Craster Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04503732 (England and Wales)

Financial Statements

for the Year Ended 31 August 2019

for

CRASTER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A T W Craster

Miss A Myers

SECRETARY:

Mr A T W Craster

REGISTERED OFFICE:

Suite 218 65 Alfred Road

London

W2 5EU

REGISTERED NUMBER:

04503732 (England and Wales)

FIXED ASSETS

Intangible assets

4

30,294

35,640

Tangible assets

5

80,598

69,946

110,892

105,586

CURRENT ASSETS

Stocks

1,290,494

1,503,049

Debtors

6

1,084,757

763,940

Cash at bank

2,838,923

2,530,251

5,214,174

4,797,240

CREDITORS

Amounts falling due within one year

7

2,828,109

2,815,545

NET CURRENT ASSETS

2,386,065

1,981,695

TOTAL ASSETS LESS CURRENT LIABILITIES

2,496,957

2,087,281

CAPITAL AND RESERVES

Called up share capital

8

3

3

Retained earnings

9

2,496,954

2,087,278

SHAREHOLDERS' FUNDS

2,496,957

2,087,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 12 January 2021 and were signed on its behalf by:

Miss A Myers - Director

1.	STATUTORY INFORMATION

Craster 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

the Company has transferred the significant risks and rewards of ownership to the buyer;

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

the amount of revenue can be measured reliably;

it is probable the the Company will receive the consideration due under the transaction; and

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;

it is probable that the Company will receive the consideration due under contract;

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The financial statements have been prepared on a going concern basis.

the Directors have carefully reviewed the future prospects of the company and its future cash flows including an assessment of the potential impact of the COVID-19 pandemic. The full impact of the pandemic on the business remains uncertain and as a result unquantifiable at this stage. Nevertheless, having assessed this the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from the signing of these financial statements.

For this reason the directors continue to adopt the going concern basis for preparation of the Financial statements. Accordingly, these financial statements do not include any adjustment to the carrying amount or classification of assets and liabilities that would result if the company was unable to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2018 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 September 2018

and 31 August 2019

35,640

AMORTISATION

Charge for year

5,346

At 31 August 2019

5,346

NET BOOK VALUE

At 31 August 2019

30,294

At 31 August 2018

35,640

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2018

160,084

Additions

30,310

At 31 August 2019

190,394

DEPRECIATION

At 1 September 2018

90,138

Charge for year

19,658

At 31 August 2019

109,796

NET BOOK VALUE

At 31 August 2019

80,598

At 31 August 2018

69,946

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

432,089

562,942

Amounts owed by group undertakings

417,300

-

Other debtors

235,368

200,998

1,084,757

763,940

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade creditors

537,209

434,058

Amounts owed to group undertakings

-

503,360

Taxation and social security

994,937

210,188

Other creditors

1,295,963

1,667,939

2,828,109

2,815,545

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.19

31.8.18

value:

£

£

3

Ordinary

£1

3

3

9.

RESERVES

Retained

earnings

£

At 1 September 2018

2,087,278

Profit for the year

409,676

At 31 August 2019

2,496,954

10.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. the assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to he fund and amounted to £120,296 (2018: £28,718). Contributions totalling £6,317 (2018: £3,293) were payable to the fund at the balance sheet date and are included in creditors.