Company registration number 00689946 (England and Wales)
CROUZET LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CROUZET LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 7
CROUZET LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
3
568,605
478,431
Cash at bank and in hand
17,687
67,866
586,292
546,297
Creditors: amounts falling due within one year
4
(76,037)
(66,417)
Net current assets
510,255
479,880
Capital and reserves
Called up share capital
360,000
360,000
Profit and loss reserves
150,255
119,880
Total equity
510,255
479,880

These financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 February 2025 and are signed on its behalf by:
D. Arragon
Director
Company registration number 00689946 (England and Wales)
CROUZET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
360,000
185,244
545,244
Year ended 31 December 2022:
Profit and total comprehensive income
-
119,636
119,636
Dividends
-
(185,000)
(185,000)
Balance at 31 December 2022
360,000
119,880
479,880
Year ended 31 December 2023:
Profit and total comprehensive income
-
149,375
149,375
Dividends
-
(119,000)
(119,000)
Balance at 31 December 2023
360,000
150,255
510,255
CROUZET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Crouzet Limited is a private company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The immediate parent company is Crouzet SAS (France) with the ultimate parent company being LBO France, a mid-market private equity investor based in Paris, France. Accordingly, the company has taken advantage of the exemptions available from disclosing transactions with members of LBO France.

1.2
Going concern

After making enquiries, the Directors have reasonable expectation that the company has adequate resource to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.true

1.3
Turnover

Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods. Commission income earned from the company's parent undertaking is recognised monthly at the point of invoicing.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CROUZET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CROUZET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 2 (2022 -3). None of the directors âre on the company's payroll or paid by the company.

2023
2022
Number
Number
Total
2
3
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
559,794
471,166
Other debtors
7,606
6,060
567,400
477,226
Deferred tax asset
1,205
1,205
568,605
478,431
CROUZET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
898
3,047
Corporation tax
46,152
13,727
Other taxation and social security
4,944
3,231
Other creditors
24,043
46,412
76,037
66,417
5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Saskia Harrison
Statutory Auditor:
Gerald Edelman LLP
Date of audit report:
6 February 2025
6
Financial commitments, guarantees and contingent liabilities

The company participates in a bilateral cash pooling agreement with other members of the group facilitated by Crouzet SAS, under which the company is required to repay amounts owed by it from time to time on demand. At the year end date the company had a cash pooling receivable of £431,924 (2022: £406,705).

7
Related party transactions

The company has taken the exemption available in FRS 102.33.1A 'Related party disclosures' whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

8
Parent company

The immediate parent company is Crouzet SAS, incorporated in France.

 

The ultimate parent company is LBO France, a mid-market private equity investor based in Paris, France.

9
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
CROUZET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
119,636
Profit as adjusted
119,636
2023-12-312023-01-01false06 February 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedD. ArragonF. NitardE. Solerfalsefalse006899462023-01-012023-12-31006899462023-12-31006899462022-12-3100689946core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100689946core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3100689946core:CurrentFinancialInstruments2023-12-3100689946core:CurrentFinancialInstruments2022-12-3100689946core:ShareCapital2023-12-3100689946core:ShareCapital2022-12-3100689946core:RetainedEarningsAccumulatedLosses2023-12-3100689946core:RetainedEarningsAccumulatedLosses2022-12-3100689946core:ShareCapital2021-12-3100689946core:RetainedEarningsAccumulatedLosses2021-12-3100689946bus:Director12023-01-012023-12-3100689946core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31006899462022-01-012022-12-3100689946core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100689946core:WithinOneYear2023-12-3100689946core:WithinOneYear2022-12-3100689946bus:PrivateLimitedCompanyLtd2023-01-012023-12-3100689946bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3100689946bus:FRS1022023-01-012023-12-3100689946bus:Audited2023-01-012023-12-3100689946bus:Director22023-01-012023-12-3100689946bus:Director32023-01-012023-12-3100689946bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP