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Company registration number: 12845924
Crag Digital Ltd
Unaudited filleted financial statements
31 August 2024
Crag Digital Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Crag Digital Ltd
Directors and other information
Directors Thomas Conroy
Company number 12845924
Registered office First Floor Enterprise House Unit 1
Broadfield Business Park
Sheffield
South Yorkshire
S8 0XF
Accountants Careane Wallace
Grass & Holm
Bromley Old Town Hall
30 Tweedy Road
Bromley
BR1 3FE
Crag Digital Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Crag Digital Ltd
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Crag Digital Ltd for the year ended 31 August 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Crag Digital Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Crag Digital Ltd and state those matters that we have agreed to state to the board of directors of Crag Digital Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crag Digital Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Crag Digital Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Crag Digital Ltd. You consider that Crag Digital Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Crag Digital Ltd. 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 statutory financial statements.
Careane Wallace
ACA
Grass & Holm
Bromley Old Town Hall
30 Tweedy Road
Bromley
BR1 3FE
1 May 2025
Crag Digital Ltd
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 857 1,071
_______ _______
857 1,071
Current assets
Debtors 6 650 -
Cash at bank and in hand 41,001 35,478
_______ _______
41,651 35,478
Creditors: amounts falling due
within one year 7 ( 19,188) ( 16,220)
_______ _______
Net current assets 22,463 19,258
_______ _______
Total assets less current liabilities 23,320 20,329
_______ _______
Net assets 23,320 20,329
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 23,319 20,328
_______ _______
Shareholders funds 23,320 20,329
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 May 2025 , and are signed on behalf of the board by:
Thomas Conroy
Director
Company registration number: 12845924
Crag Digital Ltd
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is First Floor Enterprise House Unit 1, Broadfield Business Park, Sheffield, South Yorkshire, S8 0XF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 September 2023 and 31 August 2024 1,225 1,225
_______ _______
Depreciation
At 1 September 2023 154 154
Charge for the year 214 214
_______ _______
At 31 August 2024 368 368
_______ _______
Carrying amount
At 31 August 2024 857 857
_______ _______
At 31 August 2023 1,071 1,071
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 650 -
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 538 474
Corporation tax 4,993 5,191
Other creditors 13,657 10,555
_______ _______
19,188 16,220
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Thomas Conroy ( 9,255) ( 3,102) ( 12,357)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Thomas Conroy - ( 9,255) ( 9,255)
_______ _______ _______
9. Controlling party
The company is controlled by Thomas Conroy , a director of the company.