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Registered number: 490134





 
Crownfield Holdings Limited          
 
Directors' report and consolidated         
financial statements
          

For the year ended 31 December 2024          

 
Crownfield Holdings Limited
 
 
Company information


Directors
Mr I H Terry 
Mrs J I Terry 
Mr S H Terry 
Mr G F Ellis 




Company secretary
Mr G F Ellis



Registered number
490134



Registered office
Thurston Building
Hallsford Bridge Industrial Estate

Ongar

Essex

CM5 9RB




Independent auditors
Clay Ratnage Strevens & Hills
Statutory Auditors

Construction House

Runwell Road

Wickford

Essex

SS11 7HQ





 
Crownfield Holdings Limited
 

Contents



Page
Directors' report
 
1 - 2
Group strategic report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated profit and loss account
 
9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 39


 
Crownfield Holdings Limited
 
 
Directors' report
For the year ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Results

The profit for the year, after taxation, amounted to £327,806 (2023 - £767,675).

Further information on the performance of the group during the year and the group's state of affairs at the balance sheet date are noted within the Strategic Report on pages 3 to 4.

Dividends
Dividends amounting to £45,540 (2023 - £44,267) were paid during the year. The directors do not recommend the payment of any further dividend.
 

Fixed assets

Details of movements in fixed assets are set out in the notes to the accounts.
 

Events since the end of the year

There have been no events subsequent to the year end which materially effect the results for the year or the group's state of affairs as at 31 December 2024.
 

Directors

The directors who served during the year were:

Mr I H Terry 
Mrs J I Terry 
Mr S H Terry 
Mr G F Ellis 

 
Future developments

The directors are not aware of any future developments which would have a significant effect on the group.
 

Research and development activities

The group is involved in research and development projects in relation to engineering project work.
 

Close company

The parent company and its subsidiaries are close companies within the meaning of S.439 CTA 2010.
 

Page 1

 
Crownfield Holdings Limited
 
 
Directors' report (continued)
For the year ended 31 December 2024

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Clay Ratnage Strevens & Hills will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 14 May 2025 and signed on its behalf.
 





Grahame Ellis
Secretary

Page 2

 
Crownfield Holdings Limited
 
 
Group strategic report
For the year ended 31 December 2024

Introduction
 
The principal activity of the company is that of a holding company. Its subsidiary companies' principal activities are those of general and precision engineers, waste management and motor dealers and there was no change in these activities during the year. The company still held one property from the residential development at Dunmow in stock at the year end. 

Business review
 
The directors are pleased with the performance of the group, considering the prevailing market conditions during the year under review. During the year the group achieved pre-tax profits of £335,535 (2023 - £692,279)
The group saw a decline in turnover from £25,627,276 in 2023, down to £19,700,222 in 2024. The main reason for this reduction is that, following consumer uncertainty due to Governmental policy and decreased demand by consumers for electric motor vehicles, the directors took the decision to cease the sale of new vehicles in Perkins Garages Limited midway through the year. This decision has allowed the directors to refocus their energy on the used car market and to make use of their extensive knowledge and experience to target areas of growth within that market. 
In addition, the parent company saw a reduction in turnover during the year as the one remaining plot from the residential development remains unsold. In the previous year the company achieved sales of two plots. The directors continue to market the remaining property and have attracted interest subsequent to the end of the year. 
Throughout the year the directors have continued to invest in the group's systems to develop new efficiencies and to control costs. As a result, the group's gross profit margin has increased from 11.8% in 2023 to 14.3% to 2024. The directors are pleased with the overall results of the group during the year under review.
The group has also continued with its capital investment programme in the appropriate areas of the business to ensure the ongoing success of the group.

Principal risks and uncertainties
 
The principal risks and uncertainties identified by the directors of the group relate to factors concerning the overall state of the UK economy, in particular the effects on the motor industry. The global economy also affects the export sales within the group. The war in Ukraine had an impact on raw material prices and availability and the directors have monitored the situation and controlled purchasing to the greatest extent possible in order to minimise the effect on the group. 
The directors are actively involved in the trades of the group on a daily basis which enables them to closely monitor activities and as a result the group is in a good position, financially and operationally, to adapt to the continuing challenges. The group continues to diversify in order to manage the risks involved in each business sector.

