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REGISTERED NUMBER: 01810453 (England and Wales)















ST. CROSS ELECTRONICS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






ST. CROSS ELECTRONICS LIMITED (REGISTERED NUMBER: 01810453)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


ST. CROSS ELECTRONICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A Jukes
Mr D Ward





REGISTERED OFFICE: Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR





REGISTERED NUMBER: 01810453 (England and Wales)





ACCOUNTANTS: Rothmans CF Limited
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ST. CROSS ELECTRONICS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of St. Cross Electronics Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of St. Cross Electronics Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of St. Cross Electronics Limited and state those matters that we have agreed to state to the Board of Directors of St. Cross Electronics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St. Cross Electronics Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that St. Cross Electronics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of St. Cross Electronics Limited. You consider that St. Cross Electronics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of St. Cross Electronics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Rothmans CF Limited
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR


26 July 2024

ST. CROSS ELECTRONICS LIMITED (REGISTERED NUMBER: 01810453)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 135,498 179,342
135,498 179,342

CURRENT ASSETS
Stocks 6 448,703 449,143
Debtors 7 673,174 707,202
Cash at bank and in hand 366 366
1,122,243 1,156,711
CREDITORS
Amounts falling due within one year 8 1,045,770 899,296
NET CURRENT ASSETS 76,473 257,415
TOTAL ASSETS LESS CURRENT
LIABILITIES

211,971

436,757

CREDITORS
Amounts falling due after more than one
year

9

207,082

292,875
NET ASSETS 4,889 143,882

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,789 143,782
SHAREHOLDERS' FUNDS 4,889 143,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ST. CROSS ELECTRONICS LIMITED (REGISTERED NUMBER: 01810453)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:




Mr D Ward - Director



Mr A Jukes - Director


ST. CROSS ELECTRONICS LIMITED (REGISTERED NUMBER: 01810453)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

St. Cross Electronics Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01810453 and the registered office address is Fryern House, 125 Winchester Road, Chandlers Ford, Hampshire, SO53 2DR.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is the £ sterling.

Going concern
The financial statements have been prepared on the going concern basis.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The directors do not consider there to be any significant judgements or estimates.

Turnover
Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

Turnover is recognised on despatch of goods.

Intangible fixed assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is calculated so as to write off the cost of an intangible asset over it's useful economic life.

Tangible fixed assets
All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Mezzanine floor10% straight line
Plant and machinery25% straight line and 20% straight line
Fixtures and fittings15% straight line
Motor vehicles25% reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

ST. CROSS ELECTRONICS LIMITED (REGISTERED NUMBER: 01810453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Grants
Grants of a revenue nature are credited to the Income Statement in the period to which they relate in accordance with the terms of the grant. Any deferred element of the grant is included within creditors as deferred income.

Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates, or in line with the grant conditions. The deferred element of the grant is included in creditors as deferred income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 21 ) .

ST. CROSS ELECTRONICS LIMITED (REGISTERED NUMBER: 01810453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 January 2023
and 31 December 2023 20,000
AMORTISATION
At 1 January 2023
and 31 December 2023 20,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Mezzanine Plant and and Motor
floor machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 January 2023
and 31 December 2023 27,191 222,742 61,908 151,753 463,594
DEPRECIATION
At 1 January 2023 27,191 203,548 41,614 11,899 284,252
Charge for year - 4,655 4,225 34,964 43,844
At 31 December 2023 27,191 208,203 45,839 46,863 328,096
NET BOOK VALUE
At 31 December 2023 - 14,539 16,069 104,890 135,498
At 31 December 2022 - 19,194 20,294 139,854 179,342

6. STOCKS
2023 2022
£ £
Raw materials 382,075 409,542
Work-in-progress 49,257 22,411
Finished goods 17,371 17,190
448,703 449,143

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 304,355 256,905
Amounts owed by group undertakings 274,601 274,606
Other debtors 21,792 21,792
Directors' current accounts 43,573 131,667
Prepayments and accrued income 28,853 22,232
673,174 707,202

ST. CROSS ELECTRONICS LIMITED (REGISTERED NUMBER: 01810453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 283,224 272,975
Hire purchase contracts (see note 10) 22,035 21,912
Trade creditors 456,147 237,133
Corporation tax 15,786 28,581
Social security and other taxes 136,002 51,221
VAT 57,540 56,774
Other creditors 2,831 2,675
Other loans 14,012 -
Directors' current accounts 42,298 -
Sundry creditors and accruals 15,895 228,025
1,045,770 899,296

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans - 1-2 years 46,327 45,249
Bank loans - 2-5 years 46,667 111,503
Hire purchase contracts (see note 10) 114,088 136,123
207,082 292,875

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 22,035 21,912
Between one and five years 114,088 136,123
136,123 158,035

Non-cancellable
operating leases
2023 2022
£ £
Within one year 9,205 13,010
Between one and five years 7,740 16,944
16,945 29,954

ST. CROSS ELECTRONICS LIMITED (REGISTERED NUMBER: 01810453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank overdrafts 231,579 229,769
Bank loans 144,639 199,958
Hire purchase contracts 136,123 158,035
512,341 587,762

The bank loans and overdrafts are secured by way of fixed and floating charges over all assets of the company.

The hire purchase contracts are secured over the assets to which they relate.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company provided the directors with a loan. The amount outstanding at the year end is £43,573 (2022: £131,667) and is included within 'Debtors: Amounts falling due within one year'. Interest was charged on the loan at a rate of 2.25%.

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is St. Cross Holdings Limited, a company registered in England and Wales.

The directors do not consider there to be an ultimate controlling party.