Crossbar Limited - Period Ending 2023-03-31

Crossbar Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 4

Crossbar Limited

Company Information

Director

R Villiers-Smith

Company secretary

S Villiers-Smith

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Crossbar Limited

Statement of Financial Position as at 31 March 2023

	Note	2023 £	2022 £
Current assets
Debtors	4	12,182	19,828
Cash at bank and in hand		303,224	276,447
		315,406	296,275
Creditors: Amounts falling due within one year	5	(278,981)	(271,558)
Net assets		36,425	24,717
Capital and reserves
Called up share capital		100	100
Profit and loss account		36,325	24,617
Total equity		36,425	24,717

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 6 November 2023
 

.........................................

R Villiers-Smith

Director

Company registration number: 04577611

Crossbar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of trade finance related services.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

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 otherwise stated.

Going concern

The company made a profit for the year ended 31 March 2023 and had net assets at that date of £36,425.

The director has considered the potential effect of the current economic outlook and the director believes that the impact will continue to be manageable. The company continues to operate profitably, and has few fixed overheads. The director is able to control expenditure where required.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover represents finance and interest charges on customers' factored book debts received or receivable on in the ordinary course of the company's activities.

The company recognises turnover from services provided over the contractual period using the effective interest method.

Foreign currency transactions and balances

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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Crossbar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

3	Staff numbers

The average number of persons employed by the company during the year, was 1 (2022: 2).

4

Debtors

	2023 £	2022 £
Trade debtors	11,822	19,062
Other debtors	360	766
	12,182	19,828

5

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Taxation and social security	4,159	2,057
Other creditors	274,822	269,501
	278,981	271,558