Financial key performance indicators
 
The directors consider that the key financial performance indicators are as follows:
Gross Profit Percentage - The directors confirm that the gross profit percentage has improved to 14.3% 
(2023 – 11.8%). The directors are happy that this is in line with their expectations and expect to maintain or improve this margin in the current year.
Debt/Equity Ratio - The directors confirm that the debt over equity ratio has decreased and is 0.46 as at 31 December 2024, compared to 0.72 at 31 December 2023. A decrease was anticipated as the group continues to repay its external borrowing. In the year ended 31 December 2024 this was achieved as a consequence of the cessation of the sale of new vehicles, which allowed the subsidiary company to substantially reduce its stocking loans. 
The Group's Net Value - The directors are pleased to report that the net value of the group has increased by £282,266 
(2023 - £926,873)

Page 3

 
Crownfield Holdings Limited
 

Group strategic report (continued)
For the year ended 31 December 2024


This report was approved by the board on 14 May 2025 and signed on its behalf.






Simon Terry
Director

Page 4

 
Crownfield Holdings Limited
 
 
Independent auditors' report to the members of Crownfield Holdings Limited
 

Opinion


We have audited the financial statements of Crownfield Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
Crownfield Holdings Limited
 
 
Independent auditors' report to the members of Crownfield Holdings Limited (continued)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
Crownfield Holdings Limited
 
 
Independent auditors' report to the members of Crownfield Holdings Limited (continued)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to fraud we assess events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures include:
 • Obtaining an understanding of the legal and regulatory frameworks applicable to the group and the sectors in which it operates.
 • Obtaining an understanding of how the group is complying with those legal and regulatory frameworks by making enquiries to the group accounting department and management.
 • Assessing the susceptibility of the group financial statements to material misstatement caused by fraud or other irregularities, by undertaking the following procedures:
             - Identifying and assessing the design effectiveness of controls which management have in place to prevent and
                 detect fraud. 
             - Understanding how those charged with governance consider and address the potential for override of controls and
                 management bias. 
             - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
             - Assessing the extent of compliance with the relevant laws and regulations. 
             - Assessing the extent to which pressures exist which may increase the risk of fraudulent revenue recognition.
Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team, as well as potential risks pertaining to the group of which this company is a member.
The inherent limitations of audit present an unavoidable risk that we, the auditors, may not detect some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements. We take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
Crownfield Holdings Limited
 
 
Independent auditors' report to the members of Crownfield Holdings Limited (continued)

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Clay Ratnage Strevens & Hills 


Laura Main (Senior statutory auditor)
  
for and on behalf of Clay Ratnage Strevens & Hills
 
Statutory Auditors
  
Construction House
Runwell Road
Wickford
Essex
SS11 7HQ
 

14 May 2025 
Page 8

 
Crownfield Holdings Limited
 
 
Consolidated profit and loss account
For the year ended 31 December 2024

2024
2023
                                                                                                                                       Note
£
£

  

Turnover
 4 
19,700,222
25,627,276

Cost of sales
  
(16,876,153)
(22,612,089)

Gross profit
  
2,824,069
3,015,187

Administrative expenses
  
(2,325,747)
(2,157,581)

Other operating income
 5 
-
7,000

Operating profit
 6 
498,322
864,606

Interest receivable and similar income
 9 
60,203
39,162

Interest payable and similar expenses
 10 
(222,990)
(211,489)

Profit before tax
  
335,535
692,279

Tax on profit
 11 
(7,729)
75,396

Profit for the financial year
  
327,806
767,675

Profit for the year attributable to:
  

Owners of the parent
  
327,806
767,675














The notes on pages 18 to 39 form part of these financial statements. 
Page 9

 
Crownfield Holdings Limited
 

Consolidated statement of comprehensive income
For the year ended 31 December 2024

