Company No:
Contents
DIRECTORS | Benjamin Burch Crowe |
Thomas Anthony Webster |
REGISTERED OFFICE | The Old Dairy |
Piddlehinton | |
Dorchester | |
DT2 7TH | |
United Kingdom |
COMPANY NUMBER | 08479886 (England and Wales) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
3 Filers Way | |
Weston Gateway Business Park | |
Weston-super-Mare | |
Somerset | |
BS24 7JP |
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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103,796 | 38,783 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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175,401 | 203,030 | |||
Creditors | ||||
Amounts falling due within one year | 8 | (
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Net current assets | 22,675 | 87,845 | ||
Total assets less current liabilities | 126,471 | 126,628 | ||
Creditors | ||||
Amounts falling due after more than one year | 9 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Crimson Guitars Limited (registered number:
Benjamin Burch Crowe
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Crimson Guitars Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Dairy, Piddlehinton, Dorchester, DT2 7TH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.
The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.
Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Computer software |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Land and buildings |
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Plant and machinery |
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Vehicles |
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Computer equipment |
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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.
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.
The total of £17,527 has been received this year in respect of JRS grants. Last year £21,685 was received.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Computer software | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2020 |
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At 30 June 2021 |
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Accumulated amortisation | |||
At 01 July 2020 |
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Charge for the financial year |
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At 30 June 2021 |
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Net book value | |||
At 30 June 2021 |
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At 30 June 2020 |
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Land and buildings | Plant and machinery | Vehicles | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 July 2020 |
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Additions |
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At 30 June 2021 |
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Accumulated depreciation | |||||||||
At 01 July 2020 |
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Charge for the financial year |
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At 30 June 2021 |
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Net book value | |||||||||
At 30 June 2021 |
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At 30 June 2020 |
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2021 | 2020 | ||
£ | £ | ||
Stocks |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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56,867 | 0 |
Transactions with the entity's directors
The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 1 July 2020, the balance owed to Mr B Crowe was £1,167. During the year, £35,616 was advanced to the director, and £17,840 was repaid by the director. At 30 June 2021, the balance owed by the director was £16,609.
At 1 July 2020, the balance owed to Mr T Webster was £40. During the year, £37,166 was advanced to the director, and £20,500 was repaid by the director. At 30 June 2021, the balance owed by the director was £16,625.
At 1 July 2019, the balance owed to Mr B Crowe was £2,140. During the year, £973 was advanced to the director, and £nil was repaid by the director. At 30 June 2020, the balance owed to the director was £1,167.
At 1 July 2019, the balance owed to Mr T Webster was £nil. During the year, £nil was advanced to the director, and £40 was repaid by the director. At 30 June 2020, the balance owed to the director was £40.