| Craft In Focus Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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|
Equipment |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. No provision for deferred tax has been made since the director is of the opinion that no liability will crystallise in the foreseeable future. |
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|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
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| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 April 2024 |
99,300 |
|
At 31 March 2025 |
99,300 |
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|
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|
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Amortisation |
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At 1 April 2024 |
99,300 |
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At 31 March 2025 |
99,300 |
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Net book value |
|
At 31 March 2025 |
- |
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Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years. |
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| 4 |
Tangible fixed assets |
|
|
|
|
Equipment |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2024 |
10,046 |
|
33,903 |
|
43,949 |
|
Additions |
1,460 |
|
- |
|
1,460 |
|
Disposals |
(1,410) |
|
- |
|
(1,410) |
|
At 31 March 2025 |
10,096 |
|
33,903 |
|
43,999 |
|
|
|
|
|
|
|
|
|
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Depreciation |
|
At 1 April 2024 |
3,322 |
|
19,600 |
|
22,922 |
|
Charge for the year |
1,765 |
|
3,576 |
|
5,341 |
|
On disposals |
(894) |
|
- |
|
(894) |
|
At 31 March 2025 |
4,193 |
|
23,176 |
|
27,369 |
|
|
|
|
|
|
|
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Net book value |
|
At 31 March 2025 |
5,903 |
|
10,727 |
|
16,630 |
|
At 31 March 2024 |
6,724 |
|
14,303 |
|
21,027 |
|
|
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
74,634 |
|
122,223 |
|
Other debtors |
335,958 |
|
351,505 |
|
|
|
|
|
|
410,592 |
|
473,728 |
|
|
|
|
|
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|
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| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
34,957 |
|
33,038 |
|
Taxation and social security costs |
132,844 |
|
129,941 |
|
Other creditors |
623,789 |
|
675,340 |
|
|
|
|
|
|
791,590 |
|
838,319 |
|
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| 7 |
Related party transactions |
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During the year the company provided a loan of £150,000 to a connected company. £300,000 was outstanding at the balance sheet date, and this amount is included in other debtors. A loan from the previous year of £150,000 to the same connected company was written off in the year. |
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| 8 |
Other information |
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Craft In Focus Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
3 Roses Farm |
|
Gallants Lane |
|
East Farleigh |
|
ME15 0LG |