Cross Developments (Sussex) Limited 09477066 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is is that of investment in property development. Digita Accounts Production Advanced 6.30.9574.0 false true true true true true true true 09477066 2023-04-01 2024-03-31 09477066 2024-03-31 09477066 core:CurrentFinancialInstruments 2024-03-31 09477066 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09477066 bus:SmallEntities 2023-04-01 2024-03-31 09477066 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09477066 bus:FilletedAccounts 2023-04-01 2024-03-31 09477066 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09477066 bus:RegisteredOffice 2023-04-01 2024-03-31 09477066 bus:Director1 2023-04-01 2024-03-31 09477066 bus:Director2 2023-04-01 2024-03-31 09477066 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09477066 core:Associate1 2023-04-01 2024-03-31 09477066 core:Associate1 countries:AllCountries 2023-04-01 2024-03-31 09477066 core:Subsidiary1 2023-04-01 2024-03-31 09477066 core:Subsidiary1 1 2023-04-01 2024-03-31 09477066 core:Subsidiary1 countries:England 2023-04-01 2024-03-31 09477066 core:Subsidiary2 2023-04-01 2024-03-31 09477066 core:Subsidiary2 1 2023-04-01 2024-03-31 09477066 core:Subsidiary2 countries:AllCountries 2023-04-01 2024-03-31 09477066 core:Subsidiary3 2023-04-01 2024-03-31 09477066 core:Subsidiary3 1 2023-04-01 2024-03-31 09477066 core:Subsidiary3 countries:AllCountries 2023-04-01 2024-03-31 09477066 core:Subsidiary4 2023-04-01 2024-03-31 09477066 core:Subsidiary4 1 2023-04-01 2024-03-31 09477066 core:Subsidiary4 countries:England 2023-04-01 2024-03-31 09477066 core:Subsidiary5 2023-04-01 2024-03-31 09477066 core:Subsidiary5 1 2023-04-01 2024-03-31 09477066 core:Subsidiary5 countries:England 2023-04-01 2024-03-31 09477066 core:Subsidiary6 2023-04-01 2024-03-31 09477066 core:Subsidiary6 1 2023-04-01 2024-03-31 09477066 core:Subsidiary6 countries:England 2023-04-01 2024-03-31 09477066 countries:EnglandWales 2023-04-01 2024-03-31 09477066 core:CostValuation 2023-03-31 09477066 2022-04-01 2023-03-31 09477066 2023-03-31 09477066 core:CurrentFinancialInstruments 2023-03-31 09477066 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09477066 core:Associate1 2022-04-01 2023-03-31 09477066 core:Subsidiary1 1 2022-04-01 2023-03-31 09477066 core:Subsidiary2 1 2022-04-01 2023-03-31 09477066 core:Subsidiary3 1 2022-04-01 2023-03-31 09477066 core:Subsidiary4 1 2022-04-01 2023-03-31 09477066 core:Subsidiary5 1 2022-04-01 2023-03-31 09477066 core:Subsidiary6 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09477066

Cross Developments (Sussex) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Cross Developments (Sussex) Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Cross Developments (Sussex) Limited

Company Information

Directors

Mr R.D. Cross

Mrs M.L. Cross

Registered office

Ord
Kingston Road
Lewes
East Sussex
BN7 3NB

Accountants

Henton Ransom Limited
Accountants
18 Lucastes Lane
Haywards Heath
West Sussex
RH16 1LD

 

Cross Developments (Sussex) Limited

(Registration number: 09477066)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

4,613

4,613

Current assets

 

Debtors

5

1,978,189

3,293,255

Cash at bank and in hand

 

1,528,131

525,158

 

3,506,320

3,818,413

Creditors: Amounts falling due within one year

6

(552,082)

(376,388)

Net current assets

 

2,954,238

3,442,025

Net assets

 

2,958,851

3,446,638

Capital and reserves

 

Called up share capital

5,910

5,910

Retained earnings

2,952,941

3,440,728

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:

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 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 Board on 20 December 2024 and signed on its behalf by:
 

.........................................

Mr R.D. Cross
Director

 

Cross Developments (Sussex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Ord
Kingston Road
Lewes
East Sussex
BN7 3NB

These financial statements were authorised for issue by the Board on 20 December 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 - '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

The company is the parent company of a small group and as such is exempt from the requirement to prepare consolidated financial statements under s.383 Companies Act 2006.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investments

2024
£

2023
£

Investments in subsidiaries

4,612

4,612

Investments in associates

1

1

4,613

4,613

Subsidiaries

£

Cost or valuation

At 1 April 2023

4,612

Provision

Carrying amount

At 31 March 2024

4,612

At 31 March 2023

4,612

Associates

£

Cost

At 1 April 2023

1

Provision

Carrying amount

At 31 March 2024

1

At 31 March 2023

1

 

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

2024

2023

Subsidiary undertakings

Cross Construction (Sussex) Limited

Ord, Kingsron Road, Lewes, BN7 3NB

England

Ordinary shares

100%

100%

Cross Homes (Sussex) Limited

Ord, Kingston Road, Lewes, BN7 3NB

England

Ordinary shares

100%

100%

Cross Commercial Developments Limited

Ord, Kingston Road, Lewes, BN7 3NB

England

Ordinary shares

50%

50%

Cross Homes Lewes Limited

Ord, Kingston Road, Lewes, BN7 3NB

England

Ordinary shares

100%

100%

Cross HQ Developments Limited

Ord, Kingston Road, Lewes, BN7 3NB

England

Ordinary shares

100%

100%

Talbot Terrace Development Limited

Ord, Kingston Road, Lewes, BN7 3NB

England

Ordinary shares

50%

50%

Associates

Newhaven Construction Limited

100 Church Street, Brighton, East Sussex, BN1 1UJ.

Ordinary shares

20%

20%

England

Subsidiary undertakings

Cross Construction (Sussex) Limited

The principal activity of Cross Construction (Sussex) Limited is the construction of residential property.

Cross Homes (Sussex) Limited

The principal activity of Cross Homes (Sussex) Limited is the construction and rental of residential property.

 

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 the construction of commercial property.

Cross Homes Lewes Limited

The principal activity of Cross Homes Lewes Limited is that of a general building contractor.

Cross HQ Developments Limited

The principal activity of Cross HQ Developments Limited is that of a dormant company.

Talbot Terrace Development Limited

The principal activity of Talbot Terrace Development Limited is that of residential property development.

Associates

Newhaven Construction Limited

The principal activity of Newhaven Construction Limited is construction..

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

1,529,089

1,304,014

Prepayments

 

-

472

Other debtors

 

449,100

1,988,769

   

1,978,189

3,293,255

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

130

471

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

200,001

266,500

Taxation and social security

 

1,155

100,054

Accruals and deferred income

 

3,250

3,250

Other creditors

 

347,546

6,113

 

552,082

376,388