Crable Ltd - Period Ending 2019-12-31

Registration number: 11152857

Crable Ltd

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

Crable Ltd

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 7

Crable Ltd

Company Information

Director

Mr M.W.S. McClelland

Registered office

Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

Solicitors

Square One Law LLP Anson House The Fleming Business Centre Burdon Terrace Newcastle upon Tyne NE2 3AE

Bankers

National Westminster Bank plc 4 Bridge Street Morpeth Northumberland NE61 1NG

Accountants

MHA Tait Walker Chartered Accountants Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

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Crable Ltd

(Registration number: 11152857)
Statement of Financial Position as at 31 December 2019

	Note	2019 £		2018 £
Fixed assets
Tangible assets	4		750		-
Current assets
Stocks	5	680		680
Debtors	6	32,279		32,026
Cash at bank and in hand		246		12,101
		33,205		44,807
Creditors: Amounts falling due within one year	7	(79,692)		(65,508)
Net current liabilities			(46,487)		(20,701)
Net liabilities			(45,737)		(20,701)
Capital and reserves
Called up share capital		1		1
Profit and loss account		(45,738)		(20,702)
Total equity			(45,737)		(20,701)

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 2 April 2020
 

......................................... Mr M.W.S. McClelland Director

The notes on pages 3 to 7 form an integral part of these financial statements.
 

2

Crable Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS.

The principal place of business is 15 Forest Avenue, Newcastle Upon Tyne, NE12 9AH.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

At the balance sheet date, the company had an excess of current liabilities over current assets of £46,487 and a net deficit position of £45,737. The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The validity of the use of the basis depends upon the following:-

The company manages its day to day working capital requirements through funding from the directors. The current economic climate is difficult and creates uncertainty over the level of demand for the company’s services.

The company forecasts and projections, taking account reasonable possible changes in trading performance, show that the company should be able to operate within the level of its funding. The directors are confident that the plans for the future are achievable and are expected to achieve positive cash flows and sustain profitability over the following twelve months from the date the accounts were signed.

On the basis of their assessment of the company’s financial position, the company’s directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis for accounting in preparing the annual financial statements.

If the going concern basis proved to be invalid, the financial statements would have to be prepared on a break up basis in which the balance sheet would be restated to include all assets at estimated realisable values and all liabilities would become current and would have to be increased to include those liabilities contingent on the company ceasing trade.

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Crable Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)

2	Accounting policies (continued)

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominate in foreign currencies are re translated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when fair value is re-measured.

Non monetary items measure in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

	Asset class	Depreciation method and rate
	Computer Equipment	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.

Trade 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.

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Crable Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)

2	Accounting policies (continued)

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 1).

5

Crable Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)

4	Tangible assets

	Office equipment £	Total £
Cost or valuation
Additions	766	766
At 31 December 2019	766	766
Depreciation
Charge for the year	16	16
At 31 December 2019	16	16
Carrying amount
At 31 December 2019	750	750

5

Stocks

	2019 £	2018 £
Other inventories	680	680

6

Debtors

	2019 £	2018 £
Amounts owed by group undertakings	31,256	26,983
Other debtors	1,023	5,043
	32,279	32,026

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Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	1,834	11,258
Accruals and deferred income	1,000	750
Directors loan accounts	76,858	53,500
	79,692	65,508

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Crable Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)

8	Related party transactions

Transactions with directors

2019	At 1 January 2019 £	Other payments made to company by director £	At 31 December 2019 £
Mr M.W.S. McClelland
Interest free loan	53,500	23,358	76,858

2018	Other payments made to company by director £	At 31 December 2018 £
Mr M.W.S. McClelland
Interest free loan	53,500	53,500

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