2024
2023
£
£


Profit for the financial year
  
327,806
767,675

Other comprehensive income
  


Unrealised surplus on revaluation of tangible fixed assets
  
-
500,000

Deferred tax movement in respect of revalued property
  
-
(296,535)

Total comprehensive income for the year
  
327,806
971,140

Profit for the year attributable to:
  


Owners of the parent company
  
327,806
767,675

Total comprehensive income attributable to:
  


Owners of the parent company
  
327,806
971,140


















The notes on pages 18 to 39 form part of these financial statements. 
Page 10

 
Crownfield Holdings Limited
Registered number:490134

Consolidated balance sheet
As at 31 December 2024


2024

2023 
                                                                                    Note
£
£
£
£

Fixed assets
  

Intangible assets
 14 
1,633
5,516

Tangible fixed assets
 15 
10,471,440
10,272,141

Investments
 16 
1
1

Investment property
 17 
48,311
48,311

  
10,521,385
10,325,969

Current assets
  

Stock
 18 
3,205,841
5,413,908

Debtors
 19 
1,331,367
1,716,631

Cash at bank and in hand
 20 
1,963,047
2,022,666

  
6,500,255
9,153,205

Creditors: amounts falling due within one year
 22 
(4,140,517)
(4,752,125)

Net current assets
  
 
 
2,359,738
 
 
4,401,080

Total assets less current liabilities
  
12,881,123
14,727,049

Creditors: amounts falling due after more than one year
 23 
(775,266)
(2,848,648)

Provisions for liabilities
  

Deferred taxation
 25 
(1,285,638)
(1,340,448)

Net assets
  
10,820,219
10,537,953


Capital and reserves
  

Called up share capital 
 26 
345,077
345,077

Share premium account
  
1,500
1,500

Revaluation reserve
  
4,491,094
4,491,094

Profit and loss account
  
5,982,548
5,700,282

  
10,820,219
10,537,953


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 May 2025.


Simon Terry
Director


The notes on pages 18 to 39 form part of these financial statements.
Page 11

 
Crownfield Holdings Limited
Registered number:490134

Company balance sheet
As at 31 December 2024


2024
                    As 
 
restated
2023
   
                                                                                    Note
£
£
£
£

Fixed assets
  

Tangible assets
 15 
35,660
-

Investments
 16 
150,100
150,100

Investment property
 17 
8,098,311
8,098,311

  
8,284,071
8,248,411

Current assets
  

Stock
 18 
590,000
590,967

Debtors: amounts falling due after more than one year
 19 
1,424,282
1,496,936

Debtors: amounts falling due within one year
 19 
82,483
90,453

Cash at bank and in hand
 20 
1,877,242
936,550

  
3,974,007
3,114,906

Creditors: amounts falling due within one year
 22 
(2,118,107)
(185,818)

Net current assets
  
 
 
1,855,900
 
 
2,929,088

Total assets less current liabilities
  
10,139,971
11,177,499

  

Creditors: amounts falling due after more than one year
 23 
(3,152,948)
(4,222,367)

Deferred taxation
 25 
(1,060,143)
(1,060,143)

Net assets
  
5,926,880
5,894,989


Capital and reserves
  

Called up share capital 
 26 
345,077
345,077

Share premium account
  
1,500
1,500

Investment property revaluation reserve
  
4,491,094
4,491,094

Profit and loss account
  
1,089,209
1,057,318

  
5,926,880
5,894,989


The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 14 May 2025.

Simon Terry
Director

The notes on pages 18 to 39 form part of these financial statements.
Page 12

 
Crownfield Holdings Limited
 

Consolidated statement of changes in equity
For the year ended 31 December 2024


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

£
£
£
£
£

At 1 January 2024
345,077
1,500
4,491,094
5,700,282
10,537,953



Profit for the year
-
-
-
327,806
327,806

Dividends: Equity capital
-
-
-
(45,540)
(45,540)


At 31 December 2024
345,077
1,500
4,491,094
5,982,548
10,820,219



 
 
 
 
 
 
 
 
