Cronapress Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02395908 (England and Wales)

Financial Statements for the Year Ended 30 September 2020

for

Cronapress Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C M Butler

SECRETARY:

Ms S Saddington

REGISTERED OFFICE:

Parkside Works

Otley Road

Guiseley

Leeds

LS20 8BH

REGISTERED NUMBER:

02395908 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

2nd Floor, Woodside House

261 Low Lane

Horsforth

Leeds

West Yorkshire

LS18 5NY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

8,160

8,789

Investments

6

61,580

61,580

69,740

70,369

CURRENT ASSETS

Stocks

150,779

154,156

Debtors

7

87,564

119,572

238,343

273,728

CREDITORS

Amounts falling due within one year

8

196,089

261,360

NET CURRENT ASSETS

42,254

12,368

TOTAL ASSETS LESS CURRENT LIABILITIES

111,994

82,737

CREDITORS

Amounts falling due after more than one year

9

(55,000

)

(25,941

)

PROVISIONS FOR LIABILITIES

(421

)

(293

)

NET ASSETS

56,573

56,503

CAPITAL AND RESERVES

Called up share capital

17,112

17,112

Retained earnings

39,461

39,391

56,573

56,503

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 June 2021 and were signed by:

C M Butler - Director

1.	STATUTORY INFORMATION

Cronapress 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.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised when the risks and rewards have been transferred to the customer which is usually upon despatch or completion of the services.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over it's useful economic life. It is reviewed for impairment at the end of the first full financial year following the aquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

20% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 8 (2019 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

69,506

AMORTISATION

At 1 October 2019

and 30 September 2020

69,506

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 October 2019

4,128

111,663

52,288

-

168,079

Additions

-

-

-

1,500

1,500

At 30 September 2020

4,128

111,663

52,288

1,500

169,579

DEPRECIATION

At 1 October 2019

4,128

105,436

49,726

-

159,290

Charge for year

-

1,245

384

500

2,129

At 30 September 2020

4,128

106,681

50,110

500

161,419

NET BOOK VALUE

At 30 September 2020

-

4,982

2,178

1,000

8,160

At 30 September 2019

-

6,227

2,562

-

8,789

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2019

and 30 September 2020

61,580

NET BOOK VALUE

At 30 September 2020

61,580

At 30 September 2019

61,580

Fixed asset investments are stated at historical cost less provision for any diminution in value.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

51,289

74,286

Other debtors

36,275

45,286

87,564

119,572

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans and overdrafts

36,006

36,195

Trade creditors

18,867

35,192

Taxation and social security

30,093

46,329

Other creditors

111,123

143,644

196,089

261,360

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans

55,000

25,941

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.20

30.9.19

£

£

Bank loans

80,941

49,376

Ennell Welding Pension Fund and Lloyds Bank PLC hold a fixed and floating charge against all assets held in the company.

The director has given a personal guarantee against the bank overdraft and the funding circle loan.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2020 and 30 September 2019:

30.9.20

30.9.19

£

£

C M Butler

Balance outstanding at start of year

(29,866

)

(588

)

Amounts advanced

83,319

20,328

Amounts repaid

(27,183

)

(49,606

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

26,270

(29,866

)