REGISTERED NUMBER: |
Crawley Futures Limited |
Directors' Report and |
Financial Statements |
for the Year Ended 30 June 2023 |
REGISTERED NUMBER: |
Crawley Futures Limited |
Directors' Report and |
Financial Statements |
for the Year Ended 30 June 2023 |
Crawley Futures Limited (Registered number: 02193004) |
Contents of the Financial Statements |
for the year ended 30 June 2023 |
Page |
Company Information | 1 |
Directors' Report | 2 |
Income Statement | 3 |
Other Comprehensive Income | 4 |
Balance Sheet | 5 |
Statement of Changes in Equity | 6 |
Notes to the Financial Statements | 7 |
Crawley Futures Limited |
Company Information |
for the year ended 30 June 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Crawley Futures Limited (Registered number: 02193004) |
Directors' Report |
for the year ended 30 June 2023 |
The directors present their report with the financial statements of the Company for the year ended 30 June 2023. |
Principal activity |
The principal activity of the Company in the year under review was that of other letting and operating of own or leased real estate. |
Directors |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
Charitable donations and expenditure |
During the period the company made the following payments: |
2023 | 2022 |
£ | £ |
Charitable donations | 10,000 | 12,800 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
On behalf of the board: |
Crawley Futures Limited (Registered number: 02193004) |
Income Statement |
for the year ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Administrative expenses | ( |
) | ( |
) |
(31,240 | ) | (54,705 | ) |
Other operating income |
Operating loss | ( |
) | ( |
) |
Interest receivable and similar income |
Loss before taxation | ( |
) | ( |
) |
Tax on loss | 5 |
Loss for the financial year | ( |
) | ( |
) |
Crawley Futures Limited (Registered number: 02193004) |
Other Comprehensive Income |
for the year ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
Loss for the year | ( |
) | ( |
) |
Other comprehensive income | - | - |
Total comprehensive income for the year | ( |
) | ( |
) |
Crawley Futures Limited (Registered number: 02193004) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 6 |
Investment property | 7 |
Current assets |
Debtors | 8 |
Cash at bank |
Creditors |
Amounts falling due within one year | 9 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 10 |
Retained earnings | 11 |
Shareholders' funds |
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 were approved by the Board of Directors and authorised for issue on |
Crawley Futures Limited (Registered number: 02193004) |
Statement of Changes in Equity |
for the year ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2023 |
Crawley Futures Limited (Registered number: 02193004) |
Notes to the Financial Statements |
for the year ended 30 June 2023 |
1. | Statutory information |
Crawley Futures Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office can be found on the Company's Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
The functional and presentational currency is the pound sterling (£). These financial statements are rounded to the nearest £. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss. |
Critical accounting judgements and estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(a) Critical judgements in applying the Company's accounting policies |
The Company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the Company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
(b) Key accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the Company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Crawley Futures Limited (Registered number: 02193004) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
2. | Accounting policies - continued |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements. |
Financial instruments |
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price. |
Trade receivables are assets due for services that have been acquired in the ordinary course of business from customers. Accounts receivables are classified as current assets if receipt is expected within one year or less. If not, they are presented as non-current assets. Trade receivables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - |
4. | Directors' emoluments |
2023 | 2022 |
£ | £ |
Directors' remuneration |
5. | Taxation |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 June 2023 nor for the year ended 30 June 2022. |
Crawley Futures Limited (Registered number: 02193004) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
5. | Taxation - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2022 - |
( |
) |
( |
) |
Effects of: |
Tax losses carried forward | 937 | 5,490 |
investments |
Total tax charge | - | - |
The company has estimated losses of £45,770 (2022 - £40,841) available for carry forward against future property profits. |
The company has estimated losses of £251,629 (2022 - £251,629) available for carry forward against future capital profits. |
6. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 July 2022 |
Additions |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
Crawley Futures Limited (Registered number: 02193004) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
7. | Investment property |
Total |
£ |
Fair value |
At 1 July 2022 |
and 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
Fair value at 30 June 2023 is represented by: |
£ |
Cost | 700,000 |
8. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
9. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Directors' loan accounts | 273,398 | 274,589 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 15,000 | 15,000 |
11. | Reserves |
Retained |
earnings |
£ |
At 1 July 2022 |
Deficit for the year | ( |
) |
At 30 June 2023 |
12. | Related party disclosures |
At the balance sheet date, the company owes the directors £273,398 (2022: £274,589) |