Company registration number 02176213 (England and Wales)
CROSSCOURT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
CROSSCOURT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CROSSCOURT LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,047
26,694
Current assets
Stocks
4,307
2,886
Debtors
5
399,153
342,682
Cash at bank and in hand
588,427
572,576
991,887
918,144
Creditors: amounts falling due within one year
6
(94,655)
(86,607)
Net current assets
897,232
831,537
Total assets less current liabilities
917,279
858,231
Provisions for liabilities
(5,011)
(5,067)
Net assets
912,268
853,164
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
911,268
852,164
Total equity
912,268
853,164
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
Mr S Lee
Director
Company Registration No. 02176213
CROSSCOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
Crosscourt Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Upper Northam Road, Hedge End, Southampton, Hampshire, United Kingdom, SO30 4DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Straight line over useful economic life 20 years
Plant and equipment
33% straight line
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CROSSCOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
15
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
74,450
10,000
84,450
Amortisation and impairment
At 1 February 2022 and 31 January 2023
74,450
10,000
84,450
Carrying amount
At 31 January 2023
At 31 January 2022
CROSSCOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2022
8,401
13,030
108,252
36,915
166,598
Additions
269
269
At 31 January 2023
8,401
13,030
108,521
36,915
166,867
Depreciation and impairment
At 1 February 2022
8,401
12,669
101,387
17,447
139,904
Depreciation charged in the year
333
1,716
4,867
6,916
At 31 January 2023
8,401
13,002
103,103
22,314
146,820
Carrying amount
At 31 January 2023
28
5,418
14,601
20,047
At 31 January 2022
361
6,865
19,468
26,694
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,741
Other debtors
291,886
188,674
291,886
192,415
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
107,267
150,267
Total debtors
399,153
342,682
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,087
17,211
Corporation tax
32,978
31,392
Other taxation and social security
32,360
16,959
Other creditors
12,230
21,045
94,655
86,607
CROSSCOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
904
904
904
904
Ordinary B shares of £1 each
96
96
96
96
1,000
1,000
1,000
1,000
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
28,000
42,000
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Interest free loan
-
(9,933)
18,747
8,814
(9,933)
18,747
8,814