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Registered number: 03541282
CROWNSON-3 (UNITED KINGDOM) LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
O A George & Co
Chartered Certified Accountants & Statutory Auditors
104 New Cross Road
New Cross
London
SE14 5BA
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this 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 directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 March 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
10 April 2025
O A George & Co
Chartered Certified Accountants & Statutory Auditors
104 New Cross Road
New Cross
London
SE14 5BA
Page 1
Page 2
Balance Sheet
Registered number: 03541282
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,814 18,101
12,814 18,101
CURRENT ASSETS
Stocks 259,394 134,611
Debtors 5 30,751 27,379
Cash at bank and in hand 27,338 25,899
317,483 187,889
Creditors: Amounts Falling Due Within One Year 6 (116,458 ) (105,559 )
NET CURRENT ASSETS (LIABILITIES) 201,025 82,330
TOTAL ASSETS LESS CURRENT LIABILITIES 213,839 100,431
Creditors: Amounts Falling Due After More Than One Year 7 (128,777 ) (53,353 )
NET ASSETS 85,062 47,078
CAPITAL AND RESERVES
Called up share capital 9 500 500
Profit and Loss Account 84,562 46,578
SHAREHOLDERS' FUNDS 85,062 47,078
Page 2
Page 3
For the 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.
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 A Adebiyi
Director
10 April 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
CROWNSON-3 (UNITED KINGDOM) LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 03541282 . The registered office is Unit 65, Parrkside Business Estate, Blackhorse Road, , Deptford, London, SE8 5HZ.
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 Depreciation - 4% on cost
Motor Vehicles Depreciation - 20% on cost
Fixtures & Fittings Depreciation - 4% on cost
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 3,326 24,344 7,140 34,810
As at 31 March 2024 3,326 24,344 7,140 34,810
Depreciation
As at 1 April 2023 2,179 9,738 4,792 16,709
Provided during the period 133 4,868 286 5,287
As at 31 March 2024 2,312 14,606 5,078 21,996
Net Book Value
As at 31 March 2024 1,014 9,738 2,062 12,814
As at 1 April 2023 1,147 14,606 2,348 18,101
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 30,751 27,379
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 56,663 52,711
Bank loans and overdrafts 11,048 11,536
Bank Loan -Natwest 5,182 5,182
Other Loans (3) - 1yr 6,117 -
Corporation tax 18,993 9,301
Other taxes and social security 266 266
BarclayCard account 1,653 1,865
BarclayCard merchantile 7,046 5,017
Barclay Credit Card (883 ) (883 )
MBNA Business Card 2,047 2,047
Natwest Bankcard - 77
Accruals and deferred income 5,466 12,680
Directors' loan accounts 2,860 5,760
116,458 105,559
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Page 6
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - BBL 10,093 18,042
Bank loans - Natwest 11,332 14,567
Other Loans -veh 11,385 14,601
Other loans (1) 88,000 6,143
Other Loans (3) 7,967 -
128,777 53,353
8. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 49,210 46,068
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 500 500
10. Directors Advances, Credits and Guarantees
Included in the Bank loans and Overdraft disclosed in note 8 was a personal guarantee for £5,000 overdraft with Barclays bank given by one director - Mr A Adebiyi.
Also included in Other Loans (1) in note 9 was the sum of £88,000 to finance the importation of goods in the year. No terms was agreed. Loan repayble when company is able to do so.
11. Reserves
                                                                       Retained
                                                                       earnings
                                                                            £
At 1 April 2023                                                 46,578
Profit for the year                                             37,984
Dividends                                                                  -
                                                                    ------------
At 31 March 2024                                             84,562    
                                                                    =======
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