IRIS Accounts Production v23.3.1.45 NI652033 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Ordinary shares 1.00000 Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6520332022-03-31NI6520332023-03-31NI6520332022-04-012023-03-31NI6520332021-03-31NI6520332021-04-012022-03-31NI6520332022-03-31NI652033ns10:Originalns15:NorthernIreland2022-04-012023-03-31NI652033ns14:PoundSterlingns10:Original2022-04-012023-03-31NI652033ns10:Originalns10:Director12022-04-012023-03-31NI652033ns10:Original2022-04-012023-03-31NI652033ns10:Original2023-03-31NI652033ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-31NI652033ns10:Originalns10:SmallEntities2022-04-012023-03-31NI652033ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-31NI652033ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31NI652033ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-31NI652033ns10:Originalns10:FullAccounts2022-04-012023-03-31NI652033ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-31NI652033ns10:Originalns10:Director22022-04-012023-03-31NI652033ns10:Originalns10:RegisteredOffice2022-04-012023-03-31NI652033ns10:Original2022-03-31NI652033ns10:Originalns5:CurrentFinancialInstruments2023-03-31NI652033ns10:Originalns5:CurrentFinancialInstruments2022-03-31NI652033ns5:ShareCapitalns10:Original2023-03-31NI652033ns5:ShareCapitalns10:Original2022-03-31NI652033ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-31NI652033ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-31NI652033ns10:Originalns5:PlantMachinery2022-04-012023-03-31NI652033ns10:Originalns5:MotorVehicles2022-04-012023-03-31NI652033ns10:Originalns5:ComputerEquipment2022-04-012023-03-31NI652033ns10:Original2021-04-012022-03-31NI652033ns10:Originalns5:LandBuildings2022-03-31NI652033ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-03-31NI652033ns10:Originalns5:PlantMachinery2022-03-31NI652033ns10:Originalns5:LandBuildings2022-04-012023-03-31NI652033ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-04-012023-03-31NI652033ns10:Originalns5:LandBuildings2023-03-31NI652033ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2023-03-31NI652033ns10:Originalns5:PlantMachinery2023-03-31NI652033ns10:Originalns5:LandBuildings2022-03-31NI652033ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-03-31NI652033ns10:Originalns5:PlantMachinery2022-03-31NI652033ns10:Originalns5:MotorVehicles2022-03-31NI652033ns10:Originalns5:ComputerEquipment2022-03-31NI652033ns10:Original2022-03-31NI652033ns10:Originalns5:MotorVehicles2023-03-31NI652033ns10:Originalns5:ComputerEquipment2023-03-31NI652033ns10:Originalns5:MotorVehicles2022-03-31NI652033ns10:Originalns5:ComputerEquipment2022-03-31NI652033ns10:Originalns5:CostValuation2022-03-31NI652033ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31NI652033ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31NI652033ns10:Originalns5:DeferredTaxation2022-03-31NI652033ns10:Originalns5:DeferredTaxation2022-04-012023-03-31NI652033ns10:Originalns5:DeferredTaxation2023-03-31NI652033ns10:Originalns10:OrdinaryShareClass12023-03-31NI652033ns10:Original1ns10:Director12022-03-31NI652033ns10:Original1ns10:Director12021-03-31NI652033ns10:Original1ns10:Director12022-04-012023-03-31NI652033ns10:Original1ns10:Director12021-04-012022-03-31NI652033ns10:Original1ns10:Director12023-03-31NI652033ns10:Original1ns10:Director12022-03-31
REGISTERED NUMBER: NI652033 (Northern Ireland)













Crosscrann Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023






Crosscrann Ltd (Registered number: NI652033)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 6


Crosscrann Ltd

Company Information
for the Year Ended 31 March 2023







Directors: Mr G McNiece
Mr J McNiece





Registered office: 15 Crossdall Road
Middletown
Co Armagh
BT60 3QQ





Registered number: NI652033 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Crosscrann Ltd (Registered number: NI652033)

Statement of Financial Position
31 March 2023

2023 2022
Notes £ £
Fixed assets
Property, plant and equipment 4 224,252 182,616
Herd 5 90,969 90,969
315,221 273,585

Current assets
Inventories 6 117,080 114,860
Receivables 7 93,327 120,169
Cash at bank 174,725 -
385,132 235,029
Payables
Amounts falling due within one year 8 (174,179 ) (228,662 )
Net current assets 210,953 6,367
Total assets less current liabilities 526,174 279,952

Provisions for liabilities 9 (47,318 ) (27,857 )
Net assets 478,856 252,095

Capital and reserves
Called up share capital 10 100 100
Retained earnings 478,756 251,995
Shareholders' funds 478,856 252,095

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by:



Mr G McNiece - Director


Crosscrann Ltd (Registered number: NI652033)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. Statutory information

Crosscrann Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Crosscrann Ltd (Registered number: NI652033)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. Accounting policies - continued

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the Property, Plant and Equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

4. Property, plant and equipment
Freehold Long Plant and
property leasehold machinery
£ £ £
Cost
At 1 April 2022 - 27,500 246,307
Additions 1,724 - 68,555
At 31 March 2023 1,724 27,500 314,862
Depreciation
At 1 April 2022 - - 92,824
Charge for year - - 28,639
At 31 March 2023 - - 121,463
Net book value
At 31 March 2023 1,724 27,500 193,399
At 31 March 2022 - 27,500 153,483

Crosscrann Ltd (Registered number: NI652033)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. Property, plant and equipment - continued

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 April 2022 4,500 57 278,364
Additions - - 70,279
At 31 March 2023 4,500 57 348,643
Depreciation
At 1 April 2022 2,880 44 95,748
Charge for year - 4 28,643
At 31 March 2023 2,880 48 124,391
Net book value
At 31 March 2023 1,620 9 224,252
At 31 March 2022 1,620 13 182,616

5. Herd
Other
investments
£
Cost
At 1 April 2022
and 31 March 2023 90,969
Net book value
At 31 March 2023 90,969
At 31 March 2022 90,969

6. Inventories
2023 2022
£ £
Inventories 117,080 114,860

7. Receivables less than one year
2023 2022
£ £
Trade receivables 78,179 67,062
Other receivables 15,148 53,107
93,327 120,169

8. Payables less than one year
2023 2022
£ £
Bank loans and overdrafts - 43,774
Trade payables 87,111 112,844
Taxation and social security 45,258 32,060
Other payables 41,810 39,984
174,179 228,662

Crosscrann Ltd (Registered number: NI652033)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


9. Provisions for liabilities
2023 2022
£ £
Deferred tax 47,318 27,857

Deferred tax
£
Balance at 1 April 2022 27,857
Provided during year 19,461
Balance at 31 March 2023 47,318

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary shares 1 100 100

11. Directors' advances, credits and guarantees

The following loans to the company from a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£ £
Mr G McNiece
Balance outstanding at start of year (11,161 ) (16,660 )
Amounts advanced 47,504 (42,554 )
Amounts repaid (13,554 ) 48,053
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,789 (11,161 )