Crown Interiors Ltd - Period Ending 2016-09-30

Registration number: 04613312

Crown Interiors Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2016
 

Pillow May Ltd
Chartered Accountants
The Coach House
Bremhill Grove Farm
East Tytherton
Chippenham
Wiltshire
SN15 4LX

Crown Interiors Ltd
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 14

Crown Interiors Ltd
Company Information

Directors

Mr D J Beilby Mr F S McClure

Registered office

The Studio 5 City Limits Danehill Reading Berkshire RG6 4UP

Bankers

Lloyds Bank

Accountants

Pillow May Ltd Chartered Accountants The Coach House Bremhill Grove Farm East Tytherton Chippenham Wiltshire SN15 4LX

Page 1

Crown Interiors Ltd
Directors' Report for the Year Ended 30 September 2016

The directors present their report and the unaudited financial statements for the year ended 30 September 2016.

Directors of the company

The directors who held office during the year were as follows:

Mr D J Beilby

Mr F S McClure

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 17 April 2017 and signed on its behalf by:

.........................................
Mr D J Beilby
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Crown Interiors Ltd
for the Year Ended 30 September 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Crown Interiors Ltd for the year ended 30 September 2016 set out on pages 4 to 14 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 Crown Interiors Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Crown Interiors Ltd and state those matters that we have agreed to state to them, 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 Crown Interiors Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Crown Interiors Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Crown Interiors Ltd. You consider that Crown Interiors Ltd 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 accounts of Crown Interiors 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 accounts.

......................................

Pillow May Ltd
Chartered Accountants
The Coach House
Bremhill Grove Farm
East Tytherton
Chippenham
Wiltshire
SN15 4LX

17 April 2017

Page 3

Crown Interiors Ltd
Profit and Loss Account for the Year Ended 30 September 2016

		Note			2016 £			2015 £
Turnover					3,218,867			2,634,410
Cost of sales					(2,428,959)			(2,014,457)
Gross profit					789,908			619,953
Administrative expenses					(571,207)			(437,301)
Other operating income					5,130			5,976
Operating profit		2			223,831			188,628
Other interest receivable and similar income		4			3,788			2,818
Interest payable and similar charges		5			(18)			(8,421)
Profit on ordinary activities before taxation					227,601			183,025
Tax on profit on ordinary activities		6			(45,469)			(38,592)
Profit for the financial year		13			182,132			144,433

Turnover and operating profit derive wholly from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 7 to 14 form an integral part of these financial statements.
Page 4

Crown Interiors Ltd
(Registration number: 04613312)
Balance Sheet at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		7			9,629			6,674
Current assets
Stocks					-			122,265
Debtors		8			721,633			685,634
Cash at bank and in hand					730,153			453,806
					1,451,786			1,261,705
Creditors: Amounts falling due within one year		9			(423,208)			(330,962)
Net current assets					1,028,578			930,743
Total assets less current liabilities					1,038,207			937,417
Provisions for liabilities		10			(793)			(1,335)
Net assets					1,037,414			936,082
Capital and reserves
Called up share capital		11			2			2
Other reserves		13			2			2
Profit and loss account		13			1,037,410			936,078
Shareholders' funds		14			1,037,414			936,082

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The notes on pages 7 to 14 form an integral part of these financial statements.
Page 5

Crown Interiors Ltd
(Registration number: 04613312)
Balance Sheet at 30 September 2016
......... continued

Approved and authorised for issue by the Board on 17 April 2017 and signed on its behalf by:

.........................................
Mr D J Beilby
Director

The notes on pages 7 to 14 form an integral part of these financial statements.
Page 6

Crown Interiors Ltd
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention.

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Improvements on Leasehold	20% on cost
Plant and Machinery	33% on reducing balance
Motor Vehicle	25% on reducing balance
Office Equipment	33% on reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRS19. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 7

Crown Interiors Ltd
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

Pensions

The company pays into the Director's personal pension scheme which allows company contributions. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Operating profit

Operating profit is stated after charging:

		2016 £			2015 £
Operating leases - plant and machinery		12,218			10,398
Operating leases - other assets		9,215			7,609
Profit on sale of tangible fixed assets		-			(1,800)
Depreciation of owned assets		3,950			5,820

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2016 £			2015 £
Remuneration (including benefits in kind and money purchase pension scheme contributions)		71,397			22,456

4	Other interest receivable and similar income

		2016 £			2015 £
Bank interest receivable		364			613
Other interest receivable		3,424			2,205
		3,788			2,818

Page 8

Crown Interiors Ltd
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

5	Interest payable and similar charges

		2016 £			2015 £
Interest on bank borrowings		18			-
Other interest payable		-			8,421
		18			8,421

