Company registration number 04027994 (England and Wales)
CRANE ELECTRONICS GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
CRANE ELECTRONICS GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CRANE ELECTRONICS GROUP LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
513,218
513,218
Net current assets
513,218
513,218
Creditors: amounts falling due after more than one year
4
(360,000)
(360,000)
Net assets
153,218
153,218
Capital and reserves
Called up share capital
5
1,228
1,228
Share premium account
151,990
151,990
Total equity
153,218
153,218
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 16 August 2022 and are signed on its behalf by:
A J Duffin
Director
Company Registration No. 04027994
CRANE ELECTRONICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 2 -
1
Accounting policies
Company information
Crane Electronics Group Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Watling Drive, Sketchley Meadows, Hinckley, Leicestershire, LE10 3EY.
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.
The financial statements of the company are consolidated in the financial statements of
Crane Group
Holdings
L
td. These consolidated financial statements are available from
3 Watling Drive, Sketchley Meadows, Hinckley, Leicestershire, LE10 3EY.
1.2
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.4
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.
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CRANE ELECTRONICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
513,118
513,118
Other debtors
100
100
513,218
513,218
4
Creditors: amounts falling due after more than one year
2021
2020
£
£
Share capital treated as debt
360,000
360,000
5
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
122,782
122,782
1,228
1,228
2021
2020
2021
2020
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
360,000
360,000
360,000
360,000
Preference shares classified as liabilities
360,000
360,000
The preference shares are non-voting shares. Preference shareholders have the right on a winding-up to
receive, in priority to any other class of shares, the sum of £1 per share together with any arrears o
f
dividends.
Unless the holders of not less than 75% of the preference shares gives notice in writing to the Company to
the contrary, all of the preference shares will be redeemed immediately upon either the date in which the
equity share capital of the Company is admitted to be dealt with on any
recognised investment exchange,
or the date upon which a successful offer to purchase 90% or more of the issued ordinary share capital of
t
he Company is completed.
CRANE ELECTRONICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 4 -
6
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 Susan Thomas-Walls BSc BFP FCA and the auditor was Spencer Gardner Dickins Audit LLP.
7
Financial commitments, guarantees and contingent liabilities
Crane Electronics Group Limited is part of a group guarantor scheme regarding the loan notes within the group. At the reporting date Crane Electronics Group Limited is guarantor for loan notes of £1,990,000
(
2020
: £
1,990,000
)
held within Crane Group Holdings Limited.
Crane Electronics Group Limited is part of a group guarantor scheme regarding the commercial loans within the group. At the reporting date Crane Electronics Group Limited is guarantor for loans of £nil
(
2020
: £
548,746
)
held within Crane Electronics Limited.
8
Related party transactions
The company has taken advantage of the exemption under the terms of FRS102 not to disclose related party transactions with wholly owned companies within the group.