Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30102023-10-01falseThe principal activity continued to be that of a fashion retailer.11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07017802 2023-10-01 2024-09-30 07017802 2022-10-01 2023-09-30 07017802 2024-09-30 07017802 2023-09-30 07017802 c:Director1 2023-10-01 2024-09-30 07017802 d:FurnitureFittings 2023-10-01 2024-09-30 07017802 d:FurnitureFittings 2024-09-30 07017802 d:FurnitureFittings 2023-09-30 07017802 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 07017802 d:Goodwill 2024-09-30 07017802 d:Goodwill 2023-09-30 07017802 d:CurrentFinancialInstruments 2024-09-30 07017802 d:CurrentFinancialInstruments 2023-09-30 07017802 d:Non-currentFinancialInstruments 2024-09-30 07017802 d:Non-currentFinancialInstruments 2023-09-30 07017802 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 07017802 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 07017802 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 07017802 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 07017802 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 07017802 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 07017802 d:ShareCapital 2024-09-30 07017802 d:ShareCapital 2023-09-30 07017802 d:RetainedEarningsAccumulatedLosses 2024-09-30 07017802 d:RetainedEarningsAccumulatedLosses 2023-09-30 07017802 c:OrdinaryShareClass1 2023-10-01 2024-09-30 07017802 c:OrdinaryShareClass1 2024-09-30 07017802 c:OrdinaryShareClass1 2023-09-30 07017802 c:FRS102 2023-10-01 2024-09-30 07017802 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 07017802 c:FullAccounts 2023-10-01 2024-09-30 07017802 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07017802 d:WithinOneYear 2024-09-30 07017802 d:WithinOneYear 2023-09-30 07017802 d:BetweenOneFiveYears 2024-09-30 07017802 d:BetweenOneFiveYears 2023-09-30 07017802 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 07017802 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 07017802 e:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 07017802














CROSS TWO LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
CROSS TWO LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 11


 
CROSS TWO LIMITED
REGISTERED NUMBER:07017802

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
-

Tangible assets
 6 
9,942
5,246

  
9,942
5,246

Current assets
  

Stocks
 7 
388,145
312,928

Debtors: amounts falling due within one year
 8 
48,606
49,940

Cash at bank and in hand
 9 
2,708
2,706

  
439,459
365,574

Creditors: amounts falling due within one year
 10 
(277,901)
(240,559)

Net current assets
  
 
 
161,558
 
 
125,015

Total assets less current liabilities
  
171,500
130,261

Creditors: amounts falling due after more than one year
 11 
(7,039)
(17,370)

Provisions for liabilities
  

Deferred tax
 13 
(2,398)
(1,259)

  
 
 
(2,398)
 
 
(1,259)

Net assets
  
162,063
111,632


Capital and reserves
  

Called up share capital 
 14 
2
2

Profit and loss account
  
162,061
111,630

  
162,063
111,632


1

 
CROSS TWO LIMITED
REGISTERED NUMBER:07017802
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The director considers 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 director acknowledges her 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 profit and loss account 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 5 August 2025.




Ms S Robinson
Director

The notes on pages 3 to 11 form part of these financial statements.

2

 
CROSS TWO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Cross Two Limited is a private company, limited by shares, registered in England and Wales, registration number 07017802
The address of the registered office is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 
The address of the company's principal business is 141 Portland Road, Holland Park, London, W11 4LR.
The principal activity continued to be that of a fashion retailer.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

 Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of fashion goods supplied
during the year, net of Value Added Tax.

 
2.4

 Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

3

 
CROSS TWO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

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.


 
2.8

 Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

4

 
CROSS TWO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Equipment, fixtures and fittings
-
25% straight line

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.

 
2.10

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

 
2.11

 Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.13

 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.

 
2.14

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

5

 
CROSS TWO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 10).


4.


Dividends

2024
2023
£
£


Dividends
-
21,500


5.


Intangible assets




Goodwill

£



Cost


At 1 October 2023
15,502



At 30 September 2024

15,502



Amortisation


At 1 October 2023
15,502



At 30 September 2024

15,502



Net book value



At 30 September 2024
-



At 30 September 2023
-



6

 
CROSS TWO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Tangible fixed assets





Equipment, fixtures and fittings

£



Cost


At 1 October 2023
23,741


Additions
6,282



At 30 September 2024

30,023



Depreciation


At 1 October 2023
18,496


Charge for the year on owned assets
1,584



At 30 September 2024

20,080



Net book value



At 30 September 2024
9,943



At 30 September 2023
5,246

7

 
CROSS TWO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
388,145
312,928



8.


Debtors

2024
2023
£
£


Trade debtors
27,348
31,797

Other debtors
17,255
14,297

Prepayments
4,003
3,846

48,606
49,940



9.


Cash

2024
2023
£
£

Cash at bank and in hand
2,708
2,706

Less: bank overdrafts
(8,550)
(7,307)

(5,842)
(4,601)


8

 
CROSS TWO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
8,550
7,307

Bank loans
10,332
10,077

Trade creditors
130,037
140,689

Corporation tax
13,887
31,045

Other taxation and social security
23,041
24,965

Other creditors
70,467
20,101

Accruals
21,587
6,375

277,901
240,559


The bank overdraft of £8,550 (2023 - £7,307) is unsecured.

The following liabilities were secured:

2024
2023
£
£



COVID Bounce Back Loan
10,332
10,077

Details of security provided:

The bank loan of £10,332 (2023 - £10,077) included in creditors due within one year is a COVID Bounce Back Loan, 100% guaranteed by the government.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,039
17,370


The following liabilities were secured:

2024
2023
£
£



COVID Bounce Back Loan
7,039
17,370

Details of security provided:

The bank loan of £7,039 (2023 - £17,370) included in creditors due after more than one year is a COVID Bounce Back Loan, 100% guaranteed by the government.

9

 
CROSS TWO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,332
10,077


10,332
10,077


Amounts falling due 2-5 years

Bank loans
7,039
17,370


7,039
17,370


17,371
27,447



13.


Deferred taxation




2024


£






At beginning of year
1,259


Utilised in year
1,139



At end of year
2,398

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
2,398
1,259


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2

There are no restrictions on the distribution of dividends and the repayment of capital.


10

 
CROSS TWO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,863 (2023 - £3,634).  Contributions totalling £354 (2023 - £212) were payable to the fund at the balance sheet date and are included in creditors.


16.


Commitments under operating leases

At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
60,840
58,000

Later than 1 year and not later than 5 years
86,190
140,167

147,030
198,167


17.


Related party transactions

At the balance sheet date, the company owed the director £45,084 (2023 - £1,641). Interest is charged at the official rate when the company makes a loan to the director. During the year, the company charged interest at the official rate totalling £Nil (2023 - £287).  
Dividends were paid to the director totalling £Nil (2023 - £21,500) during the year.

 
11