Company registration number 08495040 (England and Wales)
CROSSMOLINA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CROSSMOLINA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CROSSMOLINA LTD
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
2,321,108
2,321,108
Investments
4
1,182,874
1,033,582
3,503,982
3,354,690
Current assets
Debtors
5
220,470
360,218
Cash at bank and in hand
109,049
232,522
329,519
592,740
Creditors: amounts falling due within one year
6
(17,060)
(48,949)
Net current assets
312,459
543,791
Total assets less current liabilities
3,816,441
3,898,481
Creditors: amounts falling due after more than one year
7
(682,515)
(677,625)
Net assets
3,133,926
3,220,856
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
3,132,926
3,219,856
Total equity
3,133,926
3,220,856
CROSSMOLINA LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -
For the financial year ended 31 May 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 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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
Mr J H Gaiger
Mr G M Gaiger
Director
Director
Company registration number 08495040 (England and Wales)
CROSSMOLINA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Crossmolina Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kennet House, Northgate Street, Devizes, Wiltshire, SN10 1JT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Other fixed asset investments are stated at their fair value.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument..
CROSSMOLINA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CROSSMOLINA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
2,321,108
Investment property comprises of residential flats. The investment property is shown at its fair value, this being the Director's assessment of the fair value of the property based upon rent yield and cost.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
2,321,108
2,321,108
Accumulated depreciation
(186,558)
146,463
Carrying amount
2,134,550
2,467,571
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,750
4,750
Loans to group undertakings and participating interests
362,245
362,245
Other investments other than loans
813,879
566,587
Loans
2,000
100,000
1,182,874
1,033,582
CROSSMOLINA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in associates
Loans to associates
Other investments
Other loans
Total
£
£
£
£
£
Cost or valuation
At 1 June 2023
4,750
362,245
566,587
100,000
1,033,582
Additions
-
-
351,444
-
351,444
Disposals
-
-
-
(98,000)
(98,000)
At 31 May 2024
4,750
362,245
918,031
2,000
1,287,026
Impairment
At 1 June 2023
-
-
-
-
-
Impairment losses
-
-
104,152
-
104,152
At 31 May 2024
-
-
104,152
-
104,152
Carrying amount
At 31 May 2024
4,750
362,245
813,879
2,000
1,182,874
At 31 May 2023
4,750
362,245
566,587
100,000
1,033,582
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,236
3,636
Other debtors
218,234
356,582
220,470
360,218
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
9,643
17,452
Other creditors
7,417
31,497
17,060
48,949
The bank loans are secured by legal charges over the assets.
CROSSMOLINA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
682,515
677,625
The bank loans are secured by legal charges over the assets.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
9
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Closing balance
£
£
£
Directors Loans
2.25
157,421
3,542
160,963
157,421
3,542
160,963