ACCOUNTS - Final Accounts

CRANN MOR DEVELOPMENTS LIMITED - Company Information

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Registered number: 09492271

CRANN MOR DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2020

CRANN MOR DEVELOPMENTS LIMITED

REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CRANN MOR DEVELOPMENTS LIMITED
FOR THE YEAR ENDED 31 MARCH 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Crann Mor Developments Limited for the year ended 31 March 2020 which comprise the 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/ethics/acca-rulebook.html.

This report is made solely to the Board of directors of Crann Mor Developments Limited, as a body, in accordance with the terms of our engagement letter dated 5th December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Crann Mor Developments Limited and state those matters that we have agreed to state to the Board of directors of Crann Mor Developments Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crann Mor Developments Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Crann Mor Developments 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 Crann Mor Developments Limited. You consider that Crann Mor Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Crann Mor Developments 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.

Ashleys (Hitchin) Limited

Chartered Certified Accountants

Invision House

Wilbury Way

Hitchin

Herts

SG4 0TY

4 November 2020

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CRANN MOR DEVELOPMENTS LIMITED

REGISTERED NUMBER: 09492271

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2020


	2020	2019
Note	£	£


Current assets
Stocks		184,826		894,805
Debtors: amounts falling due within one year	4	520,000		4,186
Cash at bank and in hand		470,444		33,927
		1,175,270		932,918
Creditors: amounts falling due within one year	5	(1,010,779)		(971,675)
Net current assets/(liabilities)			164,491		(38,757)
Total assets less current liabilities			164,491		(38,757)

Net assets/(liabilities)			164,491		(38,757)

Capital and reserves
Called up share capital	2	2
Profit and loss account	164,489	(38,759)
	164,491	(38,757)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 November 2020.

J R Douglas	J J McNeil
Director	Director

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CRANN MOR DEVELOPMENTS LIMITED

REGISTERED NUMBER: 09492271

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2020

The notes on pages 4 to 7 form part of these financial statements.

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CRANN MOR DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentational currency of the Company is GBP.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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CRANN MOR DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1.Accounting policies (continued)

1.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

1.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.	General information

The Company is a private company, limited by shares and registered in England.
Its registered number is: 09492271
Its Registered Office is:
Invision House
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

Page 5

CRANN MOR DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

Page 6

CRANN MOR DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

3.Employees (continued)

Debtors


					2020	2019
					£	£


Trade debtors	520,000	-
Prepayments and accrued income	-	4,186
	520,000	4,186

5.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Corporation tax	38,584	-
Other creditors	940,518	939,998
Accruals and deferred income	31,677	31,677
	1,010,779	971,675

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