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 2022

Crosscrown Limited

Abridged Financial Statements

Year Ended 31 July 2022

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Crosscrown Limited

Officers and Professional Advisers

The board of directors	Mr R Pettifer
	Mrs H T Pettifer

Company secretary	H T Pettifer

Registered office	The View, 3 Shore Road
	Sandbanks
	Poole
	Dorset
	BH13 7PH

Auditor	MCABA Limited t/a Mitchells
	Chartered Accountants & Statutory Auditor
	91-97 Saltergate
	Chesterfield
	Derbyshire
	S40 1LA

Bankers	National Westminster
	The Drapery Branch
	41 The Drapery
	Northampton
	NN1 2EY

Solicitors	Dawson Radford Solicitors
	26 Napier Court
	Gander Lane
	Barlborough
	Chesterfield
	United Kingdom
	S43 4PZ

Crosscrown Limited

Abridged Statement of Financial Position

31 July 2022

	2022		2021
Note	£	£	£

Fixed Assets

Intangible assets	5	178,800	268,200
Tangible assets	6	1,101,535	1,022,246
		------------	------------
		1,280,335	1,290,446

Current Assets

Stocks	18,000	18,000
Debtors	4,080,362	3,141,582
Cash at bank and in hand	2,228	4,177
	------------	------------
	4,100,590	3,163,759

Creditors: amounts falling due within one year	1,672,037		1,396,362
	------------		------------
Net Current Assets		2,428,553	1,767,397
		------------	------------
Total Assets Less Current Liabilities		3,708,888	3,057,843

Provisions

Taxation including deferred tax	144,301	126,622
	------------	------------
Net Assets	3,564,587	2,931,221
	------------	------------

Capital and Reserves

Called up share capital	8	91,502	91,502
Profit and loss account		3,473,085	2,839,719
		------------	------------
Shareholders Funds		3,564,587	2,931,221
		------------	------------

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 Section 1A of 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 2022 in accordance with Section 444(2A) of the Companies Act 2006.

Crosscrown Limited

Abridged Statement of Financial Position (continued)

31 July 2022

These abridged financial statements were approved by the board of directors and authorised for issue on 31 July 2023 , 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 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The View, 3 Shore Road, Sandbanks, Poole, Dorset, BH13 7PH.

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. Going concern During the year and since the year end the company has been affected by the global COVID-19 pandemic. The directors and management acted promptly at the outset of the pandemic, and have realigned their strategy and working practices to meet the demands arising from the ever-changing environment. The company continuously adapted in response to further changes throughout the year to stay in line with government guidelines and regulations. Procedures have been put in place to protect residents, visitors and staff, ensure the company has adequate access to supplies of personal protective equipment, monitor costs and protect cash flow as far as possible. The wider group has also breached covenants with the bank, however the bank are continuing to show support and are working with the group with regards forecasts. The company has continued to make capital repayments and remains profitable.

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, and the impact of COVID-19. 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 estimates and assumptions that have a significant risk of causing a 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.

Taxation

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.

Government grants

Government and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.

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 335 (2021: 332 ).

5. Intangible assets

	£
Cost
At 1 August 2021 and 31 July 2022	3,564,500
	------------
Amortisation
At 1 August 2021	3,296,300
Charge for the year	89,400
	------------
At 31 July 2022	3,385,700
	------------
Carrying amount
At 31 July 2022	178,800
	------------
At 31 July 2021	268,200
	------------

6. Tangible assets

	£
Cost
At 1 August 2021	1,947,400
Additions	159,626
	------------
At 31 July 2022	2,107,026
	------------
Depreciation
At 1 August 2021	925,154
Charge for the year	80,337
	------------
At 31 July 2022	1,005,491
	------------
Carrying amount
At 31 July 2022	1,101,535
	------------
At 31 July 2021	1,022,246
	------------

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

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	150,000	150,000	150,000	150,000
	---------	---------	---------	---------

Issued, called up and fully paid

	2022		2021
	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:

	2022	2021
	£	£
Not later than 1 year	15,523	47,995
Later than 1 year and not later than 5 years	28,914	44,437
	--------	--------
	44,437	92,432
	--------	--------

10. Summary audit opinion

The auditor's report for the year dated 31 July 2023 was unqualified .

The senior statutory auditor was David Waining 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:

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R Pettifer	387,712	352,571	( 740,283)	–
Mrs H T Pettifer	387,712	352,572	( 740,284)	–
	---------	---------	------------	----
	775,424	705,143	( 1,480,567)	–
	---------	---------	------------	----

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R Pettifer	( 1,797)	459,674	( 70,165)	387,712
Mrs H T Pettifer	( 1,796)	459,674	( 70,166)	387,712
	-------	---------	---------	---------
	( 3,593)	919,348	( 140,331)	775,424
	-------	---------	---------	---------

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 by the company was £1,623,417 (2021: £894,421). 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; The View, 3 Shore Road, Sandbanks, Poole, Dorset, BH13 7PH.