Registered number |
Unaudited |
Financial Statements |
Information for Filing with the Registrar |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Investments | 4 | ||||||
Current assets | |||||||
Debtors | 5 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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Net current liabilities | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | 8 | ||||||
Share premium | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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Mr D Young | |||||||
Director | |||||||
Approved by the board on |
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The notes on pages 2 to 5 form part of these accounts. | |||||||
Notes to the Accounts | |||||||||
for the year ended |
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1 | Accounting policies | ||||||||
Basis of preparation | |||||||||
Going Concern | |||||||||
The company has reached agreement with its remaining creditors (the majority of which are group companies) to defer repayment of these debts until sufficient funds are raised from the exploitation of the company's intellectual property to enable this repayment to be made. The Directors are satisifed that it is appropriate for the accounts to have been drawn up on the going concern basis. | |||||||||
Turnover | |||||||||
Investments | |||||||||
Current and deferred taxation | |||||||||
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 income. | |||||||||
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: | |||||||||
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
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tax allowances have been met. |
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Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. | |||||||||
2 | Employees | 2024 | 2023 | ||||||
Number | Number | ||||||||
Average number of employees, including directors, during the year | |||||||||
3 | Taxation | 2024 | 2023 | ||||||
£ | £ | ||||||||
Corporation tax | |||||||||
Current tax on profits for the year | - | - | |||||||
- | - | ||||||||
Deferred tax | |||||||||
Origination and reversal of timing differences | (53,928) | - | |||||||
Deferred tax movement on investment property | - | - | |||||||
Total deferred tax | (53,928) | - | |||||||
Taxation on profit/(loss) on ordinary actvities | (53,928) | - | |||||||
Factors affecting tax charge for the year | |||||||||
There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023: 25%). | |||||||||
4 | Investments | ||||||||
Investments in | |||||||||
subsidiary | |||||||||
undertakings | |||||||||
£ | |||||||||
Cost | |||||||||
At 1 July 2023 | |||||||||
At 30 June 2024 | |||||||||
Historical cost | |||||||||
At 1 July 2023 | 4 | ||||||||
At 30 June 2024 | 4 | ||||||||
5 | Debtors | 2024 | 2023 | ||||||
£ | £ | ||||||||
Deferred tax asset | - | ||||||||
Other debtors | |||||||||
6 | Creditors: amounts falling due within one year | 2024 | 2023 | ||||||
£ | £ | ||||||||
Trade creditors | |||||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest | |||||||||
Taxation and social security costs | |||||||||
Accruals and deferred income | 700 | 1,230 | |||||||
7 | Deferred taxation | 2024 | 2023 | ||||||
£ | £ | ||||||||
At beginning of year | - | - | |||||||
Charged to profit or loss | (53,928) | - | |||||||
Charged to other comprehensive income | - | - | |||||||
(53,928) | - | ||||||||
In accordance with the requirements of FRS102, the company has recognised the deferred tax in respect of its Fixed Asset Investment Property which is held at its current market value. The deferred tax will only become payable should the company dispose of the property. | |||||||||
The provision for deferred taxation is made up as follows: | |||||||||
2024 | 2023 | ||||||||
£ | £ | ||||||||
Fixed asset timing differences | - | - | |||||||
Short term timing differences | (49,831) | - | |||||||
Capital gain | - | - | |||||||
Losses and other deductions | (4,097) | - | |||||||
(53,928) | - | ||||||||
8 | Share Capital | 2024 | 2023 | ||||||
£ | £ | ||||||||
Shares classified as equity | |||||||||
Allotted , called up and fully paid | |||||||||
90,000 ordinary shares of £0.01 each | 900 | 900 | |||||||
75,689 ordinary A shares of £0.01 each | 757 | 757 | |||||||
2,011,005 ordinary C shares of £1 each | 2,011,005 | 2,011,005 | |||||||
4,170,843 preference shares of £1 each | 4,170,843 | 4,170,843 | |||||||
6,183,505 | 6,183,505 | ||||||||
The issued preference share capital has no mandatory redemption value or date attached and the holder of such shares has no right to require the issuer to redeem the instrument at a particular date for a fixed or determinable amount in the future. | |||||||||
9 | Related party transactions | ||||||||
At the year end a company in which a director has control, was owed £23,667 (2023: £23,667) from the company. | |||||||||
At the year end a company controlled by the directors of Crumb Rubber Limited, was owed £1,643,091 (2023: £1,653,091) from the company. | |||||||||
10 | Other information | ||||||||
Crumb Rubber Limited is a private company limited by shares and incorporated in England. Its registered office is: | |||||||||
10 Thornbury Road | |||||||||
Estover | |||||||||
Plymouth | |||||||||
Devon | |||||||||
PL6 7PP |