REGISTERED NUMBER: 04722854 (England and Wales)

CROSSOVER TECHNOLOGIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B J Barnard

P B Barnard

C A Barnard

REGISTERED OFFICE:

The Bristol Golf Club

St Swithins Park, Blackhorse Hill

Almondsbury

Bristol

BS10 7TP

REGISTERED NUMBER:

04722854 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Intangible assets

5

930,806

673,322

Tangible assets

6

15,386

21,994

946,192

695,316

CURRENT ASSETS

Debtors

7

201,536

381,894

Cash at bank and in hand

77,590

165,472

279,126

547,366

CREDITORS

Amounts falling due within one year

8

387,757

490,235

NET CURRENT (LIABILITIES)/ASSETS

(108,631

)

57,131

TOTAL ASSETS LESS CURRENT LIABILITIES

837,561

752,447

CREDITORS

Amounts falling due after more than one year

9

(66,117

)

(128,616

)

PROVISIONS FOR LIABILITIES

(3,000

)

(4,100

)

NET ASSETS

768,444

619,731

CAPITAL AND RESERVES

Called up share capital

11

11

Retained earnings

768,433

619,720

SHAREHOLDERS' FUNDS

768,444

619,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2025 and were signed on its behalf by:

C A Barnard - Director

1.	STATUTORY INFORMATION

Crossover Technologies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The company's presentational currency is the pound sterling (£).

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 other stated.

Turnover

Turnover represents sales of software development services including provision of maintenance and support services. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Accrued and Deferred Income

Accrued income is recognised where a service is provided or software delivered but where the invoice has not yet been raised. Deferred income is recognised where amounts are invoiced but the service or product has not yet been supplied, such as for maintenance services.

Intangible assets

Intangible assets comprise development costs, which are being capitalised in relation to the current cloud software development project. Once the project has been completed, and the product is in use, the asset will be amortised over its useful life, which is expected to be 10 years. There are several phases to the development project. Amortisation will commence at the end of each phase for the costs associated with that phase.

The policy to capitalise development costs was put in place for this large project in a prior year, in order to report profits and costs appropriately over the life of the asset being created. Historically the policy had been to expense development costs.

The policy to capitalise development costs will be in place going forwards and will be applied to all projects of significant scale that result in the creation of an asset. Smaller updates, add-ons and adjustments that are simply part of the larger existing software will be expensed annually as part of the ongoing maintenance and update programme .

Software licences and trademarks are also included in intangibles assets. These are capitalised and amortised over their useful life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Fixed assets being plant and machinery are depreciated over either 20% reducing balance or 3 years straight line.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment for amounts not deemed recoverable.

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.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Research and development

Expenditure on research and small ongoing development costs are written off in the year in which it is incurred.

Development costs associated with a new software or large project are capitalised within intangible assets and amortised over their useful life.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases

At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits

Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Development costs

The company has elected to capitalise any development costs that meet the definition of an asset and will generate income for the company in the future. Any Development costs that are on a client assignment and generate revenue will be expense in the profit and loss account.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2024 - 25 ) .

5.	INTANGIBLE FIXED ASSETS

Development

Software

Trademarks

costs

Licences

Totals

£

£

£

£

COST

At 1 April 2024

26,155

686,577

13,256

725,988

Additions

5,740

322,500

-

328,240

Disposals

-

-

(13,256

)

(13,256

)

At 31 March 2025

31,895

1,009,077

-

1,040,972

AMORTISATION

At 1 April 2024

2,552

36,858

13,256

52,666

Amortisation for year

2,099

68,657

-

70,756

Eliminated on disposal

-

-

(13,256

)

(13,256

)

At 31 March 2025

4,651

105,515

-

110,166

NET BOOK VALUE

At 31 March 2025

27,244

903,562

-

930,806

At 31 March 2024

23,603

649,719

-

673,322

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2024

61,841

Additions

916

Disposals

(5,818

)

At 31 March 2025

56,939

DEPRECIATION

At 1 April 2024

39,847

Charge for year

7,257

Eliminated on disposal

(5,551

)

At 31 March 2025

41,553

NET BOOK VALUE

At 31 March 2025

15,386

At 31 March 2024

21,994

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

96,999

294,797

Other debtors

104,537

87,097

201,536

381,894

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

62,500

62,500

Trade creditors

49,315

33,776

Taxation and social security

58,786

64,219

Other creditors

217,156

329,740

387,757

490,235

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

66,117

128,616

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

19,205

33,579

Between one and five years

13,384

9,179

32,589

42,758

Lease commitments above comprise motor vehicles and the office premises lease.

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

128,617

191,116

There are fixed and floating charges held by the bank over the undertaking and all property and assets.

12.	RELATED PARTY DISCLOSURES

A loan has been provided by a shareholder amounting to £31,500. This loan has been shown as a short term liability as there are no set terms of repayment, hence it is treated as repayable on demand. No interest is payable on the loan provided.The full balance remains owed at the balance sheet date.

During the prior year £38,500 was loaned from a company with a director in common. This loan was made interest free, with no set terms of repayment and so has been included in other creditors due in under one year. The amount owed at the balance sheet date is £36,649.

13.	UNPROVIDED DEFERRED TAX ASSET

The company has not provided for a deferred tax asset arising from carrying tax losses which would result in an asset of £37,000 (2024: £25,900) due to the uncertainty of the timing this will be realised. This is because research and development claims are made each year, rather than no profit anticipated.