Company registration number 07907427 (England and Wales)
CRS GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
CRS GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CRS GROUP LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,423,239
1,372,884
Investments
5
156
156
1,423,395
1,373,040
Current assets
Stocks
517,856
513,216
Debtors
8
849,458
2,025,441
Cash at bank and in hand
24,745
11,970
1,392,059
2,550,627
Creditors: amounts falling due within one year
9
(1,775,763)
(2,697,949)
Net current liabilities
(383,704)
(147,322)
Total assets less current liabilities
1,039,691
1,225,718
Creditors: amounts falling due after more than one year
10
(604,593)
(851,340)
Provisions for liabilities
(352,054)
(295,000)
Net assets
83,044
79,378
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
83,040
79,374
Total equity
83,044
79,378
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CRS GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 March 2023 and are signed on its behalf by:
Mr S Eyre
Mr P Senior
Director
Director
Company Registration No. 07907427
CRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 3 -
1
Accounting policies
Company information
CRS Group Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Crown House, Bridgewater Close, Burnley, Lancashire, United Kingdom, BB11 5TE.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements , the directors have a reasonable expectation that the
true
company has adequate resources to continue in operational existence for the foreseeable future. Thus the
directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property
2% straight line basis
Plant and equipment
20% reducing balance basis
Office equipment
15% reducing balance basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
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.
CRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.8
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 measured at transaction price including transaction costs
.
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 and b
ank loans that are classified as debt, are
initially recognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors
are recognised at transaction price
.
CRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
CRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Tangible fixed assets
Property
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2021
196,294
1,824,954
40,412
326,087
2,387,747
Additions
707,534
169,304
876,838
Disposals
(196,294)
(466,650)
(83,529)
(746,473)
At 31 October 2022
2,065,838
40,412
411,862
2,518,112
Depreciation and impairment
At 1 November 2021
21,897
776,155
21,870
194,941
1,014,863
Depreciation charged in the year
1,244
299,081
2,781
59,836
362,942
Eliminated in respect of disposals
(23,141)
(197,644)
(62,147)
(282,932)
At 31 October 2022
877,592
24,651
192,630
1,094,873
Carrying amount
At 31 October 2022
1,188,246
15,761
219,232
1,423,239
At 31 October 2021
174,397
1,048,799
18,542
131,146
1,372,884
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
156
156
6
Subsidiaries
Details of the company's subsidiaries at 31 October 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
CRS Plant Ltd
England
Ordinary
100.00
CRS Civil Engineering Ltd
England
Ordinary
100.00
CRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 7 -
7
Joint ventures
Details of the company's joint ventures at 31 October 2022 are as follows:
Name of undertaking
Registered office
Interest
% Held
held
Direct
Emerald Capital Limited
England
Ordinary
50.00
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
215,999
1,359,093
Other debtors
633,459
666,348
849,458
2,025,441
9
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
136,000
164,248
Trade creditors
95,535
101,106
Amounts owed to group undertakings
871,963
1,829,481
Taxation and social security
90,192
36,750
Other creditors
582,073
566,364
1,775,763
2,697,949
10
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
11
362,667
787,759
Obligations under finance leases
12
241,926
63,581
604,593
851,340
Obligations under finance lease and hire purchase contracts are secured on the assets to which the contract relates.
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
204,349
CRS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 8 -
11
Loans and overdrafts
2022
2021
£
£
Bank loans
498,667
952,007
Payable within one year
136,000
164,248
Payable after one year
362,667
787,759
The bank loans are secured by fixed and floating charges over the assets of the company.
12
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
493,608
328,617
In two to five years
241,926
63,581
735,534
392,198
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
13
Related party transactions
The company has entered into a joint venture by acquiring 50% of the Ordinary share capital of Emerald Capital Limited.
During the year there was no movement in the balance owed to the company by Emerald Capital Limited. The closing balance owed to the company by Emerald Capital Limited at the year end was £548,710 (2021 : £548,710).
14
Directors' transactions
At the year end date, amounts owed to the company by the directors were £
26,050
(2021 : £
Nil
). This
was also the maximum overdrawn amount during the year.