Crayford Special Ventures Limited 30/06/2023 iXBRL

Crayford Special Ventures Limited 30/06/2023 iXBRL

CRAYFORD SPECIAL VENTURES LIMITED - Company Information

Print Friendly Version

2 30/06/2023 2023-06-30 true false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-07-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 00970572 2022-07-01 2023-06-30 00970572 2023-06-30 00970572 2021-07-01 2022-06-30 00970572 2022-06-30 00970572 core:Subsidiary1 2022-07-01 2023-06-30 00970572 core:Subsidiary2 2022-07-01 2023-06-30 00970572 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 00970572 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 00970572 bus:RegisteredOffice 2022-07-01 2023-06-30 00970572 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 00970572 bus:Director1 2022-07-01 2023-06-30 00970572 bus:Director2 2022-07-01 2023-06-30 00970572 bus:CompanySecretary1 2022-07-01 2023-06-30 00970572 core:WithinOneYear 2023-06-30 00970572 core:WithinOneYear 2022-06-30 00970572 core:ShareCapital 2023-06-30 00970572 core:ShareCapital 2022-06-30 00970572 core:SharePremium 2023-06-30 00970572 core:SharePremium 2022-06-30 00970572 core:RetainedEarningsAccumulatedLosses 2023-06-30 00970572 core:RetainedEarningsAccumulatedLosses 2022-06-30 00970572 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 00970572 core:Non-currentFinancialInstruments 2023-06-30 00970572 core:Non-currentFinancialInstruments 2022-06-30 00970572 bus:SmallEntities 2022-07-01 2023-06-30 00970572 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 00970572 bus:FullAccounts 2022-07-01 2023-06-30 00970572 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 00970572 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 00970572 core:KeyManagementIndividualGroup1 2022-07-01 2023-06-30 00970572 core:Subsidiary2 2022-06-30 00970572 1 2022-07-01 2023-06-30
Company registration number: 00970572
Crayford Special Ventures Limited
Unaudited filleted financial statements
30 June 2023
Crayford Special Ventures Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Crayford Special Ventures Limited
Directors and other information
Directors Mr A.M. Brooks
Mrs S B Brooks
Secretary Mrs S.B. Brooks
Company number 00970572
Registered office The Albion
4 Pier Hill
Tenby
SA70 7BS
Accountants Hardcastle Blake
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
Crayford Special Ventures Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Crayford Special Ventures Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Crayford Special Ventures Limited for the year ended 30 June 2023 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Crayford Special Ventures 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 Crayford Special Ventures Limited and state those matters that we have agreed to state to the board of directors of Crayford Special Ventures Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crayford Special Ventures Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Crayford Special Ventures 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 loss of Crayford Special Ventures Limited. You consider that Crayford Special Ventures 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 Crayford Special Ventures 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.
Hardcastle Blake
Chartered Accountants
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
27 March 2024
Crayford Special Ventures Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 762,602 762,602
_______ _______
762,602 762,602
Current assets
Stocks 9,000 9,000
Debtors 6 4,385 329,355
Cash at bank and in hand 59,694 66,165
_______ _______
73,079 404,520
Creditors: amounts falling due
within one year 7 ( 23,932) ( 17,514)
_______ _______
Net current assets 49,147 387,006
_______ _______
Total assets less current liabilities 811,749 1,149,608
_______ _______
Net assets 811,749 1,149,608
_______ _______
Capital and reserves
Called up share capital 25,000 25,000
Share premium account 53,125 53,125
Profit and loss account 733,624 1,071,483
_______ _______
Shareholders funds 811,749 1,149,608
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 27 March 2024 , and are signed on behalf of the board by:
Mr A.M. Brooks
Director
Company registration number: 00970572
Crayford Special Ventures Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Albion, 4 Pier Hill, Tenby, SA70 7BS.
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'.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied management services rendered, rent from commerical properties and furnished holiday accommodation 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - 10 % straight line
Fittings fixtures and equipment - 25 % straight line
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Investments
Shares in group undertakings and participating interests Property investments Total
£ £ £
Cost
At 1 July 2022 and 30 June 2023 102 762,500 762,602
_______ _______ _______
Impairment
At 1 July 2022 and 30 June 2023 - - -
_______ _______ _______
Carrying amount
At 30 June 2023 102 762,500 762,602
_______ _______ _______
At 30 June 2022 102 762,500 762,602
_______ _______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Crayford Cars Limited The Albion, 4 Pier Hill, Tenby, SA70 7BS Ordinary 100
Pembrokeshire Powerboats Limited The Albion, 4 Pier Hill, Tenby, SA70 7BS Ordinary 100
6. Debtors
2023 2022
£ £
Trade debtors 580 -
Amounts owed by group undertakings - 325,550
Other debtors 3,805 3,805
_______ _______
4,385 329,355
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings 10,893 4,105
Corporation tax 4,204 2,493
Social security and other taxes 6,158 3,702
Other creditors 2,677 7,214
_______ _______
23,932 17,514
_______ _______
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Pembrokeshire Powerboats Limited (325,500) 325,500 - 325,500
Mr AM Brooks - Director - 31,219 - -
_______ _______ _______ _______
During the year the inter-company balance owed by the subsidiary company Pembrokeshire Powerboats Limited of £325,500 was formally waived by Crayford Special Ventures Limited .
9. Controlling party
Mr A M Brooks - director has ultimate control of the company by virtue of his majority shareholding .