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

REGISTERED NUMBER: 11266418 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

CRANMEAD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Crown

A Nelson

D R M Manthorpe

REGISTERED OFFICE:

The Old Casino

28 Fourth Avenue

Hove

BN3 2PJ

REGISTERED NUMBER:

11266418 (England and Wales)

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Tangible assets

3

34,869

-

Investments

4

100

-

34,969

-

CURRENT ASSETS

Debtors

5

248,924

50,786

Cash at bank

142,865

51,241

391,789

102,027

CREDITORS

Amounts falling due within one year

6

128,801

47,345

NET CURRENT ASSETS

262,988

54,682

TOTAL ASSETS LESS CURRENT LIABILITIES

297,957

54,682

CREDITORS

Amounts falling due after more than one year

7

(48,333

)

-

PROVISIONS FOR LIABILITIES

(6,634

)

-

NET ASSETS

242,990

54,682

CAPITAL AND RESERVES

Called up share capital

171

171

Share premium

49,929

49,929

Retained earnings

192,890

4,582

242,990

54,682

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 20 December 2021 and were signed on its behalf by:

D J Crown - Director

A Nelson - Director

1.	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 sales of services (Gross). Turnover is recognised at the point the customer is entitled to consideration.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer Equipment

-

33% on cost

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.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - NIL ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

Equipment

Totals

£

£

£

COST

Additions

22,224

15,389

37,613

At 31 March 2021

22,224

15,389

37,613

DEPRECIATION

Charge for year

490

2,254

2,744

At 31 March 2021

490

2,254

2,744

NET BOOK VALUE

At 31 March 2021

21,734

13,135

34,869

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

100

At 31 March 2021

100

NET BOOK VALUE

At 31 March 2021

100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

142,614

47,682

Amounts owed by group undertakings

18,458

-

Other debtors

24,835

50

Directors' loan accounts

12

50

Accruals

35,788

-

Prepayments

27,217

3,004

248,924

50,786

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

1,667

-

Trade creditors

47,972

23,861

Amounts owed to group undertakings

125

-

Tax

39,319

1,000

Social security and other taxes

3,223

-

Other creditors

-

20,452

Directors' loan accounts

178

-

Accrued expenses

36,317

2,032

128,801

47,345

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

10,000

-

Bank loans - 2-5 years

38,333

-

48,333

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

D J Crown

Balance outstanding at start of year

25

25

Amounts repaid

(13

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12

25

A Nelson

Balance outstanding at start of year

25

25

Amounts advanced

27

-

Amounts repaid

(75

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(23

)

25

D R M Manthorpe

Balance outstanding at start of year

-

-

Amounts repaid

(156

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(156

)

-

This balance represented the maximum amount outstanding during the period and the loan is interest free and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is A Nelson and D Crown.

This was by virtue of their 33% holding of the issued share capital each.

10.	POST BALANCE SHEET EVENT

After the balance sheet date but prior to the approval of these accounts an outbreak of the COVID-19 virus occurred causing a global pandemic recognised by the World Health Organisation (WHO).

The effect of UK Government measures to limit the spread of the virus have been widespread, urging people to remain at home wherever possible, including to work from home if available and to undertake "social distancing" measures. Part of the government action has been to order businesses where people gather socially to close temporarily.

In respect of the current COVID 19 situation the Company has reviewed its business and has determined it hasn't been significantly affected. No adjustments to the accounts have been made.