| Crossco Limited |
| Registered number: |
05073141 |
| Balance Sheet |
| as at 31 March 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Investments held as fixed assets |
3 |
|
|
8,339,494 |
|
|
5,932,609 |
|
| Current assets |
| Debtors |
4 |
|
11,747,994 |
|
|
11,944,532 |
| Cash at bank and in hand |
|
|
32,195 |
|
|
14,632 |
|
|
|
11,780,189 |
|
|
11,959,164 |
|
| Creditors: amounts falling due within one year |
5 |
|
(16,615,486) |
|
|
(16,602,545) |
|
| Net current liabilities |
|
|
|
(4,835,297) |
|
|
(4,643,381) |
|
| Net assets |
|
|
|
3,504,197 |
|
|
1,289,228 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
71,710 |
|
|
71,710 |
| Share premium |
|
|
|
10,081,344 |
|
|
10,081,344 |
| Profit and loss account |
|
|
|
(6,648,857) |
|
|
(8,863,826) |
|
| Shareholders' funds |
|
|
|
3,504,197 |
|
|
1,289,228 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| ST Glanville |
| Director |
| Approved by the board on 14 December 2022 |
|
| Crossco Limited |
| Notes to the Accounts |
| for the year ended 31 March 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. |
|
|
Debtors |
|
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Investments held as fixed assets |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 April 2021 |
5,932,609 |
|
Additions |
- |
|
Fair value adjustments |
2,406,885 |
|
Disposals |
- |
|
|
At 31 March 2022 |
8,339,494 |
|
|
| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Amounts owed by group and related party undertakings |
|
11,744,616 |
|
11,940,665 |
|
Other debtors |
3,378 |
|
3,867 |
|
|
|
|
|
|
11,747,994 |
|
11,944,532 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade creditors |
8,267 |
|
2,202 |
|
Amounts owed to group and related party undertakings |
|
|
|
|
16,592,254 |
|
16,592,254 |
|
Taxation and social security costs |
7,350 |
|
1,219 |
|
Other creditors |
7,615 |
|
6,870 |
|
|
|
|
|
|
16,615,486 |
|
16,602,545 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Related party transactions |
|
The company undertook the following transactions with subsidiaries: |
|
|
Transactions in the year |
|
Amounts due from/(to) |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
Candama Investors Limited Partnership |
- |
|
- |
|
- |
|
- |
|
Derandd Investors Limited Partnership |
- |
|
- |
|
6,332,910 |
|
6,332,910 |
|
Reger Property Limited |
(12,234) |
|
- |
|
- |
|
12,234 |
|
Stampflat Limited |
- |
|
- |
|
(10,772,500) |
|
(10,772,500) |
|
API Limited |
143,264 |
|
148,437 |
|
706 |
|
706 |
|
|
The company undertook the following transactions with entities whose directors (or general partner's directors) include directors of this company: |
|
|
Transactions in the year |
|
Amounts due from/(to) |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
MNFI Limited Partnership |
183,110 |
|
169,793 |
|
5,411,707 |
|
5,594,816 |
|
Michael Noble Investments |
- |
|
- |
|
(5,819,754) |
|
(5,819,754) |
|
|
Fees of £30,000 (2021: £30,000) were paid to directors during the year. |
|
|
| 7 |
Controlling party |
|
|
The parent company and immediate controlling party is MNFI General Partner Limited, a company incorporated in the United Kingdom with registered number 06312908 and registered office at First Floor, Finchale House, Belmont Business Park, Durham, DH1 1TW. The directors do not consider there to be an ultimate controlling party. The results of the company are not included in any group financial statements. |
|
|
| 8 |
Other information |
|
|
Crossco Limited is a private company limited by shares and incorporated in England. Its registered number is 05073141 and its registered office is: |
|
First Floor |
|
Finchale House |
|
Belmont Business Park |
|
Durham |
|
DH1 1TW |
