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Registration number: 11456845

Crosstown Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Crosstown Investments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Crosstown Investments Limited

Company Information

Director

Ms J M Cross

Registered office

24 Dunkeld Road
Bournemouth
Dorset
BH3 7EN

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

Crosstown Investments Limited

(Registration number: 11456845)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

2,080,516

929,234

Debtors

5

143,318

670

Cash at bank and in hand

 

161,849

374,743

 

2,385,683

1,304,647

Creditors: Amounts falling due within one year

6

(2,393,655)

(1,304,626)

Net (liabilities)/assets

 

(7,972)

21

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(8,072)

(79)

Shareholders' (deficit)/funds

 

(7,972)

21

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 March 2025
 

.........................................
Ms J M Cross
Director

 

Crosstown Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
24 Dunkeld Road
Bournemouth
Dorset
BH3 7EN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Going concern

The company had a net balance sheet deficit of £7,972 (2023: surplus £21) at the balance sheet date and is dependent on the continued support of its director.

The director has given her assurance that she will provide sufficient further finance as may prove necessary to meet the company's working capital requirements for the foreseeable future.

Revenue recognition

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Crosstown Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Stocks

2024
£

2023
£

Work in progress

2,080,516

929,234

5

Debtors

2024
£

2023
£

Amounts owed by related undertakings

2,597

37

Other debtors

140,721

633

143,318

670

 

Crosstown Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and other borrowings

7

2,388,459

1,302,095

Trade creditors

 

-

960

Taxation and social security

 

3,912

721

Accruals and deferred income

 

990

850

Other creditors

 

294

-

 

2,393,655

1,304,626

7

Loans and borrowings

2024
£

2023
£

Current loans and other borrowings

Loans and other borrowings

2,388,459

1,302,095

8

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Repayments by director
£

At 30 June 2024
£

Ms J M Cross

Loan -interest 2%, unsecured and repayable on demand

484

(484)

-

       
     

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Ms J M Cross

Loan -interest 2%, unsecured and repayable on demand

-

47,769

(47,285)

484

         
       

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Crosstown Holdings Limited, incorporated in England.

  These financial statements are available upon request from The Old Exchange, 521 Wimborne Road East, Ferndown Dorset BH22 9NH