Registration number:
Craft Clubs Limited
for the Year Ended 31 January 2020
Craft Clubs Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Craft Clubs Limited
(Registration number: 09405978)
Balance Sheet as at 31 January 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
115 |
114 |
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Share premium reserve |
224,985 |
74,986 |
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Profit and loss account |
(758,336) |
(183,219) |
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Total equity |
(533,236) |
(108,119) |
Craft Clubs Limited
(Registration number: 09405978)
Balance Sheet as at 31 January 2020
For the financial year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and Directors report has been taken.
Approved and authorised by the
.........................................
Director
Craft Clubs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales .
The address of its registered office is:
UK
The principal place of business is:
BrandOpus
1 Stephen Street
London
W1T1AL
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.
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.
Going concern
The company meets its day to day working capital requirements through loan facilities. The directors have considered that these facilities will continue to be made available allowing the company to continue to operate. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments which would result if the going concern basis was not appropriate.
Revenue recognition
Revenue is recognised upon initial receipt of income for an annual subscription of goods, net of VAT, returns, rebates and discounts.
Craft Clubs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Tax
The tax charge for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 |
Furniture and fittings |
20% Reducing balance |
Office equipment |
33% Straight line |
Plant and machinery |
20% Reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks |
Nil |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Craft Clubs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was 31, 2019 was 23.
Craft Clubs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 February 2019 |
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At 31 January 2020 |
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Amortisation |
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Carrying amount |
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At 31 January 2020 |
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At 31 January 2019 |
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Tangible assets |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 February 2019 |
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Additions |
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At 31 January 2020 |
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Depreciation |
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At 1 February 2019 |
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Charge for the year |
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At 31 January 2020 |
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Carrying amount |
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At 31 January 2020 |
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At 31 January 2019 |
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Investments |
2020 |
2019 |
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Investments in subsidiaries |
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- |
Craft Clubs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 January 2020 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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7-9 Macon Court, Crewe, Cheshire, CW1 6EA England |
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Subsidiary undertakings |
Craft Clubs Bondco Plc The principal activity of Craft Clubs Bondco Plc is |
Stocks |
2020 |
2019 |
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Other inventories |
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Craft Clubs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Other borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Due after one year |
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Other borrowings |
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Other borrowings
Included in other borrowings are liabilities secured on both fixed and floating charges held over all assets held by the company.
Related party transactions |
Transactions with directors |
2020 |
At 1 February 2019 |
Repayments by director |
At 31 January 2020 |
Mr JD Hulme |
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( |
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