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REGISTERED NUMBER: 01561550 (England and Wales)















Crossford Oil & Tool Supplies Ltd

Unaudited Financial Statements for the Year Ended 31 May 2024






Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Crossford Oil & Tool Supplies Ltd

Company Information
for the Year Ended 31 May 2024







Directors: Mrs J S Hurford
Miss G Hurford
M Hurford





Registered office: Unit 95/96, Springvale Industrial Estate
Cwmbran
NP44 5BH





Registered number: 01561550 (England and Wales)





Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £   
Fixed assets
Property, plant and equipment 4 301,307 303,096

Current assets
Inventories 142,000 142,000
Debtors 5 208,831 168,695
Cash at bank and in hand 271,772 255,713
622,603 566,408
Creditors
Amounts falling due within one year 6 (271,908 ) (231,150 )
Net current assets 350,695 335,258
Total assets less current liabilities 652,002 638,354

Creditors
Amounts falling due after more than one
year

7

(66,271

)

(87,112

)

Provisions for liabilities 9 (2,761 ) (1,384 )
Net assets 582,970 549,858

Capital and reserves
Called up share capital 100 100
Retained earnings 582,870 549,758
Shareholders' funds 582,970 549,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)

Statement of Financial Position - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:




Miss G Hurford - Director



M Hurford - Director


Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. Statutory information

Crossford Oil & Tool Supplies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant & equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property - 2% on cost

Plant & machinery - 25% reducing balance

Fixtures & fittings - 15% reducing balance

Computer equipment - 25% reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 8 (2023 - 8 ) .

4. Property, plant and equipment
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Cost
At 1 June 2023 328,618 42,300 28,823 66,647 466,388
Additions - - - 7,744 7,744
At 31 May 2024 328,618 42,300 28,823 74,391 474,132
Depreciation
At 1 June 2023 39,362 42,185 22,985 58,760 163,292
Charge for year 6,573 29 875 2,056 9,533
At 31 May 2024 45,935 42,214 23,860 60,816 172,825
Net book value
At 31 May 2024 282,683 86 4,963 13,575 301,307
At 31 May 2023 289,256 115 5,838 7,887 303,096

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 196,995 156,508
Prepayments 11,836 12,187
208,831 168,695

Crossford Oil & Tool Supplies Ltd (Registered number: 01561550)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 20,842 19,949
Trade creditors 156,504 128,803
Tax 20,306 12,614
Social security and other taxes 3,323 3,175
VAT 17,263 20,567
Other creditors 1,283 -
Directors' current accounts 51,080 44,112
Accrued expenses 1,307 1,930
271,908 231,150

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 21,775 20,842
Bank loans - 2-5 years 44,496 66,270
66,271 87,112

8. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 87,113 107,061

The bank loan is secured on the company property.

9. Provisions for liabilities
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 2,761 1,384

Deferred
tax
£   
Balance at 1 June 2023 1,384
Charge to Income Statement during year 1,377
Balance at 31 May 2024 2,761