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Registration number: 04480115

The Old Crown Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

The Old Crown Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Recognised Gains and Losses

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

The Old Crown Limited

Company Information

Directors

C Healy

K McInerney

Registered office

188 High Street
Deritend
Birmingham
West Midlands
B12 0LD

Accountants

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Old Crown Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Old Crown Limited for the year ended 31 March 2024 as set out on pages 3 to 10 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 https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of The Old Crown Limited, as a body, in accordance with the terms of our engagement letter dated 1 September 2021. Our work has been undertaken solely to prepare for your approval the accounts of The Old Crown Limited and state those matters that we have agreed to state to the Board of Directors of The Old Crown Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Old Crown Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Old Crown 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 The Old Crown Limited. You consider that The Old Crown 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 The Old Crown 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.

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

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

Date:.............................

 

The Old Crown Limited

Statement of Recognised Gains and Losses for the Year Ended 31 March 2024

Year to
31 Mar 2024
£

1 Feb 2022 to
31 Mar 2023
£

Profit for the year

302,230

334,651

Surplus on property, plant and equipment revaluation

-

980,000

Total comprehensive income for the year

302,230

1,314,651

 

The Old Crown Limited

(Registration number: 04480115)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,283,942

2,259,438

Current assets

 

Stocks

5

25,241

26,070

Debtors

6

714,731

308,842

Cash at bank and in hand

 

319,361

560,182

 

1,059,333

895,094

Creditors: Amounts falling due within one year

7

(330,134)

(363,249)

Net current assets

 

729,199

531,845

Total assets less current liabilities

 

3,013,141

2,791,283

Creditors: Amounts falling due after more than one year

7

(26,639)

(21,667)

Provisions for liabilities

(19,749)

(15,093)

Net assets

 

2,966,753

2,754,523

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

1,456,559

1,456,559

Retained earnings

1,510,094

1,297,864

Shareholders' funds

 

2,966,753

2,754,523

For the financial year ending 31 March 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the directors' report and the Profit and Loss Account.

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
C Healy
Director

.........................................
K McInerney
Director

 
     
 

The Old Crown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
188 High Street
Deritend
Birmingham
West Midlands
B12 0LD
England

These financial statements were authorised for issue by the Board on 18 December 2024.

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.

The functional currency of the company is £, and the accounts are rounded to the whole £.

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.

 

The Old Crown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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 & Buildings

Straight line over 50 years

Fixtures and fittings

25% Straight line

Motor vehicles

20% Reducing balance

Amortisation

Asset class

Amortisation method and rate

Website

Life of asset

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

The Old Crown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

The Old Crown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2023 - 25).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

2,180,000

210,170

-

2,390,170

Additions

-

28,492

47,742

76,234

At 31 March 2024

2,180,000

238,662

47,742

2,466,404

Depreciation

At 1 April 2023

-

130,732

-

130,732

Charge for the year

-

42,180

9,550

51,730

At 31 March 2024

-

172,912

9,550

182,462

Carrying amount

At 31 March 2024

2,180,000

65,750

38,192

2,283,942

At 31 March 2023

2,180,000

79,438

-

2,259,438

Included within the net book value of land and buildings above is £2,180,000 (2023 - £2,180,000) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Stocks

25,241

26,070

 

The Old Crown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

23,162

23,123

Amounts owed by related parties

689,258

190,743

Prepayments

 

1,861

-

Other debtors

 

450

94,976

   

714,731

308,842

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7.1

14,856

10,000

Trade creditors

 

161,648

98,446

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

983

Taxation and social security

 

130,498

140,308

Accruals and deferred income

 

6,650

104,338

Other creditors

 

16,482

9,174

 

330,134

363,249

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7.1

26,639

21,667

7.1

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

4,856

-

14,856

10,000

 

The Old Crown Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors (continued)

7.1

Loans and borrowings (continued)

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,666

21,667

Hire purchase contracts

14,973

-

26,639

21,667

Bank borrowings

The Royal Bank of Scotland PLC holds a fixed and floating charge over the assets of the company as security for a loan held by the parent company, Heath Mill Holdings Ltd.

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior period were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

980,000

980,000

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Parent and ultimate parent undertaking

The company's immediate parent is Heath Mill Holdings Ltd, incorporated in England.