Company Registration No. 05206041 (England and Wales)
CROSSCO (820) LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
CROSSCO (820) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 6
CROSSCO (820) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
29 February 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
345,512
384,471
Investments
2
8,075,403
8,075,403
8,420,915
8,459,874
Current assets
Debtors
157,626
14,561
Cash at bank and in hand
25,323
145,228
182,949
159,789
Creditors: amounts falling due within one year
3
(1,665,133)
(1,513,817)
Net current liabilities
(1,482,184)
(1,354,028)
Total assets less current liabilities
6,938,731
7,105,846
Creditors: amounts falling due after more than one year
4
(5,482,965)
(5,517,979)
1,455,766
1,587,867
Capital and reserves
Called up share capital
6
4,700
4,700
Share premium account
1,303,163
1,303,163
Other reserves
5,744
5,744
Profit and loss account
142,159
274,260
Shareholders' funds
1,455,766
1,587,867
CROSSCO (820) LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2016
29 February 2016
- 2 -
For the financial year ended 29 February 2016 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 16 November 2016
C. Lister
Director
Company Registration No. 05206041
CROSSCO (820) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with and departure from accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
On 11 January 2005, investments held in one of the company's subsidiary undertakings were transferred to the company at their book value which was less than their fair value. The cost of the company's investment in that subsidiary undertaking reflected the underlying fair value of its net assets and goodwill at the time of acquisition. As a result of this transfer, the value of the company's investment in that subsidiary undertaking fell below the amount at which it was stated in the company's accounting records.
The Companies Act 2006 requires that the investment be written down accordingly and that the amount be charged as a loss in the company's profit and loss account. However, the directors considered that, as there was no overall loss to the company, it would fail to give a true and fair view to charge that diminution to the company's profit and loss account for the year and it should instead be re-allocated to goodwill, so as to recognise in the company's individual balance sheet the effective cost to the company of those investments and goodwill. The financial effect on the results for the year of this departure by not treating the diminution as a loss in the company's financial statements is set out in note
17
to the financial statements.
1.3
Turnover
Turnover represents amounts receivable for management services provided net of VAT
management
services
provided
net of VAT
1.4
Goodwill
Goodwill, which represents the excess of cost of acquisitions of businesses over the value attributed to their net assets, is amortised through the profit and loss account by equal annual instalments over its estimated useful economic life of 20 years. The value of goodwill is reviewed annually for any impairment and provision made against any permanent diminution in value.
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
CROSSCO (820) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
1
Accounting policies
(Continued)
- 4 -
1.7
Employee Benefit Trusts (EBTs)
The company has introduced an Employee Benefit Trust for the benefit of employees. Monies held in this trust are held by independent trustees and managed at their discretion.
Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.
Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.
2
Fixed assets
Intangible assets
Investments
Total
£
£
£
Cost
At 1 March 2015 & at 29 February 2016
779,194
10,925,403
11,704,597
Depreciation
At 1 March 2015
394,722
2,850,000
3,244,722
Charge for the year
38,960
-
38,960
At 29 February 2016
433,682
2,850,000
3,283,682
Net book value
At 29 February 2016
345,512
8,075,403
8,420,915
At 28 February 2015
384,471
8,075,403
8,459,874
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Gransim Properties Limited
England and Wales
Ordinary
100.00
Envirotec Limited
England and Wales
Ordinary
100.00
CROSSCO (820) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
2
Fixed assets
(Continued)
- 5 -
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Gransim Properties Limited
Dormant
4,925,403
-
Envirotec Limited
Manufacture, sale and installation of air handling equipment
2,668,640
199,173
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £31,007 (2015 - £53,007).
The loan is secured by a fixed and floating charge over the assets of the company.
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £532,562 (2015 - £542,576).
The loan is secured by a fixed and floating charge over the assets of the company.
5
True and fair override
As explained in the true and fair override accounting policy, in 2005 the directors re-allocated part of the company's cost of investment in one of its subsidiary undertakings to purchased goodwill. The financial effect on the results of this true and fair override departure by not treating the diminution as a loss is to increase the company's profit for the financial year by £345,512 (2015: £384,471).
6
Share capital
2016
2015
£
£
Allotted, called up and fully paid
470,000 Ordinary Shares of 1p each
4,700
4,700
Ordinary shares have one vote each.
CROSSCO (820) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2016
- 6 -
7
Related party relationships and transactions
Loans from directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
A. Watson - Loan from director
-
-
3,432
-
-
3,432
C. Lister - Loan from director
-
-
77,208
-
-
77,208
-
80,640
-
-
80,640
2016-02-29
2015-03-01
false
true
true
true
true
true
tmp6EFC.html
2016-11-29
05206041
2015-03-01
2016-02-29
05206041
2016-02-29
05206041
2015-02-28
05206041
2015-02-28
05206041
uk-bus:Director1
2015-03-01
2016-02-29
05206041
uk-gaap:Subsidiary1
2015-03-01
2016-02-29
05206041
uk-gaap:Subsidiary2
2015-03-01
2016-02-29
05206041
uk-gaap:Subsidiary1
2016-02-29
05206041
uk-gaap:Subsidiary2
2016-02-29
05206041
uk-bus:OrdinaryShareClass1
2015-03-01
2016-02-29
05206041
uk-bus:OrdinaryShareClass1
2016-02-29
05206041
uk-bus:OrdinaryShareClass1
2015-02-28
xbrli:pure
xbrli:shares
iso4217:GBP