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Registered number:
financial statements For the year ended |
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Company information
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Contents
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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.
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.
Details of movements in fixed assets are set out in the notes to the accounts.
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.
The directors who served during the year were:
The directors are not aware of any future developments which would have a significant effect on the group.
The group is involved in research and development projects in relation to engineering project work.
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Directors' report (continued)
For the year ended 31 December 2024
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.
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 2006. They 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.
Under section 487(2) of the Companies Act 2006, Clay 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.
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Group strategic report
For the year ended 31 December 2024
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.
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.
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.
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).
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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.
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Independent auditors' report to the members of Crownfield Holdings Limited
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 policies. The 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).
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.
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.
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Independent auditors' report to the members of Crownfield Holdings Limited (continued)
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 Report. Our 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.
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.
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.
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Independent auditors' report to the members of Crownfield Holdings Limited (continued)
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.
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Independent auditors' report to the members of Crownfield Holdings Limited (continued)
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 2006. Our 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
for and on behalf of Clay Ratnage Strevens & Hills
Statutory Auditors
Construction House
Runwell Road
Essex
SS11 7HQ
14 May 2025
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Consolidated profit and loss account
For the year ended 31 December 2024
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Consolidated statement of comprehensive income
For the year ended 31 December 2024
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Consolidated balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 May 2025.
The notes on pages 18 to 39 form part of these financial statements.
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Company balance sheet
As at
The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 14 May 2025.
The notes on pages 18 to 39 form part of these financial statements.
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Consolidated statement of changes in equity
For the year ended 31 December 2024
Consolidated statement of changes in equity
For the year ended 31 December 2023
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Company statement of changes in equity
For the year ended 31 December 2024
Company statement of changes in equity
For the year ended 31 December 2023
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Consolidated statement of cash flows
For the year ended 31 December 2024
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Consolidated statement of cash flows (continued)
For the year ended 31 December 2024
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Consolidated Analysis of Net Debt
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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
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:
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.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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.
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.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (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:
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.
The group recognises investment property as section 17 property, plant and equipment as permitted by section 16.4A(b). 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.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (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.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Notes to the financial statements
For the year ended 31 December 2024
Analysis of turnover by country of destination:
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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).
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
15.Tangible fixed assets (continued)
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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 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).
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Notes to the financial statements
For the year ended 31 December 2024
Page 35
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Notes to the financial statements
For the year ended 31 December 2024
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.
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Notes to the financial statements
For the year ended 31 December 2024
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.
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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.
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