Consolidated statement of changes in equity
For the year ended 31 December 2023


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

£
£
£
£
£

At 1 January 2023
345,077
1,500
4,287,629
4,976,874
9,611,080



Profit for the year
-
-
-
767,675
767,675

Surplus on revaluation of freehold property
-
-
500,000
-
500,000

Dividends: Equity capital
-
-
-
(44,267)
(44,267)

Deferred tax on revalued property
-
-
(296,535)
-
(296,535)


At 31 December 2023
345,077
1,500
4,491,094
5,700,282
10,537,953








The notes on pages 18 to 39 form part of these financial statements. 
Page 13

 
Crownfield Holdings Limited
 

Company statement of changes in equity
For the year ended 31 December 2024


Called up share capital
Share premium account
Investment
property
revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2024
345,077
1,500
4,491,094
1,057,318
5,894,989



Profit for the year
-
-
-
77,431
77,431

Dividends: Equity capital
-
-
-
(45,540)
(45,540)


At 31 December 2024
345,077
1,500
4,491,094
1,089,209
5,926,880



 
 
 
 
 
 
 
Company statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Share premium account
Investment 
property
revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
345,077
1,500
4,287,629
701,465
5,335,671



Profit for the year
-
-
-
603,585
603,585

Dividends: Equity capital
-
-
-
(44,267)
(44,267)

Transfer between reserves
-
-
203,465
(203,465)
-


At 31 December 2023
345,077
1,500
4,491,094
1,057,318
5,894,989








The notes on pages 18 to 39 form part of these financial statements. 
Page 14

 
Crownfield Holdings Limited
 

Consolidated statement of cash flows
For the year ended 31 December 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
327,806
767,675

Adjustments for:

Amortisation of intangible assets
3,883
3,883

Depreciation of tangible assets
410,773
378,051

Loss/(profit) on disposal of tangible assets
12,745
(11,987)

Government grants
-
(7,000)

Interest paid
222,990
211,489

Interest received
(60,203)
(39,162)

Taxation charge
7,729
(75,396)

Decrease in stock
2,208,067
291,929

Decrease in debtors
358,089
1,054,917

Decrease in creditors
(253,922)
(155,670)

Corporation tax paid
(16,972)
(188,171)

Net cash generated from operating activities

3,220,985
2,230,558


Cash flows from investing activities

Purchase of tangible fixed assets
(508,468)
(729,021)

Sale of tangible fixed assets
80,995
86,048

Purchase of investment properties
-
(9,725)

Government grants received
-
7,000

Interest received
60,203
39,162

HP interest paid
(33,181)
(26,697)

Net cash from investing activities

(400,451)
(633,233)
Page 15

 
Crownfield Holdings Limited
 

Consolidated statement of cash flows (continued)
For the year ended 31 December 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(2,411,686)
(162,740)

(Repayment of)/new finance leases
(233,118)
60,910

Dividends paid
(45,540)
(44,267)

Interest paid
(189,809)
(184,792)

Net cash used in financing activities
(2,880,153)
(330,889)

Net (decrease)/increase in cash and cash equivalents
(59,619)
1,266,436

Cash and cash equivalents at beginning of year
2,022,666
756,230

Cash and cash equivalents at the end of year
1,963,047
2,022,666


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,963,047
2,022,666

















The notes on pages 18 to 39 form part of these financial statements. 
Page 16

 
Crownfield Holdings Limited
 

Consolidated Analysis of Net Debt
For the year ended 31 December 2024






At 1 January 2024
Cash flows
New finance leases
Other non-cash changes
At 31 December 2024
£

£

£

£

£

Cash at bank and in hand

2,022,666

(59,619)

-

-

1,963,047

Debt due after 1 year

(2,030,616)

-

-

2,030,616

-

Debt due within 1 year

(3,322,657)

2,411,688

-

(2,030,616)

(2,941,585)

Finance leases

(482,334)

233,118

(195,345)

-

(444,561)


(3,812,941)
2,585,187
(195,345)
-
(1,423,099)





















The notes on pages 18 to 39 form part of these financial statements. 
Page 17

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

Crownfield Holdings Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Thurston Building, Hallsford Bridge Industrial Estate, Ongar, Essex, CM5 9RB.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated accounts are prepared using the equity method of accounting and include the results of all the subsidiary companies, with the exception of Tipmaster (Australasia) Pty Limited, a wholly owned subsidiary based in Australia, on the grounds that the amounts involved are not material to the group as a whole.  

