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REGISTERED NUMBER: 00625597 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

FRANK CROSSLEY & SON LIMITED

FRANK CROSSLEY & SON LIMITED (REGISTERED NUMBER: 00625597)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FRANK CROSSLEY & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr M R Fagan
Mr J W Blundell





REGISTERED OFFICE: First Floor Ridgeland House
15 Carfax
Horsham
West Sussex
RH12 1DY





BUSINESS ADDRESS: Pilgrims Court
15-17 West Street
Reigate
Surrey
RH2 9BL





REGISTERED NUMBER: 00625597 (England and Wales)





ACCOUNTANTS: Galloways Accounting
First Floor
Ridgeland House
15 Carfax
Horsham
West Sussex
RH12 1DY

FRANK CROSSLEY & SON LIMITED (REGISTERED NUMBER: 00625597)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 51,969 86,856
Investments 6 1 1
51,970 86,857

CURRENT ASSETS
Debtors 7 1,111,882 1,171,185
Cash at bank and in hand 62,008 68,352
1,173,890 1,239,537
CREDITORS
Amounts falling due within one year 8 260,205 275,159
NET CURRENT ASSETS 913,685 964,378
TOTAL ASSETS LESS CURRENT
LIABILITIES

965,655

1,051,235

CREDITORS
Amounts falling due after more than one
year

9

-

(43,195

)

PROVISIONS FOR LIABILITIES (12,992 ) (15,841 )
NET ASSETS 952,663 992,199

CAPITAL AND RESERVES
Called up share capital 4,920 4,920
Capital redemption reserve 2,100 2,100
Retained earnings 945,643 985,179
952,663 992,199

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

FRANK CROSSLEY & SON LIMITED (REGISTERED NUMBER: 00625597)

BALANCE SHEET - continued
31 JANUARY 2024


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 30 September 2024 and were signed on its behalf by:





Mr M R Fagan - Director


FRANK CROSSLEY & SON LIMITED (REGISTERED NUMBER: 00625597)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Frank Crossley & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover comprises revenue recognised by the company in respect of commissions receivable and sale of
paper related products during the year, exclusive of VAT and trade discounts.

Turnover is recognised at the point at which commission is due to the company.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of five years.

Intangible 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 50% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

FRANK CROSSLEY & SON LIMITED (REGISTERED NUMBER: 00625597)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

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, 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.

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, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

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 or deferred taxation assets and liabilities are not discounted.

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
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.

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 profit or loss on a straight line basis over the period of the lease.

FRANK CROSSLEY & SON LIMITED (REGISTERED NUMBER: 00625597)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 120,342
AMORTISATION
At 1 February 2023
and 31 January 2024 120,342
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 45,647 62,826 57,950 18,613 185,036
Additions - 4,802 - 1,341 6,143
Disposals (45,647 ) (42,227 ) - (15,323 ) (103,197 )
At 31 January 2024 - 25,401 57,950 4,631 87,982
DEPRECIATION
At 1 February 2023 42,167 30,779 7,244 17,990 98,180
Charge for year 3,694 9,002 14,487 1,158 28,341
Eliminated on disposal (45,861 ) (29,324 ) - (15,323 ) (90,508 )
At 31 January 2024 - 10,457 21,731 3,825 36,013
NET BOOK VALUE
At 31 January 2024 - 14,944 36,219 806 51,969
At 31 January 2023 3,480 32,047 50,706 623 86,856

FRANK CROSSLEY & SON LIMITED (REGISTERED NUMBER: 00625597)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 1
NET BOOK VALUE
At 31 January 2024 1
At 31 January 2023 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 143,230 143,682
Bad debt provision (6,532 ) (6,680 )
Amounts owed by group undertakings 2,505 2,685
Amounts owed by participating interests 676,826 731,826
Other debtors 72,373 69,895
Directors' current accounts 215,000 215,000
Prepayments and accrued income 8,480 14,777
1,111,882 1,171,185

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts 45,139 3,675
Trade creditors 51,802 56,286
Amounts owed to participating interests 1 1
Tax 125,893 168,930
Social security and other taxes 6,154 7,567
VAT 15,706 10,938
Accruals and deferred income 15,510 27,762
260,205 275,159

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts - 43,195