Company registration number 07408525 (England and Wales)
CROSSFIELD POWER & SECURITY LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CROSSFIELD POWER & SECURITY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CROSSFIELD POWER & SECURITY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
28 February 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,311
2,369
Current assets
Debtors
6
18,942
43,913
Cash at bank and in hand
37,330
3,256
56,272
47,169
Creditors: amounts falling due within one year
7
(28,480)
(28,213)
Net current assets
27,792
18,956
Total assets less current liabilities
30,103
21,325
Creditors: amounts falling due after more than one year
8
(34,405)
(40,923)
Provisions for liabilities
(578)
(451)
Net liabilities
(4,880)
(20,049)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(4,881)
(20,050)
Total equity
(4,880)
(20,049)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 5 March 2024
Mr J Hosking
Director
Company registration number 07408525 (England and Wales)
CROSSFIELD POWER & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Crossfield Power & Security Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sixth Floor, Capital Tower, 91 Waterloo Road, London, SE1 8RT.

1.1
Reporting period

The accounting period has been extended to align the Company's balance sheet date with that of other group entities. Consequently, the current 13-month period is not wholly comparable to the prior year.

1.2
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. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Computers
20% reducing balance
Motor vehicles
25% reducing balance

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.

1.6
Cash and cash equivalents

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.

CROSSFIELD POWER & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off 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 debtors 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. Financial assets classified as receivable within one year are not amortised.

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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

CROSSFIELD POWER & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
2
1
CROSSFIELD POWER & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 31 March 2023
20,000
Amortisation and impairment
At 1 March 2022 and 31 March 2023
20,000
Carrying amount
At 31 March 2023
-
0
At 28 February 2022
-
0
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
13,328
Additions
1,054
Disposals
(2,333)
At 31 March 2023
12,049
Depreciation and impairment
At 1 March 2022
10,959
Depreciation charged in the period
783
Eliminated in respect of disposals
(2,004)
At 31 March 2023
9,738
Carrying amount
At 31 March 2023
2,311
At 28 February 2022
2,369
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,942
16,940
Other debtors
1,000
26,973
18,942
43,913
CROSSFIELD POWER & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,219
5,163
Trade creditors
14,435
5,787
Taxation and social security
5,380
14,248
Other creditors
2,446
3,015
28,480
28,213
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,405
40,923

Business bounce back loan incurs interest at a rate of 2.5% per annum and the final instalment is due on 27 May 2030.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
13,920
19,083
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Justin Moore
Statutory Auditor:
Arnold Hill & Co LLP
Date of audit report:
5 March 2024
10
Related party transactions
CROSSFIELD POWER & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
10
Related party transactions
(Continued)
- 7 -

Transactions and balances with members of the Locomotive Services Limited group are exempt from disclosure as all entities are wholly owned by Locomotive Services Limited.

 

During the year, the Company earned gross income from the following companies under common control totalling £70,853 (2022: £nil):

 

 

The Company also earned gross income of £8,268 (2022: £nil) from Royal Scot Locomotive & General Trust and its subsidiaries, which are related undertakings.

 

All transactions were conducted on an arms length basis, and all related party companies identified above are incorporated in England and Wales.

11
Parent company

The Company is a wholly-owned subsidiary of Locomotive Services Limited, a company incorporated in England and Wales whose registered office is Sixth Floor, Capital Tower, 91 Waterloo Road, London, SE1 8RT.

2023-03-312022-03-01false05 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedJ Hosking Esqfalse074085252022-03-012023-03-31074085252023-03-31074085252022-02-2807408525core:OtherPropertyPlantEquipment2023-03-3107408525core:OtherPropertyPlantEquipment2022-02-2807408525core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107408525core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2807408525core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3107408525core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2807408525core:CurrentFinancialInstruments2023-03-3107408525core:CurrentFinancialInstruments2022-02-2807408525core:ShareCapital2023-03-3107408525core:ShareCapital2022-02-2807408525core:RetainedEarningsAccumulatedLosses2023-03-3107408525core:RetainedEarningsAccumulatedLosses2022-02-2807408525bus:Director12022-03-012023-03-3107408525core:Goodwill2022-03-012023-03-3107408525core:PlantMachinery2022-03-012023-03-3107408525core:ComputerEquipment2022-03-012023-03-3107408525core:MotorVehicles2022-03-012023-03-31074085252021-03-012022-02-2807408525core:NetGoodwill2022-02-2807408525core:NetGoodwill2023-03-3107408525core:NetGoodwill2022-02-2807408525core:OtherPropertyPlantEquipment2022-02-2807408525core:OtherPropertyPlantEquipment2022-03-012023-03-3107408525core:WithinOneYear2023-03-3107408525core:WithinOneYear2022-02-2807408525core:Non-currentFinancialInstruments2023-03-3107408525core:Non-currentFinancialInstruments2022-02-2807408525bus:PrivateLimitedCompanyLtd2022-03-012023-03-3107408525bus:SmallCompaniesRegimeForAccounts2022-03-012023-03-3107408525bus:FRS1022022-03-012023-03-3107408525bus:Audited2022-03-012023-03-3107408525bus:FullAccounts2022-03-012023-03-31xbrli:purexbrli:sharesiso4217:GBP