Caseware UK (AP4) 2022.0.179 2022.0.179 true2022-01-01falseNo description of principal activity11falsetrue 04007356 2022-01-01 2022-12-31 04007356 2021-01-01 2021-12-31 04007356 2022-12-31 04007356 2021-12-31 04007356 c:Director2 2022-01-01 2022-12-31 04007356 d:PlantMachinery 2022-01-01 2022-12-31 04007356 d:PlantMachinery 2022-12-31 04007356 d:PlantMachinery 2021-12-31 04007356 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04007356 d:CurrentFinancialInstruments 2022-12-31 04007356 d:CurrentFinancialInstruments 2021-12-31 04007356 d:Non-currentFinancialInstruments 2022-12-31 04007356 d:Non-currentFinancialInstruments 2021-12-31 04007356 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04007356 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04007356 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04007356 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 04007356 d:ShareCapital 2022-12-31 04007356 d:ShareCapital 2021-12-31 04007356 d:RetainedEarningsAccumulatedLosses 2022-12-31 04007356 d:RetainedEarningsAccumulatedLosses 2021-12-31 04007356 c:FRS102 2022-01-01 2022-12-31 04007356 c:Audited 2022-01-01 2022-12-31 04007356 c:FullAccounts 2022-01-01 2022-12-31 04007356 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04007356 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 04007356 e:PoundSterling 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 04007356










CROSSTOWER VENTURES LIMITED










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2022

 
CROSSTOWER VENTURES LIMITED
Registered number: 04007356

Balance Sheet
As at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 3 
3,797
4,746

  
3,797
4,746

Current assets
  

Stocks
 4 
14,687,851
9,809,880

Debtors: amounts falling due within one year
 5 
293,288
56,009

Cash at bank and in hand
 6 
1,905
156

  
14,983,044
9,866,045

Creditors: amounts falling due within one year
 7 
(11,771,849)
(10,270,155)

Net current assets/(liabilities)
  
 
 
3,211,195
 
 
(404,110)

Total assets less current liabilities
  
3,214,992
(399,364)

Creditors: amounts falling due after more than one year
 8 
(3,708,111)
-

  

Net liabilities
  
(493,119)
(399,364)


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
(493,123)
(399,368)

  
(493,119)
(399,364)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2024.




G P Wright
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
CROSSTOWER VENTURES LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2022

1.Accounting policies

 
1.1

Basis of preparation of financial statements

Crosstower Ventures Limited is a private Company limited by shares and incorporated in the United Kingdom. The address of the registered office and place of business is given in the Company information of these financial statements. The Company's registration number is 04007356.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Sterling which is the functional currency of the company.
The following principal accounting policies have been applied:

 
1.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of AEW Paddock Motors Limited as at 31 December 2022 and these financial statements may be obtained from The Showground,The Cliff, Matlock, Derbyshire, DE4 5EW.

 
1.3

Going concern

At 31 December 2022 the Company had net liabilities of £493,119.
The directors have confirmed that their loans to the business will not be repaid until the Company has sufficient funds to do so.
There is a significant creditor balance due to the Parent Company at the year end which the Parent Company has confirmed they will not call upon until the Company has sufficient funds to do so. However, the Parent Company continues to have reduced cash resources that may require support from subsidiary companies creating a material uncertainty surrounding the Group’s ability to settle potential future liabilities as they fall due. This creates a material uncertainty in relation to going concern for the Company.
The Company has entered into a loan agreement to assist with cash flow in relation to the property development project and which is expected to continue to relieve cash pressures for the remainder of the development up to the point of eventual disposal. Project forecasts indicate that additional funding will be required prior to disposal in order to complete the current phase and the directors continue to explore their options in this regard. On this basis, the directors believe that the Company can continue to adopt the going concern basis in preparing the financial statements.

 
1.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

 
CROSSTOWER VENTURES LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2022

1.Accounting policies (continued)

 
1.6

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may be affected.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance

 
1.7

Stocks

Work in progress is valued at the lower of cost and net realisable value.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

 
1.8

Debtors

Debtors and creditors with no stated interest rate or that are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account in other administrative expenses.

 
1.9

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with an original maturity date of three months or less.

 
1.10

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost being the transaction price less any amounts settled and any impairment losses.


2.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

Page 3

 
CROSSTOWER VENTURES LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2022

3.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 January 2022
58,754



At 31 December 2022

58,754



Depreciation


At 1 January 2022
54,008


Charge for the year on owned assets
949



At 31 December 2022

54,957



Net book value



At 31 December 2022
3,797



At 31 December 2021
4,746


4.


Stocks

2022
2021
£
£

Work in progress
14,687,851
9,809,880

14,687,851
9,809,880



5.


Debtors

2022
2021
£
£


Other debtors
96,143
54,257

Prepayments and accrued income
197,145
1,752

293,288
56,009


Page 4

 
CROSSTOWER VENTURES LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2022

6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,905
156

1,905
156



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
285,109
-

Amounts owed to group undertakings
9,771,084
8,632,171

Other taxation and social security
1,263
1,069

Other creditors
1,520,391
1,384,148

Accruals and deferred income
194,002
252,767

11,771,849
10,270,155



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other loans
3,708,111
-

3,708,111
-


The following liabilities were secured:

2022
2021
£
£



Other loans
3,708,111
-

3,708,111
-

Details of security provided:

The loan is repayable in full in 2024. It is secured against the property held within work in progress by way of a fixed and floating charge. Interest is payable at 7.8%.

Page 5

 
CROSSTOWER VENTURES LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2022

9.


Related party transactions

Directors' loan account
The directors' loan balance within other creditors totals £1,520,166 (2021: £1,382,773).
Group transactions
The company has taken advantage of the exemption under FRS 102 Section 33.1A Related Party Disclosures from disclosing transactions with other members of the group.


10.


Controlling party

The parent company is AEW Paddock Motors Limited of which the directors have ultimate control.


11.
 

Provisions available for audits of small entities

The entity qualifies for PAASE and therefore in common with many other businesses of this size andnature, the company uses their auditors to assist with the preparation of the financial statements.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 7 March 2024 by James Bagley (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 6