Page 18

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 group 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.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 19

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a reducing balance or straight line basis.

Depreciation is provided at the following rates:

Leasehold Property
-
over the period of the lease
Plant and equipment
-
25/20/10% reducing balance
Motor vehicles
-
25% reducing balance
Portable buildings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Operating leases: the group as lessee

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

 
2.7

Investment property

In the company accounts investment property is carried at fair value as determined annually by the directors, having regard to professional advice taken personally, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided.
The group recognises investment property as section 17 property, plant and equipment as permitted by section 16.4A(b).

 
2.8

Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stock is assessed for impairment. If stock is 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. 

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 20

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.10

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


 
2.11

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's Balance sheet when the group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 group after the deduction of all its liabilities.
 

Page 21

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated profit and loss account in the same period as the related expenditure.

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 22

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.15

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. 

 
2.16

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 group in independently administered funds.

 
2.17

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.19

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 and the group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make significant judgment and estimates. These estimates include the determination of the fair value of the group's freehold properties which are valued at £8,050,000 (2023 - £8,050,000).

Page 24

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Engineering
7,442,925
7,934,207

Motor dealers
12,257,297
16,953,069

Property development
-
740,000

19,700,222
25,627,276


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
19,572,770
25,333,850

Rest of Europe
127,452
293,426

19,700,222
25,627,276



5.


Other operating income

2024
2023
£
£

Local Authority and Government grants receivable
-
7,000



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
410,773
378,051

Amortisation of intangible assets
3,883
3,883

Fee's payable to the group's auditor and its associates for the audit of the group's financial statements
33,280
33,280

Defined contribution pension cost
88,401
90,424

Other operating lease rentals
31,695
29,528

Page 25

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


The group
The group
The company
The company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,054,867
3,029,907
85,569
84,417

Social security costs
292,482
294,139
6,291
6,251

Cost of defined contribution scheme
88,401
90,424
5,936
5,597

3,435,750
3,414,470
97,796
96,265


The average monthly number of employees, including the directors, during the year was as follows:



The group
The group
The company
The company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
8
8
4
4



Administration
12
15
2
2



Manufacture and sales
65
64
-
-

85
87
6
6


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
406,081
431,412

Group contributions to defined contribution pension schemes
22,436
18,572

428,517
449,984


During the year retirement benefits were accruing to 6 directors (2023 - 6) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
60,203
39,162

Page 26

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
163,988
161,889

Other loan interest payable
438
(261)

Finance leases and hire purchase contracts
33,181
26,697

Other interest payable
25,383
23,164

222,990
211,489


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
62,539
79,472


Deferred tax


Origination and reversal of timing differences
(54,810)
(154,868)


Taxation on profit
7,729
(75,396)
Page 27

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than the standard rate of corporation tax in the UK of25% (2023 -25%). The differences are explained below:

2024
2023
£
£


Profit before tax
335,534
692,279


Profit multiplied by standard rate of corporation tax in the UK of 25%
83,884
173,070

Effects of:


Expenses not deductible for tax purposes
2,832
579

Timing difference between depreciation and capital allowances
(64,746)
(229,567)

Timing differences in relation to pension payments
(271)
1,099

Timing difference in relation to bonus payments
(13,700)
(15,445)

Change in tax rate during the year
-
(5,007)

Marginal relief
(270)
(125)

Total tax charge for the year
7,729
(75,396)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid during the year
45,540
44,267


13.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit after tax of the parent company for the year was £77,431 (2023 - £603,585).


Page 28

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

14.


Intangible assets

The group





Licences

£



Cost


At 1 January 2024
43,827



At 31 December 2024

43,827



Amortisation


At 1 January 2024
38,311


Charge for the year
3,883



At 31 December 2024

42,194



Net book value



At 31 December 2024
1,633



At 31 December 2023
5,516




No intangible fixed assets are held in the parent company

Page 29

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

15.


