Company registration number 5012943 (England and Wales)
CROWTHORNE GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CROWTHORNE GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CROWTHORNE GROUP LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
5
660,524
660,524
Current assets
Debtors
7
187,823
273,694
Cash at bank and in hand
1,284
784
189,107
274,478
Creditors: amounts falling due within one year
8
(849,631)
(935,002)
Net current liabilities
(660,524)
(660,524)
Net assets
Capital and reserves
Called up share capital
100,001
100,001
Capital redemption reserve
25,000
25,000
Profit and loss reserves
(125,001)
(125,001)
Total equity
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 March 2023 and are signed on its behalf by:
A Cowen
Director
Company Registration No. 5012943
CROWTHORNE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2021
100,001
25,000
(125,001)
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
Balance at 31 December 2021
100,001
25,000
(125,001)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
Balance at 31 December 2022
100,001
25,000
(125,001)
CROWTHORNE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Crowthorne Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Biopharma House, Winnall Valley Road, Winnall, Winchester, Hampshire, United Kingdom, SO23 0LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The company's statement of financial position presents net current liabilities of £660,524, and net equity of £nil, which includes net amounts due to group undertakings of £661,808. The directors of the group companies have indicated that they will not require the company to repay the amount due for a period of at least one year from the date of the signing of these financial statements to the extent that may be required to enable the company to meet its liabilities, as they fall due.true
The directors consider that the current financial position of the company will ensure that the company will continue in operational existence for the foreseeable future and they therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CROWTHORNE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
(i) Impairment of debtors
The Company makes an estimate of the recoverable value of its debtors, including inter-company and other debtors. When assessing impairment of debtors, management considers factors including any history of non-payment by the counter-party or any other factors which indicate that they may not be able to settle their obligation to the company in full.
CROWTHORNE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
570,000
Amortisation and impairment
At 1 January 2022 and 31 December 2022
570,000
Carrying amount
At 31 December 2022
At 31 December 2021
5
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
6
660,524
660,524
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Crowthorne Limited
Biopharma House, Winnall Valley Road, Winnall, Winchester, SO23 0LD
Ordinary
0
100.00
Measured Protection Limited
Biopharma House, Winnall Valley Road, Winnall, Winchester, SO23 0LD
Ordinary
0
100.00
Crowthorne Hi-Tec Services Limited
Biopharma House, Winnall Valley Road, Winnall, Winchester, SO23 0LD
Ordinary
100.00
-
BPS Crowthorne Limited
Ireland
Ordinary
0
100.00
CROWTHORNE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
187,823
273,694
8
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
849,631
935,002
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Julian Golding and the auditor was Azets Audit Services.
10
Ultimate controlling party
The parent company of Crowthorne Group Limited is PE487 Limited and its registered office is Biopharma House, Winnall Valley Road, Winchester, Hampshire, SO23 0LD.
PE487 Limited prepare consolidated accounts for the group, which are available at companies house.