Company registration number 01641889 (England and Wales)
CRAFTED PROJECTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
CRAFTED PROJECTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
CRAFTED PROJECTS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,240,872
1,292,085
Current assets
Stocks
48,743
49,313
Debtors
4
58,961
78,068
Cash at bank and in hand
195,688
191,307
303,392
318,688
Creditors: amounts falling due within one year
5
(1,167,090)
(1,104,532)
Net current liabilities
(863,698)
(785,844)
Total assets less current liabilities
377,174
506,241
Creditors: amounts falling due after more than one year
6
(9,167)
(454,009)
Provisions for liabilities
(56,338)
(56,338)
Net assets/(liabilities)
311,669
(4,106)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
311,569
(4,206)
Total equity
311,669
(4,106)
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
15 July 2025
15 July 2025
15 July 2025
and are signed on its behalf by:
M Ladhar
Director
Company registration number 01641889 (England and Wales)
CRAFTED PROJECTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
100
(306,964)
(306,864)
Year ended 31 October 2023:
Profit and total comprehensive income
-
302,758
302,758
Balance at 31 October 2023
100
(4,206)
(4,106)
Year ended 31 October 2024:
Profit and total comprehensive income
-
315,775
315,775
Balance at 31 October 2024
100
311,569
311,669
CRAFTED PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Crafted Projects Limited is a private company limited by shares incorporated in England and Wales. The registered office is Earl Grey Properties, 2nd Floor, Adelphi Chambers, 20 Shakespeare Street, Newcastle Upon Tyne, Tyne and Wear, NE1 6AQ.
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. The principal accounting policies adopted are set out below.
1.2
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Leasehold land and buildings
50 years
Fixtures and fittings
15% straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
CRAFTED PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
CRAFTED PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
As lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
39
40
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2023 and 31 October 2024
1,387,727
1,258,432
2,646,159
Depreciation and impairment
At 1 November 2023
155,971
1,198,103
1,354,074
Depreciation charged in the year
26,159
25,054
51,213
At 31 October 2024
182,130
1,223,157
1,405,287
Carrying amount
At 31 October 2024
1,205,597
35,275
1,240,872
At 31 October 2023
1,231,756
60,329
1,292,085
CRAFTED PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,332
30,485
Other debtors
49,629
47,583
58,961
78,068
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
463,029
53,424
Trade creditors
118,469
148,458
Amounts owed to group undertakings
229,271
567,741
Corporation tax
105,258
90,913
Other taxation and social security
73,017
82,697
Other creditors
178,046
161,299
1,167,090
1,104,532
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,167
454,009
Creditors which fall due after five years are payable as follows:
Payable by instalments
-
118,767
Bank loans are secured by first legal charges over the company's freehold and leasehold property interests, assignment of a reducing term life assurance policy in the names of M S Ladhar and B S Ladhar to the value of between £10,750,000 and £11,000,000 and an unlimited inter-company bank guarantee and mortgage debentures between Easteye Limited, Ever 1209 Limited, Crafted Projects Ltd, Dean Venture Limited, Movesun Limited, Ladhar Betting & Gaming Ltd and Ladhar Leisure LLP.
All bank loans are repayable in quarterly instalments with interest payable, linked to the Bank of England's base rate.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
CRAFTED PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Audit report information
(Continued)
- 7 -
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Michael T Moran BA FCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
15 July 2025
CRAFTED PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
8
Operating lease commitments
As lessor - operating leases
2024
2023
Future amounts receivable under operating leases:
£
£
Within 1 year
250,000
100,000
Total commitments
250,000
100,000
9
Parent company
Ever 1209 Limited is the smallest company for which consolidated accounts including Crafted Projects Limited are prepared. The consolidated accounts of Ever 1209 Limited are available from their registered office, C/O Earl Grey Properties Ltd, 2nd Floor Adelphi Chambers, 20 Shakespeare Street, Newcastle upon Tyne, NE1 6AQ.