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Registered number: 11083019
Cross Property Holdings Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
A K E Tax & Accountancy Ltd
Chartered Certified Accountants
Hoddesdon Enterprise Centre
Pindar Road
Hoddesdon
Hertfordshire
EN11 0FJ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11083019
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 954,953 976,462
954,953 976,462
CURRENT ASSETS
Debtors 5 835 5,568
Cash at bank and in hand 12,170 17,559
13,005 23,127
Creditors: Amounts Falling Due Within One Year 6 (748,340 ) (728,464 )
NET CURRENT ASSETS (LIABILITIES) (735,335 ) (705,337 )
TOTAL ASSETS LESS CURRENT LIABILITIES 219,618 271,125
Creditors: Amounts Falling Due After More Than One Year 7 (269,186 ) (277,622 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,229 ) (10,791 )
NET LIABILITIES (63,797 ) (17,288 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (63,897 ) (17,388 )
SHAREHOLDERS' FUNDS (63,797) (17,288)
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Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
J M Cross
Director
29 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Cross Property Holdings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11083019 . The registered office is 14 West Riding, Tewin, Hertfordshire, AL6 0PD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The Company is considered a going concern on the basis that the Company has the full support of the group company which is not seeking repayment of its loan in the near future.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from rents received. Turnover from rents received is recognised by reference to the period it is due.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & Machinery 25% & 15% reducing balance
2.5. Investment Properties
Investment property is included at fair value. Gains are recognised in the statement of profit and loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The market value of the property is based on directors valuation of similar properties in the same area of a similar standard at the year end.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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2.8. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Investment Properties Plant & Machinery etc. Total
£ £ £
Cost or Valuation
As at 1 December 2022 965,458 18,612 984,070
Additions - 2,147 2,147
Revaluation (21,458) - (21,458 )
As at 30 November 2023 944,000 20,759 964,759
Depreciation
As at 1 December 2022 - 7,608 7,608
Provided during the period - 2,198 2,198
As at 30 November 2023 - 9,806 9,806
Net Book Value
As at 30 November 2023 944,000 10,953 954,953
As at 1 December 2022 965,458 11,004 976,462
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 835 5,568
835 5,568
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 8,686 8,936
Amounts owed to participating interests 737,025 717,421
Other creditors 2,629 2,107
748,340 728,464
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 269,186 277,622
269,186 277,622
Of the creditors falling due after more than one year the following amounts are due after more than five years.
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2023 2022
£ £
Bank loans 234,441 242,877
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
J Cross
The above is the director of the company.
At the balance sheet date, he was owed by the company £332 (2022: £354).
No interest has been charged on this loan during the period.
Colibri Ltd
The above was a related party by virtue of common control.
During the year, the related party incurred expenses on behalf of the company and was repaid loaned money from the company.
At the balance sheet date, the company owed £Nil (2022: £257,521) to the related party.
No interest has been charged on this loan during the period.
Cross Assets Ltd
The above is the parent undertaking.
During the year, the related party loaned money to the company.
At the balance sheet date, the company owed £737,025 (2022: 459,900) to the related party.
No interest has been charged on this loan during the period.
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Cross Assets Limited . The ultimate controlling party is J Cross who controls 100% of the shares of Cross Assets Limited .
11. Charges
A fixed & floating charge is held by Charter Court Financial Services Limited which covers all the property or undertaking of the company and contains a negative pledge.
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