Company registration number 08495040 (England and Wales)
CROSSMOLINA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
CROSSMOLINA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CROSSMOLINA LTD
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
2,321,108
2,321,108
Investments
4
1,033,582
234,193
3,354,690
2,555,301
Current assets
Debtors
5
360,218
390,668
Cash at bank and in hand
232,522
1,256,358
592,740
1,647,026
Creditors: amounts falling due within one year
6
(48,949)
(1,060,518)
Net current assets
543,791
586,508
Total assets less current liabilities
3,898,481
3,141,809
Creditors: amounts falling due after more than one year
7
(677,625)
(677,625)
Net assets
3,220,856
2,464,184
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
3,219,856
2,463,184
Total equity
3,220,856
2,464,184
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 31 May 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.
CROSSMOLINA LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 October 2023 and are signed on its behalf by:
Mr J H Gaiger
Mr G M Gaiger
Director
Director
Company Registration No. 08495040
CROSSMOLINA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
Crossmolina Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kennet House, Northgate Street, Devizes, Wiltshire, SN10 1JT.
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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors are however mindful that these financial statements have been approved at a time when the coronavirus pandemic is still affecting many businesses, and this could have an effect on the levels of income.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from developments is recognised in the income statement when control is transferred to the customer. This is deemed to be when title of the property passes to the customer on legal completion and the performance obligations associated with the sale are complete. |
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
CROSSMOLINA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Other fixed asset investments are stated at their fair value.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and 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.
1.7
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 balance sheet when the company becomes party to the contractual provisions of the instrument..
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.9
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CROSSMOLINA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
2,321,108
Investment property comprises of residential flats. The investment property is shown at its fair value, this being the Director's assessment of the fair value of the property based upon rent yield and cost.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
2,321,108
2,321,108
Accumulated depreciation
146,463
(106,368)
Carrying amount
2,467,571
2,214,740
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
4,750
5,300
Loans to group undertakings and participating interests
362,245
Other investments other than loans
566,587
228,893
Loans
100,000
1,033,582
234,193
CROSSMOLINA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries and associates
Loans to associates
Other investments
Other loans
Total
£
£
£
£
£
Cost or valuation
At 1 June 2022
5,300
-
228,893
-
234,193
Additions
-
-
337,694
100,000
437,694
Transfer from current assets
-
362,245
-
-
362,245
Disposals
(550)
-
-
-
(550)
At 31 May 2023
4,750
362,245
566,587
100,000
1,033,582
Carrying amount
At 31 May 2023
4,750
362,245
566,587
100,000
1,033,582
At 31 May 2022
5,300
-
228,893
234,193
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,636
11,280
Amounts owed by group undertakings
378,145
Other debtors
356,582
1,243
360,218
390,668
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
147,500
Amounts owed to group undertakings
710,135
Taxation and social security
17,452
195,417
Other creditors
31,497
7,466
48,949
1,060,518
The bank loans are secured by legal charges over the assets.
CROSSMOLINA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
677,625
677,625
The bank loans are secured by legal charges over the assets.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000