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REGISTERED NUMBER: 08235305 (England and Wales)















CROFT FILTERS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024






CROFT FILTERS LTD (REGISTERED NUMBER: 08235305)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CROFT FILTERS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: A M Burns
D Travis





REGISTERED OFFICE: Unit 2 Beech Court
Taylor Business Park, Risley
Warrington
WA3 6BL





REGISTERED NUMBER: 08235305 (England and Wales)





ACCOUNTANTS: DJH Bury Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN

CROFT FILTERS LTD (REGISTERED NUMBER: 08235305)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 326,264 399,171

CURRENT ASSETS
Inventories 194,818 187,120
Debtors 5 413,238 386,360
Cash at bank 27,703 69,111
635,759 642,591
CREDITORS
Amounts falling due within one year 6 (612,827 ) (709,595 )
NET CURRENT ASSETS/(LIABILITIES) 22,932 (67,004 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

349,196

332,167

CREDITORS
Amounts falling due after more than one
year

7

(30,000

)

(60,000

)

PROVISIONS FOR LIABILITIES (58,606 ) (74,578 )
NET ASSETS 260,590 197,589

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 260,490 197,489
260,590 197,589

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CROFT FILTERS LTD (REGISTERED NUMBER: 08235305)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 January 2025 and were signed on its behalf by:





A M Burns - Director


CROFT FILTERS LTD (REGISTERED NUMBER: 08235305)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Croft Filters Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 08235305 and registered office address is Unit 2 Beech Court, Taylor Business Park, Risley, Warrington, WA3 6BL.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors are satisfied that the company is a going concern and that the financial statements are correctly prepared on this basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

Revenue
Revenue represents the aggregate of the fair value of sale of goods and services provided, net of value added tax, rebates and discounts, plus an appropriate proportion of maintenance contract income provided during the period. Revenue is recognised as follows:-

Revenue from the sale of goods is recognised when the customer collects the goods or company has delivered and installed products to the customer and collectability of the related receivables is fairly stated.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years, 25% on reducing balance and 20% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

CROFT FILTERS LTD (REGISTERED NUMBER: 08235305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Inventory
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in income statement. Reversals of impairment losses are also recognised in income statement.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

CROFT FILTERS LTD (REGISTERED NUMBER: 08235305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 August 2023 964,376
Additions 11,652
At 31 July 2024 976,028
DEPRECIATION
At 1 August 2023 565,205
Charge for year 84,559
At 31 July 2024 649,764
NET BOOK VALUE
At 31 July 2024 326,264
At 31 July 2023 399,171

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 232,718 270,114
Amounts owed by group 33,670 108,808
Other debtors 146,850 7,438
413,238 386,360

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 167,266 174,498
Trade creditors 33,707 72,670
Amounts owed to connected company 235,438 232,438
Taxation and social security 164,171 50,703
Other creditors 12,245 179,286
612,827 709,595

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 30,000 60,000

CROFT FILTERS LTD (REGISTERED NUMBER: 08235305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 43,324 43,324
Between one and five years 169,686 213,010
213,010 256,334

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice financing 137,266 144,499

The invoice finance facility liability is secured by an all assets debenture.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
A M Burns
Balance outstanding at start of year - -
Amounts advanced 76,377 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 76,377 -

D Travis
Balance outstanding at start of year - -
Amounts advanced 55,854 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 55,854 -

The maximum overdrawn balances in the year were £132,231. There were no advances considered to be material in the current or prior year. The loan balances are unsecured, interest free and repayable on demand.