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Registration number: 02605120

Croft Brothers U.K. Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Croft Brothers U.K. Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Croft Brothers U.K. Limited

Company Information

Director

Gerard Wilfred Thomas Vancuylenberg

Company secretary

Mrs Leomali Vancuylenberg

Registered office

755 Deal Avenue
Slough
Berkshire
SL1 4SH

Accountants

MG Group (Professional Services) Limited
Chartered Accountants166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Croft Brothers U.K. Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Croft Brothers U.K. Limited for the year ended 31 October 2024 as set out on pages 3 to 9 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/regulation.

This report is made solely to the Board of Directors of Croft Brothers U.K. Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Croft Brothers U.K. Limited and state those matters that we have agreed to state to the Board of Directors of Croft Brothers U.K. Limited, 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 Croft Brothers U.K. Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Croft Brothers U.K. Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Croft Brothers U.K. Limited. You consider that Croft Brothers U.K. Limited 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 accounts of Croft Brothers U.K. Limited. 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 accounts.

......................................

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

21 July 2025

 

Croft Brothers U.K. Limited

(Registration number: 02605120)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Non-Current Assets

 

Tangible assets

4

81,806

98,975

Current assets

 

Stocks

5

8,150

7,875

Debtors

6

221,963

283,899

Cash at bank and in hand

 

60,171

13,768

 

290,284

305,542

Creditors: Amounts falling due within one year

7

(275,484)

(286,227)

Net current assets

 

14,800

19,315

Total assets less current liabilities

 

96,606

118,290

Creditors: Amounts falling due after more than one year

7

(36,033)

(80,597)

Provisions for liabilities

(13,491)

(16,913)

Net assets

 

47,082

20,780

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

37,432

37,432

Retained earnings

9,550

(16,752)

Shareholders' funds

 

47,082

20,780

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 July 2025
 

.........................................
Gerard Wilfred Thomas Vancuylenberg
Director

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
755 Deal Avenue
Slough
Berkshire
SL1 4SH

These financial statements were authorised for issue by the director on 21 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in Sterlings (£), which is also the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other tangible assets

10% on cost

Fixtures and Fittings

10% on cost

Motor Vehicles

20% on cost

Office Equipement

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 9).

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 November 2023

15,610

1,623

13,386

67,150

158,506

256,275

Additions

-

-

-

-

7,720

7,720

At 31 October 2024

15,610

1,623

13,386

67,150

166,226

263,995

Depreciation

At 1 November 2023

10,792

1,623

7,216

49,738

87,931

157,300

Charge for the year

963

-

1,299

6,145

16,482

24,889

At 31 October 2024

11,755

1,623

8,515

55,883

104,413

182,189

Carrying amount

At 31 October 2024

3,855

-

4,871

11,267

61,813

81,806

At 31 October 2023

4,818

-

6,170

17,412

70,575

98,975

Included within the net book value of land and buildings above is £3,855 (2023 - £4,818) in respect of short leasehold land and buildings.


Assets held under finance leases and hire purchase contracts
The net carrying amount of Motor Vehicles includes the amount in respect of assets held under finance leases and hire purchase contracts £17,413 (2023 - £23,558).
 

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Stocks

2024
£

2023
£

Other inventories

8,150

7,875

6

Debtors

2024
£

2023
£

Trade debtors

116,246

119,565

Other debtors

28,387

133,184

Prepayments

77,330

31,150

221,963

283,899

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

41,380

62,139

Trade creditors

 

143,720

110,359

Social security and other taxes

 

72,869

83,990

Other payables

 

13,915

26,139

Accruals

 

3,600

3,600

 

275,484

286,227

Due after one year

 

Loans and borrowings

8

36,033

80,597

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

36,033

80,597

 

Croft Brothers U.K. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,776

66,913

Hire purchase contracts

9,257

13,684

36,033

80,597

Current loans and borrowings

2024
£

2023
£

Bank borrowings

36,953

57,712

Hire purchase contracts

4,427

4,427

41,380

62,139

Bank borrowings

Hire purchase loan is secured on the assets acquired.

The company obtained a £150,000 unsecured loan in April 2021 under the UK Government-backed Coronavirus Business Interruption Loan Scheme (CBILS), provided by Funding Circle Focal Point Lending Limited. The loan is repayable over 60 months with a fixed interest rate of 10.10% per annum.
Monthly repayments of £3,811.60 commenced in May 2022. As at the reporting date, the outstanding loan balance was £63,728, repayable over the remaining loan term to May 2026. The loan is measured at amortised cost.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions


Directors
At the balance sheet date, the amount owed by the director to the company was £28,386 (2023: £66,744). Interest at official HMRC rate is provided on the overdrawn loan amount.