REGISTERED NUMBER: |
Financial Statements for the Period 1 October 2023 to 30 April 2024 |
for |
Craft Property Limited |
REGISTERED NUMBER: |
Financial Statements for the Period 1 October 2023 to 30 April 2024 |
for |
Craft Property Limited |
Craft Property Limited (Registered number: 07751628) |
Contents of the Financial Statements |
for the Period 1 October 2023 to 30 April 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Craft Property Limited |
Company Information |
for the Period 1 October 2023 to 30 April 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
31 Walker Avenue |
Wolverton Mill East |
Milton Keynes |
Buckinghamshire |
MK12 5TW |
Craft Property Limited (Registered number: 07751628) |
Abridged Statement of Financial Position |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Craft Property Limited (Registered number: 07751628) |
Abridged Statement of Financial Position - continued |
30 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Craft Property Limited (Registered number: 07751628) |
Notes to the Financial Statements |
for the Period 1 October 2023 to 30 April 2024 |
1. | STATUTORY INFORMATION |
Craft Property Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Based upon the trading of the business, together with the continued support of the directors and the fact that the company meets all of its liabilities as they fall due, the directors consider that the going concern basis of preparation to be appropriate. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 period 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. |
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 profit or loss in the period to which they relate. |
Craft Property Limited (Registered number: 07751628) |
Notes to the Financial Statements - continued |
for the Period 1 October 2023 to 30 April 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 September 2023 |
The directors consider the freehold property to be valued at 'fair value'. The basis of determining the fair value is that the property was acquired for the value as disclosed in the balance sheet on 16 December 2016. On this basis the freehold land and buildings has not been depreciated. |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 848,175 | 806,480 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 11,947 | - |
The bank loans are secured by a charge over the freehold property. The hire purchase liabilities are secured by the assets financed. |
7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date the sum of £150,834 (2023 - £150,493) was owed by the company to the directors. £150,834 was the maximum amount outstanding during the period. No interest has been paid or accrued on the sum outstanding. |