Croft Group UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06823683 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2021

for

Croft Group UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

K P Martin

D J Martin

C C Martin

SECRETARY:

C C Martin

REGISTERED OFFICE:

26 Hadham Road

Bishops Stortford

Hertfordshire

CM23 2QS

REGISTERED NUMBER:

06823683 (England and Wales)

ACCOUNTANTS:

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

FIXED ASSETS

Tangible assets

4

15,193

30,083

CURRENT ASSETS

Debtors

5

233,162

745,315

Cash at bank and in hand

127,075

455,359

360,237

1,200,674

CREDITORS

Amounts falling due within one year

6

408,712

1,272,133

NET CURRENT LIABILITIES

(48,475

)

(71,459

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(33,282

)

(41,376

)

CREDITORS

Amounts falling due after more than one year

7

-

4,567

NET LIABILITIES

(33,282

)

(45,943

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(33,382

)

(46,043

)

SHAREHOLDERS' FUNDS

(33,282

)

(45,943

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2021 and were signed on its behalf by:

K P Martin - Director

1.	STATUTORY INFORMATION

Croft Group UK Limited 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the rendering of services is only recognised when the outcome of a transaction can be estimated reliably and is then recognised according to the stage of completion of the transaction at the end of the reporting period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on cost and 25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Trade debtors and creditors are classed as basic financial instruments and are initially measured at transaction price.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and short-term deposits with an original maturity date of three months or less.

Loans and borrowings are classified as basic financial instruments and are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument, unless exempt from such treatment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2020

135,187

Additions

3,886

Disposals

(10,972

)

At 28 February 2021

128,101

DEPRECIATION

At 1 March 2020

105,104

Charge for year

18,777

Eliminated on disposal

(10,973

)

At 28 February 2021

112,908

NET BOOK VALUE

At 28 February 2021

15,193

At 29 February 2020

30,083

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 March 2020

and 28 February 2021

37,256

DEPRECIATION

At 1 March 2020

21,539

Charge for year

3,930

At 28 February 2021

25,469

NET BOOK VALUE

At 28 February 2021

11,787

At 29 February 2020

15,717

5.

DEBTORS

28.2.21

29.2.20

£

£

Amounts falling due within one year:

Amounts recoverable on contract

157,716

659,977

Other debtors

75,446

79,347

233,162

739,324

Amounts falling due after more than one year:

Other debtors

-

5,991

Aggregate amounts

233,162

745,315

Deferred tax asset

28.2.21

29.2.20

£

£

Accelerated capital allowances

(2,887

)

(5,716

)

Tax losses carried forward

5,908

11,707

3,021

5,991

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans and overdrafts

50,000

-

Hire purchase contracts

4,567

5,758

Trade creditors

28,473

87,452

Taxation and social security

1,464

5,582

Other creditors

324,208

1,173,341

408,712

1,272,133

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Hire purchase contracts

-

4,567

8.	DEFERRED TAX

£

Balance at 1 March 2020

(5,991

)

Charge to Statement of Income and Retained Earnings during year

2,970

Balance at 28 February 2021

(3,021

)

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.21

29.2.20

value:

£

£

100

Ordinary

£1

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the start of the year loans of £69,607 (2020: £21,473) were owed to the company by directors. During the year further advances of £95,452 (2020: £62,441) were made to directors and repayments of £151,711 (2020: £15,031) were received from directors.

Interest is charged on loans to directors at 2.5% per annum. The total charged for the year and included as interest receivable in these accounts is £1,293 (2020: £724).

At the year end the total owed to the company by directors was £14,641 (2020: £69,607).

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY

The controlling party is K P Martin.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Croft Group UK Limited for the year ended 28 February 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Croft Group UK Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Croft Group UK Limited and state those matters that we have agreed to state to the Board of Directors of Croft Group UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Croft Group UK Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Croft Group UK Limited 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 Croft Group UK Limited. You consider that Croft Group UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Croft Group UK Limited. 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.

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

28 July 2021