Crosscrown Limited Filleted accounts for Companies House (small and micro)

CROSSCROWN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03155829

Crosscrown Limited

Filleted Abridged Financial Statements

31 July 2019

Crosscrown Limited

Abridged Statement of Financial Position

31 July 2019

	2019		2018
Note	£	£	£

Fixed Assets

Intangible assets	5	712,058	1,068,509
Tangible assets	6	772,127	785,460
		------------	------------
		1,484,185	1,853,969

Current Assets

Stocks	18,000	16,000
Debtors	1,326,556	1,711,925
Cash at bank and in hand	24,736	27,990
	------------	------------
	1,369,292	1,755,915

Creditors: amounts falling due within one year	902,547		970,644
	------------		------------
Net Current Assets		466,745	785,271
		------------	------------
Total Assets Less Current Liabilities		1,950,930	2,639,240

Provisions

Taxation including deferred tax	66,329	–
	------------	------------
Net Assets	1,884,601	2,639,240
	------------	------------

Capital and Reserves

Called up share capital	8	91,502	91,502
Profit and loss account		1,793,099	2,547,738
		------------	------------
Shareholders Funds		1,884,601	2,639,240
		------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.

Crosscrown Limited

Abridged Statement of Financial Position (continued)

31 July 2019

These abridged financial statements were approved by the board of directors and authorised for issue on 15 April 2020 , and are signed on behalf of the board by:

Mr R Pettifer

Director

Company registration number: 03155829

Crosscrown Limited

Notes to the Abridged Financial Statements

Year Ended 31 July 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Maranatha, Coventry Road, Cawston, Rugby, Warwickshire, CV22 7RY.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Warwick Care Limited which can be obtained from The Registrar of Companies (England and Wales). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

In the process of applying the company's accounting policies, the directors are required to make certain estimates, judgements and assumptions that they believe are reasonable based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The estimate and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful life and residual values Intangible assets The charge is respect of amortisation is derived after determining an estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as expected use of the acquired business, the expected useful life of the cash generating unit to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit the useful life and assumptions that market participants would consider in respect of similar businesses. Tangible assets The charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the company's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness. Leases Determining whether leases entered into by the company as a lessee are operating or finances leases requires judgement. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee based on the evaluation of the terms and conditions of the arrangements on a lease by lease basis.

Revenue recognition

The turnover shown in the profit and loss account represents residents fees earned during the year.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property improvements	-	2% straight line
Fixture, fittings and equipment	-	25% straight line
Motor vehicles	-	25% reducing balance
Computer equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and net realisable value.

Financial instruments

Debtors and creditors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 279 (2018: 245 ).

5. Intangible assets

	£
Cost
At 1 August 2018 and 31 July 2019	3,564,500
	------------
Amortisation
At 1 August 2018	2,495,991
Charge for the year	356,451
	------------
At 31 July 2019	2,852,442
	------------
Carrying amount
At 31 July 2019	712,058
	------------
At 31 July 2018	1,068,509
	------------

6. Tangible assets

	£
Cost
At 1 August 2018	1,561,412
Additions	33,376
	------------
At 31 July 2019	1,594,788
	------------
Depreciation
At 1 August 2018	775,952
Charge for the year	46,709
	------------
At 31 July 2019	822,661
	------------
Carrying amount
At 31 July 2019	772,127
	------------
At 31 July 2018	785,460
	------------

7. Guarantees

There is a fixed and floating charge over all of the Company's assets to NatWest Bank Plc.

8. Called up share capital

Authorised share capital

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	150,000	150,000	150,000	150,000
	---------	---------	---------	---------

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	91,502	91,502	91,502	91,502
	--------	--------	--------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	70,055	26,626
Later than 1 year and not later than 5 years	139,918	50,790
Later than 5 years	26,365	–
	---------	--------
	236,338	77,416
	---------	--------

10. Summary audit opinion

The auditor's report for the year dated 17 April 2020 was unqualified.

The senior statutory auditor was Tony Hornsby BA(Hons) BFP FCA , for and on behalf of MCABA Limited t/a Mitchells .

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R Pettifer	( 4,561)	157,199	( 16,021)	136,617
Mrs H T Pettifer	( 4,562)	157,198	( 16,021)	136,615
	-------	---------	--------	---------
	( 9,123)	314,397	( 32,042)	273,232
	-------	---------	--------	---------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R Pettifer	199,271	185,584	( 389,416)	( 4,561)
Mrs H T Pettifer	199,270	185,584	( 389,416)	( 4,562)
	---------	---------	---------	-------
	398,541	371,168	( 778,832)	( 9,123)
	---------	---------	---------	-------

Interest was charged at the official rate of interest.

12. Related party transactions

During the year the company entered into transactions with entities under common control. At the year end the balance owed to the company was £480,213 (2018: £429,710). All transactions were carried out under normal market conditions. The company has taken advantage of exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group companies. There are no further transactions that require disclosure.

13. Controlling party

Warwick Care Limited is the parent undertaking, a company registered in England and Wales. Consolidated financial statements can be obtained from the company's registered address; Maranatha, Coventry Road, Cawston, Rugby, CV22 7RY.