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Registration number: 04139148

Crossan Homes Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Crossan Homes Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

Crossan Homes Limited

Company Information

Directors

J P Crossan

M Crossan

Company secretary

J P Crossan

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Crossan Homes Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

2,874,893

1,018,979

Debtors

5

377,478

388,439

Cash at bank and in hand

 

9,335

1,598

 

3,261,706

1,409,016

Creditors: Amounts falling due within one year

6

(2,388,445)

(456,315)

Total assets less current liabilities

 

873,261

952,701

Provisions for liabilities

150

-

Net assets

 

873,411

952,701

Capital and reserves

 

Called up share capital

101

101

Share premium reserve

237,900

237,900

Retained earnings

635,410

714,700

Shareholders' funds

 

873,411

952,701

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 

.........................................

J P Crossan

Director

Company registration number: 04139148

 

Crossan Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the purchase and development of properties.

2

Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year and had net assets at the year end of £873,411 including cash at bank of £9,335.

The directors have considered the potential effect of inflationary increases on the economy and the directors' view is that the impact will be manageable as the company maintains low and manageable overheads and continue to receive rental income. The company’s working capital requirements are currently met via a combination of own resources and funds provided by connected party of £2,203,381. The directors have no reason to believe that this facility will be discontinued.

As a consequence, the company has sufficient financial resources to meet its liabilities as they fall due, and the directors believe that the company is well placed to manage its business risks successfully.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Crossan Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Revenue from the sale of property developments is recognised on exchange.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

4

Stocks

2024
£

2023
£

Work in progress

2,874,893

1,018,979

 

Crossan Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Trade debtors

-

150

Other debtors

377,478

388,289

377,478

388,439

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

7,969

831

Other creditors

2,380,476

368,324

Corporation tax

-

87,160

2,388,445

456,315

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £Nil (2023 - £3,333).