Registration number:
Cross Developments (Sussex) Limited
for the Year Ended 31 March 2024
Cross Developments (Sussex) Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Cross Developments (Sussex) Limited
Company Information
Directors |
Mr R.D. Cross Mrs M.L. Cross |
Registered office |
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Accountants |
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Cross Developments (Sussex) Limited
(Registration number: 09477066)
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
5,910 |
5,910 |
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Retained earnings |
2,952,941 |
3,440,728 |
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Shareholders' funds |
2,958,851 |
3,446,638 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.
Approved and authorised by the
.........................................
Director
Cross Developments (Sussex) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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. Cross Developments (Sussex) Limited is incorporated in England and Wales and its presentational currency is sterling. All amounts in the financial statements have been rounded to the nearest £1.
Group accounts not prepared
Going concern
The directors have paid particular attention to the likely effects of the current economic climate. They remain confident that the company has adequate resources to enable it to continue as a going concern for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.
Revenue recognition
The company is involved in the provision of development funding to property development companies. Turnover comprises the fair value of the consideration received or receivable with regard to the provision property development loans in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax 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.
Cross Developments (Sussex) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tax
The tax expense for the period comprises 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 group operates and generates taxable income.
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.
Trade debtors
Trade debtors are amounts due with regard to property development proceeds earned 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.
Trade 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 group 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.
Cross Developments (Sussex) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Investments in associates |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2023 |
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Provision |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Associates |
£ |
Cost |
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At 1 April 2023 |
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Provision |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Cross Developments (Sussex) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Ord, Kingsron Road, Lewes, BN7 3NB England |
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Ord, Kingston Road, Lewes, BN7 3NB England |
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Ord, Kingston Road, Lewes, BN7 3NB England |
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Ord, Kingston Road, Lewes, BN7 3NB England |
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Ord, Kingston Road, Lewes, BN7 3NB England |
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Ord, Kingston Road, Lewes, BN7 3NB England |
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Associates |
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100 Church Street, Brighton, East Sussex, BN1 1UJ. |
Ordinary shares |
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England |
Subsidiary undertakings |
Cross Construction (Sussex) Limited The principal activity of Cross Construction (Sussex) Limited is |
Cross Homes (Sussex) Limited The principal activity of Cross Homes (Sussex) Limited is |
Cross Developments (Sussex) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Cross Commercial Developments Limited The principal activity of Cross Commercial Developments Limited is |
Cross Homes Lewes Limited The principal activity of Cross Homes Lewes Limited is |
Cross HQ Developments Limited The principal activity of Cross HQ Developments Limited is |
Talbot Terrace Development Limited The principal activity of Talbot Terrace Development Limited is |
Associates |
Newhaven Construction Limited The principal activity of Newhaven Construction Limited is |
Debtors |
Current |
Note |
2024 |
2023 |
Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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