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Registered number: 02603055
Cranfold Developments Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
RS Welwyn Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02603055
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 18,939 30,021
Investments 5 101 102
19,040 30,123
CURRENT ASSETS
Stocks 6 1,050,126 789,086
Debtors 7 393,539 566,555
Cash at bank and in hand 113 69,334
1,443,778 1,424,975
Creditors: Amounts Falling Due Within One Year 8 (312,062 ) (279,780 )
NET CURRENT ASSETS (LIABILITIES) 1,131,716 1,145,195
TOTAL ASSETS LESS CURRENT LIABILITIES 1,150,756 1,175,318
Creditors: Amounts Falling Due After More Than One Year 9 (488,416 ) (334,286 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (226 ) (2,657 )
NET ASSETS 662,114 838,375
CAPITAL AND RESERVES
Called up share capital 11 1 1
Capital redemption reserve 1 1
Profit and Loss Account 662,112 838,373
SHAREHOLDERS' FUNDS 662,114 838,375
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nicholas Stevens
Director
19/03/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Cranfold Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02603055 . The registered office is Riverside House, 14 Prospect Place, Welwyn, Herts, AL6 9EN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 15% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 3)
2 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 July 2023 6,417 55,658 62,075
Additions - 1,887 1,887
Disposals - (6,998 ) (6,998 )
As at 30 June 2024 6,417 50,547 56,964
Depreciation
As at 1 July 2023 5,041 27,013 32,054
Provided during the period 275 9,628 9,903
Disposals - (3,932 ) (3,932 )
As at 30 June 2024 5,316 32,709 38,025
Net Book Value
As at 30 June 2024 1,101 17,838 18,939
As at 1 July 2023 1,376 28,645 30,021
5. Investments
Unlisted
£
Cost
As at 1 July 2023 102
Disposals (1 )
As at 30 June 2024 101
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 101
As at 1 July 2023 102
The Company holds the entire issued Share Captal of the following Companies and their net asets at 30 June 2024;
Cranfold Investments Limited - £58,578
Cranfold Developments (Faifields) Limited - £1
6. Stocks
2024 2023
£ £
Work in progress 1,050,126 789,086
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,530 -
Prepayments and accrued income 696 1,569
Other debtors 65,775 47,379
VAT - 636
Amounts owed by group undertakings 321,538 516,971
393,539 566,555
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 48,407 110,670
Bank loans and overdrafts 6,056 -
Corporation tax 5,781 4,252
Other taxes and social security 665 608
VAT 14,057 -
Other creditors 78,131 379
Accruals and deferred income 7,861 7,993
Directors' loan accounts 151,104 155,335
Amounts owed to group undertakings - 543
312,062 279,780
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 488,416 334,286
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 226 2,657
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
12. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 18,000 18,000
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