Croft Original Limited - Period Ending 2017-06-30

Registration number: 06680057

Croft Original Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2017

Croft Original Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Croft Original Limited

Company Information

Directors

R Croft T Croft

Registered office

5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Bankers

Lloyds Bank Plc 16 High Street Burton-on-Trent Staffordshire DE14 1JA

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Page 1

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Croft Original Limited
for the Year Ended 30 June 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Croft Original Limited for the year ended 30 June 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Croft Original 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 accounts of Croft Original Limited and state those matters that we have agreed to state to the Board of Directors of Croft Original Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Croft Original Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Croft Original Limited 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 Croft Original Limited. You consider that Croft Original 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 accounts of Croft Original 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 accounts.

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

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

Date:.............................

Page 2

Croft Original Limited

(Registration number: 06680057)
Balance Sheet as at 30 June 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	14,812	20,410
Investment property	5	250,000	235,000
Other investments	6	34,000	34,000
		298,812	289,410
Current assets
Debtors	7	39,712	28,245
Cash at bank and in hand		34,421	29,476
		74,133	57,721
Creditors: Amounts falling due within one year	8	(15,135)	(5,886)
Net current assets		58,998	51,835
Total assets less current liabilities		357,810	341,245
Provisions for liabilities		(5,352)	(6,859)
Net assets		352,458	334,386
Capital and reserves
Called up share capital		2	2
Revaluation reserve		28,406	13,167
Profit and loss account		324,050	321,217
Total equity		352,458	334,386

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Croft Original Limited

(Registration number: 06680057)
Balance Sheet as at 30 June 2017

For the financial year ending 30 June 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act 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 the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 January 2018 and signed on its behalf by:
 

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

T Croft

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Croft Original Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of the registered office is given in the company information on page 1 of the financial statements.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Other assets	Not depreciated
Fixtures and fittings	33% straight line/25% reducing balance
Motor vehicles	25% straight line basis

Page 5

Croft Original Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

Investment property

Investment property is carried at fair value and evaluated annually by the director. Changes in fair value are recognised in profit or loss. No depreciation is provided in respect of the investment properties.

Other investments

Other investments are carried at fair value and evaluated annually by the director. Changes in fair value are recognised in profit or loss. No depreciation is provided in respect of the other investments.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 3).

4	Tangible assets

	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 July 2016	8,250	24,600	32,850
Additions	1,911	-	1,911
Disposals	(2,727)	-	(2,727)
At 30 June 2017	7,434	24,600	32,034
Depreciation
At 1 July 2016	6,290	6,150	12,440
Charge for the year	1,360	6,149	7,509
Eliminated on disposal	(2,727)	-	(2,727)
At 30 June 2017	4,923	12,299	17,222
Carrying amount
At 30 June 2017	2,511	12,301	14,812
At 30 June 2016	1,960	18,450	20,410

Page 6

Croft Original Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

5	Investment properties

	2017 £
At 1 July	235,000
Fair value adjustments	15,000
At 30 June	250,000

The fair value of the investment property was reviewed by the directors at 30 June 2017. The fair values have been determined by carrying out a review of the property market and investment yields in the area.

There has been no valuation of investment property by an independent valuer.

6	Other investments

	2017 £	2016 £
Other investments	34,000	34,000

7

Debtors

	2017 £	2016 £
Trade debtors	12,000	12,000
Other debtors	27,712	16,245
	39,712	28,245

8

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		41	40
Taxation and social security		3,557	40
Corporation tax		7,061	3,146
Other creditors		4,476	2,660
		15,135	5,886

Page 7

Croft Original Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

9	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1
Ordinary A shares of £1 each	1	1	1	1
	2	2	2	2

10	Related party transactions

Transactions with directors

2017	At 1 July 2016 £	Advances to directors £	Repayments by director £	At 30 June 2017 £
Interest free loans repayable on demand	(2,248)	(17,558)	20,720	914

2016	At 1 July 2015 £	Advances to directors £	Repayments by director £	At 30 June 2016 £
Interest free loans repayable on demand	434	(5,001)	2,319	(2,248)

11	Transition to FRS102

The financial statements are the company's first financial statements that comply with FRS102. The date of transition to FRS102 was 1 July 2015.

Deferred tax:
Under previous GAAP, the company did not make adjustments for deferred tax on revalued non-current assets. Under FRS102 the company is required to recognise the deferred tax.

Balance Sheet at 1 July 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Revaluation reserve		15,944	-	(2,777)	13,167
Profit and loss account		295,605	-	-	295,605
Total equity		311,549	-	(2,777)	308,772

Page 8

Croft Original Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

Balance Sheet at 30 June 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Revaluation reserve		15,944	-	(2,777)	13,167
Profit and loss account		321,217	-	-	321,217
Total equity		337,161	-	(2,777)	334,384

Page 9