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Registration number: 01223033

Crossfield Excalibur Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Crossfield Excalibur Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Crossfield Excalibur Limited

Company Information

Directors

Mr S Davies

Mr G Fielding

Company secretary

Mr J Fielding

Registered office

Unit 21 Woolfold Trading Estate
Mitchell Street
Bury
BL8 1SF

Accountants

HML Davies Limited
Chartered Certified Accountant
9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

 

Crossfield Excalibur Limited

(Registration number: 01223033)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,580

5,757

Tangible assets

5

109,175

119,587

 

112,755

125,344

Current assets

 

Stocks

6

73,289

70,414

Debtors

7

163,758

142,444

Cash at bank and in hand

 

130,442

380,429

 

367,489

593,287

Creditors: Amounts falling due within one year

8

(380,176)

(662,449)

Net current liabilities

 

(12,687)

(69,162)

Total assets less current liabilities

 

100,068

56,182

Provisions for liabilities

(28,189)

(31,337)

Net assets

 

71,879

24,845

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

71,779

24,745

Shareholders' funds

 

71,879

24,845

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Crossfield Excalibur Limited

(Registration number: 01223033)
Balance Sheet as at 30 September 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 

.........................................
Mr S Davies
Director

.........................................
Mr G Fielding
Director

 

Crossfield Excalibur Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 21 Woolfold Trading Estate
Mitchell Street
Bury
BL8 1SF

These financial statements were authorised for issue by the Board on 13 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Crossfield Excalibur Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets less their residual values over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% / 20% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Crossfield Excalibur Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

 

Crossfield Excalibur Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Other
 £

Cost or valuation

At 1 October 2022

10,885

At 30 September 2023

10,885

Amortisation

At 1 October 2022

5,128

Amortisation charge

2,177

At 30 September 2023

7,305

Carrying amount

At 30 September 2023

3,580

At 30 September 2022

5,757

5

Tangible assets

Plant and machinery
£

Cost or valuation

At 1 October 2022

249,037

Additions

9,939

At 30 September 2023

258,976

Depreciation

At 1 October 2022

129,450

Charge for the year

20,351

At 30 September 2023

149,801

Carrying amount

At 30 September 2023

109,175

At 30 September 2022

119,587

 

Crossfield Excalibur Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

70,257

69,937

Work in progress

3,032

477

73,289

70,414

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

97,429

102,791

Amounts owed by related parties

12

26,893

22,342

Prepayments

 

10,546

771

Other debtors

 

28,890

16,540

   

163,758

142,444

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

23,952

27,024

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

284,122

576,478

Taxation and social security

 

52,769

45,637

Accruals and deferred income

 

16,548

6,822

Other creditors

 

2,785

6,488

 

380,176

662,449

 

Crossfield Excalibur Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

6,153

42,750

Later than one year and not later than five years

17,947

-

24,100

42,750

11

Financial commitments, guarantees and contingencies

The company has a composite banking arrangement whereby the company's bankers are permitted, in certain circumstances, to apply credit balances within the group against other group debit bank balances. As part of this, the company has provided a guarantee to the group's bankers in respect of all bank borrowings of other group undertakings.

At 30 September 2023, group bank indebtedness amounted to £nil (2022: £nil).

There were no contingent liabilities at either 30 September 2023 or 30 September 2022.

 

Crossfield Excalibur Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

12

Related party transactions

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

149,811

Amounts receivable from related party

26,894

2022

Other related parties
£

Sale of goods

84,825

Amounts receivable from related party

22,342

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Management charges

17,400

Amounts payable to related party

284,123

2022

Entities with joint control or significant influence
£

Management charges

17,400

Amounts payable to related party

576,478

Rent paid in respect of properties owned by other related party - £65,025 (2022 - £61,500).