Crane International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03211852 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

FOR

CRANE INTERNATIONAL LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr J Nagrecha

SECRETARY:

Mr Amit Nagrecha

REGISTERED OFFICE:

82 Edgwarebury Lane

Edgware

HA8 8LY

REGISTERED NUMBER:

03211852 (England and Wales)

ACCOUNTANTS:

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

BANKERS:

HSBC

P O Box 27

101-103 Station Road

Edgware

Middlesex

HA8 7JJ

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Crane International Limited for the year ended 30 June 2020 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Crane International Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Crane International Limited and state those matters that we have agreed to state to the director of Crane International Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crane International Limited and its director for our work or for this report.

It is your duty to ensure that Crane International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Crane International Limited. You consider that Crane International Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Crane International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

21 December 2020

FIXED ASSETS

Tangible assets

4

545

727

Investment property

5

1,015,000

1,015,000

1,015,545

1,015,727

CURRENT ASSETS

Debtors

6

27,743

52,348

Cash at bank

703,875

835,243

731,618

887,591

CREDITORS

Amounts falling due within one year

7

582,542

735,507

NET CURRENT ASSETS

149,076

152,084

TOTAL ASSETS LESS CURRENT LIABILITIES

1,164,621

1,167,811

CREDITORS

Amounts falling due after more than one year

8

(454,871

)

(471,481

)

PROVISIONS FOR LIABILITIES

(112,816

)

(112,816

)

NET ASSETS

596,934

583,514

CAPITAL AND RESERVES

Called up share capital

9

50,000

50,000

Fair value reserve

10

580,340

580,340

Retained earnings

10

(33,406

)

(46,826

)

SHAREHOLDERS' FUNDS

596,934

583,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 21 December 2020 and were signed by:

Mr J Nagrecha - Director

1.	STATUTORY INFORMATION

Crane International Limited 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.

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.

The directors have prepared the financial statements on a going concern basis as they have reasonable expectation that the company has adequate resources to continue its operations for the foreseeable future.

Turnover

Turnover represents net invoiced sales of services , excluding value added tax and net rental income. The income is recognised when the company has the right to consideration.

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

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2019

and 30 June 2020

25,404

13,410

38,814

DEPRECIATION

At 1 July 2019

25,259

12,828

38,087

Charge for year

36

146

182

At 30 June 2020

25,295

12,974

38,269

NET BOOK VALUE

At 30 June 2020

109

436

545

At 30 June 2019

145

582

727

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2019

and 30 June 2020

1,015,000

NET BOOK VALUE

At 30 June 2020

1,015,000

At 30 June 2019

1,015,000

Fair value at 30 June 2020 is represented by:

£

Valuation in 2016

176,856

Valuation in 2017

212,341

Valuation in 2019

265,000

Cost

360,803

1,015,000

Based on the directors' knowledge of the local property and rental markets, the market value of the investment property at 30 June 2020 is not significantly different to that stated above.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/20

30/6/19

£

£

Trade debtors

27,743

52,348

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/20

30/6/19

£

£

Bank loans and overdrafts

33,518

33,518

Trade creditors

71

4,333

Amounts owed to associates

27,000

-

Social security and other taxes

1,477

-

VAT

4,815

4,748

Other creditors

512,961

687,385

Directors' current accounts

-

2,823

Accrued expenses

2,700

2,700

582,542

735,507

Included in other creditors is £509,794 (2019: £686,034 ) held in clients accounts.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/6/20

30/6/19

£

£

Bank loans - 1-2 years

33,518

33,518

Bank loans - 2-5 years

421,353

437,963

454,871

471,481

The company entered into a 5 year old loan agreement with Lloyds bank for an amount of £505,000 on 18 February 2019.The loan is repayable within 5 years and bears interest rate of 2.7% over Bank of England base rate per annum.

The loans are secured by way of a charge over the company's property known as 179 Station Road and Flats 6 and 14 Portsdown.

9.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

30/6/20

30/6/19

value:

£

£

50,000

Ordinary share capital

£1

50,000

50,000

The ordinary shares are partly paid.

10.

RESERVES

Retained

Fair value

earnings

reserve

Totals

£

£

£

At 1 July 2019

(46,826

)

580,340

533,514

Profit for the year

13,420

13,420

At 30 June 2020

(33,406

)

580,340

546,934

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 30 June 2020, Mr J Nagrecha was owed £Nil (2019:£2,823) by the company. The amount is interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The directors are the ultimate controllers of the company.