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REGISTERED NUMBER: SC446578 (Scotland)









THE CRAFTY KIT COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024






THE CRAFTY KIT COMPANY LTD (REGISTERED NUMBER: SC446578)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024




Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


THE CRAFTY KIT COMPANY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2024







DIRECTOR: J S Lochhead





REGISTERED OFFICE: Unit 7 Prora Steading
Drem
North Berwick
East Lothian
EH39 5LN





REGISTERED NUMBER: SC446578 (Scotland)





ACCOUNTANTS: russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE CRAFTY KIT COMPANY LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Crafty Kit Company Ltd for the year ended 31st August 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of The Crafty Kit Company Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Crafty Kit Company Ltd and state those matters that we have agreed to state to the director of The Crafty Kit Company Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that The Crafty Kit Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Crafty Kit Company Ltd. You consider that The Crafty Kit Company Ltd 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 financial statements of The Crafty Kit Company Ltd. 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 financial statements.






russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL


10th March 2025

THE CRAFTY KIT COMPANY LTD (REGISTERED NUMBER: SC446578)

BALANCE SHEET
31ST AUGUST 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 15,150 24,055
15,150 24,055

CURRENT ASSETS
Stocks 90,500 95,829
Debtors 6 63,466 57,920
Cash at bank 119,365 73,611
273,331 227,360
CREDITORS
Amounts falling due within one year 7 159,863 115,986
NET CURRENT ASSETS 113,468 111,374
TOTAL ASSETS LESS CURRENT
LIABILITIES

128,618

135,429

PROVISIONS FOR LIABILITIES 2,914 5,084
NET ASSETS 125,704 130,345

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 125,703 130,344
SHAREHOLDERS' FUNDS 125,704 130,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE CRAFTY KIT COMPANY LTD (REGISTERED NUMBER: SC446578)

BALANCE SHEET - continued
31ST AUGUST 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10th March 2025 and were signed by:





J S Lochhead - Director


THE CRAFTY KIT COMPANY LTD (REGISTERED NUMBER: SC446578)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024

1. STATUTORY INFORMATION

The Crafty Kit Company Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The turnover shown in the profit and loss account represents the sales value of work done during the year, exclusive of Value Added Tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Furniture & fittings - 33% straight line
Computer equipment - 33% straight line
Improvements to property - 10% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


THE CRAFTY KIT COMPANY LTD (REGISTERED NUMBER: SC446578)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1st September 2023
and 31st August 2024 3,592
AMORTISATION
At 1st September 2023
and 31st August 2024 3,592
NET BOOK VALUE
At 31st August 2024 -
At 31st August 2023 -

THE CRAFTY KIT COMPANY LTD (REGISTERED NUMBER: SC446578)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st September 2023 21,731 15,341 37,072
Additions 1,084 1,495 2,579
At 31st August 2024 22,815 16,836 39,651
DEPRECIATION
At 1st September 2023 8,904 4,113 13,017
Charge for year 7,131 4,353 11,484
At 31st August 2024 16,035 8,466 24,501
NET BOOK VALUE
At 31st August 2024 6,780 8,370 15,150
At 31st August 2023 12,827 11,228 24,055

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 49,368 35,655
Other debtors 14,098 22,265
63,466 57,920

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 30,002 17,847
Taxation and social security 32,007 18,099
Other creditors 97,854 80,040
159,863 115,986

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
1 Ordinary 1 1 1

9. ULTIMATE CONTROLLING PARTY

The company was under the control of J Lochhead throughout the current and previous year.