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Registered number: 09435906
Crown Lodge Enterprises Ltd
Directors' report and financial statements
Information for filing with the registrar
for the year ended 31 March 2020
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Crown Lodge Enterprises Ltd
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Company information
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Crown Lodge Enterprises Ltd
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Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Crown Lodge Enterprises Ltd for the year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Crown Lodge Enterprises Ltd for the year ended 31 March 2020 which comprise the profit and loss account, balance sheet, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Crown Lodge Enterprises Ltd, as a body, in accordance with the terms of our engagement letter dated 16 October 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Crown Lodge Enterprises Ltd and state those matters that we have agreed to state to the board of directors of Crown Lodge Enterprises Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crown Lodge Enterprises Ltd and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Crown Lodge Enterprises Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Crown Lodge Enterprises Ltd. You consider that Crown Lodge Enterprises Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Crown Lodge Enterprises Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys
Faversham
30 June 2021
Page 1
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Crown Lodge Enterprises Ltd
Registered number:09435906
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Balance sheet
as at 31 March 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Page 2
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Crown Lodge Enterprises Ltd
Registered number:09435906
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Balance sheet (continued)
as at 31 March 2020
The notes on pages 5 to 9 form part of these financial statements.
Page 3
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Crown Lodge Enterprises Ltd
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Statement of changes in equity
for the year ended 31 March 2020
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The notes on pages 5 to 9 form part of these financial statements.
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Page 4
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Crown Lodge Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2020
Crown Lodge Enterprises Limited is a private company, limited by shares and incorporated in England and Wales.
The company number and address of the registered office are given on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in pound sterling and all values are rounded to the nearest pound (£) except where otherwise indicated.
The company is supported by group company lending.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Page 5
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Crown Lodge Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2020
2.Accounting policies (continued)
Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Page 6
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Crown Lodge Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2020
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The average monthly number of employees, including directors, during the year was 2 (2019 - 2).
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Charge for the year on owned assets
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Page 7
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Crown Lodge Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2020
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Page 8
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Crown Lodge Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2020
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Commitments under operating leases
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At 31 March 2020 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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At the start of the year a director owed the company £5,000. During the year a further amount of £17,000 was lent to the director. The balance owed by the director at the year end was £22,000.
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Page 9
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