Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31property management2023-06-01truefalse11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00683566 2023-06-01 2024-05-31 00683566 2022-06-01 2023-05-31 00683566 2024-05-31 00683566 2023-05-31 00683566 c:Director1 2023-06-01 2024-05-31 00683566 c:Director2 2023-06-01 2024-05-31 00683566 c:Director2 2024-05-31 00683566 c:RegisteredOffice 2023-06-01 2024-05-31 00683566 d:PlantMachinery 2023-06-01 2024-05-31 00683566 d:PlantMachinery 2024-05-31 00683566 d:PlantMachinery 2023-05-31 00683566 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00683566 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 00683566 d:MotorVehicles 2023-06-01 2024-05-31 00683566 d:MotorVehicles 2024-05-31 00683566 d:MotorVehicles 2023-05-31 00683566 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00683566 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 00683566 d:FurnitureFittings 2023-06-01 2024-05-31 00683566 d:FurnitureFittings 2024-05-31 00683566 d:FurnitureFittings 2023-05-31 00683566 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00683566 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 00683566 d:OfficeEquipment 2023-06-01 2024-05-31 00683566 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00683566 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 00683566 d:FreeholdInvestmentProperty 2024-05-31 00683566 d:FreeholdInvestmentProperty 2023-05-31 00683566 d:FreeholdInvestmentProperty 2 2023-06-01 2024-05-31 00683566 d:CurrentFinancialInstruments 2024-05-31 00683566 d:CurrentFinancialInstruments 2023-05-31 00683566 d:Non-currentFinancialInstruments 2024-05-31 00683566 d:Non-currentFinancialInstruments 2023-05-31 00683566 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 00683566 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 00683566 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 00683566 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 00683566 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-05-31 00683566 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 00683566 d:ShareCapital 2024-05-31 00683566 d:ShareCapital 2023-05-31 00683566 d:InvestmentPropertiesRevaluationReserve 2023-06-01 2024-05-31 00683566 d:InvestmentPropertiesRevaluationReserve 2024-05-31 00683566 d:InvestmentPropertiesRevaluationReserve 2023-05-31 00683566 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 00683566 d:RetainedEarningsAccumulatedLosses 2024-05-31 00683566 d:RetainedEarningsAccumulatedLosses 2023-05-31 00683566 c:OrdinaryShareClass1 2023-06-01 2024-05-31 00683566 c:OrdinaryShareClass1 2024-05-31 00683566 c:OrdinaryShareClass1 2023-05-31 00683566 c:FRS102 2023-06-01 2024-05-31 00683566 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 00683566 c:FullAccounts 2023-06-01 2024-05-31 00683566 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 00683566 2 2023-06-01 2024-05-31 00683566 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 00683566 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 00683566 d:OtherDeferredTax 2024-05-31 00683566 d:OtherDeferredTax 2023-05-31 00683566 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-05-31 00683566 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 00683566 d:LeasedAssetsHeldAsLessee 2024-05-31 00683566 d:LeasedAssetsHeldAsLessee 2023-05-31 00683566 f:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00683566









CROSSCOMPANY LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
CROSSCOMPANY LTD
 
 
COMPANY INFORMATION


Directors
Duncan Cross 
James Adam Barrington Cross (appointed 17 October 2024)




Registered number
00683566



Registered office
12 Church Street

Cromer

Norfolk

NR27 9ER




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
CROSSCOMPANY LTD
 

CONTENTS



Page
Accountants' report
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 
CROSSCOMPANY LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CROSSCOMPANY LTD
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Crosscompany Ltd for the year ended 31 May 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Crosscompany Ltd, as a body, in accordance with the terms of our engagement letter dated 2 September 2022Our work has been undertaken solely to prepare for your approval the financial statements of Crosscompany Ltd  and state those matters that we have agreed to state to the Board of directors of Crosscompany Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crosscompany Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Crosscompany Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Crosscompany Ltd. You consider that Crosscompany Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Crosscompany Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
 
26 February 2025
Page 1

 
CROSSCOMPANY LTD
REGISTERED NUMBER: 00683566

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,572
7,543

Investment property
 5 
905,000
885,000

  
913,572
892,543

Current assets
  

Debtors: amounts falling due within one year
 6 
1,378
853

Cash at bank and in hand
  
4,360
3,188

  
5,738
4,041

Creditors: amounts falling due within one year
 7 
(205,381)
(188,335)

