REGISTERED NUMBER: 07350288 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

CRAGNET LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs R Gruber

Y Gruber

REGISTERED OFFICE:

115 Craven Park Road

South Tottenham

London

N15 6BL

REGISTERED NUMBER:

07350288 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

4

422

497

Investment property

5

1,550,000

1,550,000

1,550,422

1,550,497

CURRENT ASSETS

Debtors

6

6,000

6,000

Cash at bank

8,176

10,458

14,176

16,458

CREDITORS

Amounts falling due within one year

7

(600,293

)

(388,624

)

NET CURRENT LIABILITIES

(586,117

)

(372,166

)

TOTAL ASSETS LESS CURRENT LIABILITIES

964,305

1,178,331

CREDITORS

Amounts falling due after more than one year

8

(189,090

)

(405,716

)

PROVISIONS FOR LIABILITIES

(57,000

)

(57,000

)

NET ASSETS

718,215

715,615

CAPITAL AND RESERVES

Called up share capital

10

1

1

Revaluation reserve

11

423,975

423,975

Fair value reserve

11

300,000

300,000

Retained earnings

11

(5,761

)

(8,361

)

SHAREHOLDERS' FUNDS

718,215

715,615

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2025 and were signed on its behalf by:

Y Gruber - Director

1.	STATUTORY INFORMATION

Cragnet Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net rent receivable, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investment properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 September 2023

and 31 August 2024

2,971

DEPRECIATION

At 1 September 2023

2,474

Charge for year

75

At 31 August 2024

2,549

NET BOOK VALUE

At 31 August 2024

422

At 31 August 2023

497

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2023

and 31 August 2024

1,550,000

NET BOOK VALUE

At 31 August 2024

1,550,000

At 31 August 2023

1,550,000

Fair value at 31 August 2024 is represented by:

£

Valuation in 2015

423,975

Valuation in 2021

300,000

Cost

826,025

1,550,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

£

£

Other debtors

6,000

6,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

£

£

Taxation and social security

627

9,143

Other creditors

599,666

379,481

600,293

388,624

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.24

31.8.23

£

£

Bank loans

189,090

405,716

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

189,090

405,716

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.24

31.8.23

£

£

Bank loans

189,090

405,716

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.24

31.8.23

value:

£

£

1

Ordinary

£1

1

1

11.

RESERVES

Fair

Retained

Revaluation

value

earnings

reserve

reserve

Totals

£

£

£

£

At 1 September 2023

(8,361

)

423,975

300,000

715,614

Profit for the year

2,600

2,600

At 31 August 2024

(5,761

)

423,975

300,000

718,214

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Y Becher.