Crosswell Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05059980 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2020

for

Crosswell Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Cuckill

Mrs S J Cuckill

REGISTERED OFFICE:

1170 Rochdale Road

Blackley

Manchester

M9 8AT

REGISTERED NUMBER:

05059980 (England and Wales)

ACCOUNTANTS:

Account-Angels (North West) Limited

Uglow Farm

Broadhead Road

Edgworth

Bolton

BL7 0JN

FIXED ASSETS

Investment property

4

253,159

253,159

CURRENT ASSETS

Stocks

30,000

22,800

Debtors

5

50,343

85,343

Cash at bank

294,109

273,170

374,452

381,313

CREDITORS

Amounts falling due within one year

6

175,729

201,419

NET CURRENT ASSETS

198,723

179,894

TOTAL ASSETS LESS CURRENT LIABILITIES

451,882

433,053

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

451,880

433,051

SHAREHOLDERS' FUNDS

451,882

433,053

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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 28 September 2020 and were signed on its behalf by:

M A Cuckill - Director

1.	STATUTORY INFORMATION

Crosswell Properties Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2019

and 31 May 2020

253,159

NET BOOK VALUE

At 31 May 2020

253,159

At 31 May 2019

253,159

Fair value at 31 May 2020 is represented by:

£

Cost

253,159

If property investments had not been revalued they would have been included at the following historical cost:

31.5.20

31.5.19

£

£

Cost

253,159

253,159

Property investments were valued on an open market basis on 31 May 2020 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Other debtors

50,343

85,343

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Bank loans and overdrafts

33,431

41,346

Taxation and social security

5,640

8,699

Other creditors

136,658

151,374

175,729

201,419

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.20

31.5.19

£

£

Bank loans

33,431

41,346

8.	RELATED PARTY DISCLOSURES

Included in creditors, amounts falling due within one year, is a joint directors current account, in the names of M A Cuckill and Mrs S J Cuckill amounting to £134557 (2019 £149274). This loan is unsecured, interest free and repayable upon demand.