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Registration number: 07845367

F. Cross & Son Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Company Information

Director

Mr N Cross

Registered office

66 - 68 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PG

 

(Registration number: 07845367)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

529,997

442,623

Current assets

 

Stocks

1,149,564

1,049,538

Debtors

5

970

1,468

Cash at bank and in hand

 

91,764

210,949

 

1,242,298

1,261,955

Creditors: Amounts falling due within one year

6

(304,113)

(104,724)

Net current assets

 

938,185

1,157,231

Total assets less current liabilities

 

1,468,182

1,599,854

Creditors: Amounts falling due after more than one year

6

-

(170,653)

Provisions for liabilities

(5,907)

(6,280)

Net assets

 

1,462,275

1,422,921

Capital and reserves

 

Called up share capital

935,880

935,880

Profit and loss account

526,395

487,041

Shareholders' funds

 

1,462,275

1,422,921

For the financial year ending 31 December 2021 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.

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 Profit and Loss Account has been taken.

Approved and authorised by the director on 13 September 2022
 

.........................................
Mr N Cross
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital incorporated in England and the company registration number is 07845367.

The address of its registered office is:
66 - 68 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PG

These financial statements were authorised for issue by the director on 13 September 2022.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the individual entity, F. Cross & Son Limited.

Going concern

The financial statements have been prepared on a going concern basis.

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

25% reducing balance

Office equipment

15% reducing balance

Land and buildings

1% reducing balance

Stock and work in progress

Stock has been estimated at the lower of cost and selling price less cost to sell. In respect of work in
progress, cost includes a relevant proprtion of overheads according to the stage of completion.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 14 (2020 - 15).

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

420,761

58,295

479,056

Additions

96,913

-

96,913

At 31 December 2021

517,674

58,295

575,969

Depreciation

At 1 January 2021

12,430

24,003

36,433

Charge for the year

4,084

5,455

9,539

At 31 December 2021

16,514

29,458

45,972

Carrying amount

At 31 December 2021

501,160

28,837

529,997

At 31 December 2020

408,331

34,292

442,623

Included within the net book value of land and buildings above is £501,160 (2020 - £408,331) in respect of freehold land and buildings.
 

5

Debtors

Current

2021
£

2020
£

Other debtors

970

1,468

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

13,643

17,754

Taxation and social security

 

54,540

45,078

Corporation tax

 

16,423

15,405

Other creditors

 

214,634

21,854

Accruals and deferred income

 

4,873

4,633

 

304,113

104,724

Due after one year

 

Other non-current financial liabilities

 

-

170,653