CRC Mortgages Ltd
CRC Mortgages Ltd
Registered number: 13034272
Unaudited Financial Statements
For the Period
20 November 2020
to
30 November 2021
CRC Mortgages Ltd
Unaudited Financial Statements
For the Period
20 November 2020
to
30 November 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2—4 |
CRC Mortgages Ltd
Balance Sheet
As at
30 November 2021
Balance Sheet
Registered number:
13034272
For the period ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 30 November 2021 | |||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible Assets | 3 |
|
|
|
|
|||
| CURRENT ASSETS | |||
| Cash at bank and in hand |
|
||
|
|
|||
| Creditors: Amounts Falling Due Within One Year | 4 |
( |
|
| NET CURRENT ASSETS (LIABILITIES) |
( |
||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
||
| PROVISIONS FOR LIABILITIES | |||
| Deferred Taxation |
( |
||
| NET LIABILITIES |
( |
||
| Profit and Loss Account |
( |
||
| SHAREHOLDERS' FUNDS | (9,978) | ||
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
|
Director
|
|
|
The notes on pages 2 to 4 form part of these financial statements.
CRC Mortgages Ltd
Notes to the Financial Statements
For the Period
20 November 2020
to
30 November 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures and fittings |
|
| Computer equipment |
|
1.4.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
1.5.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2
CRC Mortgages Ltd
Notes to the Financial Statements (continued)
For the Period
20 November 2020
to
30 November 2021
3.
Tangible Assets
| Fixtures and fittings | Computer equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at
|
|
|
|
| Additions |
|
|
|
| As at
|
|
|
|
| Depreciation | |||
| As at
|
|
|
|
| Provided during the period |
|
|
|
| As at
|
|
|
|
| Net Book Value | |||
| As at
|
|
|
|
| As at
|
|
|
|
4.
Creditors: Amounts Falling Due Within One Year
| 30 November 2021 | |
|---|---|
| £ | |
| Corporation tax |
|
| Other taxes and social security |
|
| Other creditors - pension control |
|
| Accruals and deferred income |
|
| Director's loan account |
|
|
|
|
5.
Directors Advances, Credits and Guarantees
The director did not recieve any advances or guarantees during the financial year.
6.
Related Party Transactions
The following related party transactions were undertaken during the year:
A director introduced funds totalling £35,197 and withdrew monies totalling £18,425. At the balance sheet date the amount payable to the director was £611.
Dividends were paid to the directors in respect of their shareholdings totalling £53,223.
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
7.
Going Concern
The company is able to meet its day to day working capital requirements through the support of the director and the company's creditors. Therefore the director considers it appropriate to prepare financial statements on the going concern basis.
7.1 Illegal Dividend
At the time the dividend was paid the director was not aware that there were insufficient profits available for distribution and the director acknowledges that no further distributions can be made until there are sufficient profits available for that purpose.
CRC Mortgages Ltd
Notes to the Financial Statements (continued)
For the Period
20 November 2020
to
30 November 2021
8.
General Information
CRC Mortgages Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
13034272
. The registered office is 6-7 Town Lane, Hale Village, Liverpool, L24 4AG.