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Registered number: 01698337










CROFT ASSOCIATES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024



 
CROFT ASSOCIATES LIMITED
REGISTERED NUMBER: 01698337

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
267,966
111,874

Investments
 5 
-
27

  
267,966
111,901

Current assets
  

Stocks
 6 
1,801,227
1,362,941

Debtors: amounts falling due within one year
 7 
2,324,101
770,663

Cash at bank and in hand
  
2,032,847
3,342,027

  
6,158,175
5,475,631

Creditors: amounts falling due within one year
 8 
(4,075,782)
(1,723,420)

Net current assets
  
 
 
2,082,393
 
 
3,752,211

Total assets less current liabilities
  
2,350,359
3,864,112

Provisions for liabilities
  

Deferred tax
 9 
(64,023)
(26,139)

  
 
 
(64,023)
 
 
(26,139)

Net assets
  
2,286,336
3,837,973


Capital and reserves
  

Called up share capital 
 10 
4,936
4,936

Share premium account
 11 
73,220
73,220

Capital redemption reserve
 11 
12,087
12,087

Profit and loss account
 11 
2,196,093
3,747,730

  
2,286,336
3,837,973


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
CROFT ASSOCIATES LIMITED
REGISTERED NUMBER: 01698337

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M B Johnson
Director
Date: 23 June 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
CROFT ASSOCIATES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2023
4,936
73,220
12,087
3,747,730
3,837,973


Comprehensive income for the year

Profit for the year
-
-
-
2,448,346
2,448,346

Dividends: Equity capital
-
-
-
(3,999,983)
(3,999,983)


At 30 September 2024
4,936
73,220
12,087
2,196,093
2,286,336


The notes on pages 4 to 12 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2022
4,936
73,220
12,087
3,198,263
3,288,506


Comprehensive income for the year

Profit for the year
-
-
-
2,549,461
2,549,461

Dividends: Equity capital
-
-
-
(1,999,994)
(1,999,994)


At 30 September 2023
4,936
73,220
12,087
3,747,730
3,837,973


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
CROFT ASSOCIATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Croft Associates Limited is a private company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The presentational and functional currency of these financial statements is GBP. Values are rounded
to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements as the company is subject to small companies regime. Information contained in these financial statements is therefore presented for the individual company rather than the group.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
CROFT ASSOCIATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.4

Long term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. This percentage completion approach is based on percentage of costs incurred compared to the estimated total costs on a contract by contract basis. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.7

Research and development

Expenditure on research and development is charged to the Statement of Comprehensive Income in the year in which it is incurred.

  
2.8

Foreign currency translation

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
CROFT ASSOCIATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual values, of all fixed assets, except assets held in the course of construction, over their expected useful lives. It is calculated on a straight line basis at the following rates:


IT equipment
-
33%
straight line
Other equipment
-
20%
straight line

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

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 portion of fixed and variable overheads.

 
2.14

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 6

 
CROFT ASSOCIATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.16

Creditors

Short term creditors are measured at the transaction price.

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial Position date.

 
2.18

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
2,105,542
1,517,749

Social security costs
194,699
166,768

Cost of defined contribution scheme
103,015
51,925

2,403,256
1,736,442


The average monthly number of employees, including directors, during the year was 30 (2023 - 26).

Page 7

 
CROFT ASSOCIATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Other equipment
IT equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
404,072
133,828
537,900


Additions
169,480
61,371
230,851


Disposals
(21,840)
(48,351)
(70,191)



At 30 September 2024

551,712
146,848
698,560



Depreciation


At 1 October 2023
323,804
102,222
426,026


Charge for the year
34,176
30,383
64,559


Disposals
(13,556)
(46,435)
(59,991)



At 30 September 2024

344,424
86,170
430,594



Net book value



At 30 September 2024
207,288
60,678
267,966



At 30 September 2023
80,268
31,606
111,874

Page 8

 
CROFT ASSOCIATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Fixed asset investments





Investments in subsidiary companies

£





At 1 October 2023
27


Amounts written off
(27)



At 30 September 2024
-






Net book value



At 30 September 2024
-



At 30 September 2023
27


6.


Stocks

2024
2023
£
£

Raw materials
1,117,556
923,946

Work in progress (goods to be sold)
683,671
438,995

1,801,227
1,362,941



7.


Debtors

2024
2023
£
£


Trade debtors
2,204,750
675,866

Other debtors
-
19,095

Prepayments and accrued income
119,351
75,702

2,324,101
770,663


Page 9

 
CROFT ASSOCIATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
459,347
220,077

Amounts owed to group undertakings
-
58,819

Corporation tax
239,670
707,821

Other taxation and social security
480,787
69,235

Other creditors
2,895,978
667,468

4,075,782
1,723,420



9.


Deferred taxation




2024
2023


£

£






At beginning of year
(26,139)
(16,500)


Charged to profit or loss
(37,884)
(9,639)



At end of year
(64,023)
(26,139)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(64,023)
(26,139)

(64,023)
(26,139)

Page 10

 
CROFT ASSOCIATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



493,622 (2023 - 493,622) Ordinary shares of £0.01 each
4,936
4,936

Prescribed particulars of the ordinary shares:
Voting rights - all shares rank equally for voting purposes.
Dividend rights - each share ranks equally for any dividend declared.
Rights to capital - each share ranks equally for any distribution made on a winding up.
Rights of redemption - the shares are not redeemable.



11.


Reserves

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Capital redemption reserve

The capital redemption reserve contains the nominal value of own shares that have been acquired by the
company and cancelled.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other
adjustments.


12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £103,015 (2023 - £51,925). Contributions totalling £17,060 (2023 - £9,857) were payable to the fund at the reporting date and are included in creditors.

Page 11

 
CROFT ASSOCIATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
68,200
59,675

Later than 1 year and not later than 5 years
17,050
-

85,250
59,675


14.


Related party transactions

During the year, a partnership in which a director of the company is a partner provided consultancy services to the company, amounting to £49,879 (2023 - £49,650). As at 30 September 2024 the company owed the partnership £4,409 (2023 - £4,980).


15.


Controlling party

The company is controlled by R A Vaughan, a director and majority shareholder of the company.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 23 June 2025 by Alexander Peal BSc(Hons) FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 12