Registration number:
Crafty Arty Parties Limited
for the Year Ended 31 March 2025
Crafty Arty Parties Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Crafty Arty Parties Limited
(Registration number: 04302441)
Balance Sheet as at 31 March 2025
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2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
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Crafty Arty Parties Limited
(Registration number: 04302441)
Balance Sheet as at 31 March 2025
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Crafty Arty Parties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.
Going concern
At the accounting date the company balance sheet is in a negative position. The company is reliant on the continued support of the director who agrees to ensure the company meets it’s commitments as and when they fall. With this in mind the accounts have been completed on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of
sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Crafty Arty Parties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received
and that all related conditions will be met, usually on submission of a valid claim or payment.
Government grants in respect of capital expenditure are credited to a deferred income account and
are released to profit over the expected useful lives of the relevant assets by equal annual
instalments.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which
they relate.
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and buildings |
2% straight line |
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Furniture, fittings and equipment |
25% straight line |
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Motor vehicles |
25% reducing balance |
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Other tangible assets |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Crafty Arty Parties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Crafty Arty Parties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
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Disposals |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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Eliminated on disposal |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Land and buildings have been included at cost. Within land and buildings is the cost of constructing offices in 2016. This has been valued at £400,000 which is considered to be its' fair value as at 31 March 2025.
Crafty Arty Parties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Stocks |
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2025 |
2024 |
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Other inventories |
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Debtors |
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2025 |
2024 |
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Other debtors |
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Prepayments |
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Creditors |
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Due within one year |
Note |
2025 |
2024 |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Other creditors |
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Accruals |
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Deferred income |
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Due after one year |
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Loans and borrowings |
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2025 |
2024 |
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Due after more than five years |
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After more than five years by instalments |
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Crafty Arty Parties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Loans and borrowings |
Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Bank overdrafts |
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Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Hire purchase contracts are secured against the assets to which they relate.
Bank borrowings
Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
The amount of the bank borrowings due by instalments after five years is £82,891 (2024 - £105,685).
Within bank borrowings is a balance of £43,258 (2024 - £49,089) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan.
Crafty Arty Parties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Related party transactions |
Loans from related parties
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2025 |
Key management |
Total |
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At start of period |
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Advanced |
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Repaid |
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At end of period |
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2024 |
Key management |
Total |
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At start of period |
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Advanced |
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Repaid |
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At end of period |
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Terms of loans from related parties