Company registration number 05420248 (England and Wales)
KROWJI LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KROWJI LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
KROWJI LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,095,021
5,230,765
Current assets
Debtors
4
113,460
79,410
Cash at bank and in hand
205,542
190,375
319,002
269,785
Creditors: amounts falling due within one year
5
(837,564)
(1,182,814)
Net current liabilities
(518,562)
(913,029)
Total assets less current liabilities
4,576,459
4,317,736
Creditors: amounts falling due after more than one year
6
(4,564,036)
(4,307,160)
Provisions for liabilities
(55,500)
(50,830)
Net liabilities
(43,077)
(40,254)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(43,078)
(40,255)
Total equity
(43,077)
(40,254)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
Mr JM Bray
Director
Company registration number 05420248 (England and Wales)
KROWJI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1
(98,652)
(98,651)
Year ended 31 March 2023:
Profit and total comprehensive income
-
58,397
58,397
Balance at 31 March 2023
1
(40,255)
(40,254)
Year ended 31 March 2024:
Loss and total comprehensive income
-
(2,823)
(2,823)
Balance at 31 March 2024
1
(43,078)
(43,077)
KROWJI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Krowji Limited is a private company limited by shares incorporated in England and Wales. The registered office is Krowji, West Park, REDRUTH, Cornwall, TR15 3AJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors acknowledge that as at 31 March 2024, the company had negative reserves of £43,077, however, at the time of approving the accounts, the directors have a reasonable trueexpectation that the company has adequate resources to continue in operational existence for the foreseeable future as the company has the continued support of its parent company, Creative Kernow Limited. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts.

 

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the rental of property provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue (including other operating income) when:

 

Recognition of grant income is considered further in Note 1.13.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over the life of the lease, apart from Percy Williams buildings (Phases 1 and 2) which are depreciated over 50 years from dates of completion
Plant and equipment
Straight line over 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

KROWJI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell, value in use and replacement cost. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

KROWJI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

KROWJI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
9
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
5,798,126
268,112
6,066,238
Depreciation
At 1 April 2023
665,636
169,837
835,473
Depreciation charged in the year
110,478
25,266
135,744
At 31 March 2024
776,114
195,103
971,217
Carrying amount
At 31 March 2024
5,022,012
73,009
5,095,021
At 31 March 2023
5,132,490
98,275
5,230,765

Included within the net book value of land and buildings above is £5,022,012 (2023: £5,132,490) in respect of long leasehold land and buildings.

KROWJI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,242
1,328
Other debtors
103,218
78,082
113,460
79,410
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
52,986
449,029
Trade creditors
12,318
17,865
Amounts owed to group undertakings
559,855
501,651
Corporation tax
986
-
0
Other taxation and social security
2,114
22,827
Other creditors
209,305
191,442
837,564
1,182,814

Included within the other creditors balance is £117,487 (2023: £92,158) held in relation to deferred government grants.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,228,538
879,635
Other creditors
3,335,498
3,427,525
4,564,036
4,307,160
KROWJI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

Bank borrowings

The bank loans are made up of three separate loans with Triodos Bank. Two of the bank loans are denominated in sterling (£) with a nominal interest rate of 2.5% over the UK base rate, and the final instalments are due on 7 July 2036. The carrying amount at year end of these two loans is £886,680 (2023: £928,664). The third bank loan is denominated in sterling (£) with a nominal interest rate of 2.5% over the UK base rate, and the final instalment is due on 21 July 2043. The carrying amount at year end is £394,844 (2023: £Nil).

 

The bank loans are both secured by means of a first legal mortgage over the leasehold land of the company and a first fixed charge on all of the land and property owner by the company now or in the future.

 

Creative Kernow Limited acts as guarantor on these bank loans.

 

Other borrowings

The Percy Williams & Sons Limited loan with a carrying amount of £Nil (2023: £400,000) is denominated in sterling (£) with a nominal interest rate of 6.25%. The loan was fully repaid on 26 July 2023.

 

The loan was secured by means of a second legal mortgage over all of the land and property of the company. This charge was satisfied in full following repayment.

 

Bank loans and overdrafts after five years

The amount due after more than five years are the bank loan repayments. Repayments are made monthly. The rate of interest is 2.5% over the UK base rate.

 

Other creditors

The other creditors balance of £3,335,498 (2023: £3,427,525) relates wholly to deferred government grants.

Bank borrowings which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
969,529
634,488
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Josh Stevens ACA
Statutory Auditor:
RRL LLP
Date of audit report:
27 March 2025
KROWJI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
3,500
16,333
9
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Costs in relation to the acquisition of tangible fixed assets
23,920
-
10
Events after the reporting date

Since the year end it has been agreed that the company will receive compensation of £606,386 from its parent, Creative Kernow Limited, in relation to the fire damage sustained to properties used by the company in May 2021.

11
Related party transactions

Summary of transactions with key management

 

Dr F C Wotton (Company secretary of Krowji Limited) had power of attorney for Krowji Limited during the year for the sole purpose of executing underleases and tenancies of parts of the property of Krowji Limited. At the balance sheet date the amount due to/from Dr F C Wotton was £Nil (2023: £Nil).

 

Mrs E A Harris (key employee of Krowji Limited) had power of attorney for Krowji Limited during the year for the sole purpose of executing underleases and tenancies of parts of the property of Krowji Limited. At the balance sheet date the amount due to/from Mrs E A Harris was £Nil (2023: £Nil).

12
Parent and ultimate parent undertaking

The company's immediate parent in Creative Kernow Limited, incorporated in England and Wales.

 

The most senior parent entity producing publicly available financial statements is Creative Kernow Limited.

 

These financial statements are available upon request from:

Krowji

West Park

Redruth

Cornwall

TR15 3AJ

England

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