Registered number
03569523
Crowley Accountancy Limited
Report and Accounts
31 May 2024
Crowley Accountancy Limited
Registered number: 03569523
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 132,779 122,540
Current assets
Debtors 4 236,626 330,115
Cash at bank and in hand 3,834,686 3,236,111
4,071,312 3,566,226
Creditors: amounts falling due within one year 5 (364,982) (302,332)
Net current assets 3,706,330 3,263,894
Net assets 3,839,109 3,386,434
Capital and reserves
Called up share capital 10 10
Profit and loss account 3,839,099 3,386,424
Shareholders' funds 3,839,109 3,386,434
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Crowley
Director
Approved by the board on 27 August 2024
Crowley Accountancy Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 121,351 9,561 130,912
Additions - 14,181 14,181
At 31 May 2024 121,351 23,742 145,093
Depreciation
At 1 June 2023 - 8,372 8,372
Charge for the year - 3,942 3,942
At 31 May 2024 - 12,314 12,314
Net book value
At 31 May 2024 121,351 11,428 132,779
At 31 May 2023 121,351 1,189 122,540
4 Debtors 2024 2023
£ £
Trade debtors 5,043 27,137
Other debtors 231,583 302,978
236,626 330,115
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,124 -
Directors account 168,692 169,344
Corporation tax 151,805 100,214
Other taxes and social security costs 35,651 32,665
Other creditors 710 109
364,982 302,332
6 Other information
Crowley Accountancy Limited is a private company limited by shares and incorporated in England. Its registered office is:
29 Veals Mead
Mitcham
Surrey
CR4 3SB
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