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Registered number: 06921268
Crown Awnings Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Brisan Accountancy Ltd
Canada House, First Floor, 20/20 Business Park
Maidstone
Kent
ME16 0LS
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—8
Page 1
Balance Sheet
Registered number: 06921268
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 214,162 192,886
214,162 192,886
CURRENT ASSETS
Stocks 5 174,899 185,837
Debtors 6 640,849 710,119
Cash at bank and in hand 25,489 25,302
841,237 921,258
Creditors: Amounts Falling Due Within One Year 7 (595,704 ) (586,042 )
NET CURRENT ASSETS (LIABILITIES) 245,533 335,216
TOTAL ASSETS LESS CURRENT LIABILITIES 459,695 528,102
Creditors: Amounts Falling Due After More Than One Year 8 (68,911 ) (169,767 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (7,801 ) (9,259 )
NET ASSETS 382,983 349,076
CAPITAL AND RESERVES
Called up share capital 10 1,111 1,111
Profit and Loss Account 381,872 347,965
SHAREHOLDERS' FUNDS 382,983 349,076
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Tony Holman
Director
Mrs Tracey Holman
Director
28 January 2025
The notes on pages 4 to 8 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 May 2022 1,111 317,246 318,357
Profit for the year and total comprehensive income - 30,919 30,919
Dividends paid - (200) (200)
As at 30 April 2023 and 1 May 2023 1,111 347,965 349,076
Profit for the year and total comprehensive income - 33,907 33,907
As at 30 April 2024 1,111 381,872 382,983
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Crown Awnings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06921268 . The registered office is Canada House, First Floor, 20/20 Business Park, Maidstone, Kent, ME16 0LS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Leasehold 10% on cost
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 9)
7 9
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 May 2023 113,598 53,512 4,770 162,734
Additions - 14,456 - 6,600
As at 30 April 2024 113,598 67,968 4,770 169,334
Depreciation
As at 1 May 2023 7,499 14,700 3,936 119,215
Provided during the period 2,271 6,388 209 11,017
As at 30 April 2024 9,770 21,088 4,145 130,232
Net Book Value
As at 30 April 2024 103,828 46,880 625 39,102
As at 1 May 2023 106,099 38,812 834 43,519
Page 5
Page 6
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 5,413 10,539 350,566
Additions 21,819 - 42,875
As at 30 April 2024 27,232 10,539 393,441
Depreciation
As at 1 May 2023 2,744 9,586 157,680
Provided during the period 1,123 591 21,599
As at 30 April 2024 3,867 10,177 179,279
Net Book Value
As at 30 April 2024 23,365 362 214,162
As at 1 May 2023 2,669 953 192,886
5. Stocks
2024 2023
£ £
Finished goods 8,500 8,374
Work in progress 166,399 177,463
174,899 185,837
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 344,973 378,275
Prepayments and accrued income 9,905 13,725
Other debtors 107,125 89,501
Corporation tax recoverable assets - 56,225
Directors' loan accounts 131,678 171,851
Amounts owed by group undertakings 4,000 542
597,681 710,119
Due after more than one year
Corporation tax recoverable assets 43,168 -
640,849 710,119
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 100,370 140,509
Bank loans and overdrafts 101,597 115,261
Corporation tax 16,165 64,906
Other taxes and social security 18,243 11,157
VAT 218,892 146,946
Net wages 18,536 -
Other creditors 15,779 9,554
Accruals and deferred income - 2,552
Amounts owed to parent undertaking 95,086 95,157
Amounts owed to associates 11,036 -
595,704 586,042
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 68,911 169,767
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 7,801 9,259
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,111 1,111
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Tony Holman 85,926 34,249 54,336 - 65,839
Mrs Tracey Holman 85,925 34,249 54,335 - 65,839
The above loan is unsecured and repayable on demand. The HMRC official rate of interest is charged on the outstanding balance.
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12. Related Party Transactions
During the year the company incurred Management charges with a company who is under common control of the shareholders of the company amounting to £83,869 (2023 £210,800). At the year end the balance due to the company in respect of the management charges was £nil (2023: £nil). Loans were paid to the company in the prior year and the balance due at the year end amounted to £11,036 (2023: £11,200). The loan is interest free and repayable on demand.
During the year the company partially repaid a loan to a company who is under common control of the shareholders of the company. The balance owed to the company amounted to £95,086 (2023: £95,157). The loan is interest free and repayable on demand.
During the year the company loaned £3,500 to a company who is under the common control of one the company shareholders. At the year end the balance owed to the company was £4,000 (2023: £1,500). The loan is interest free and repayable on demand.
During the year the company loaned of £14,126 to a company, whereby a company a director is also a director of the related party and has signficant influence of the company. At the year end the balance due from the company amounted to £40,126 (2023: £26,000). The loan is interest free and repayable on demand.
13. Ultimate Controlling Party
The company's ultimate controlling parties are Mr T Holman and Mrs T Holman , by virtue of their equal ownership of 100% of the issued share capital in Crown Awnings UK Limited, a company that has the majority ownership of the issued share capital in the company.
Page 8