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Registration number: 04613312

Crown Interiors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Crown Interiors Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 11

 

Crown Interiors Limited

Company Information

Directors

Mr Fergus Shaun McClure

Mr David John Beilby

Company secretary

Mr David John Beilby

Registered office

Suite 1
The Pavilion Holme Park Farm Lane
Sonning
Reading
Berkshire
RG4 6SX

Accountants

Pillow May Ltd The Dutch Barn
Bremhill Grove Farm
East Tytherton
Chippenham
Wiltshire
SN15 4LX

 

Crown Interiors Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Fergus Shaun McClure

Mr David John Beilby - Company secretary and director

Principal activity

The principal activity of the company is office interior fitting.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 7 January 2025 and signed on its behalf by:
 

.........................................
Mr Fergus Shaun McClure
Director

.........................................
Mr David John Beilby
Company secretary and director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Crown Interiors Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Crown Interiors Limited for the year ended 30 September 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Crown Interiors Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Crown Interiors Limited and state those matters that we have agreed to state to the Board of Directors of Crown Interiors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crown Interiors Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Crown Interiors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Crown Interiors Limited. You consider that Crown Interiors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Crown Interiors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pillow May Ltd
The Dutch Barn
Bremhill Grove Farm
East Tytherton
Chippenham
Wiltshire
SN15 4LX

7 January 2025

 

Crown Interiors Limited

Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

 

5,727,172

5,827,217

Cost of sales

 

(4,410,887)

(4,184,227)

Gross profit

 

1,316,285

1,642,990

Administrative expenses

 

(893,152)

(946,709)

Other operating income

 

-

1,100

Operating profit

 

423,133

697,381

Other interest receivable and similar income

 

57,955

16,919

Profit before tax

4

481,088

714,300

Tax on profit

 

(120,271)

(177,795)

Profit for the financial year

 

360,817

536,505

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Crown Interiors Limited

(Registration number: 04613312)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

35,702

11,456

Current assets

 

Debtors

6

2,357,379

1,036,300

Cash at bank and in hand

 

1,391,539

2,363,479

 

3,748,918

3,399,779

Creditors: Amounts falling due within one year

7

(1,704,355)

(1,347,956)

Net current assets

 

2,044,563

2,051,823

Total assets less current liabilities

 

2,080,265

2,063,279

Provisions for liabilities

(8,429)

(2,259)

Net assets

 

2,071,836

2,061,020

Capital and reserves

 

Called up share capital

2

2

Share premium reserve

2

2

Retained earnings

2,071,832

2,061,016

Shareholders' funds

 

2,071,836

2,061,020

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 7 January 2025 and signed on its behalf by:
 

 

Crown Interiors Limited

(Registration number: 04613312)
Balance Sheet as at 30 September 2024

.........................................
Mr Fergus Shaun McClure
Director

.........................................
Mr David John Beilby
Company secretary and director

 

Crown Interiors Limited

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

1

General information

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

The address of its registered office is:
Suite 1
The Pavilion Holme Park Farm Lane
Sonning
Reading
Berkshire
RG4 6SX
England

These financial statements were authorised for issue by the Board on 7 January 2025.

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.

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 sales/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.

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.

 

Crown Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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 balance sheet 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

Land and buildings

20% reducing balance

Vehicles

25% reducing balance

Office Equipment

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Crown Interiors Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

6,193

5,173

 

Crown Interiors Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

25,092

-

25,092

Additions

1,333

29,490

30,823

Disposals

(1,062)

-

(1,062)

At 30 September 2024

25,363

29,490

54,853

Depreciation

At 1 October 2023

13,636

-

13,636

Charge for the year

4,037

2,155

6,192

Eliminated on disposal

(677)

-

(677)

At 30 September 2024

16,996

2,155

19,151

Carrying amount

At 30 September 2024

8,367

27,335

35,702

At 30 September 2023

11,456

-

11,456

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,324,671

292,394

Prepayments

606,825

323,627

Other debtors

425,883

420,279

 

2,357,379

1,036,300

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

626,048

265,452

Taxation and social security

419,070

384,136

Accruals and deferred income

233,466

216,156

Other creditors

425,771

482,212

1,704,355

1,347,956

 

Crown Interiors Limited

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

8

Related party transactions

During the year, the company paid £89,142 (2023: £396,732) for goods from Air Con Environmental Ltd, a company under common control.At the year, the director owed £325,696 (2023: £320,957) to the company.

9

Parent and ultimate parent undertaking

The company's immediate parent is Studio 5 Holdings Ltd, incorporated in England and Wales.