6

Taxation

Tax on profit on ordinary activities

		2016 £			2015 £
Current tax
Corporation tax charge		46,010			39,813
Deferred tax
Origination and reversal of timing differences		(541)			(1,221)
Total tax on profit on ordinary activities		45,469			38,592

Page 9

Crown Interiors Ltd
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

7	Tangible fixed assets

		Freehold land and buildings £			Plant and machinery £			Motor vehicles £			Office equipment £			Total £
Cost or valuation
At 1 October 2015		8,752			5,620			4,120			33,963			52,455
Additions		-			-			6,905			-			6,905
Disposals		-			-			-			(16,837)			(16,837)
At 30 September 2016		8,752			5,620			11,025			17,126			42,523
Depreciation
At 1 October 2015		8,752			5,620			4,119			27,290			45,781
Charge for the year		-			-			1,726			2,224			3,950
Eliminated on disposals		-			-			-			(16,837)			(16,837)
At 30 September 2016		8,752			5,620			5,845			12,677			32,894
Net book value
At 30 September 2016		-			-			5,180			4,449			9,629
At 30 September 2015		-			-			1			6,673			6,674

8

Debtors

		2016 £			2015 £
Trade debtors		440,476			439,581
Other debtors		281,157			246,053
		721,633			685,634

Page 10

Crown Interiors Ltd
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

9	Creditors: Amounts falling due within one year

		2016 £			2015 £
Trade creditors		288,634			197,587
Bank loans and overdrafts		-			31,892
Corporation tax		46,061			39,865
Other taxes and social security		69,366			52,056
Other creditors		19,147			9,562
		423,208			330,962

10	Provisions

		Deferred tax £			Total £
At 1 October 2015		1,335			1,335
Credited to the profit and loss account		(542)			(542)
At 30 September 2016		793			793

Analysis of deferred tax

		2016 £			2015 £
Difference between accumulated depreciation and amortisation and capital allowances		793			1,335

11	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 11

Crown Interiors Ltd
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

12

Dividends

		2016 £			2015 £
Dividends paid
Current year interim dividend paid		80,800			63,700

13

Reserves

		Other reserves £			Profit and loss account £			Total £
At 1 October 2015		2			936,078			936,080
Profit for the year		-			182,132			182,132
Dividends		-			(80,800)			(80,800)
At 30 September 2016		2			1,037,410			1,037,412

14	Reconciliation of movement in shareholders' funds

		2016 £			2015 £
Profit attributable to the members of the company		182,132			144,433
Dividends		(80,800)			(63,700)
Net addition to shareholders' funds		101,332			80,733
Shareholders' funds at 1 October		936,082			855,349
Shareholders' funds at 30 September		1,037,414			936,082

Page 12

Crown Interiors Ltd
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

15	Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £60,774 (2015 - £12,312).

Contributions totalling £nil (2015 - £nil) were payable to the schemes at the end of the year and are included in creditors.

16	Commitments

Operating lease commitments

As at 30 September 2016 the company had annual commitments under non-cancellable operating leases as follows:

Operating leases which expire:

		2016 £			2015 £
Land and buildings
Within two and five years		33,490			33,490
Other
Within one year		4,436			-
Within two and five years		3,640			9,555
		8,076			9,555

Page 13

Crown Interiors Ltd
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

17	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Mr D J Beilby (Director) During the period, the company paid dividends of £80,800 (2015 - £63,700). Interest payable on overdrawn directors loan account has been included in the accounts at £2,809 (2015 - £2,206) . At the balance sheet date the amount due from Mr D J Beilby was £91,786 (2015 - £98,287).

Mr F S McClure (Director) During the period, the company paid fees of £13,318 (2015 - £13,260) for specific consulancy work in relation to certain contracts. . At the balance sheet date the amount due to Mr F S McClure was £nil (2015 - £nil).

Air Con Environmental Ltd (A company which is owned by the directors) During the period, the company provided management and administration services amounting to £5,131 (2015 - £5,630) and has been shown in other income during the year. The company made purchases from Air Con Environmental Ltd during the period of £171,350 (2015 - £119,524). At the balance sheet date the amount due to Air Con Environmental Ltd was £19,699 (2015 - £14,262).

Crown Executive Pension Scheme (Pension scheme) . At the balance sheet date the amount due (to)/from Crown Executive Pension Scheme was £nil (2015 - £10,729).

Crown of London Ltd (A company which is owned by the Directors) During the period, the company paid costs of £Nil (2015 - £300) on behalf of Crown of London Ltd. At the balance sheet date the amount due from Crown of London Ltd was £300 (2015 - £300).

Sonning Homes Ltd (A company which is owned by Mr D J Beilby) During the period the company paid costs of £24,508 (2015 - £nil) on behalf of Sonning Homes Ltd. At the balance sheet date the amount due from/(to) Sonning Homes Ltd was £24,508 (2015 - £nil).

18

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 14