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Registration number: SC212682

Crossgate Homes Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Crossgate Homes Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Crossgate Homes Ltd

Company Information

Directors

Mr Brian Reid

Mrs Hazel Reid

Company secretary

Mr Brian Reid

Registered office

2 Forrester Park Drive
Cairneyhill
Dunfermline
KY12 8BX

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

Crossgate Homes Ltd

(Registration number: SC212682)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

7,832

13,593

Current assets

 

Debtors

5

1,256

797

Cash at bank and in hand

 

31,237

109,950

 

32,493

110,747

Creditors: Amounts falling due within one year

6

(33,606)

(61,734)

Net current (liabilities)/assets

 

(1,113)

49,013

Net assets

 

6,719

62,606

Capital and reserves

 

Called up share capital

7

1,000

1,000

Share premium reserve

9,000

9,000

Retained earnings

(3,281)

52,606

Shareholders' funds

 

6,719

62,606

For the financial year ending 30 November 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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 January 2024 and signed on its behalf by:
 

 

Crossgate Homes Ltd

(Registration number: SC212682)
Balance Sheet as at 30 November 2023

.........................................
Mr Brian Reid
Company secretary and director

 

Crossgate Homes Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
2 Forrester Park Drive
Cairneyhill
Dunfermline
KY12 8BX

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.

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.

Tax

The tax expense for the period comprises current 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.

 

Crossgate Homes Ltd

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

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% straight line

Motor vehicles

25% straight line

Equipment

25% 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.

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.

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.

 

Crossgate Homes Ltd

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Crossgate Homes Ltd

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

4

Tangible Assets

Office equipment
 £

Motor vehicles
 £

Plant & machinery
 £

Total
£

Cost or valuation

At 1 December 2022

12,575

26,111

21,855

60,541

Additions

2,356

-

-

2,356

At 30 November 2023

14,931

26,111

21,855

62,897

Depreciation

At 1 December 2022

11,037

14,056

21,855

46,948

Charge for the year

1,089

7,028

-

8,117

At 30 November 2023

12,126

21,084

21,855

55,065

Carrying amount

At 30 November 2023

2,805

5,027

-

7,832

At 30 November 2022

1,538

12,055

-

13,593

5

Debtors

Current

2023
£

2022
£

Other debtors

1,256

797

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Directors current account

30,606

38,863

Accruals and deferred income

3,000

16,200

Other creditors

-

6,671

33,606

61,734

7

Share capital

Allotted, called up and fully paid shares

 

Crossgate Homes Ltd

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

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000