Registered number
04465965
Crumb Rubber Limited
Unaudited
Financial Statements
Information for Filing with the Registrar
30 June 2024
Crumb Rubber Limited
Registered number: 04465965
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Investments 4 4 4
Current assets
Debtors 5 121,241 67,313
Cash at bank and in hand 3,480 4,495
124,721 71,808
Creditors: amounts falling due within one year 6 (1,667,920) (1,678,611)
Net current liabilities (1,543,199) (1,606,803)
Net liabilities (1,543,195) (1,606,799)
Capital and reserves
Called up share capital 8 6,183,505 6,183,505
Share premium 377,688 377,688
Profit and loss account (8,104,388) (8,167,992)
Shareholders' funds (1,543,195) (1,606,799)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Young
Director
Approved by the board on 24 March 2025
The notes on pages 2 to 5 form part of these accounts.
Crumb Rubber Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries are measured at cost less any accumulated impairment.
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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
•        Any deferred tax balances are reversed if and when all conditions for retaining associated
tax allowances have been met.
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 2 2
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 4
At 30 June 2024 4
Historical cost
At 1 July 2023 4
At 30 June 2024 4
5 Debtors 2024 2023
£ £
Deferred tax asset 53,928 -
Other debtors 67,313 67,313
121,241 67,313
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 23,727 23,667
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,643,091 1,653,091
Taxation and social security costs 402 623
Accruals and deferred income 700 1,230
1,667,920 1,678,611
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
In accordance with FRS102 1A, the company has not disclosed any transactions with its 100% parent company or transactions with wholly owned subsidiaries.
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
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