Company Registration No. 05206041 (England and Wales)
CROSSCO (820) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
CROSSCO (820) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CROSSCO (820) LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2020
29 February 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
189,673
228,633
Investments
4
8,075,403
8,075,403
8,265,076
8,304,036
Current assets
Debtors
6
933,601
827,957
Cash at bank and in hand
3,320
3,016
936,921
830,973
Creditors: amounts falling due within one year
7
(1,874,573)
(1,783,028)
Net current liabilities
(937,652)
(952,055)
Total assets less current liabilities
7,327,424
7,351,981
Creditors: amounts falling due after more than one year
8
(5,743,159)
(5,803,717)
Net assets
1,584,265
1,548,264
Capital and reserves
Called up share capital
4,700
4,700
Share premium account
1,303,163
1,303,163
Capital redemption reserve
5,744
5,744
Profit and loss reserves
270,658
234,657
Total equity
1,584,265
1,548,264
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CROSSCO (820) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2020
29 February 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2020 and are signed on its behalf by:
C. Lister
Director
Company Registration No. 05206041
CROSSCO (820) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 3 -
1
Accounting policies
Company information
Crossco (820) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
c/o Envirotec Limited, Desborough Park Road, High Wycombe, Buckinghamshire, HP12 3BX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for
management
services
provided
net of VAT
.
1.3
Intangible fixed assets - 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. The value of goodwill is reviewed annually for any impairment and provision made against any permanent diminution in value.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
CROSSCO (820) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
1
CROSSCO (820) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2019 and 29 February 2020
779,194
Amortisation and impairment
At 1 March 2019
550,561
Amortisation charged for the year
38,960
At 29 February 2020
589,521
Carrying amount
At 29 February 2020
189,673
At 28 February 2019
228,633
4
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
8,075,403
8,075,403
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2019 & 29 February 2020
8,075,403
Carrying amount
At 29 February 2020
8,075,403
At 28 February 2019
8,075,403
5
Subsidiaries
Details of the company's subsidiaries at 29 February 2020 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Envirotec Limited
England
Manufacture of air handling equipment
Ordinary
100.00
0
Gransim Properties Limited
England
Dormant
Ordinary
100.00
0
CROSSCO (820) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 6 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
926,058
820,414
Deferred tax asset
7,543
7,543
933,601
827,957
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
61,914
60,734
Trade creditors
480
3,952
Amounts owed to group undertakings
1,566,022
1,475,106
Taxation and social security
951
-
Other creditors
245,206
243,236
1,874,573
1,783,028
8
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
817,756
878,314
Amounts owed to group undertakings
4,925,403
4,925,403
5,743,159
5,803,717
Security has been provided for the bank loan.
9
Financial commitments, guarantees and contingent liabilities
The company, together with Envirotec Limited, is a member of a VAT Group under which both members are jointly and severally liable.
The company is party to cross guarantees given by group companies to
Barclays Bank
Plc. The Bank also holds a debenture fixed over the assets of the company and the other companies within the Group.
CROSSCO (820) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 7 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year, the company charged a management charge of £165,000 (2019: £190,
000
) in respect of services provided to Envirotec Limited, a subsidiary company. At 29 February 2020, the amount owed to Envirotec Limited was £1,566,022 (2019: £
1
,475,106).
Included in creditors: amounts due after more than one year is an amount of £4,925,403
(2019: £4,925,403). owing to Gransim Properties Limited, a subsidiary company.
Included in other creditors is loan stock of £188,580 owed to Mrs V Lister, spouse of C Lister (Director). Interest of
£
18,895 (
201
9
: £
18,858
)
was paid to Mrs V Lister in the year.
A. Watson is a director of both Crossco (820) Limited and Alex Watson & Associates Limited. During the year, the company paid
£
25,440
(201
9:
£
25,440
)
to Alex Watson & Associates Limited for professional services.