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COMPANY REGISTRATION NUMBER: 05130279
Crestavale Ltd
Financial Statements
31 March 2024
Crestavale Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report to the members
4
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Crestavale Ltd
Strategic Report
Year ended 31 March 2024
The director considers that the key financial performance indicators (KPIs) are those that communicate the financial performance and strength of the Crestavale Group as a whole to the members. These KPIs comprise turnover, operating profit and shareholders' funds. Business Review The Group has continued to grow in terms of turnover throughout the year, the focus being on increasing the customer base. Turnover, on a group level, has increased by 18% from £8,627,782 (2023) to £10,205,999 (2024). Gross profit increased by 14% from £1,005,572 to £1,150,425 and Operating profit increased by 52% from £530,474 (2023) to £804,199 in 2024. Principal Risks & Uncertainties The director believes that the principal risks and uncertainties facing the company in the coming year are as follows:- Potential downturn in the hospitality sector resulting in hotels moving the cleaning services inhouse. Bad debt risk as a result of client cashflow tightening if hospitality sector slows.
This report was approved by the board of directors on 27 March 2025 and signed on behalf of the board by:
Mr E Reaidy
Director
Registered office:
152 Coles Green Road
London
NW2 7HD
Crestavale Ltd
Director's Report
Year ended 31 March 2024
The director presents his report and the financial statements of the group for the year ended 31 March 2024 .
Director
The director who served the company during the year was as follows:
Mr E Reaidy
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 27 March 2025 and signed on behalf of the board by:
Mr E Reaidy
Director
Registered office:
152 Coles Green Road
London
NW2 7HD
Crestavale Ltd
Director's Responsibilities Statement
Year ended 31 March 2024
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Crestavale Ltd
Independent Auditor's Report to the Members of Crestavale Ltd
Year ended 31 March 2024
Opinion
We have audited the financial statements of Crestavale Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; - we assessed the extent of non-compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence We assess the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we: - performed analytical review procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing the financial disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual or potential litigation and claims; and - reviewing correspondence with HMRC and the company's legal advisors. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidanc e-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Other matters
Whilst we have been able to obtain sufficient appropriate audit evidence to ensure that the opening balances do not contain misstatements, we are not aware of any possible material misstatement that could materially affect the current period's financial statements. Therefore it is important to draw the attention of users of the financial statements that the comparative figures are unaudited.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
P Mattei
(Senior Statutory Auditor)
For and on behalf of
Leaman Mattei
Chartered accountants & statutory auditor
Suite 1, First floor
1 Duchess Street
London
W1W 6AN
27 March 2025
Crestavale Ltd
Consolidated Statement of Comprehensive Income
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
10,205,999
8,627,782
Cost of sales
9,055,574
7,622,210
-------------
------------
Gross profit
1,150,425
1,005,572
Administrative expenses
346,226
303,078
Investment property fair value adjustment
172,020
------------
------------
Operating profit
5
804,199
530,474
Interest payable and similar expenses
9
126,295
124,736
------------
------------
Profit before taxation
677,904
405,738
Tax on profit
10
181,130
147,418
---------
---------
Profit for the financial year and total comprehensive income
496,774
258,320
---------
---------
Profit for the financial year attributable to:
The owners of the parent company
432,193
224,738
Non-controlling interests
64,581
33,582
---------
---------
496,774
258,320
---------
---------
All the activities of the group are from continuing operations.
Crestavale Ltd
Consolidated Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
12
2,824,662
2,808,942
Current assets
Stocks
14
1,754,635
1,093,307
Debtors
15
1,875,096
1,469,507
Cash at bank and in hand
204,697
------------
------------
3,629,731
2,767,511
Creditors: amounts falling due within one year
17
1,543,720
1,130,325
------------
------------
Net current assets
2,086,011
1,637,186
------------
------------
Total assets less current liabilities
4,910,673
4,446,128
Creditors: amounts falling due after more than one year
18
2,918,479
2,931,653
Provisions
20
47,641
46,696
------------
------------
Net assets
1,944,553
1,467,779
------------
------------
Capital and reserves
Called up share capital
23
200
200
Profit and loss account
24
1,693,170
1,280,977
------------
------------
Equity attributable to the owners of the parent company
1,693,370
1,281,177
Non-controlling interests
251,183
186,602
------------
------------
1,944,553
1,467,779
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr E Reaidy
Director
Company registration number: 05130279
Crestavale Ltd
Company Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
12
180,000
180,000
Investments
13
231,285
231,285
---------
---------
411,285
411,285
Current assets
Stocks
14
1,744,538
1,093,307
Debtors
15
375,768
537,677
Cash at bank and in hand
3,463
7,501
------------
------------
2,123,769
1,638,485
Creditors: amounts falling due within one year
17
888,874
373,594
------------
------------
Net current assets
1,234,895
1,264,891
------------
------------
Total assets less current liabilities
1,646,180
1,676,176
Creditors: amounts falling due after more than one year
18
688,738
659,649
Provisions
20
6,242
6,242
------------
------------
Net assets
951,200
1,010,285
------------
------------
Capital and reserves
Called up share capital
23
200
200
Profit and loss account
24
951,000
1,010,085
---------
------------
Shareholders funds
951,200
1,010,285
---------
------------
The loss for the financial year of the parent company was £ 39,085 (2023: £ 67,268 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr E Reaidy
Director
Company registration number: 05130279
Crestavale Ltd
Consolidated Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
At 1 April 2022
200
