Equatorial Crafts Limited - Accounts

Equatorial Crafts Limited - Accounts

EQUATORIAL CRAFTS LIMITED - Company Information

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Registered Number: 04078394
England and Wales

 

 

 

EQUATORIAL CRAFTS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 February 2020

End date: 31 January 2021

Equatorial Crafts Limited
Contents Page
For the year ended 31 January 2021
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 January 2021 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
SRB Accountancy Limited
31 January 2021



....................................................
SRB Accountancy Limited
Compton Offices,
King Edward Street
Ashbourne
DE6 1BW
11 October 2021
1
 
 		 Notes
 		 2021
£		   2020
£
Fixed assets      
Tangible fixed assets 670    524 
670    524 
Current assets      
Stocks 12,000    12,000 
Debtors: amounts falling due within one year 100,639    109,185 
Cash at bank and in hand 82,139    34,337 
194,778    155,522 
Creditors: amount falling due within one year (66,017)   (24,569)
Net current assets 128,761    130,953 
 
Total assets less current liabilities 129,431    131,477 
Provisions for liabilities 0    (46)
Net assets 129,431    131,431 
 

Capital and reserves 		     
Called up share capital 2    2 
Profit and loss account 129,429    131,429 
Shareholder's funds 129,431    131,431 
 


For the year ended 31 January 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements 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 Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 11 October 2021 and were signed by:


--------------------------------
J P Rodgers
Director
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General Information
Equatorial Crafts Limited is a private company, limited by shares, registered in England and Wales, registration number 04078394, registration address Compton Offices, King Edward Street, Ashbourne, Derbyshire, DE6 1BW

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2020 : 5).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 February 2020 30,000    30,000 
Additions -    - 
Disposals -    - 
At 31 January 2021 30,000    30,000 
Amortisation
At 01 February 2020 30,000    30,000 
Charge for year -    - 
On disposals -    - 
At 31 January 2021 30,000    30,000 
Net book values
At 31 January 2021 -    - 
At 31 January 2020 -    - 


4.

Tangible fixed assets

Cost or valuation Fixtures & Fittings   Computer Equipment   Total
  £   £   £
At 01 February 2020 1    1,180    1,181 
Additions -    369    369 
Disposals -    -    - 
At 31 January 2021 1    1,549    1,550 
Depreciation
At 01 February 2020 -    657    657 
Charge for year -    223    223 
On disposals -    -    - 
At 31 January 2021 -    880    880 
Net book values
Closing balance as at 31 January 2021 1    669    670 
Opening balance as at 01 February 2020 1    523    524 


5.

Share Capital

Authorised
1 Ordinary share of £1.00 each
Allotted, called up and fully paid
2021
£		   2020
£
1 Ordinary share of £1.00 each 1    1 
1    1 

6.

Related Parties

£91,135.28, shown in other debtors is an amount of money owed to Equatorial Crafts Limited from JP Rodgers Limited. 
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