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Company registration number: 01860543
Crosslarch Limited
Unaudited filleted financial statements
31 December 2023
Crosslarch Limited
Contents
Balance sheet
Notes to the financial statements
Crosslarch Limited
Balance sheet
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 200,000 185,000
_______ _______
200,000 185,000
Current assets
Cash at bank and in hand 10,196 13,395
_______ _______
10,196 13,395
Creditors: amounts falling due
within one year 6 ( 7,646) ( 14,755)
_______ _______
Net current assets/(liabilities) 2,550 ( 1,360)
_______ _______
Total assets less current liabilities 202,550 183,640
Provisions for liabilities 1,900 4,750
_______ _______
Net assets 204,450 188,390
_______ _______
Capital and reserves
Called up share capital 7 61,100 61,100
Other reserves 156,900 144,750
Profit and loss account ( 13,550) ( 17,460)
_______ _______
Shareholders funds 204,450 188,390
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr C W White
Director
Company registration number: 01860543
Crosslarch Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 101 High Street, Yarm, TS15 9BB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Not Depreciated
Long leasehold property - Not Depreciated
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property Long leasehold property Total
£ £ £
Cost or valuation
At 1 January 2023 50,000 135,000 185,000
Revaluation 10,000 5,000 15,000
_______ _______ _______
At 31 December 2023 60,000 140,000 200,000
_______ _______ _______
Depreciation
At 1 January 2023 and 31 December 2023 - - -
_______ _______ _______
Carrying amount
At 31 December 2023 60,000 140,000 200,000
_______ _______ _______
At 31 December 2022 50,000 135,000 185,000
_______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 January 2023 185,000
Fair value adjustments 15,000
_______
At 31 December 2023 200,000
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Long leasehold property Total
£ £ £
At 31 December 2023
Aggregate cost 50,000 160,000 210,000
Aggregate depreciation - - -
_______ _______ _______
Carrying amount 50,000 160,000 210,000
_______ _______ _______
At 31 December 2022
Aggregate cost 50,000 160,000 210,000
Aggregate depreciation - - -
_______ _______ _______
Carrying amount 50,000 160,000 210,000
_______ _______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 570 -
Corporation tax 5,608 13,908
Other creditors 1,468 847
_______ _______
7,646 14,755
_______ _______
7. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 61,100 61,100 61,100 61,100
_______ _______ _______ _______
8. Directors advances, credits and guarantees
There were no directors' advances, credits or guarantees in the year.