REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
CREST (INTERNATIONAL) |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
CREST (INTERNATIONAL) |
CREST (INTERNATIONAL) (REGISTERED NUMBER: 09805375) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CREST (INTERNATIONAL) |
COMPANY INFORMATION |
for the year ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Seven Stars House |
1 Wheler Road |
Coventry |
CV3 4LB |
CREST (INTERNATIONAL) (REGISTERED NUMBER: 09805375) |
BALANCE SHEET |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Income and Expenditure Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CREST (INTERNATIONAL) (REGISTERED NUMBER: 09805375) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Crest (International) is a |
2. | ACCOUNTING POLICIES |
Accounting convention |
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 pound. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below and have remained unchanged from the previous year. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Computer equipment | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of any depreciation and any impairment losses. |
CREST (INTERNATIONAL) (REGISTERED NUMBER: 09805375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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 statement of financial position 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 off set the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade debtors and other receivables 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. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other payables, 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
The tax expense represents the sum of tax currently payable. |
Current tax |
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net surplus as reported in the income and expenditure account because it excludes items of income or expense that are taxable or deductible in other years and it further includes 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. |
CREST (INTERNATIONAL) (REGISTERED NUMBER: 09805375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income and expenditure account so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases, including any lease incentives received, are charged to the income and expenditure account 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 lease asset are consumed. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
CREST (INTERNATIONAL) (REGISTERED NUMBER: 09805375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | PENSION COMMITMENTS |
The company operates a defined pension contribution scheme in respect of certain employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £39,532 (2021 - £28,106). An amount totalling £16,424 (2021 - £3,078) was included within creditors at the year end. |
CREST (INTERNATIONAL) (REGISTERED NUMBER: 09805375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
10. | RELATED PARTY TRANSACTIONS |
During the year the company incurred consultancy fees totalling £129,194 (2021 - £63,000) from Kmars Limited, a company in which R Johnson has an interest. |
During the year the company incurred costs totalling £44,624 (2021 - £nil) for Inspired2 Limited, a company in which I Glover has an interest. Services provided by Inspired2 Limited ceased 30th June 2022. |
11. | LIMITED BY GUARANTEE |
The company is limited by guarantee. In the event of the company being wound up the liability of the members is limited to £1 each. |
If upon the winding up or dissolution of CREST there remains, after the satisfaction of all its debts and liabilities, any property or common fund whatsoever, the same shall be paid to or distributed among the current Member Companies in proportion to the total amount they have paid to CREST in membership fees. The calculation of the fees paid by a Member Company shall be the amount contributed since the Member Company commenced membership with CREST. If there is any break in the continuity of the Member Company's membership the period of calculation shall run from the date on which membership recommenced and the period of membership up until recommencement shall be ignored when calculating the amount of that Member Company's contribution |
12. | CONTROLLING INTERESTS |
The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company. |