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Registration number: 08256044

Neil Cross Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Neil Cross Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Neil Cross Limited

Company Information

Director

Mr N Cross

Registered office

33 Bevelin Hall
Saunderfoot
Pembrokeshire
SA69 9PG

 

Neil Cross Limited

(Registration number: 08256044)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

15,673

24,761

Investments

6

50

-

 

15,723

24,761

Current assets

 

Stocks

7

53,622

44,302

Debtors

8

50,278

57,490

Cash at bank and in hand

 

122,622

187,655

 

226,522

289,447

Creditors: Amounts falling due within one year

9

(43,955)

(45,362)

Net current assets

 

182,567

244,085

Total assets less current liabilities

 

198,290

268,846

Creditors: Amounts falling due after more than one year

9

(15,968)

(36,465)

Provisions for liabilities

(3,918)

(4,704)

Net assets

 

178,404

227,677

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

178,402

227,675

Total equity

 

178,404

227,677

 

Neil Cross Limited

(Registration number: 08256044)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 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 29 February 2024
 

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

   
     
 

Neil Cross Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
33 Bevelin Hall
Saunderfoot
Pembrokeshire
SA69 9PG

These financial statements were authorised for issue by the director on 29 February 2024.

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.

Going concern

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

Neil Cross Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet 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 & Machinery

25% - 33% Straight Line

Motor Vehicles

25% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Neil Cross Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Neil Cross Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

9,559

2,883

 

Neil Cross Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

6,947

2,694

31,880

41,521

Additions

-

471

-

471

At 31 October 2023

6,947

3,165

31,880

41,992

Depreciation

At 1 November 2022

5,037

269

11,454

16,760

Charge for the year

775

814

7,970

9,559

At 31 October 2023

5,812

1,083

19,424

26,319

Carrying amount

At 31 October 2023

1,135

2,082

12,456

15,673

At 31 October 2022

1,910

2,425

20,426

24,761

6

Investments

2023
£

2022
£

Investments in subsidiaries

50

-

Subsidiaries

£

Cost or valuation

Additions

50

Provision

Carrying amount

At 31 October 2023

50

7

Stocks

2023
£

2022
£

Work in progress

53,622

44,302

 

Neil Cross Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

26,610

54,820

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

20,047

-

Prepayments

 

3,621

2,670

 

50,278

57,490

 

Neil Cross Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

11,655

2,938

Trade creditors

 

2,783

4,437

Taxation and social security

 

4,707

12,633

Other related parties

 

21,655

21,028

Outstanding defined contribution pension costs

 

190

-

Corporation tax liability

 

2,195

3,626

Other creditors

 

770

700

 

43,955

45,362

Due after one year

 

Loans and borrowings

11

15,968

36,465

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

15,968

36,465

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £0.50 each

1

0.50

1

0.50

Ordinary B of £0.50 each

1

0.50

1

0.50

Ordinary C of £0.50 each

2

1.00

2

1.00

 

4

2

4

2

 

Neil Cross Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,968

36,465

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,649

-

Bank overdrafts

1,006

2,938

11,655

2,938

12

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr N Cross

Interest free loan repayable on demand

21,028

(4,386)

5,014

21,655

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr N Cross

Interest free loan repayable on demand

2,061

(17,178)

36,145

21,028

         
       

 

Director's Loan Account

As of 31st October 2022 the company owed the Director £21,028. (2021: £2,061) the loan is interest free and repayable on demand.