Craig Associates Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05024866 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

CRAIG ASSOCIATES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M C H Britter

H M H Britter

SECRETARY:

H M H Britter

REGISTERED OFFICE:

Ferrari House

258 Field End Road

Ruislip

Middlesex

HA4 9UU

REGISTERED NUMBER:

05024866 (England and Wales)

ACCOUNTANTS:

Diverset Limited

Chartered Accountants

Ferrari House

258 Field End Road

Ruislip

Middlesex

HA4 9UU

CURRENT ASSETS

Debtors

4

38,251

71,100

Cash at bank

75,395

41,071

113,646

112,171

CREDITORS

Amounts falling due within one year

5

5,133

4,231

NET CURRENT ASSETS

108,513

107,940

TOTAL ASSETS LESS CURRENT LIABILITIES

108,513

107,940

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

108,413

107,840

SHAREHOLDERS' FUNDS

108,513

107,940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 14 September 2021 and were signed on its behalf by:

M C H Britter - Director

H M H Britter - Director

1.	STATUTORY INFORMATION

Craig Associates Ltd 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.

In the light of the COVID-19 pandemic, the directors have concluded that the company is and remains a going concern based on cash reserves, trading activity and support of Directors.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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 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.

Covid-19 related government support

Where the company has received grants or other Government support in connection with COVID-19, these have been accounted as follows :

Government Assistance loans are recognised and accounted as other commercial loans. Where material, grants paid by Government to lenders for fees or first years interest are recognised as other income along with the related costs.

Government or Local Authority grants are recognised in the period in which they are received.

Coronavirus Job Retention Scheme Grants are recognised in the period to which they relate.

Rent or Rates holidays are accounted in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

7,302

Other debtors

38,251

63,798

38,251

71,100

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

1

313

Taxation and social security

3,883

3,749

Other creditors

1,249

169

5,133

4,231

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed £573 (2019 : £33) to M C Britter and £677 (2019 : £147) to HM Britter.

At the year end, the company was owed £38,251 (2019 : £63,685) by Diverset Ltd, a company owned in common.

7.	ULTIMATE CONTROLLING PARTY

The company is controlled by MC & HM Britter.