Tangible fixed assets

The group






Freehold property
Improvements to freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
8,050,000
1,273,708
4,287,347
666,186
14,277,241


Additions
-
332,640
325,248
45,925
703,813


Disposals
-
-
(209,471)
(100,921)
(310,392)



At 31 December 2024

8,050,000
1,606,348
4,403,124
611,190
14,670,662



Depreciation


At 1 January 2024
-
567,137
3,107,450
330,514
4,005,101


Charge for the year: owned
-
69,512
169,344
32,691
271,547


Charge for the year: financed
-
-
94,215
45,011
139,226


Disposals
-
-
(161,740)
(54,912)
(216,652)



At 31 December 2024

-
636,649
3,209,269
353,304
4,199,222



Net book value



At 31 December 2024
8,050,000
969,699
1,193,855
257,886
10,471,440



At 31 December 2023
8,050,000
706,572
1,179,897
335,672
10,272,141

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
452,821
364,599

Motor vehicles
127,107
204,062

579,928
568,661

Page 30

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

           15.Tangible fixed assets (continued)


The company






Motor vehicles
Office equipment
Total

£
£
£

Cost


Additions
36,000
533
36,533



At 31 December 2024

36,000
533
36,533



Depreciation


Charge for the year: owned
750
123
873



At 31 December 2024

750
123
873



Net book value



At 31 December 2024
35,250
410
35,660



At 31 December 2023
-
-
-






Page 31

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

16.


Fixed asset investments

The group





Investments in associates

£



Cost 


At 1 January 2024 and 31 December 2024

1






Net book value



At 31 December 2024
1



At 31 December 2023
1


 

The company





Investments in subsidiary companies

£



Cost 


At 1 January 2024 and 31 December 2024

150,100






Net book value



At 31 December 2024
150,100



At 31 December 2023
150,100

Page 32

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Tipmaster Limited
Rigg Approach, Lea Bridge Road, Leyton, E10 7QN
General engineers
Ordinary
100%
E H Thompson & Son (London) Limited
Hallsford Bridge Industrial Estate, Stondon Road, Ongar, Essex, CM5 9RB
Precision engineers
Ordinary
100%
Perkins Garages Limited
Rigg Approach, Lea Bridge Road, Leyton, London, E10 7QN
Motor dealers
Ordinary
100%
Thurston Engineering Limited
Hallsford Road Industrial Estate, Stondon Road, Ongar, Essex, CM5 9RB
Engineers
Ordinary
100%
Tipmaster (Australasia) Pty Limited (a subsidiary of Tipmaster Limited)
69 Middle Arm Road, Goulburn, NSW, 2580, Australia
Dormant
Ordinary
100%
I Want To Buy a Car Limited
Construction House, Runwell Road, Wickford, Essex, SS11 7HQ
Dormant
Ordinary
100%

All companies are incorporated in England, except for Tipmaster (Australasia) Pty Limited, which is incorporated in Australia. 
The accounts of Tipmaster (Australasia) Pty Limited have not been included within these consolidated accounts. Whilst the company is dormant there is some difficulty in obtaining up to date financial information and the directors believe that, because of the amounts involved, there will be no benefit in attempting to include this information within these accounts. It is the opinion of the directors that the value of the underlying assets will not be less than the value of the investment shown in the balance sheet. 

Page 33

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

17.


Investment property

The group


Freehold investment property

£



Valuation


At 1 January 2024
48,311



At 31 December 2024
48,311

The investment property value relates to the reversionary interest held following the sale of eleven of the twelve units which comprise the Altura Place development in Dunmow.






The company





Freehold investment property

£



Valuation


At 1 January 2024
8,098,311



At 31 December 2024
8,098,311

The land and buildings are included in the accounts at an open market valuation provided by the board, having regard to professional advice taken personally.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured at £2,218,413 (2023 - £2,218,413).


Page 34

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

18.


Stock

The group
The group
The company
The company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
275,627
287,561
-
-

Work in progress
590,000
590,967
590,000
590,967

Finished goods and goods for resale
2,340,214
4,535,380
-
-

3,205,841
5,413,908
590,000
590,967


The difference between purchase price or production cost of stocks and their replacement cost is not material.


