were declared to Lee O'Sullivan, a director and shareholder of the company. As at the year end, the company owed £1,497 (2023: £41,452) to the director in respect of unpaid dividends.

 

Dividends totalling £1,000 (2023: £10,000) were declared to Patrick O'Sullivan, a shareholder of the company. As at the year end, the company owed £nil (2023: £8,175).

 

Dividends totalling £3,900 (2023: £10,000) were declared to Caroline O'Sullivan, a shareholder of the company. As at the year end, the company owed £1,000 (2023: £32,372) by the company in respect of unpaid dividends.

CRAWFORD CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
17
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
825,315
1,128,386
Adjustments for:
Taxation charged
380,379
264,436
Finance costs
-
0
9
Investment income
(28,176)
-
0
Depreciation and impairment of tangible fixed assets
901
87
Movements in working capital:
Decrease/(increase) in debtors
212,689
(1,334,973)
(Decrease)/increase in creditors
(429,474)
1,987,999
Cash generated from operations
961,634
2,045,944
18
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
2,264,625
731,524
2,996,149
19
Note to the income statement

Year on year comparison on individual expenses

 

Historically, management recorded costs incurred with related parties in an account that reflects the nature of the cost. However, in the current year, management have recorded these within management charges for ease of internal tracking and reconciliations of related party balances. Therefore, a mismatch may be noted when comparing individual expenses lines to the prior year.

 

Despite these differences, the financial statements present a true and fair view of the company's financial position and performance for the year in accordance with FRS 102, and are all part of the same financial statement caption, administrative expenses. Relevant reclassifications between direct and administrative expenses have been made.

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