1,061,239
1,061,439
153,020
1,214,459
Profit for the year
224,738
224,738
33,582
258,320
----
------------
------------
---------
------------
Total comprehensive income for the year
224,738
224,738
33,582
258,320
Dividends paid and payable
11
( 5,000)
( 5,000)
( 5,000)
----
------------
------------
---------
------------
Total investments by and distributions to owners
( 5,000)
( 5,000)
( 5,000)
At 31 March 2023
200
1,280,977
1,281,177
186,602
1,467,779
Profit for the year
432,193
432,193
64,581
496,774
----
------------
------------
---------
------------
Total comprehensive income for the year
432,193
432,193
64,581
496,774
Dividends paid and payable
11
( 20,000)
( 20,000)
( 20,000)
----
--------
--------
----
--------
Total investments by and distributions to owners
( 20,000)
( 20,000)
( 20,000)
----
------------
------------
---------
------------
At 31 March 2024
200
1,693,170
1,693,370
251,183
1,944,553
----
------------
------------
---------
------------
Crestavale Ltd
Company Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
200
1,082,353
1,082,553
Loss for the year
( 67,268)
( 67,268)
----
------------
------------
Total comprehensive income for the year
( 67,268)
( 67,268)
Dividends paid and payable
11
( 5,000)
( 5,000)
----
------------
------------
Total investments by and distributions to owners
( 5,000)
( 5,000)
At 31 March 2023
200
1,010,085
1,010,285
Loss for the year
( 39,085)
( 39,085)
----
------------
------------
Total comprehensive income for the year
( 39,085)
( 39,085)
Dividends paid and payable
11
( 20,000)
( 20,000)
----
--------
--------
Total investments by and distributions to owners
( 20,000)
( 20,000)
----
---------
---------
At 31 March 2024
200
951,000
951,200
----
---------
---------
Crestavale Ltd
Consolidated Statement of Cash Flows
Year ended 31 March 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit for the financial year
496,774
258,320
Adjustments for:
Depreciation of tangible assets
29,905
15,696
Fair value adjustment of investment property
172,020
Interest payable and similar expenses
126,295
124,736
Gains on disposal of tangible assets
( 7,596)
( 4,300)
Tax on loss
181,130
147,418
Accrued (income)/expenses
( 78,351)
88,907
Changes in:
Stocks
( 661,328)
( 1,093,307)
Trade and other debtors
( 362,607)
( 292,039)
Trade and other creditors
250,537
15,463
---------
------------
Cash generated from operations
( 25,241)
( 567,086)
Interest paid
( 126,295)
( 124,736)
Tax paid
( 116,877)
( 105,680)
---------
---------
Net cash used in operating activities
( 268,413)
( 797,502)
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 48,030)
( 32,165)
Proceeds from sale of tangible assets
10,001
4,300
---------
---------
Net cash used in investing activities
( 38,029)
( 27,865)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 52,555)
862,185
Payments of finance lease liabilities
10,386
14,012
Dividends paid
( 20,000)
( 5,000)
---------
---------
Net cash (used in)/from financing activities
( 62,169)
871,197
---------
---------
Net (decrease)/increase in cash and cash equivalents
( 368,611)
45,830
Cash and cash equivalents at beginning of year
204,697
158,867
---------
---------
Cash and cash equivalents at end of year
16
( 163,914)
204,697
---------
---------
Crestavale Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 152 Coles Green Road, London, NW2 7HD.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Crestavale Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Significant judgements No critical accounting judgement was made by management in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements. (b) Key sources of estimation uncertainty No critical sources of estimation uncertainty were made by management in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent and rental management services, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
Turnover arises from:
2024
2023
£
£
Cleaning services
9,750,254
8,093,975
Maintenance & restoration
288,189
357,293
Rental income
167,556
176,514
-------------
------------
10,205,999
8,627,782
-------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
29,905
15,696
Gains on disposal of tangible assets
( 7,596)
( 4,300)
Impairment of trade debtors
(723)
--------
--------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
14,000
14,000
--------
--------
7. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
240
181
Administrative staff
5
5
Management staff
2
2
----
----
247
188
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
5,392,974
4,967,767
Other pension costs
89,391
45,287
------------
------------
5,482,365
5,013,054
------------
------------
8. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
12,000
6,000
--------
-------
9. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
122,232
123,145
Interest on obligations under finance leases and hire purchase contracts
4,063
1,591
---------
---------
126,295
124,736
---------
---------
10. Tax on loss
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax income
180,185
110,450
Deferred tax:
Origination and reversal of timing differences
945
36,968
---------
---------
Tax on loss
181,130
147,418
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
677,904
405,738
---------
---------
Profit on ordinary activities by rate of tax
166,664
75,048
Effect of expenses not deductible for tax purposes
1,667
35,402
Other timing differences
12,799
36,968
---------
---------
Tax on loss
181,130
147,418
---------
---------
11. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
20,000
5,000
--------
-------
12. Tangible assets
Group
Plant and machinery
Motor vehicles
Investment property
Total
£
£
£
£
Cost
At 1 April 2023
112,026
101,029
2,739,999
2,953,054
Additions
19,847
28,183
48,030
Disposals
( 27,000)
( 27,000)
---------
---------
------------
------------
At 31 March 2024
131,873
102,212
2,739,999
2,974,084
---------
---------
------------
------------
Depreciation
At 1 April 2023
97,880
46,232
144,112
Charge for the year
8,498
21,407
29,905
Disposals
( 24,595)
( 24,595)
---------
---------
------------
------------
At 31 March 2024
106,378
43,044
149,422
---------
---------
------------
------------
Carrying amount
At 31 March 2024
25,495
59,168
2,739,999
2,824,662
---------
---------
------------
------------
At 31 March 2023
14,146
54,797
2,739,999
2,808,942
---------
---------
------------
------------
Company
Investment property
£
Cost
At 1 April 2023 and 31 March 2024
180,000
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
180,000
---------
At 31 March 2023
180,000
---------
Investment property was valued on an open market basis at 31 March 2024 by the director.
13. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
231,285
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 1 April 2023 and 31 March 2024
231,285
---------
At 31 March 2023
231,285
---------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Crestavale Properties Limited
Ordinary
100
Axminster Services Limited
Ordinary
87
14. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
1,744,538
1,093,307
1,744,538
1,093,307
Finished goods and goods for resale
10,097
------------
------------
------------
------------
1,754,635
1,093,307
1,744,538
1,093,307
------------
------------
------------
------------
15. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,656,565
1,266,245
Amounts owed by group undertakings
348,773
513,366
Prepayments and accrued income
200,665
154,392
Director's loan account
7,867
30,075
9,999
9,999
Other debtors
9,999
18,795
16,996
14,312
------------
------------
---------
---------
1,875,096
1,469,507
375,768
537,677
------------
------------
---------
---------
16. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
204,697
Bank overdrafts
( 163,914)
---------
---------
( 163,914)
204,697
---------
---------
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
240,493
110,264
26,579
60,264
Trade creditors
523,774
339,765
42,113
1,931
Amounts owed to group undertakings
808,414
235,533
Accruals and deferred income
145,417
180,786
10,400
74,500
Corporation tax
173,556
110,248
Social security and other taxes
400,497
345,016
Obligations under finance leases and hire purchase contracts
16,144
11,454
Other creditors
43,839
32,792
1,368
1,366
------------
------------
---------
---------
1,543,720
1,130,325
888,874
373,594
------------
------------
---------
---------
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
2,882,096
2,900,966
688,738
659,649
Obligations under finance leases and hire purchase contracts
36,383
30,687
------------
------------
---------
---------
2,918,479
2,931,653
688,738
659,649
------------
------------
---------
---------
Bank borrowings are secured by a combination of a debenture, fixed and floating charges over the company's assets.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
16,144
11,454
16,144
11,454
Later than 1 year and not later than 5 years
36,383
30,687
36,383
30,687
--------
--------
--------
--------
52,527
42,141
52,527
42,141
--------
--------
--------
--------
20. Provisions
Group
Deferred tax (note 21)
£
At 1 April 2023
46,696
Charge against provision
945
--------
At 31 March 2024
47,641
--------
Company
Deferred tax (note 21)
£
At 1 April 2023
6,242
-------
At 31 March 2024
6,242
-------
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 20)
47,641
46,696
6,242
6,242
--------
--------
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
10,211
9,266
Revaluation of tangible assets
37,430
37,430
6,242
--------
--------
----
-------
47,641
46,696
6,242
--------
--------
----
-------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 89,391 (2023: £ 45,287 ).
23. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
24. Reserves
Called up share capital - This reserve records the nominal value of shares issued by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
25. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
204,697
(204,697)
Bank overdrafts
(163,914)
(163,914)
Debt due within one year
(121,718)
28,995
(92,723)
Debt due after one year
(2,931,653)
13,174
(2,918,479)
------------
---------
------------
( 2,848,674)
( 326,442)
( 3,175,116)
------------
---------
------------
26. Contingencies
The company has provided a composite guarantee with other members of the group as part of the security given on property held within the group.
Crestavale Ltd
Notes to the Financial Statements (continued)
Year ended 31 March 2024
27. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr E Reaidy
30,075
47,409
( 69,617)
7,867
--------
--------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr E Reaidy
910
34,165
( 5,000)
30,075
----
--------
-------
--------
28. Related party transactions
Group
The company has taken advantage of the exemption granted by paragraph 33.1(a) of FRS102, Related Party Disclosures, not to disclose transactions with group companies which are wholly owned subsidiaries of the group. At the year end, Crestavale Ltd owed an amount of £808,414 (2023: £235,533) to its subsidiary, Axminster Services Limited. The loan is interest free and repayable on demand. Dividend declared and paid during the year £20,000.