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REGISTERED NUMBER: 01561550 (England and Wales)















Crossford Oil & Tool Supplies Ltd

Unaudited Financial Statements for the Year Ended 31 May 2023






Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Crossford Oil & Tool Supplies Ltd

Company Information
for the Year Ended 31 May 2023







Directors: Mrs J S Hurford
Miss G Hurford
M Hurford





Registered office: Unit 95/96, Springvale Industrial Estate
Cwmbran
NP44 5BH





Registered number: 01561550 (England and Wales)





Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £   
Fixed assets
Property, plant and equipment 4 303,096 309,815

Current assets
Inventories 142,000 142,000
Debtors 5 168,695 177,418
Cash at bank and in hand 255,713 246,024
566,408 565,442
Creditors
Amounts falling due within one year 6 (231,150 ) (228,403 )
Net current assets 335,258 337,039
Total assets less current liabilities 638,354 646,854

Creditors
Amounts falling due after more than one
year

7

(87,112

)

(107,061

)

Provisions for liabilities 9 (1,384 ) (1,311 )
Net assets 549,858 538,482

Capital and reserves
Called up share capital 100 100
Retained earnings 549,758 538,382
Shareholders' funds 549,858 538,482

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)

Statement of Financial Position - continued
31 May 2023


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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:




Miss G Hurford - Director



M Hurford - Director


Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)

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

1. Statutory information

Crossford Oil & Tool Supplies Ltd is a private company, limited by shares , registered in England and Wales. 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.

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

Property, plant & equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost

Plant & machinery - 25% reducing balance

Fixtures & fittings - 15% reducing balance

Computer equipment - 25% 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.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)

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

2. Accounting policies - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 8 (2022 - 7 ) .

4. Property, plant and equipment
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Cost
At 1 June 2022 328,618 42,300 26,955 65,302 463,175
Additions - - 1,868 1,345 3,213
At 31 May 2023 328,618 42,300 28,823 66,647 466,388
Depreciation
At 1 June 2022 32,790 42,147 21,954 56,469 153,360
Charge for year 6,572 38 1,031 2,291 9,932
At 31 May 2023 39,362 42,185 22,985 58,760 163,292
Net book value
At 31 May 2023 289,256 115 5,838 7,887 303,096
At 31 May 2022 295,828 153 5,001 8,833 309,815

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 156,508 162,360
Prepayments 12,187 15,058
168,695 177,418

Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)

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

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 19,949 19,094
Trade creditors 128,803 120,150
Tax 12,614 18,578
Social security and other taxes 3,175 2,728
VAT 20,567 24,364
Directors' current accounts 44,112 38,685
Accrued expenses 1,930 4,804
231,150 228,403

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 20,842 19,949
Bank loans - 2-5 years 66,270 65,365
Bank loans more 5 yr by instal - 21,747
87,112 107,061

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 21,747

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 107,061 126,155

The bank loan is secured on the company property.

9. Provisions for liabilities
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 1,384 1,311

Deferred
tax
£   
Balance at 1 June 2022 1,311
Charge to Income Statement during year 73
Balance at 31 May 2023 1,384