Registered number
07559224
Crossframes Limited
Unaudited Filleted Accounts
31 March 2024
Crossframes Limited
Registered number: 07559224
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,853 10,717
Current assets
Stocks 16,330 21,966
Debtors 4 14,139 25,982
Cash at bank and in hand 13,638 60,941
44,107 108,889
Creditors: amounts falling due within one year 5 (28,309) (40,758)
Net current assets 15,798 68,131
Total assets less current liabilities 25,651 78,848
Provisions for liabilities (1,742) (2,618)
Net assets 23,909 76,230
Capital and reserves
Called up share capital 10 10
Profit and loss account 23,899 76,220
Shareholders' funds 23,909 76,230
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Peter Crossley
Director
Approved by the board on 20 September 2024
Crossframes Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
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:
Motor Vehicles over 4 years
Plant & Machinery over 6.6 years
Office over 6.6 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Office Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 6,009 18,206 3,992 28,207
Additions - 2,483 - 2,483
At 31 March 2024 6,009 20,689 3,992 30,690
Depreciation
At 1 April 2023 3,529 9,969 3,992 17,490
Charge for the year 773 2,574 - 3,347
At 31 March 2024 4,302 12,543 3,992 20,837
Net book value
At 31 March 2024 1,707 8,146 - 9,853
At 31 March 2023 2,480 8,237 - 10,717
4 Debtors 2024 2023
£ £
Trade debtors 13,024 24,893
Other debtors 1,115 1,089
14,139 25,982
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 74 1,494
Accrued Income 17,700 7,380
Taxation and social security costs 9,237 27,483
Other creditors 1,298 4,401
28,309 40,758
6 Related party transactions
None noted.
7 Transactions with Director
During the year Mr Peter Crossley used a current account with the company to record amounts due to him and amounts drawn by him. The account shows an amount owing back to Peter Crossley as director as at 31st March 2024 of £459.20 (2023: £28.01). The amount is repayable on demand and does not carry interest.
8 Controlling party
Peter Crossley owns 80% of the share capital and is sole director and Zoe Crossley, Company Secretary owns 20%. As Peter Crossley works full time in the business, controls the daily running of the company and is the sole director of Crossframes Ltd, he is actually the company's ultimate controlling party.
9 Other information
Crossframes Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Bank
Beaufort Street
Crickhowell
Powys
NP8 1AD
Crossframes Limited 07559224 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Mr Peter Crossley No description of principal activity 07559224 2022-04-01 2023-03-31 07559224 core:WithinOneYear 2023-03-31 07559224 core:ShareCapital 2023-03-31 07559224 core:RetainedEarningsAccumulatedLosses 2023-03-31 07559224 2023-04-01 2024-03-31 07559224 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07559224 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07559224 bus:Director40 2023-04-01 2024-03-31 07559224 1 2023-04-01 2024-03-31 07559224 2 2023-04-01 2024-03-31 07559224 core:LandBuildings 2023-04-01 2024-03-31 07559224 core:PlantMachinery 2023-04-01 2024-03-31 07559224 core:Vehicles 2023-04-01 2024-03-31 07559224 countries:England 2023-04-01 2024-03-31 07559224 bus:FRS102 2023-04-01 2024-03-31 07559224 bus:FilletedAccounts 2023-04-01 2024-03-31 07559224 2024-03-31 07559224 core:WithinOneYear 2024-03-31 07559224 core:ShareCapital 2024-03-31 07559224 core:RetainedEarningsAccumulatedLosses 2024-03-31 07559224 core:LandBuildings 2024-03-31 07559224 core:PlantMachinery 2024-03-31 07559224 core:Vehicles 2024-03-31 07559224 2023-03-31 07559224 core:LandBuildings 2023-03-31 07559224 core:PlantMachinery 2023-03-31 07559224 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure