Cross Extreme Limited 31/03/2018 iXBRL

Cross Extreme Limited 31/03/2018 iXBRL

CROSS EXTREME LIMITED - Company Information

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Company registration number: 06843383
Cross Extreme Limited
Unaudited filleted financial statements
31 March 2018
CROSS EXTREME LIMITED
Contents
Statement of financial position
Notes to the financial statements
CROSS EXTREME LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 40,543 43,326
_______ _______
40,543 43,326
Current assets
Debtors 6 2,264 2,694
Cash at bank and in hand 10,317 10,658
_______ _______
12,581 13,352
Creditors: amounts falling due
within one year 7 ( 29,549) ( 31,716)
_______ _______
Net current liabilities ( 16,968) ( 18,364)
_______ _______
Total assets less current liabilities 23,575 24,962
Creditors: amounts falling due
after more than one year 8 ( 2,057) -
Provisions for liabilities ( 4,987) ( 5,742)
_______ _______
Net assets 16,531 19,220
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 16,431 19,120
_______ _______
Shareholders funds 16,531 19,220
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2018 , and are signed on behalf of the board by:
Mr M Cross
Director
Company registration number: 06843383
CROSS EXTREME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon, PL6 8LT.
Principal activity
The principal activity of the company is that of exhibitions and advising on bodybuilding.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any 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:
Freehold and leasehold properties - 20 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer Equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 April 2017 5,851 43,975 11,347 13,479 30,191 104,843
Additions 973 6,160 271 232 5,969 13,605
Disposals - ( 119) - - - ( 119)
_______ _______ _______ _______ _______ _______
At 31 March 2018 6,824 50,016 11,618 13,711 36,160 118,329
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2017 1,492 20,704 4,759 12,130 22,432 61,517
Charge for the year 1,364 7,340 1,026 395 6,174 16,299
Disposals - ( 30) - - - ( 30)
_______ _______ _______ _______ _______ _______
At 31 March 2018 2,856 28,014 5,785 12,525 28,606 77,786
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2018 3,968 22,002 5,833 1,186 7,554 40,543
_______ _______ _______ _______ _______ _______
At 31 March 2017 4,359 23,271 6,588 1,349 7,759 43,326
_______ _______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Other debtors 2,264 2,694
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 2,313 -
Accruals and deferred income 1,890 2,052
Other creditors 25,346 29,664
_______ _______
29,549 31,716
_______ _______
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 2,057 -
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 April 2017 Loans to / (from) the directors Amounts repaid Balance at 31 March 2018
£ £ £ £
Directors ( 26,622) ( 759) 5,501 ( 21,880)
_______ _______ _______ _______
Loans to / (from) directors at 1 April 2016 Loans to / (from) the directors Amounts repaid Balance at 31 March 2017
£ £ £ £
Directors ( 29,758) - 3,136 ( 26,622)
_______ _______ _______ _______