Crosseco Corporate Limited
Crosseco Corporate Limited
Registered number: 03518377
Unaudited Financial Statements
For The Year Ended
31 December 2021
Crosseco Corporate Limited
Unaudited Financial Statements
For The Year Ended
31 December 2021
Unaudited Financial Statements
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| Page | |
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| Accountants' Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—7 |
Crosseco Corporate Limited
Accountants' Report
For The Year Ended
31 December 2021
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of
Crosseco Corporate Limited
For The Year Ended 31 December 2021
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Crosseco Corporate Limited
which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of
Crosseco Corporate Limited
, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of
Crosseco Corporate Limited
and state those matters that we have agreed to state to the director of
Crosseco Corporate Limited
, as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Crosseco Corporate Limited
and its director as a body for our work or for this report.
It is your duty to ensure that
Crosseco Corporate Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Crosseco Corporate Limited
. You consider that
Crosseco Corporate Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of
Crosseco Corporate Limited
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Certified Accountants
809 Salisbury House
29 Finsbury Circus
London
EC2M 7AQ
Crosseco Corporate Limited
Balance Sheet
As at
31 December 2021
Balance Sheet
Registered number:
03518377
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
| 2021 | 2020 as restated |
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 230,128 | 101,361 | |||
Crosseco Corporate Limited
Balance Sheet (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 7 form part of these financial statements.
Crosseco Corporate Limited
Notes to the Financial Statements
For The Year Ended
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. No depreciation is provided in the year of acquisition. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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| Plant & Machinery |
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| Furniture, fixtures and equipment |
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1.4.
Investment Properties
Investment properties, including freehold and long leasehold properties, are those which are held either to earn rental income or for capital appreciation or both. Investment properties include property that is being constructed or developed for future use as an investment property.
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment properties whose fair value can be measured reliably are measured at fair value, based on the market valuations.
Any surplus or deficit on revaluation is recognised in the income statement as a fair value gains and losses.
1.5.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Crosseco Corporate Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2020: 1)
3.
Prior Period Adjustment
Prior Period adjustment is on account of reclassification of Leasehold property to Investment property. The effect of the correction of misstatement is:
- Increase in retained earnings by £3420.
- Decrease in accumulated depreciation by £3240.
Crosseco Corporate Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
4.
Tangible Assets
| Land & Buildings | Investment Properties | Plant & Machinery etc. | Total | |
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| £ | £ | £ | £ | |
| Cost or Valuation | ||||
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| Disposals |
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410,000 |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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The investment properties were valued, on 31 December 2021, by the directors of the company based on the assessment of available market information and property condition. The directors believe that their valuation would not be materially different from the professional valuation.
5.
Debtors
| 2021 | 2020 as restated |
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| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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6.
Creditors: Amounts Falling Due Within One Year
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Amounts owed to parent undertaking |
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Crosseco Corporate Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
7.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 as restated |
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| Bank loans |
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8.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2021 | 2020 as restated |
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| £ | £ | ||
| Bank loans and overdrafts | 13,376 | 13,026 |
10.
Related Party Transactions
Included in creditors falling due after more than one year is an amount of £266,313 (2020: £267,516 ) owed to its shareholder which is Crosseco Corporate Limited. The amount is interest free and is repayable on demand.
11.
Ultimate Controlling Party
The company's ultimate controlling party is Crosseco Group Limited by virtue of the ownership of 100% of the issued share capital in the company.The address of Crosseco Group Limited is 112 Capitol Trail,Newark, Delaware,United States,19711
12.
13.
General Information
Crosseco Corporate Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03518377
. The registered office is 809 Salisbury House, 29 Finsbury Circus, London, EC2M 7AQ.