Registered number
12654983
Crafty Wholesale Limited
Filleted Accounts
30 June 2024
Crafty Wholesale Limited
Registered number: 12654983
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 33,942 43,629
Current assets
Stocks 2,716 6,322
Debtors 4 17,935 17,233
Cash at bank and in hand 4,613 7,263
25,264 30,818
Creditors: amounts falling due within one year 5 (42,370) (43,470)
Net current liabilities (17,106) (12,652)
Total assets less current liabilities 16,836 30,977
Creditors: amounts falling due after more than one year 6 (12,443) (15,450)
Net assets 4,393 15,527
Capital and reserves
Called up share capital 120 120
Profit and loss account 4,273 15,407
Shareholders' funds 4,393 15,527
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.
Linzi Algar
Director
Approved by the board on 23 January 2025
Crafty Wholesale Limited
Notes to the Accounts
for the year ended 30 June 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:
Equipment over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1 July 2023 10,081 39,565 49,646
Additions 291 - 291
At 30 June 2024 10,372 39,565 49,937
Depreciation
At 1 July 2023 5,358 659 6,017
Charge for the year 2,065 7,913 9,978
At 30 June 2024 7,423 8,572 15,995
Net book value
At 30 June 2024 2,949 30,993 33,942
At 30 June 2023 4,723 38,906 43,629
4 Debtors 2024 2023
£ £
Trade debtors 706 1,080
Other debtors 17,229 16,153
17,935 17,233
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,690 6,690
Trade creditors 32,775 39,827
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,534 (677)
Taxation and social security costs 111 (3,390)
Other creditors 1,260 1,020
42,370 43,470
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,101 15,108
Other creditors 342 342
12,443 15,450
7 Other information
Crafty Wholesale Limited is a private company limited by shares and incorporated in England. Its registered office is:
34 Croydon Road
Caterham
Surrey
CR3 6QB
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