Registration number:
John Craddock Limited
for the Year Ended 28 February 2019
Chartered Accountants
Stowegate House
Lombard Street
Lichfield
Staffs
WS13 6DP
John Craddock Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
John Craddock Limited
Company Information
Directors |
Mr John Craddock Mrs Patricia Craddock Mr David Belcher Mr Craig Charles Lymer |
Company secretary |
Mrs Patricia Craddock |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
John Craddock Limited
for the Year Ended 28 February 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of John Craddock Limited for the year ended 28 February 2019 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of John Craddock Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of John Craddock Limited and state those matters that we have agreed to state to the Board of Directors of John Craddock Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Craddock Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that John Craddock Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of John Craddock Limited. You consider that John Craddock Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of John Craddock Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Lombard Street
Lichfield
Staffs
WS13 6DP
Page 2 |
John Craddock Limited
Statement of Comprehensive Income for the Year Ended 28 February 2019
Note |
2019 |
2018 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 3 |
John Craddock Limited
(Registration number: 01488564)
Abridged Balance Sheet as at 28 February 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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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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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 28 February 2019 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 has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 4 |
John Craddock Limited
(Registration number: 01488564)
Abridged Balance Sheet as at 28 February 2019
Approved and authorised by the Board on
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Mr John Craddock
Director
Page 5 |
John Craddock Limited
Statement of Changes in Equity for the Year Ended 28 February 2019
Share capital |
Profit and loss account |
Total |
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At 1 March 2018 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 28 February 2019 |
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Share capital |
Profit and loss account |
Total |
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At 1 March 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 28 February 2018 |
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Page 6 |
John Craddock Limited
Notes to the Abridged Financial Statements for the Year Ended 28 February 2019
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
70-76 North Street
Bridgtown
Cannock
Staffordshire
WS11 3AZ
These financial statements were authorised for issue by the
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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged 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.
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 |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
15% reducing balance |
Improvements to property |
5% on cost |
Page 7 |
John Craddock Limited
Notes to the Abridged Financial Statements for the Year Ended 28 February 2019
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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 |
Goodwill |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 8 |
John Craddock Limited
Notes to the Abridged Financial Statements for the Year Ended 28 February 2019
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 9 |
John Craddock Limited
Notes to the Abridged Financial Statements for the Year Ended 28 February 2019
Intangible assets |
Total |
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Cost or valuation |
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At 1 March 2018 |
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At 28 February 2019 |
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Amortisation |
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At 1 March 2018 |
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At 28 February 2019 |
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Carrying amount |
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At 28 February 2019 |
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At 28 February 2018 |
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Tangible assets |
Total |
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Cost or valuation |
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At 1 March 2018 |
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Additions |
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Disposals |
( |
At 28 February 2019 |
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Depreciation |
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At 1 March 2018 |
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Charge for the year |
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Eliminated on disposal |
( |
At 28 February 2019 |
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Carrying amount |
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At 28 February 2019 |
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At 28 February 2018 |
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Included within the net book value of land and buildings above is £89,373 (2018 - £100,184) in respect of freehold land and buildings.
Page 10 |
John Craddock Limited
Notes to the Abridged Financial Statements for the Year Ended 28 February 2019
Stocks |
2019 |
2018 |
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Other inventories |
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Page 11 |