Registration number:
Crafton Limited
for the Year Ended 31 December 2016
Basepoint Centre
70 The Havens
Ipswich
IP3 9BF
Crafton Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Crafton Limited
Company Information
Director |
Yvonne Mary Humphrey |
Company secretary |
Yvonne Mary Humphrey |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Crafton Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Crafton Limited for the year ended 31 December 2016 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Crafton Limited, as a body, in accordance with the terms of our engagement letter dated 10 September 2014. Our work has been undertaken solely to prepare for your approval the accounts of Crafton Limited and state those matters that we have agreed to state to the Board of Directors of Crafton Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crafton Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Crafton 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 Crafton Limited. You consider that Crafton 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 Crafton 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.
......................................
70 The Havens
Ipswich
IP3 9BF
Page 2 |
Crafton Limited
Statement of Comprehensive Income for the Year Ended 31 December 2016
Note |
2016 |
2015 |
|
Profit for the year |
|
|
|
Surplus/(deficit) on property, plant and equipment revaluation |
( |
|
|
Surplus/(deficit) on revaluation of other assets |
|
( |
|
932 |
(448) |
||
Total comprehensive income for the year |
|
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Page 3 |
Crafton Limited
(Registration number: 03761201)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
9,060 |
7,895 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her 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.
Page 4 |
Crafton Limited
(Registration number: 03761201)
Balance Sheet as at 31 December 2016
Approved and authorised by the
.........................................
Yvonne Mary Humphrey
Company secretary and director
Page 5 |
Crafton Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Share premium |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 January 2016 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Other comprehensive income |
- |
- |
|
- |
|
Total comprehensive income |
- |
- |
|
|
|
At 31 December 2016 |
|
|
|
|
|
Share capital |
Share premium |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 January 2015 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Other comprehensive income |
- |
- |
( |
- |
( |
Total comprehensive income |
- |
- |
( |
|
|
At 31 December 2015 |
|
|
|
|
|
Page 6 |
Crafton Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
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 |
Office equipment |
15% straight line |
Investment property
The methods and significant assumptions used to ascertain the fair value of £326,250 are as follows:
Properties are valued using an open market valuation on freehold basis, conducted annually by the director.
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.
Page 7 |
Crafton Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 8 |
Crafton Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||
At 1 January 2016 |
|
|
|
At 31 December 2016 |
|
|
|
Depreciation |
|||
At 1 January 2016 |
|
|
|
Charge for the year |
- |
|
|
At 31 December 2016 |
|
|
|
Carrying amount |
|||
At 31 December 2016 |
- |
|
|
At 31 December 2015 |
- |
|
|
Investment properties |
2016 |
|
At 1 January |
|
The properties were compared to similar properties in the area and a fair value applied accordingly by the director as at 31 December 2016.
Investment property was revalued on 26 May 2016 by Ratcliffs Chartered Surveyors. The director considers that the value had not changed as at 31 December 2016.
Page 9 |
Crafton Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 January 2016 |
7,895 |
7,895 |
Revaluations |
1,165 |
1,165 |
At 31 December 2016 |
9,060 |
9,060 |
Impairment |
||
Carrying amount |
||
At 31 December 2016 |
|
9,060 |
Debtors |
2016 |
2015 |
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Creditors |
Note |
2016 |
2015 |
|
Due within one year |
|||
Trade creditors |
- |
|
|
Other creditors |
|
|
|
|
|
Related party transactions |
Transactions with directors |
2016 |
Advances to directors |
At 31 December 2016 |
Yvonne Mary Humphrey |
||
Loan to director with 3% interest charged on balance |
|
|
Page 10 |
Crafton Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Directors' remuneration
The directors' remuneration for the year was as follows:
2016 |
2015 |
|
Remuneration |
|
|
Transition to FRS 102 |
Balance Sheet at 1 January 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
6,515 |
- |
- |
6,515 |
|
Investment property |
326,250 |
- |
- |
326,250 |
|
Investments |
9,636 |
- |
- |
9,636 |
|
342,401 |
- |
- |
342,401 |
||
Current assets |
|||||
Debtors |
23 |
- |
- |
23 |
|
Cash at bank and in hand |
304,910 |
- |
- |
304,910 |
|
304,933 |
- |
- |
304,933 |
||
Creditors: Amounts falling due within one year |
(4,132) |
- |
- |
(4,132) |
|
Net current assets |
300,801 |
- |
- |
300,801 |
|
Total assets less current liabilities |
643,202 |
- |
- |
643,202 |
|
Provisions for liabilities |
- |
- |
(20,143) |
(20,143) |
|
Net assets/(liabilities) |
643,202 |
- |
(20,143) |
623,059 |
|
Capital and reserves |
|||||
Called up share capital |
1,175 |
- |
- |
1,175 |
|
Share premium reserve |
89,950 |
- |
- |
89,950 |
|
Revaluation reserve |
100,713 |
- |
(20,143) |
80,570 |
|
Profit and loss account |
451,364 |
- |
- |
451,364 |
|
Total equity |
643,202 |
- |
(20,143) |
623,059 |
Page 11 |
Crafton Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Balance Sheet at 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
4,887 |
- |
- |
4,887 |
|
Investment property |
326,250 |
- |
- |
326,250 |
|
Investments |
7,896 |
- |
- |
7,896 |
|
339,033 |
- |
- |
339,033 |
||
Current assets |
|||||
Debtors |
13 |
- |
- |
13 |
|
Cash at bank and in hand |
321,589 |
- |
- |
321,589 |
|
321,602 |
- |
- |
321,602 |
||
Creditors: Amounts falling due within one year |
(4,230) |
- |
- |
(4,230) |
|
Net current assets |
317,372 |
- |
- |
317,372 |
|
Total assets less current liabilities |
656,405 |
- |
- |
656,405 |
|
Provisions for liabilities |
- |
- |
(20,031) |
(20,031) |
|
Net assets/(liabilities) |
656,405 |
- |
(20,031) |
636,374 |
|
Capital and reserves |
|||||
Called up share capital |
1,175 |
- |
- |
1,175 |
|
Share premium reserve |
89,950 |
- |
- |
89,950 |
|
Revaluation reserve |
100,558 |
(405) |
(20,031) |
80,122 |
|
Profit and loss account |
464,722 |
405 |
- |
465,127 |
|
Total equity |
656,405 |
- |
(20,031) |
636,374 |
Page 12 |