19.


Debtors

The group
The group
The company
The company
2024
2023
2024
(restated)
2023
 
£
£
£
£


Amounts owed by group undertakings
-
-
1,424,282
1,496,936


The group
The group
The company
The company
2024
2023
2024
(restated)
2023
 
£
£
£
£


Trade debtors
1,007,102
1,257,685
-
-

Amounts owed by group undertakings
-
-
-
5,040

Other debtors
11,545
189,674
9,600
9,600

Prepayments and accrued income
312,720
269,272
72,883
75,813

1,331,367
1,716,631
82,483
90,453



20.


Cash and cash equivalents

The group
The group
The company
The company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,963,047
2,022,666
1,877,242
936,550


Page 35

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

21.


Security

The group's factored debts are secured by fixed charges. The charges provide the factoring company with security for the payment of any debts that have failed to vest in them.


22.


Creditors: Amounts falling due within one year

The group
The group
The company
The company
2024
2023
2024
(restated)
2023 
£
£
£
£

Bank loans
2,941,585
3,322,657
2,030,200
104,159

Payments received on account
-
20,727
-
-

Trade creditors
362,535
585,665
24,867
34,500

Amounts owed to group undertakings
1
1
-
-

Corporation tax
62,539
44,148
23,490
9,001

Other taxation and social security
319,611
314,214
23,417
22,097

Obligations under finance lease and hire purchase contracts
181,137
179,939
-
-

Other creditors
21,319
28,319
-
-

Accruals and deferred income
251,790
256,455
16,133
16,061

4,140,517
4,752,125
2,118,107
185,818


The bank holds charges over the freehold properties of the company at Hallsford Bridge, Rayne, and, Rigg Approach.
Loans of £911,385 
(2023 - £3,218,498) are secured by way of legal charge on the vehicle stock held at any time.
Obligations in respect of hire purchase contracts are secured by way of a legal charge over the asset to which the liability relates.

Page 36

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

23.


Creditors: Amounts falling due after more than one year

The group
The group
The company
The company
2024
2023
2024
(restated)
2023 
£
£
£
£

Bank loans
-
2,030,616
-
2,030,616

Net obligations under finance leases and hire purchase contracts
263,424
302,395
-
-

Amounts owed to group undertakings
-
-
2,788,106
1,823,114

Other creditors
511,842
515,637
364,842
368,637

775,266
2,848,648
3,152,948
4,222,367


Bank loans falling due after more than one year include loans that are repayable by monthly instalments, with interest payable at 2.5% over the Bank of England Base Rate.


24.


Loans


Analysis of the maturity of loans is given below:


The group
The group
The company
The company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
2,941,585
3,322,657
2,030,200
104,159

Amounts falling due 1-2 years

Bank loans
-
2,030,616
-
2,030,616

2,941,585
5,353,273
2,030,200
2,134,775



Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

The group
The group
2024
2023
£
£

Within one year
181,137
179,939

Between 1-5 years
263,424
302,395

444,561
482,334

Page 37

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

25.


Deferred taxation


The group



2024
2023


£

£






At beginning of year
1,340,448
1,198,781


(Released during)/charged for the year
(54,810)
141,667



At end of year
1,285,638
1,340,448

The company


2024
2023


£

£






At beginning of year
1,060,143
999,518


Charged for the year
-
60,625



At end of year
1,060,143
1,060,143

The provision for deferred taxation is made up as follows:

The group
The group
The company
The company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
225,495
280,305
-
-

Deferred capital gain
1,060,143
1,060,143
1,060,143
1,060,143

1,285,638
1,340,448
1,060,143
1,060,143


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



345,077 (2023 - 345,077) Ordinary shares of £1.00 each
345,077
345,077


Page 38

 
Crownfield Holdings Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

27.


Pension commitments

The group operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the group in independently administered funds. The pension charge represents contributions payable by the group to the funds and amounted to £88,401 (2023 - £90,424). Contributions totalling £24,910 (2023 - £26,853) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 39