Crossover Promotions Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02760449 (England and Wales)

CROSSOVER PROMOTIONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P B Barnard

B J Barnard

C A Barnard

C Barnard

SECRETARY:

P B Barnard

REGISTERED OFFICE:

Home Farm House

Redhill Lane, Elberton

Olveston

Bristol

Somerset

BS35 4AE

REGISTERED NUMBER:

02760449 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Intangible assets

5

40,000

60,000

CURRENT ASSETS

Debtors

6

108,725

74,114

Cash at bank

150,322

77,651

259,047

151,765

CREDITORS

Amounts falling due within one year

7

101,780

101,258

NET CURRENT ASSETS

157,267

50,507

TOTAL ASSETS LESS CURRENT LIABILITIES

197,267

110,507

CREDITORS

Amounts falling due after more than one year

8

47,500

-

NET ASSETS

149,767

110,507

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

149,763

110,503

SHAREHOLDERS' FUNDS

149,767

110,507

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 17 December 2021 and were signed on its behalf by:

P B Barnard - Director

1.	STATUTORY INFORMATION

Crossover Promotions Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied, to all the years presented, unless other stated.

Despite the current COVID-19 outbreak, the accounts have been prepared on a going concern basis. The directors have assessed the performance and position of the company and believe they are well placed to continue to trade for the foreseeable future. They have strong cash and reserves levels and do not have any debt.

Intangible assets

Intangible assets relate to software rights sold to the company. It is expected that these rights will have a useful economic life of 5 years, so they are being amortised over this period.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases

Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits

Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Investments

Investments are recognised at historic cost, less any provision for permanent diminution in value.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Grant income

Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

5.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2020

and 31 March 2021

100,000

AMORTISATION

At 1 April 2020

40,000

Amortisation for year

20,000

At 31 March 2021

60,000

NET BOOK VALUE

At 31 March 2021

40,000

At 31 March 2020

60,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

24,958

15,118

Other debtors

83,767

58,996

108,725

74,114

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

2,500

-

Trade creditors

1,100

3,952

Taxation and social security

29,618

21,768

Other creditors

68,562

75,538

101,780

101,258

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

47,500

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

7,500

-

9.	INVESTMENTS

Crossover Promotions Limited had a 49% interest in Golf Datatech Europe LLC. Historically this investment has had an allocated value of £Nil as no profits had ever been allocated to Crossover Promotions Limited.

On 30th September 2017 this investment was transferred in full to Golf Datatech LLC, in exchange for a 29.4% interest in Golf Datatech LLC. As the cost of this investment in Golf Datatech LLC was effectively £Nil, nothing has been recognised in the accounts. However Crossover Promotions Limited will be entitled to annual income going forward.