Silverfin false false 30/06/2024 01/07/2023 30/06/2024 B Crowe 09/04/2023 T Webster 17/04/2019 27 June 2025 The principle activity of the company during the financial year was the manufacture and retail of both production and bespoke guitars, as well as the manufacture and retail of luthier tools and accessories. 08479886 2024-06-30 08479886 bus:Director1 2024-06-30 08479886 bus:Director2 2024-06-30 08479886 2023-06-30 08479886 core:CurrentFinancialInstruments 2024-06-30 08479886 core:CurrentFinancialInstruments 2023-06-30 08479886 core:Non-currentFinancialInstruments 2024-06-30 08479886 core:Non-currentFinancialInstruments 2023-06-30 08479886 core:ShareCapital 2024-06-30 08479886 core:ShareCapital 2023-06-30 08479886 core:RetainedEarningsAccumulatedLosses 2024-06-30 08479886 core:RetainedEarningsAccumulatedLosses 2023-06-30 08479886 core:ComputerSoftware 2023-06-30 08479886 core:ComputerSoftware 2024-06-30 08479886 core:LandBuildings 2023-06-30 08479886 core:PlantMachinery 2023-06-30 08479886 core:Vehicles 2023-06-30 08479886 core:ComputerEquipment 2023-06-30 08479886 core:OtherPropertyPlantEquipment 2023-06-30 08479886 core:LandBuildings 2024-06-30 08479886 core:PlantMachinery 2024-06-30 08479886 core:Vehicles 2024-06-30 08479886 core:ComputerEquipment 2024-06-30 08479886 core:OtherPropertyPlantEquipment 2024-06-30 08479886 2023-07-01 2024-06-30 08479886 bus:FilletedAccounts 2023-07-01 2024-06-30 08479886 bus:SmallEntities 2023-07-01 2024-06-30 08479886 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 08479886 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08479886 bus:Director1 2023-07-01 2024-06-30 08479886 bus:Director2 2023-07-01 2024-06-30 08479886 core:ComputerSoftware core:TopRangeValue 2023-07-01 2024-06-30 08479886 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 08479886 core:PlantMachinery core:TopRangeValue 2023-07-01 2024-06-30 08479886 core:Vehicles core:TopRangeValue 2023-07-01 2024-06-30 08479886 core:ComputerEquipment core:TopRangeValue 2023-07-01 2024-06-30 08479886 2022-07-01 2023-06-30 08479886 core:ComputerSoftware 2023-07-01 2024-06-30 08479886 core:LandBuildings 2023-07-01 2024-06-30 08479886 core:PlantMachinery 2023-07-01 2024-06-30 08479886 core:Vehicles 2023-07-01 2024-06-30 08479886 core:ComputerEquipment 2023-07-01 2024-06-30 08479886 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 08479886 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 08479886 (England and Wales)

CRIMSON GUITARS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

CRIMSON GUITARS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

CRIMSON GUITARS LIMITED

BALANCE SHEET

As at 30 June 2024
CRIMSON GUITARS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 3,554 5,288
Tangible assets 4 68,987 77,409
72,541 82,697
Current assets
Stocks 248,657 201,462
Debtors 5 40,015 38,623
Cash at bank and in hand 96,513 42,285
385,185 282,370
Creditors: amounts falling due within one year 6 ( 397,256) ( 277,588)
Net current (liabilities)/assets (12,071) 4,782
Total assets less current liabilities 60,470 87,479
Creditors: amounts falling due after more than one year 7 ( 31,250) ( 50,693)
Provision for liabilities ( 11,066) ( 19,181)
Net assets 18,154 17,605
Capital and reserves
Called-up share capital 200 200
Profit and loss account 17,954 17,405
Total shareholders' funds 18,154 17,605

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Crimson Guitars Limited (registered number: 08479886) were approved and authorised for issue by the Board of Directors on 27 June 2025. They were signed on its behalf by:

T Webster
Director
CRIMSON GUITARS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
CRIMSON GUITARS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Crimson Guitars Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Dairy, Piddlehinton, Dorchester, DT2 7TH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Turnover is recognised when the goods, services and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 6 years straight line
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Computer equipment 3 years straight line
Other property, plant and equipment not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 19

3. Intangible assets

Computer software Total
£ £
Cost
At 01 July 2023 8,670 8,670
At 30 June 2024 8,670 8,670
Accumulated amortisation
At 01 July 2023 3,382 3,382
Charge for the financial year 1,734 1,734
At 30 June 2024 5,116 5,116
Net book value
At 30 June 2024 3,554 3,554
At 30 June 2023 5,288 5,288

4. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 July 2023 34,001 116,571 31,700 16,171 4,212 202,655
Additions 0 0 3,000 2,074 15,563 20,637
At 30 June 2024 34,001 116,571 34,700 18,245 19,775 223,292
Accumulated depreciation
At 01 July 2023 17,591 79,953 15,321 12,381 0 125,246
Charge for the financial year 5,667 14,086 6,940 2,366 0 29,059
At 30 June 2024 23,258 94,039 22,261 14,747 0 154,305
Net book value
At 30 June 2024 10,743 22,532 12,439 3,498 19,775 68,987
At 30 June 2023 16,410 36,618 16,379 3,790 4,212 77,409

5. Debtors

2024 2023
£ £
Trade debtors 4,597 17,979
Other debtors 35,418 20,644
40,015 38,623

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 201,403 84,912
Trade creditors 12,061 12,530
Taxation and social security 26,882 15,250
Obligations under finance leases and hire purchase contracts 4,443 6,665
Other creditors 152,467 158,231
397,256 277,588

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 31,250 46,250
Obligations under finance leases and hire purchase contracts 0 4,443
31,250 50,693

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 July 2023, the balance owed by Mr B Crowe was £11,365. During the year, £12,967 was advanced to the director, and £25,057 was repaid by the director. At 30 June 2024, the balance owed to the director was £725.

At 1 July 2023, the balance owed to Mr T Webster was £3,850. During the year, £0 was advanced to the director, and £10,000 was repaid by the director. At 30 June 2024, the balance owed to the director was £13,850.

At 1 July 2022, the balance owed by Mr B Crowe was £2,068. During the year, £14,323 was advanced to the director, and £5,026 was repaid by the director. At 30 June 2023, the balance owed by the director was £11,365.

At 1 July 2022, the balance owed by Mr T Webster was £6,484. During the year, £0 was advanced to the director, and £10,334 was repaid by the director. At 30 June 2023, the balance owed to the director was £3,850.