Company registration number 01479486 (England and Wales)
CRANSTON LIMITED
CESSATION ACCOUNTS
FOR THE YEAR ENDED 28 APRIL 2023
CRANSTON LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CRANSTON LIMITED
BALANCE SHEET
AS AT
28 APRIL 2023
28 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
Tangible assets
4
3,246
3,247
Current assets
Stocks
-
65,107
Debtors
5
99,926
Cash at bank and in hand
52,523
217,556
Creditors: amounts falling due within one year
6
(119,783)
Net current assets
97,773
Net assets
101,020
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(100)
100,920
Total equity
101,020
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 28 April 2023 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.
The 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.
The financial statements were approved by the board of directors and authorised for issue on 14 December 2023 and are signed on its behalf by:
Mr S K Khosla
Director
Company Registration No. 01479486
CRANSTON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 APRIL 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
100
79,560
79,660
Period ended 28 April 2022:
Profit and total comprehensive income for the period
-
131,360
131,360
Dividends
-
(110,000)
(110,000)
Balance at 28 April 2022
100
100,920
101,020
Year ended 28 April 2023:
Profit and total comprehensive income for the year
-
Dividends
-
(101,020)
(101,020)
Balance at 28 April 2023
100
(100)
CRANSTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 APRIL 2023
- 3 -
1
Accounting policies
Company information
Cranston Limited is a private company limited by shares incorporated in England and Wales. The registered office is Duaris House, Imberhorne Way, East Grinstead, West Sussex, RH19 1RL.
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 amounts 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
Turnover
Turnover represents amounts receivable for goods dispensed and sales of pharmaceutical products net of VAT and trade discounts.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life at 10% on a straight lilne basis.
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:
Fixtures and fittings
25% Straight line 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
Stocks
Stocks are stated at the lower of cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.
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 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.
CRANSTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include trade and sundry 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.
Basic financial liabilities
Basic financial liabilities, including trade and sundry creditors, and other loans 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year.
1.7
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CRANSTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
7
3
Intangible fixed assets
Goodwill
£
Cost
At 29 April 2022
17,000
Disposals
(17,000)
At 28 April 2023
Amortisation and impairment
At 29 April 2022
16,999
Disposals
(16,999)
At 28 April 2023
Carrying amount
At 28 April 2023
At 28 April 2022
1
CRANSTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 APRIL 2023
- 6 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 29 April 2022
69,161
Disposals
(69,161)
At 28 April 2023
Depreciation and impairment
At 29 April 2022
65,915
Eliminated in respect of disposals
(65,915)
At 28 April 2023
Carrying amount
At 28 April 2023
At 28 April 2022
3,246
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
66,370
Other debtors
32,532
-
98,902
Deferred tax asset
1,024
99,926
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
80,235
Corporation tax
32,293
Other creditors
7,255
119,783