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REGISTERED NUMBER: SC206097 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

CITY CRAFTS LIMITED

CITY CRAFTS LIMITED (REGISTERED NUMBER: SC206097)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CITY CRAFTS LIMITED

COMPANY INFORMATION
for the year ended 30 April 2024







DIRECTOR: K Baxter



SECRETARY: Mrs G Baxter



REGISTERED OFFICE: 40 West Gorgie Park
Edinburgh
EH14 1UT



REGISTERED NUMBER: SC206097 (Scotland)



ACCOUNTANTS: Mitchell Edwards
Chartered Certified Accountants
24A Ainslie Place
Edinburgh
EH3 6AJ



BANKERS: Bank of Scotland
206 St Johns Road
Edinburgh
EH12 8SH

CITY CRAFTS LIMITED (REGISTERED NUMBER: SC206097)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,436 2,874
Tangible assets 5 64,536 43,444
65,972 46,318

CURRENT ASSETS
Stocks 27,570 33,854
Debtors 6 100,707 80,184
Cash at bank 755 -
129,032 114,038
CREDITORS
Amounts falling due within one year 7 72,689 69,862
NET CURRENT ASSETS 56,343 44,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

122,315

90,494

CREDITORS
Amounts falling due after more than one year 8 (53,568 ) (40,314 )

PROVISIONS FOR LIABILITIES (10,580 ) (6,428 )
NET ASSETS 58,167 43,752

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 58,166 43,751
SHAREHOLDERS' FUNDS 58,167 43,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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 director and authorised for issue on 25 November 2024 and were signed by:



K Baxter - Director


CITY CRAFTS LIMITED (REGISTERED NUMBER: SC206097)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2024


1. STATUTORY INFORMATION

City Crafts Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £.

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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements - 10% on cost
Tools & equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet 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.

CITY CRAFTS LIMITED (REGISTERED NUMBER: SC206097)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 30 April 2024 5,750
AMORTISATION
At 1 May 2023 2,876
Charge for year 1,438
At 30 April 2024 4,314
NET BOOK VALUE
At 30 April 2024 1,436
At 30 April 2023 2,874

5. TANGIBLE FIXED ASSETS
Leasehold Tools & Motor Computer
improvements equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 14,856 6,972 62,089 10,868 94,785
Additions 438 730 41,585 1,398 44,151
Disposals - - (11,475 ) (779 ) (12,254 )
At 30 April 2024 15,294 7,702 92,199 11,487 126,682
DEPRECIATION
At 1 May 2023 5,240 5,149 32,292 8,660 51,341
Charge for year 1,197 512 17,165 1,073 19,947
Eliminated on disposal - - (8,752 ) (390 ) (9,142 )
At 30 April 2024 6,437 5,661 40,705 9,343 62,146
NET BOOK VALUE
At 30 April 2024 8,857 2,041 51,494 2,144 64,536
At 30 April 2023 9,616 1,823 29,797 2,208 43,444

CITY CRAFTS LIMITED (REGISTERED NUMBER: SC206097)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024


5. TANGIBLE FIXED ASSETS - continued

At 30 April 2024 the net book value of assets held under hire purchase contracts was £47,641 (2023: £24,660).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 74,580 78,164
Other debtors 26,127 2,020
100,707 80,184

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,000 11,076
Hire purchase contracts 13,608 3,350
Trade creditors 16,849 10,521
Taxation and social security 9,979 25,094
Other creditors 24,253 19,821
72,689 69,862

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 8,668 16,668
Hire purchase contracts 44,900 22,014
Other creditors - 1,632
53,568 40,314

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 3,076

The bank overdraft is secured by a floating charge over the whole assets of the company and by a personal guarantee in the sum of £30,000 provided by the director.

10. BOUNCE BACK LOAN SCHEME

The company borrowed £40,000 under the Governments Bounce Back Loan Scheme. Under the scheme the Government provides the bank with a guarantee that the loan will be repaid in full. Interest is charged at the rate of 2.5% and the loan is repayable by installments as detailed below.

2024 2023
£    £   
< 1 year 8,000 8,000
2-5 years 8,668 16,669
> 5 years - -
16,668 24,669