Company Registration No. 04613978 (England and Wales)
Crosley Associates Limited
Unaudited accounts
for the year ended 31 December 2024
Crosley Associates Limited
Unaudited accounts
Contents
Crosley Associates Limited
Company Information
for the year ended 31 December 2024
Company Number
04613978 (England and Wales)
Registered Office
D23 Heritage Business Park
Heritage Way
Gosport
PO12 4BG
Accountants
P7 Accounting Limited
25 Cutbush Lane
Bitterne
Southampton
SO18 5QP
Crosley Associates Limited
Statement of financial position
as at 31 December 2024
Cash at bank and in hand
14,356
3,927
Creditors: amounts falling due within one year
(174,223)
(205,244)
Net current liabilities
(28,218)
(33,924)
Total assets less current liabilities
(27,476)
(32,291)
Creditors: amounts falling due after more than one year
(52,120)
(62,517)
Net liabilities
(79,596)
(94,808)
Called up share capital
50,000
50,000
Profit and loss account
(129,596)
(144,808)
Shareholders' funds
(79,596)
(94,808)
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 September 2025 and were signed on its behalf by
Mr K Light
Director
Company Registration No. 04613978
Crosley Associates Limited
Notes to the Accounts
for the year ended 31 December 2024
Crosley Associates Limited is a private company, limited by shares, registered in England and Wales, registration number 04613978. The registered office is D23 Heritage Business Park, Heritage Way, Gosport, PO12 4BG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight line
Motor vehicles
25% Straight line
Computer equipment
25% Straight line
Stock and work in progress
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Crosley Associates Limited
Notes to the Accounts
for the year ended 31 December 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2024
196,498
675
2,780
199,953
At 31 December 2024
196,498
675
2,780
199,953
At 1 January 2024
196,151
675
2,094
198,920
Charge for the year
347
-
344
691
At 31 December 2024
196,498
675
2,438
199,611
At 31 December 2024
-
-
342
342
At 31 December 2023
347
-
686
1,033
Amounts falling due within one year
Trade debtors
100,848
134,525
Deferred tax asset
20,323
24,100
Crosley Associates Limited
Notes to the Accounts
for the year ended 31 December 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
17,831
14,299
Obligations under finance leases and hire purchase contracts
-
483
Trade creditors
135,728
164,551
Taxes and social security
17,740
21,445
8
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
47,711
47,711
9
Deferred taxation
2024
2023
Tax losses carried forward
(20,323)
(24,100)
Provision at start of year
(24,100)
(41,204)
Charged to the profit and loss account
3,777
17,104
Provision at end of year
(20,323)
(24,100)
10
Transactions with related parties
During the year the company made the following related party transactions:
During the year Mr Robert Crosley, majority shareholder, made a loan to the company. No interest has been charged in respect of this loan during the year (2023 - £Nil).
At the balance sheet date the amount due to Mr Robert Crosley was £47,711 (2023 - £47,711).
During the year rent and service charges were charged by Crosley Estates Limited of £59,679 (2023 - £56,784).
At the balance sheet date the amount due to Crosley Estates Limited was £52,874 (2023 - £40,795).
11
Average number of employees
During the year the average number of employees was 5 (2023: 5).