Company Registration No. 04748262 (England and Wales)
Crossgate Estates Ltd
Unaudited accounts
for the year ended 31 March 2024
Crossgate Estates Ltd
Unaudited accounts
Contents
Crossgate Estates Ltd
Company Information
for the year ended 31 March 2024
Company Number
04748262 (England and Wales)
Registered Office
21 HOLLY CLOSE
NOCTON
LINCOLN
LN4 2FW
ENGLAND
Accountants
RFBS Accounting Ltd
22 Beechcroft Close
South Hykeham
Lincoln
Lincolnshire
LN6 9NB
Crossgate Estates Ltd
Statement of financial position
as at 31 March 2024
Investment property
444,897
444,897
Cash at bank and in hand
179,475
12,448
Creditors: amounts falling due within one year
(174,886)
(24,253)
Net current assets/(liabilities)
4,589
(11,805)
Total assets less current liabilities
449,486
433,092
Creditors: amounts falling due after more than one year
(228,496)
(228,496)
Provisions for liabilities
Net assets
208,884
204,596
Called up share capital
2
2
Profit and loss account
208,882
204,594
Shareholders' funds
208,884
204,596
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 June 2024 and were signed on its behalf by
Paul Yeoman
Director
Company Registration No. 04748262
Crossgate Estates Ltd
Notes to the Accounts
for the year ended 31 March 2024
Crossgate Estates Ltd is a private company, limited by shares, registered in England and Wales, registration number 04748262. The registered office is 21 HOLLY CLOSE, NOCTON, LINCOLN, LN4 2FW, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover for the company is recognised as rental income from investment properties.
Fair value at 1 April 2023
444,897
Within the year, a deed of trust between Mr Paul Yeoman, the Director and Crossgate Estates Limited, approved by the company's solicitors in April 2004, was executed. This deed recognised that Mr Paul Yeoman held one of the rental properties on behalf of the company but was sold within the company's financial year. The sale of the property has been recognised as a both an addition and disposal within the year with the proceeds posted to the profit and loss and the gift recognised in the director's loan account.
5
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
3,752
3,540
Loans from directors
170,734
20,313
Crossgate Estates Ltd
Notes to the Accounts
for the year ended 31 March 2024
6
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
228,496
228,496
The company currently has three buy-to-let mortgages secured against three of the investment properties which act as the security for each loan. These three charges are held respectively by two building societies and one bank. These charges are visible on the public register.
The full outstanding capital balance is recognised as a non-current liability as these mortgages are currently on an interest-only repayment plan and will not be considered for repayment until the year 2028. As such, there is no current liability treatment for any of the outstanding loans.
7
Deferred taxation
2024
2023
Other deferred taxation
12,106
-
Charged to other comprehensive income
12,106
-
Provision at end of year
12,106
-
Within the year, the company opted to claim rollover relief on the sale of it's non-current assets for a future planned capital commitment, in advance of this purchase and has 36 months from the company year end, in which to complete this. The corporation tax relieved, at the correct chargeable rate, has been allocated as a deferred tax balance until such time that the purchase is completed or deadline expires, whichever is sooner.
8
Capital commitments
2024
2023
Amounts contracted but not provided for in the accounts
500,000
-
Within the year, the director claimed rollover relief in relation to the purchase of new building, to also act as the new head office and is committed to completing this purchase within the next financial year. The price for the new property was still under negotiation at the company's year end but is expected not to exceed more than £500,000.
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).