Company registration number 01897785 (England and Wales)
CRAIG & WATTS DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CRAIG & WATTS DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
Mr C R Watts
Mrs SJ Watts
Secretary
Mrs SJ Watts
Company number
01897785
Registered office
91 Birmingham Road
West Bromwich
West Midlands
B70 6PX
Accountants
Fields Business Advisors Limited
91 Birmingham Road
West Bromwich
West Midlands
B70 6PX
Business address
Maple House
Norton Green Lane
Norton Canes
Cannock
Staffordshire
WS11 9SS
CRAIG & WATTS DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
CRAIG & WATTS DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
938
1,050
Investments
5
3,995
3,995
4,933
5,045
Current assets
Stocks
538,145
541,950
Creditors: amounts falling due within one year
6
(1,500)
(2,800)
Net current assets
536,645
539,150
Total assets less current liabilities
541,578
544,195
Creditors: amounts falling due after more than one year
7
(1,326,733)
(1,322,553)
Provisions for liabilities
(164)
(201)
Net liabilities
(785,319)
(778,559)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(785,419)
(778,659)
Total equity
(785,319)
(778,559)
CRAIG & WATTS DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 13 December 2024 and are signed on its behalf by:
Mr C R Watts
Director
Company registration number 01897785 (England and Wales)
CRAIG & WATTS DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
(772,233)
(772,133)
Year ended 31 March 2023:
Loss and total comprehensive income
-
(6,426)
(6,426)
Balance at 31 March 2023
100
(778,659)
(778,559)
Year ended 31 March 2024:
Loss and total comprehensive income
-
(6,760)
(6,760)
Balance at 31 March 2024
100
(785,419)
(785,319)
CRAIG & WATTS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Craig & Watts Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 91 Birmingham Road, West Bromwich, West Midlands, B70 6PX.
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.
1.2
Going concern
Although the company's balance sheet shows a surplus of liabilities over assets, amounts owed to other group members istrue more than this surplus. The directors are of the opinion that the going concern basis remains appropriate for the preparation of these financial statements as the company will continue to be supported by its fellow group members.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
Plant and machinery
15% on reducing balance
Fixtures and fittings
10% on reducing balance
Computer equipment
25% on cost
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.
1.4
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
1.5
Stocks
Stocks consist of land and properties in the course of development and are valued at the lower of cost and net realisable value and include direct costs.
1.6
Financial instruments
With few exceptions, the company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties.
Basic financial instruments such as those above are recognised in the financial statements at amortised cost.
Any exception to the above are either immaterial or do not affect more than one accounting period.
CRAIG & WATTS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The companies in the Craig and Watts Group receive or surrender their losses within the group. Group members do not pay for losses surrendered or received.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.8
Turnover represents income from the sale of land and properties and services provided by the company in the normal course of business, excluding value added tax. Turnover is only recognised when the amounts to be recognised are fixed or determinable and collectibility is reasonably assured.
1.9
Long term contracts are assessed on a contract by contract basis, and are reflected in the profit and loss account by recording turnover and related costs as contract activity progress.
Turnover is calculated as being that proportion of the contract price attributable to the stage of completion reached. Where it is considered that the outcome of a long term contract can be assessed with reasonable certainty before its conclusion then a prudently calculated profit is recognised. This profit is calculated as that proportion of total profit attributable to the stage reached less a provision, if appropriate, for uncertainty of outcome. Related costs recognised in the profit and loss account represent the difference between reported turnover and reported profit. Foreseeable losses are recognised in the period in which they become apparent.
Interest paid on developments in progress is written off to Profit and Loss Account.
1.10
Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.
CRAIG & WATTS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates.
The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as stated above.
3
Employees
The average number of employees during the year was:
2024
2023
Number
Number
Total
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
7,923
11,457
8,729
28,109
Depreciation and impairment
At 1 April 2023
7,781
10,549
8,729
27,059
Depreciation charged in the year
21
91
112
At 31 March 2024
7,802
10,640
8,729
27,171
Carrying amount
At 31 March 2024
121
817
938
At 31 March 2023
142
908
1,050
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
3,995
3,995
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,500
2,800
CRAIG & WATTS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
1,326,733
1,322,553
The company has received support from Craig and Watts Holdings Limited, it's parent company, for the development and construction of it's properties. The amounts owed to the group undertaking will be repaid on the completion and sale of the properties. As the properties are at the development stage the balance owed has been disclosed as due in more than one year.
8
Ultimate controlling party
The controlling party is Craig and Watts Holdings Limited.
The ultimate controlling party is C R Watts.