7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 38,356 1,072 39,428 39,428 38,356 xbrli:pure xbrli:shares iso4217:GBP SC072098 2023-07-01 2024-06-30 SC072098 2024-06-30 SC072098 2023-06-30 SC072098 2022-10-01 2023-06-30 SC072098 2023-06-30 SC072098 2022-09-30 SC072098 core:PlantMachinery 2023-07-01 2024-06-30 SC072098 core:MotorVehicles 2023-07-01 2024-06-30 SC072098 bus:Director3 2023-07-01 2024-06-30 SC072098 core:PlantMachinery 2023-06-30 SC072098 core:MotorVehicles 2023-06-30 SC072098 core:PlantMachinery 2024-06-30 SC072098 core:MotorVehicles 2024-06-30 SC072098 core:WithinOneYear 2024-06-30 SC072098 core:WithinOneYear 2023-06-30 SC072098 core:AfterOneYear 2024-06-30 SC072098 core:AfterOneYear 2023-06-30 SC072098 core:ShareCapital 2024-06-30 SC072098 core:ShareCapital 2023-06-30 SC072098 core:RevaluationReserve 2024-06-30 SC072098 core:RevaluationReserve 2023-06-30 SC072098 core:CapitalRedemptionReserve 2024-06-30 SC072098 core:CapitalRedemptionReserve 2023-06-30 SC072098 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC072098 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC072098 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 SC072098 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 SC072098 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 SC072098 core:Non-currentFinancialInstruments 2024-06-30 SC072098 core:Non-currentFinancialInstruments 2023-06-30 SC072098 core:PlantMachinery 2023-06-30 SC072098 core:MotorVehicles 2023-06-30 SC072098 bus:Director1 2023-07-01 2024-06-30 SC072098 bus:SmallEntities 2023-07-01 2024-06-30 SC072098 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC072098 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC072098 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC072098 bus:FullAccounts 2023-07-01 2024-06-30 SC072098 core:OfficeEquipment 2023-07-01 2024-06-30 SC072098 core:OfficeEquipment 2024-06-30 SC072098 core:OfficeEquipment 2023-06-30
COMPANY REGISTRATION NUMBER: SC072098
Frank Craig Limited
Filleted Unaudited Financial Statements
30 June 2024
Frank Craig Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Frank Craig Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
12,649
14,642
Investments
6
39,428
38,356
--------
--------
52,077
52,998
Current assets
Stocks
112,797
144,685
Debtors
7
14,795
15,933
Cash at bank and in hand
50,434
56,794
---------
---------
178,026
217,412
Creditors: amounts falling due within one year
8
208,516
242,424
---------
---------
Net current liabilities
30,490
25,012
--------
--------
Total assets less current liabilities
21,587
27,986
Creditors: amounts falling due after more than one year
9
10,119
20,969
Provisions
Taxation including deferred tax
2,403
2,782
--------
--------
Net assets
9,065
4,235
--------
--------
Frank Craig Limited
Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1
1
Fair value reserve
21,843
21,843
Capital redemption reserve
2
2
Profit and loss account
( 12,781)
( 17,611)
--------
--------
Shareholders funds
9,065
4,235
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr C Taylor
Director
Company registration number: SC072098
Frank Craig Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 13 - 15 Union Street, LARKHALL, ML9 1DX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director is confident in the future of the company and thus continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Shop fittings and equipment
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Investments in equity shares which are publicly traded or where the fair value of the shares can otherwise be measured reliably are initially measured at fair value. Transaction costs are charged to the statement of income and retained earnings. The investments are subsequently remeasured in the balance sheet at fair value with changes in fair value recognised through the statement of income and retained earnings. Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be measured reliably are initially measured at cost, including transaction costs. The investment is not measured except where impairment has been identified.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
118,855
23,738
13,673
156,266
---------
--------
--------
---------
Depreciation
At 1 July 2023
112,175
16,832
12,617
141,624
Charge for the year
500
1,295
198
1,993
---------
--------
--------
---------
At 30 June 2024
112,675
18,127
12,815
143,617
---------
--------
--------
---------
Carrying amount
At 30 June 2024
6,180
5,611
858
12,649
---------
--------
--------
---------
At 30 June 2023
6,680
6,906
1,056
14,642
---------
--------
--------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 July 2023
38,356
Revaluations
1,072
--------
At 30 June 2024
39,428
--------
Impairment
At 1 July 2023 and 30 June 2024
--------
Carrying amount
At 30 June 2024
39,428
--------
At 30 June 2023
38,356
--------
The company has an investment in Combined Independents (Holdings) Ltd. A fair value adjustment is made each year to reflect the value of the investment as at the company's year end; 31 March. At 31 March 2024 the value of its investment in 1 ordinary share is £39,428.
7. Debtors
2024
2023
£
£
Trade debtors
3,328
3,328
Other debtors
11,467
12,605
--------
--------
14,795
15,933
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,369
55,945
Corporation tax
1,332
409
Social security and other taxes
18,134
15,768
Government bounce back loan
10,648
9,798
Credit card
471
1,525
Other creditors
137,562
158,979
---------
---------
208,516
242,424
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Government bounce back loan
10,119
20,969
--------
--------
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
38,356
----
--------