Craig Specialist Services Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03546961 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

CRAIG SPECIALIST SERVICES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr C P Harris

SECRETARY:

Mr M S Heath

REGISTERED OFFICE:

Unit D2 Matrix Park

Western Avenue

Buckshaw Village

Chorley

Lancashire

PR7 7NB

REGISTERED NUMBER:

03546961 (England and Wales)

ACCOUNTANTS:

James Todd & Co

Chartered Accountants

Greenbank House

141 Adelphi Street

Preston

Lancashire PR1 7BH

FIXED ASSETS

Tangible assets

5

288,145

197,208

CURRENT ASSETS

Stocks

5,850

9,700

Debtors

188,585

101,594

Cash at bank

178,400

152,237

372,835

263,531

CREDITORS

Amounts falling due within one year

275,134

144,227

NET CURRENT ASSETS

97,701

119,304

TOTAL ASSETS LESS CURRENT LIABILITIES

385,846

316,512

CREDITORS

Amounts falling due after more than one year

(129,920

)

(165,345

)

PROVISIONS FOR LIABILITIES

(37,224

)

(14,557

)

NET ASSETS

218,702

136,610

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

218,602

136,510

SHAREHOLDERS' FUNDS

218,702

136,610

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 15 December 2017 and were signed by:

Mr C P Harris - Director

1.	STATUTORY INFORMATION

Craig Specialist Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 March 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 April 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Improvements to property

-

25% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an

appropriate proportion of fixed and variable overheads.

Work in progress is valued at selling price and based upon the proportion of work carried out up to the

accounting reference date.

Financial instruments

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or

equity instrument in another entity.

The following assets and liabilities are classified as financial instruments - Cash at bank, Debtors: Amounts

falling due within one year and Creditors: Amounts falling due within one year and after more than one year.

They are measured at the transaction price less any known impairment.

Taxation

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

Revenue recognition

Turnover is recognised when a contract for the sale of goods or services has been completed and is ready to be

invoiced to the customer.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

301,604

Additions

188,497

At 31 March 2017

490,101

DEPRECIATION

At 1 April 2016

104,396

Charge for year

97,560

At 31 March 2017

201,956

NET BOOK VALUE

At 31 March 2017

288,145

At 31 March 2016

197,208

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

Totals

£

COST

At 1 April 2016

268,940

Additions

42,650

At 31 March 2017

311,590

DEPRECIATION

At 1 April 2016

81,298

Charge for year

57,573

At 31 March 2017

138,871

NET BOOK VALUE

At 31 March 2017

172,719

At 31 March 2016

187,642

6.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

181,805

210,646

The company has given a debenture dated 28 August 1998, in favour of HSBC Bank PLC, secured on all the

assets of the company. The hire purchase liabilities are secured on the relevant assets.

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £27,000 were paid to the director .

8.	ULTIMATE CONTROLLING PARTY

The controlling party is the sole director and shareholder, Mr C P Harris.

9.	FIRST YEAR ADOPTION

There were no adjustments required as a result of the transition to FRS 102.