Net current liabilities
  
 
 
(199,643)
 
 
(184,294)

Total assets less current liabilities
  
713,929
708,249

Creditors: amounts falling due after more than one year
 8 
(490,759)
(490,769)

Provisions for liabilities
  

Deferred tax
 10 
(30,560)
(26,539)

  
 
 
(30,560)
 
 
(26,539)

Net assets
  
192,610
190,941


Capital and reserves
  

Called up share capital 
 11 
5,224
5,224

Investment property reserve
 12 
125,031
108,831

Profit and loss account
 12 
62,355
76,886

  
192,610
190,941


Page 2

 
CROSSCOMPANY LTD
REGISTERED NUMBER: 00683566
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2025.




................................................
Duncan Cross
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
CROSSCOMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The Company is a United Kingdom private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER and its registered company no is 00683566.
The company's principle activity is that of property investments and managing holiday lets.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
CROSSCOMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
CROSSCOMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
CROSSCOMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 June 2023
1,500
16,995
3,513
22,008


Additions
-
-
3,320
3,320


Disposals
-
-
(706)
(706)



At 31 May 2024

1,500
16,995
6,127
24,622



Depreciation


At 1 June 2023
976
11,619
1,870
14,465


Charge for the year on owned assets
134
-
813
947


Charge for the year on financed assets
-
1,344
-
1,344


Disposals
-
-
(706)
(706)



At 31 May 2024

1,110
12,963
1,977
16,050



Net book value



At 31 May 2024
390
4,032
4,150
8,572



At 31 May 2023
524
5,376
1,643
7,543

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
4,032
5,376

4,032
5,376

Page 7

 
CROSSCOMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
885,000


Surplus on revaluation
20,000



At 31 May 2024
905,000

The 2024 valuations were made by the director of the company, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
750,641
750,641

Accumulated depreciation and impairments
(42,905)
(27,892)

707,736
722,749

Page 8

 
CROSSCOMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

2024
2023
£
£


Prepayments and accrued income
1,378
853

1,378
853



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,944
2,697

Other taxation and social security
655
496

Obligations under finance lease and hire purchase contracts
-
1,890

Other creditors
200,039
181,846

Accruals and deferred income
1,743
1,406

205,381
188,335


The following liabilities were secured:

2024
2023
£
£



Obligations under hire purchase contracts
-
1,890

-
1,890

Details of security provided:

The hire purchase contract was secured against the company vehicle it was taken out to finance.

Page 9

 
CROSSCOMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
490,759
490,769

490,759
490,769


The following liabilities were secured:

2024
2023
£
£



Bank loans
490,759
490,769

490,759
490,769

Details of security provided:

The bank loans are secured by way of charges in favour of The Mortgage Lender Limited over the properties at 40 Nursery Close, Hellesdon, NR6 5SJ, 5 Hartington Road, Cromer, NR27 0EJ and 14 Campion Way, Sheringham, NR26 8UN. A personal guarantee has also been given by the director in respect of the same.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
490,759
490,769

490,759
490,769

490,759
490,769


Page 10

 
CROSSCOMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Deferred taxation




2024


£






At beginning of year
(26,539)


Charged to profit or loss
(4,021)



At end of year
(30,560)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,232)
(1,011)

Investment property unrealised valuation gains
(29,328)
(25,528)

(30,560)
(26,539)

Following fair value movement on investment properties, deferred tax has been calculated on investment properties as per FRS102 Section 1A and on all tangible fixed assets to show a true and fair view of the financial statements.  The movement has been posted for the current year.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,224 (2023 - 5,224) Ordinary shares of £1 each
5,224
5,224


12.


Reserves

Investment property revaluation reserve

This is a fair value reserve and represents the cumulative value of revaluations of the Company's investment property to fair value. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 11

 
CROSSCOMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Related party transactions

At the year end the company owed its director £200,039 (2023 : £181,846) in respect of an interest-free director's loan account. The loan is unsecured and is repayable on demand.

 
Page 12