Crown Fire Protection Limited 31/05/2021 iXBRL

Crown Fire Protection Limited 31/05/2021 iXBRL

CROWN FIRE PROTECTION LTD. - Company Information

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Company registration number: 03009135
Crown Fire Protection Limited
Unaudited filleted financial statements
31 May 2021
Crown Fire Protection Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Crown Fire Protection Limited
Directors and other information
Director Mr Richard Finlay
Company number 03009135
Registered office Unit 8 Brunel Business Court
Brunel Way
Thetford
Norfolk
IP24 1HP
Business address Unit 8 Brunel Business Court
Brunel Way
Thetford
Norfolk
IP24 1HP
Accountants David McQuillan & Company
Glendinning House
6 Murray Street
Belfast
BT1 6DN
Bankers Santander
Bridle Road
Bootle
L30 4GB
Crown Fire Protection Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Crown Fire Protection Limited
Year ended 31 May 2021
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 Fire Protection Limited for the year ended 31 May 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Crown Fire Protection Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Crown Fire Protection Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crown Fire Protection Limited and its director as a body for our work or for this report.
It is your duty to ensure that Crown Fire Protection 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 Crown Fire Protection Limited. You consider that Crown Fire Protection 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 Crown Fire Protection 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.
David McQuillan & Company
Chartered Accountants
Glendinning House
6 Murray Street
Belfast
BT1 6DN
23 February 2022
Crown Fire Protection Limited
Statement of financial position
31 May 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 24,987 32,276
_______ _______
24,987 32,276
Current assets
Stocks 24,678 25,857
Debtors 6 99,335 151,308
Cash at bank and in hand 21,487 16,744
_______ _______
145,500 193,909
Creditors: amounts falling due
within one year 7 ( 97,626) ( 111,209)
_______ _______
Net current assets 47,874 82,700
_______ _______
Total assets less current liabilities 72,861 114,976
Creditors: amounts falling due
after more than one year 8 ( 53,321) ( 18,459)
_______ _______
Net assets 19,540 96,517
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 19,538 96,515
_______ _______
Shareholders funds 19,540 96,517
_______ _______
For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 February 2022 , and are signed on behalf of the board by:
Mr Richard Finlay
Director
Company registration number: 03009135
Crown Fire Protection Limited
Notes to the financial statements
Year ended 31 May 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 8 Brunel Business Court, Brunel Way, Thetford, Norfolk, IP24 1HP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:Amounts recoverable on long term contractsThe company applies its policies on turnover and long term contracts when recognising revenue and profit on partially completed contracts. The application of this policy requires estimates to be made in respect of the percentage of work completed and the total expected costs to complete on each contract. The company has processes in place to ensure that the evaluation of costs and revenues is based upon appropriate estimates.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 4 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2020 and 31 May 2021 29,955 5,034 43,935 78,924
_______ _______ _______ _______
Depreciation
At 1 June 2020 29,277 3,045 14,326 46,648
Charge for the year 125 - 7,164 7,289
_______ _______ _______ _______
At 31 May 2021 29,402 3,045 21,490 53,937
_______ _______ _______ _______
Carrying amount
At 31 May 2021 553 1,989 22,445 24,987
_______ _______ _______ _______
At 31 May 2020 678 1,989 29,609 32,276
_______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 3,495 13,851
Amounts owed by group undertakings and undertakings in which the company has a participating interest 44,000 40,916
Other debtors 51,840 96,541
_______ _______
99,335 151,308
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 11,951 414
Trade creditors 66,392 80,419
Corporation tax 1 1
Social security and other taxes 11,643 22,064
Other creditors 7,639 8,311
_______ _______
97,626 111,209
_______ _______
The bank overdraft and loan is secured by way of a fixed and floating charge over the assets of the company.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 42,500 -
Other creditors 10,821 18,459
_______ _______
53,321 18,459
_______ _______
The bank loan is repayable monthly by September 2026 with interest being charged quarterly in arrears at 2.5% per annum.
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2021 2020 2021 2020
£ £ £ £
FOIS Limited - 6,000 44,000 40,916
Crown Industries Limited ( 314,534) ( 244,860) 21,108 33,642
Cara Network Solutions Limited - 575 - ( 672)
_______ _______ _______ _______
The company shares a common shareholder and a common director with FOIS Limited and shares a common director with Crown Industries Limited and Cara Network Solutions Limited.
10. Controlling party
The director considers that the ultimate parent company is Carlow 2010 Limited whose registered office is Unit 1c, 4 Westbank Drive, Belfast, BT3 9LA, Northern Ireland and that is ultimately controlled by Mr Richard Finlay .