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Registration number: 08933034

Cross Homes (Sussex) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Cross Homes (Sussex) Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cross Homes (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 Homes (Sussex) Limited

(Registration number: 08933034)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

1

1

Current assets

 

Stocks

5

5,147,470

5,147,470

Debtors

6

8,984

3,287

Cash at bank and in hand

 

127,244

173,765

 

5,283,698

5,324,522

Creditors: Amounts falling due within one year

7

(869,032)

(4,556,020)

Net current assets

 

4,414,666

768,502

Total assets less current liabilities

 

4,414,667

768,503

Creditors: Amounts falling due after more than one year

7

(3,650,000)

-

Net assets

 

764,667

768,503

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

764,567

768,403

Shareholders' funds

 

764,667

768,503

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.

 

Cross Homes (Sussex) Limited

(Registration number: 08933034)
Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 20 December 2024 and signed on its behalf by:
 

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

Mr R.D. Cross
Director

 

Cross Homes (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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Homes (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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

The company is involved in property development. Turnover represents amounts receivable on sale or exchange of a property. Turnover is shown net of value added tax and discounts.

The company recognises revenue on exchange of contract 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 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.

 

Cross Homes (Sussex) Limited

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

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 from customers in respect of properties sold 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.

Stocks

Work in progress is valued on the basis of direct materials, direct labour costs and those overheads that have been incurred and is valued at the lower of cost and net realisable value. At each reporting date work in progress is assessed for impairment, provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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 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.

 

Cross Homes (Sussex) Limited

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

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 income statement 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 2).

4

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 April 2023

1

Provision

Carrying amount

At 31 March 2024

1

At 31 March 2023

1

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:

 

Cross Homes (Sussex) Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Kilnwood Management Company Limited

The Studio, 2 Park Road, Lewes, East Sussex, BN7 1BN

England

Ordinary shares

50%

50%

Subsidiary undertakings

Kilnwood Management Company Limited

The principal activity of Kilnwood Management Company Limited is is that of property management.

5

Stocks

2024
£

2023
£

Work in progress

5,147,470

5,147,470

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

-

1,050

Prepayments

 

2,964

2,137

Other debtors

 

6,020

100

   

8,984

3,287

 

Cross Homes (Sussex) Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

3,600,000

Trade creditors

 

5,734

2,340

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

844,273

844,273

Taxation and social security

 

-

12,864

Accruals and deferred income

 

1,150

65,218

Other creditors

 

17,875

31,325

 

869,032

4,556,020

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

3,650,000

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,650,000

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

3,600,000

 

Cross Homes (Sussex) Limited

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

Bank borrowings

Bank loan is denominated in sterling with a nominal interest rate of 5.30%. The carrying amount at year end is £3,650,000 (2023 - £3,600,000).

The bank loan is secured by a fixed and floating charge over the freehold land on the south side of Rocky Lane, also known as Flats 10-30 Kilnwood Apartments, Rocky Lane, Haywards Heath, RH16 4XL. The loan is repayable on 31 October 2028.

10

Parent and ultimate parent undertaking

The company's immediate parent is Cross Developments (Sussex) Limited, incorporated in England and Wales.

  These financial statements are available upon request from Cross Developments (Sussex) Limited, Ord, Kingston Road, Lewes, East Sussex, BN7 3NB.