Company registration number 04657789 (England and Wales)
G. F.  CROSS & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
G. F.  CROSS & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
G. F.  CROSS & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
30,000
Tangible assets
4
66,815
52,754
66,815
82,754
Current assets
Stocks
41,285
64,293
Debtors
5
984,979
1,012,255
Cash at bank and in hand
108,609
161,698
1,134,873
1,238,246
Creditors: amounts falling due within one year
6
(291,458)
(324,738)
Net current assets
843,415
913,508
Total assets less current liabilities
910,230
996,262
Creditors: amounts falling due after more than one year
7
(23,326)
(22,609)
Provisions for liabilities
(15,019)
(8,497)
Net assets
871,885
965,156
Capital and reserves
Called up share capital
8
57
57
Capital redemption reserve
43
43
Profit and loss reserves
871,785
965,056
Total equity
871,885
965,156

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 31 March 2023 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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

G. F.  CROSS & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2023 and are signed on its behalf by:
Mr R Cross
Director
Company Registration No. 04657789
G. F.  CROSS & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
57
43
953,451
953,551
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
181,230
181,230
Dividends
-
-
(169,625)
(169,625)
Balance at 31 March 2022
57
43
965,056
965,156
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
112,429
112,429
Dividends
-
-
(205,700)
(205,700)
Balance at 31 March 2023
57
43
871,785
871,885
G. F.  CROSS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

G. F. Cross & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Kings Meadow, Ferry Hinksey Road, Oxford, OX2 0DP.

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 amounts 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
10% Straight Line
Plant and machinery
15% Reducing Balance
Fixtures, fittings & equipment
15% Reducing Balance
Motor vehicles
25% Reducing Balance
Bikes
50% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

G. F.  CROSS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents 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. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

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, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

G. F.  CROSS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
17
15
G. F.  CROSS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
600,000
Amortisation and impairment
At 1 April 2022
570,000
Amortisation charged for the year
30,000
At 31 March 2023
600,000
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
30,000
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Bikes
Total
£
£
£
£
£
£
Cost
At 1 April 2022
34,396
45,563
21,826
125,238
920
227,943
Additions
-
0
2,370
-
0
34,544
-
0
36,914
Disposals
-
0
-
0
-
0
(27,850)
-
0
(27,850)
At 31 March 2023
34,396
47,933
21,826
131,932
920
237,007
Depreciation and impairment
At 1 April 2022
31,693
31,343
11,686
99,628
839
175,189
Depreciation charged in the year
976
2,489
1,521
14,109
40
19,135
Eliminated in respect of disposals
-
0
-
0
-
0
(24,132)
-
0
(24,132)
At 31 March 2023
32,669
33,832
13,207
89,605
879
170,192
Carrying amount
At 31 March 2023
1,727
14,101
8,619
42,327
41
66,815
At 31 March 2022
2,703
14,220
10,140
25,610
81
52,754
G. F.  CROSS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,340
21,541
Amounts owed by group undertakings
703,497
703,497
Other debtors
235,422
271,571
Prepayments and accrued income
9,720
15,646
984,979
1,012,255
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
115,504
131,563
Corporation tax
34,349
54,140
Other taxation and social security
10,739
7,491
Other creditors
53,784
56,336
Accruals and deferred income
77,082
75,208
291,458
324,738
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
23,326
22,609

Included within other creditors are loans from Ingenious Resources Limited totaling £23,326 (2022: £22,609). These loans facilitated the purchase of the investments now fully written off. The loans are secured by way of a first priority fixed charge over the investments and are repayable upon realisation or sale.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
714
714
7
7
Ordinary B of 1p each
1,400
1,400
14
14
Ordinary C of 1p each
1,400
1,400
14
14
Ordinary D of 1p each
2,200
2,200
22
22
5,714
5,714
57
57
G. F.  CROSS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
94,215
127,993
10
Directors' transactions

Dividends totalling £81,646 (2022 - £33,150) were paid in the year in respect of shares held by the company's directors.

Loans were granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors' current accounts
2.00
(159)
158,472
1,489
(159,900)
(98)
(159)
158,472
1,489
(159,900)
(98)
11
Parent company

G. F. Cross & Sons Limited is an affiliate of G. F. Cross & Sons (Holdings) Limited which owns 38.5% of the issued share capital.

2023-03-312022-04-01false09 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMrs B A CrossMr R CrossMr G CrossMrs S SelkirkMrs B A Crossfalse046577892022-04-012023-03-31046577892023-03-31046577892022-03-3104657789core:NetGoodwill2023-03-3104657789core:NetGoodwill2022-03-3104657789core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3104657789core:PlantMachinery2023-03-3104657789core:FurnitureFittings2023-03-3104657789core:MotorVehicles2023-03-3104657789core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3104657789core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3104657789core:PlantMachinery2022-03-3104657789core:FurnitureFittings2022-03-3104657789core:MotorVehicles2022-03-3104657789core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-3104657789core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104657789core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3104657789core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3104657789core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3104657789core:CurrentFinancialInstruments2023-03-3104657789core:CurrentFinancialInstruments2022-03-3104657789core:ShareCapital2023-03-3104657789core:ShareCapital2022-03-3104657789core:CapitalRedemptionReserve2023-03-3104657789core:CapitalRedemptionReserve2022-03-3104657789core:RetainedEarningsAccumulatedLosses2023-03-3104657789core:RetainedEarningsAccumulatedLosses2022-03-3104657789core:ShareCapital2021-03-3104657789core:CapitalRedemptionReserve2021-03-3104657789core:RetainedEarningsAccumulatedLosses2021-03-3104657789core:ShareCapitalOrdinaryShares2023-03-3104657789core:ShareCapitalOrdinaryShares2022-03-3104657789bus:Director12022-04-012023-03-3104657789core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31046577892021-04-012022-03-3104657789core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3104657789core:Goodwill2022-04-012023-03-3104657789core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3104657789core:PlantMachinery2022-04-012023-03-3104657789core:FurnitureFittings2022-04-012023-03-3104657789core:MotorVehicles2022-04-012023-03-3104657789core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-04-012023-03-3104657789core:NetGoodwill2022-03-3104657789core:NetGoodwill2022-04-012023-03-3104657789core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3104657789core:PlantMachinery2022-03-3104657789core:FurnitureFittings2022-03-3104657789core:MotorVehicles2022-03-3104657789core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-31046577892022-03-3104657789core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3104657789core:Non-currentFinancialInstruments2023-03-3104657789core:Non-currentFinancialInstruments2022-03-3104657789bus:PrivateLimitedCompanyLtd2022-04-012023-03-3104657789bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3104657789bus:FRS1022022-04-012023-03-3104657789bus:AuditExemptWithAccountantsReport2022-04-012023-03-3104657789bus:Director22022-04-012023-03-3104657789bus:Director32022-04-012023-03-3104657789bus:Director42022-04-012023-03-3104657789bus:CompanySecretary12022-04-012023-03-3104657789bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP