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Cross Hotels Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2024

Registration number: 05936966

 

Cross Hotels Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Cross Hotels Limited

Balance Sheet

31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

1,675,951

1,735,701

 

1,675,952

1,735,702

Current assets

 

Stocks

45,758

51,373

Debtors

6

24,969

17,945

Cash at bank and in hand

 

69,481

47,980

 

140,208

117,298

Creditors: Amounts falling due within one year

7

(371,558)

(312,206)

Net current liabilities

 

(231,350)

(194,908)

Total assets less current liabilities

 

1,444,602

1,540,794

Creditors: Amounts falling due after more than one year

7

(1,642,062)

(1,549,738)

Net liabilities

 

(197,460)

(8,944)

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

(197,560)

(9,044)

Shareholders' deficit

 

(197,460)

(8,944)

 

Cross Hotels Limited

Balance Sheet

31 October 2024

For the financial year ending 31 October 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

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

.........................................
Mr W J R Cross
Director

Company Registration Number: 05936966

 

Cross Hotels Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 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:
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF

The principal place of business is:
The Cringletie House Hotel
Edinburgh Road
Peebles
EH45 8PL

These financial statements were authorised for issue by the Board on 27 June 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

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.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities, and is shown net of value added tax. The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Cross Hotels Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Fixtures and fittings

15% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Website development costs

25% straight line

Stocks

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

 

Cross Hotels Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2024

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances;
• Hire purchase contracts; and
• Loans

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 29).

 

Cross Hotels Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2024

4

Intangible assets

Goodwill
 £

Website development costs
 £

Total
£

Cost or valuation

At 1 November 2023

1

9,780

9,781

Disposals

-

(9,780)

(9,780)

At 31 October 2024

1

-

1

Amortisation

At 1 November 2023

-

9,780

9,780

Amortisation eliminated on disposals

-

(9,780)

(9,780)

At 31 October 2024

-

-

-

Carrying amount

At 31 October 2024

1

-

1

At 31 October 2023

1

-

1

5

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 November 2023

1,495,825

721,068

2,216,893

Additions

-

18,288

18,288

At 31 October 2024

1,495,825

739,356

2,235,181

Depreciation

At 1 November 2023

107,852

373,340

481,192

Charge for the year

23,128

54,910

78,038

At 31 October 2024

130,980

428,250

559,230

Carrying amount

At 31 October 2024

1,364,845

311,106

1,675,951

At 31 October 2023

1,387,973

347,728

1,735,701

 

Cross Hotels Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2024

6

Debtors

2024
£

2023
£

Trade debtors

4,554

-

Prepayments

20,115

17,945

Other debtors

300

-

24,969

17,945

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,276

10,000

Trade creditors

 

53,334

82,969

Taxation and social security

 

76,143

112,721

Accruals and deferred income

 

43,364

10,595

Other creditors

 

193,441

95,921

 

371,558

312,206

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,642,062

1,549,738

Borrowings are secured by a charge over the company's assets.

 

Cross Hotels Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

108,378

30,988

Hire purchase contracts

8,684

-

Other borrowings

1,525,000

1,518,750

1,642,062

1,549,738

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

10,000

Hire purchase contracts

5,276

-

5,276

10,000

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100