CRC Enterprises Ltd - Period Ending 2022-10-31

CRC Enterprises Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 8

CRC Enterprises Ltd

Company Information

Directors

Mr Barry Gilligan Mrs C Gilligan

Company secretary

Mr Barry Gilligan

Registered office

27 College Gardens Belfast BT9 6BS

Solicitors

Johns Elliott 40 Linenhall Street Belfast Antrim BT2 8BA

Accountants

McKeague Morgan & Company Chartered Accountants 27 College Gardens Belfast BT9 6BS

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of CRC Enterprises Ltd for the Year Ended 31 October 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CRC Enterprises Ltd for the year ended 31 October 2022 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the Code of Ethics for Members published by the Institute relating to members undertaking the compilation of financial statements.

This report is made solely to the Board of Directors of CRC Enterprises Ltd, as a body, in accordance with the terms of our engagement letter dated 5 June 2015. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s Board of Directors, as a body, for our work, or for this report.

You have acknowledged on the balance sheet for the financial year ended 31 October 2022 your duty under the Companies Act 2006 to ensure that the company has kept adequate accounting records and prepared financial statements which give a true and fair view of the assets, liabilities and financial position of the company at the end of its financial year and of its profit or loss for that financial year and otherwise comply with the provisions of the Companies Act 2006 relating to financial statements so far as they are applicable to the company. You consider that the company is exempt from the statutory requirement for an audit for the financial year.

We have not been instructed to carry out an audit or a review of the accounts of CRC Enterprises 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 financial statements.

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

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

10 March 2023

CRC Enterprises Ltd

(Registration number: NI042344)
Balance Sheet as at 31 October 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	1,000	1,000
Investment property	5	229,483	229,483
		230,483	230,483
Current assets
Debtors	6	-	8
Cash at bank and in hand		80,004	150,797
		80,004	150,805
Creditors: Amounts falling due within one year	7	(53,064)	(120,185)
Net current assets		26,940	30,620
Net assets		257,423	261,103
Capital and reserves
Called up share capital		2	2
Profit and loss account		257,421	261,101
Total equity		257,423	261,103

For the financial year ending 31 October 2022 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 10 March 2023 and signed on its behalf by:
 

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

Mr Barry Gilligan
Company secretary and director

CRC Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1	General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
27 College Gardens
Belfast
BT9 6BS
Northern Ireland

These financial statements were authorised for issue by the Board on 10 March 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

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 balance sheet 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.

CRC Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

2	Accounting policies (continued)

Depreciation

No depreciation

Asset class	Depreciation method and rate
Fixtures and fittings	0%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

CRC Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

2	Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and investments in non-puttable shares.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable with one year), including loans and other accounts receivable and payable, are measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, if objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and best estimate and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

CRC Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 November 2021	4,000	4,000
At 31 October 2022	4,000	4,000
Depreciation
At 1 November 2021	3,000	3,000
At 31 October 2022	3,000	3,000
Carrying amount
At 31 October 2022	1,000	1,000
At 31 October 2021	1,000	1,000

5	Investment properties

	2022 £
Additions	229,483
At 31 October	229,483

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

6

Debtors

	2022 £	2021 £
Other debtors	-	8
	-	8

CRC Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

7

Creditors

	Note	2022 £	2021 £
Due within one year
Loans from directors		50,864	117,985
Accruals and deferred income		2,200	2,200
		53,064	120,185

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary Shares of £1 each	2	2	2	2