Company Registration No. 08168115 (England and Wales)
Ccrafts Limited
Unaudited accounts
for the year ended 31 March 2022
Ccrafts Limited
Unaudited accounts
Contents
Ccrafts Limited
Company Information
for the year ended 31 March 2022
Director
Mr Christopher Crombie
Company Number
08168115 (England and Wales)
Registered Office
Suite 8
57 High Street
Ibstock
Leicestershire
LE67 6LH
Accountants
Lilley & Co (UK) Limited
Unit 8
57 High Street
Ibstock
Leicestershire
LE67 6LH
Ccrafts Limited
Statement of financial position
as at 31 March 2022
Cash at bank and in hand
15,666
12,642
Creditors: amounts falling due within one year
(1,435)
(79,027)
Net current assets
31,577
179,581
Total assets less current liabilities
31,577
236,967
Creditors: amounts falling due after more than one year
-
(42,135)
Provisions for liabilities
Other provisions
-
(89,911)
Called up share capital
100
100
Profit and loss account
31,477
96,957
Shareholders' funds
31,577
97,057
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 May 2022 and were signed on its behalf by
Mr Christopher Crombie
Director
Company Registration No. 08168115
Ccrafts Limited
Notes to the Accounts
for the year ended 31 March 2022
Ccrafts Limited is a private company, limited by shares, registered in England and Wales, registration number 08168115. The registered office is Suite 8, 57 High Street, Ibstock, Leicestershire, LE67 6LH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
The accounts are presented in sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Reducing Balance
Stocks and work-in-progress have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Ccrafts Limited
Notes to the Accounts
for the year ended 31 March 2022
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Due to a request by the Landlord for the early return of one of the leased retail premises and an on-going trend noted of consumers moving towards online shopping, exacerbated by the Covid-19 pandemic, a decision was taken by the director to close the business. The company closed its three retail stores throughout January 2022 and has been in a process of winding down the residual areas of the business in February and March 2022 with a view to applying for dissolution of the company after the year-end.
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2021
194,894
56,015
250,909
Disposals
(194,894)
(56,015)
(250,909)
At 1 April 2021
155,130
38,393
193,523
On disposals
(155,130)
(38,393)
(193,523)
At 31 March 2021
39,764
17,622
57,386
5
Debtors: amounts falling due within one year
2022
2021
Accrued income and prepayments
-
7,065
Other debtors
16,750
4,329
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
-
7,865
Trade creditors
1,435
(589)
Taxes and social security
-
2,038
Loans from directors
-
59,405
Ccrafts Limited
Notes to the Accounts
for the year ended 31 March 2022
7
Creditors: amounts falling due after more than one year
2022
2021
8
Provisions for liabilities
£
Unused provisions reversed
(89,911)
The provision had been made in past financial years for the annual rates liability associated with one of the lease agreements for premises, originally deemed payable at the end of the lease term in 2024. Following the termination of the lease agreement and no subsequent application by the Landlord to seek payment of the rates, the provision has been released in full in the year to 31st March 2022 and is shown in the profit and loss under exceptional items (changes in provisions). The early lease surrender premium of £98,750 associated with this particular premises lease is shown in the profit and loss within other operating income.
9
Operating lease commitments
2022
2021
At 31 March 2022 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
-
213,853
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free loan
59,405
-
76,155
(16,750)
The loan of £16,750 at 31st March 2022 is disclosed within other debtors on note 6. This has been repaid in full since the year end.
11
Post balance sheet events
A final dividend of £31,577 has been authorised since the year end to clear all remaining retained reserves prior to the dissolution of the company.
12
Average number of employees
During the year the average number of employees was 17 (2021: 16).
