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Registration number: 05285040

Crimson Lake Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 April 2024

 

Crimson Lake Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Crimson Lake Limited

(Registration number: 05285040)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

466

622

Other financial assets

5

634,515

589,382

 

634,981

590,004

Current assets

 

Debtors

6

8,980

2,407

Investments

7

90,117

85,210

Cash at bank and in hand

 

129,125

51,623

 

228,222

139,240

Creditors: Amounts falling due within one year

8

(358,934)

(317,417)

Net current liabilities

 

(130,712)

(178,177)

Total assets less current liabilities

 

504,269

411,827

Provisions for liabilities

(87,195)

(55,189)

Net assets

 

417,074

356,638

Capital and reserves

 

Called up share capital

1

1

Fair value reserve

306,465

287,236

Profit and loss account

110,608

69,401

Shareholders' funds

 

417,074

356,638

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

 

Crimson Lake Limited

(Registration number: 05285040)
Statement of Financial Position as at 30 April 2024

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr B Martin
Director

 

Crimson Lake Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. England.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Crimson Lake Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% reducing balance

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, and loans from related parties.

 

Crimson Lake Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Computer equipment
£

Total
£

Cost or valuation

At 1 May 2023

3,245

3,245

At 30 April 2024

3,245

3,245

Depreciation

At 1 May 2023

2,623

2,623

Charge for the year

156

156

At 30 April 2024

2,779

2,779

Carrying amount

At 30 April 2024

466

466

At 30 April 2023

622

622

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

589,382

589,382

Fair value adjustments

75,847

75,847

Disposals

(30,714)

(30,714)

At 30 April 2024

634,515

634,515

Carrying amount

At 30 April 2024

634,515

634,515

 

Crimson Lake Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Trade debtors

8,980

-

Other debtors

-

2,407

8,980

2,407

7

Current asset investments

2024
£

2023
£

Other investments

90,117

85,210

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

27,075

61

Accruals and deferred income

1,544

1,483

Other creditors

330,315

315,873

358,934

317,417