1.
General Information
Crezco Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11752182
. The registered office is 192 Campden Hill Road, London, W8 7TH.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:
Trademarks, patents and licences 10 years straight line
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
|
| Computer Equipment |
|
2.6.
Foreign Currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Crezco Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8.
Pensions
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
2.9.
Share-based payment
Where share options are awarded to employees, the fair value of the options at the grant date is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that the cumulative amount recognised reflects the number ultimately expected to vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve market conditions.
The fair value of the award excludes non-vesting conditions. These are accounted for through the actual outcome, rather than expectations. Where the terms and conditions of an option are modified before vesting, any incremental fair value is recognised immediately if the option vests, or over the remaining vesting period if it continues to vest.
Initial Measurement: The fair value of equity-settled share-based payments is measured at the grant date using the Black-Scholes model, taking into account the option’s terms and conditions.
Subsequent Measurement: The cost is recognised over the vesting period based on the number of options expected to vest. The vesting period is typically 48 months with a 12-month cliff period, or 72 months in certain cases. At each reporting date, the company revises its estimates of options expected to vest and recognises any adjustment through profit or loss with a corresponding entry to equity.
2.10.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within
one year.
2.11.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
3.
Average Number of Employees
Average number of employees, including directors, during the period was: 40 (2024: 30)
Crezco Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
4.
Intangible Assets
| Other | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 February 2024 |
|
||
| As at 31 December 2024 |
|
||
| Amortisation | |||
| As at 1 February 2024 |
|
||
| Provided during the period |
|
||
| As at 31 December 2024 |
|
||
| Net Book Value | |||
| As at 31 December 2024 |
|
||
| As at 1 February 2024 |
|
||
5.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 February 2024 |
|
|
|
| Additions |
|
|
|
| As at 31 December 2024 |
|
|
|
| Depreciation | |||
| As at 1 February 2024 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 December 2024 |
|
|
|
| Net Book Value | |||
| As at 31 December 2024 |
|
|
|
| As at 1 February 2024 |
|
|
|
6.
Investments
| Subsidiaries | |
|---|---|
| £ | |
| Cost | |
| As at 1 February 2024 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 February 2024 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 February 2024 |
|
Crezco Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
7.
Debtors
| 31 December 2024 | 31 January 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| VAT |
|
- | |
|
|
|
||
8.
Creditors: Amounts Falling Due Within One Year
| 31 December 2024 | 31 January 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other taxes and social security |
|
|
|
| VAT | - |
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts |
|
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|
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9.
Deferred Taxation
The provision for deferred tax is made up as follows:
|
31 December 2024
|
31 January 2024
|
||
|
£
|
£
|
||
|
At the beginning of financial year
|
(9,871)
|
(3,083)
|
|
|
Charged to the Profit and Loss Account
|
(296)
|
(6,789)
|
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
|
||
|
At the end of financial year
|
(9,575)
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
<line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
(9,871)
|
| 31 December 2024 | 31 January 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 9,575 | 9,871 | |
Crezco Limited
Notes to the Financial Statements (continued)
For the Period 1 February 2024 to 31 December 2024
11.
Reserves
During the year, the company granted 934,750 share options under its EMI scheme. These options are subject to vesting conditions, typically over four years with a one-year cliff, and in some cases over six years. The fair value of the options granted during the year was determined using the Black-Scholes model, resulting in fair values ranging from £0.4059 to £1.0196 per share, depending on the grant date and specific conditions.
The exercise prices of the options granted ranged from £0.0927 to £1.4676 per share.
The total share-based payment charge recognised in the year ended 31 December 2024 was £72,389.17.
The company has applied the disclosure exemptions available under FRS 102 Section 1A. As the share-based payments are not considered material to the financial statements, further detailed disclosures have been omitted.
12.
Related Party Transactions
Transactions with the entity's directors
|
31 December 2024
|
31 January 2024
|
||
|
£
|
£
|
||
|
Director's remuneration
|
66,667
|
247,692
|
13.
Called-up share capital
Allotted, called-up and fully-paid
|
31 December 2024
|
31 January 2024
|
||
|
£
|
£
|
||
|
3,567,548 Ordinary A Shares of £0.0001 each (January 2024: 3,353,445)
|
357
|
335
|
|
|
Ordinary B Shares of £0.0001 each (January 2024: nil)
|
3
|
0
|
|
|
564,862 Deferred Shares of £0.0001 each (January 2024: 564,862)
|
56
|
57
|
|
|
2,998,975 Preferred Shares of £0.0001 each (January 2024: 2,172,979)
|
300
|
217
|
|
|
716
|
609
|