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Registered number: 12677651
Cross Assets 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
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12677651
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,647 -
Investment Properties 5 394,386 338,159
Investments 6 7,047,301 110,742
7,445,334 448,901
CURRENT ASSETS
Debtors 7 7,365,101 461,551
Cash at bank and in hand 591,640 68,721
7,956,741 530,272
Creditors: Amounts Falling Due Within One Year 8 (121,124 ) (45,553 )
NET CURRENT ASSETS (LIABILITIES) 7,835,617 484,719
TOTAL ASSETS LESS CURRENT LIABILITIES 15,280,951 933,620
NET ASSETS 15,280,951 933,620
CAPITAL AND RESERVES
Called up share capital 9 400 400
Profit and Loss Account 15,280,551 933,220
SHAREHOLDERS' FUNDS 15,280,951 933,620
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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
27 November 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Cross Assets Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12677651 . 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. Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from rent received.  Turnover is recognised in the period the rent is due.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% RB
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. 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.
2.6. 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.
2.7. 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.
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2.8. Investments
Investments in shares are included at fair value where the fair value can be measured reliably. Otherwise they are included at cost less impairment.
Shares in subsidiares, associates and jointly controlled entities are included at cost less impairment.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 1)
2 1
4. Tangible Assets
Plant & Machinery etc.
£
Cost or Valuation
As at 1 December 2022 -
Additions 4,863
As at 30 November 2023 4,863
Depreciation
As at 1 December 2022 -
Provided during the period 1,216
As at 30 November 2023 1,216
Net Book Value
As at 30 November 2023 3,647
As at 1 December 2022 -
5. Investment Property
2023
£
Fair Value
As at 1 December 2022 338,159
Additions 56,227
As at 30 November 2023 394,386
In the opinion of the director the fair value of the investment property, at the balance sheet date, was not significantly different from the amount at which it is stated in the accounts.
6. Investments
Listed Unlisted Total
£ £ £
Cost
As at 1 December 2022 107,941 2,801 110,742
Additions 7,633,958 - 7,633,958
Disposals (778,926 ) (2,701 ) (781,627 )
Fair value adjustments 84,228 - 84,228
As at 30 November 2023 7,047,201 100 7,047,301
...CONTINUED
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Provision
As at 1 December 2022 - - -
As at 30 November 2023 - - -
Net Book Value
As at 30 November 2023 7,047,201 100 7,047,301
As at 1 December 2022 107,941 2,801 110,742
Included within unlisted fixed asset investments is a shareholding in Cross Property Holdings Limited being 100% of the issued share capital.
Included within listed investments are investment funds which is held at fair value.
7. Debtors
2023 2022
£ £
Due within one year
Amounts owed by group undertakings 737,025 459,900
Other debtors 6,628,076 1,651
7,365,101 461,551
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Amounts owed to group undertakings - 32,325
Other creditors 16,376 12,600
Taxation and social security 104,748 628
121,124 45,553
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 400 400
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr James Cross (2,000 ) 282,933 - - 280,933
The above loan is unsecured and interest free.
11. Post Balance Sheet Events
During the year, Cross Assets Limited sold its 100% owned subsidiary Colibri limited on to an unconnected third party. 
Subsequently the Loan Notes of £6,250,000, which were part of the consideration and are in debtors, may have become impaired and a write off is being considered in the post balance sheet period. 
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12. Related Party Transactions
The Company has taken advantage of the exemption relating to related parties for 100% owned subsidiaries.
J M CrossThe above is the director of the company.At the balance sheet date the director owed to the company £280,933 (2022: was owed by company £2,000). No interest was charged on this loan during the period.

J M Cross

The above is the director of the company.

At the balance sheet date the director owed to the company £280,933 (2022: was owed by company £2,000). No interest was charged on this loan during the period.

During the year a dividend of £1,000 (2023: £2,000) was paid to the director.
13. Ultimate Controlling Party
The company's ultimate controlling party is the director by virtue of his ownership of 100% of the issued share capital in the company.
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