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REGISTERED NUMBER: 00482486 (England and Wales)















CROSS & SANSAM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






CROSS & SANSAM LIMITED (REGISTERED NUMBER: 00482486)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 8


CROSS & SANSAM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: D R B Sansam
J H Sansam
A C Barnes



SECRETARY: D R B Sansam



REGISTERED OFFICE: 63 Ashby Road
Shepshed
Loughborough
Leicestershire
LE12 9BS



REGISTERED NUMBER: 00482486 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR



BANKERS: National Westminster Bank plc
Market Place
Loughborough
Leicestershire
LE11 3NZ

CROSS & SANSAM LIMITED (REGISTERED NUMBER: 00482486)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 311,203 364,849

CURRENT ASSETS
Inventories 77,901 127,645
Debtors 5 238,944 412,052
Cash at bank 93,553 250,334
410,398 790,031
CREDITORS
Amounts falling due within one year 6 539,613 779,386
NET CURRENT (LIABILITIES)/ASSETS (129,215 ) 10,645
TOTAL ASSETS LESS CURRENT LIABILITIES 181,988 375,494

CREDITORS
Amounts falling due after more than one year 7 (126,867 ) (97,832 )

PROVISIONS FOR LIABILITIES (75,219 ) (66,356 )
NET (LIABILITIES)/ASSETS (20,098 ) 211,306

CAPITAL AND RESERVES
Called up share capital 9 3,000 3,000
Capital redemption reserve 3,000 3,000
Retained earnings (26,098 ) 205,306
SHAREHOLDERS' FUNDS (20,098 ) 211,306

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 7 March 2025 and were signed on its behalf by:





D R B Sansam - Director


CROSS & SANSAM LIMITED (REGISTERED NUMBER: 00482486)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Cross & Sansam 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

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

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised upon provision of services and despatch of goods.

Property, plant & equipment
Property, plant and equipment is stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings Leasehold 20% Straight line
Plant and machinery15% Reducing balance
Fixtures, fittings, equipment & computers 15% Reducing balance & 33% Straight line

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.


CROSS & SANSAM LIMITED (REGISTERED NUMBER: 00482486)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Assets acquired under hire purchase contracts are capitalised as property, plant and equipment and depreciation is provided accordingly. The capital element of future payments is treated as a liability; finance charges and interest are taken to the income statement on a straight line basis over the period of the agreement.

Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the income statement in the year they are payable.

The company operates a defined benefit scheme for the benefit of its employees. With effect from 5 April 2007 the scheme became fully paid up and from that date members are entitled to deferred defined benefits.The assets of the Cross and Sansam Retirement Benefits Scheme ("The scheme") are held separately in a trustee administered fund.

A liability for the company's obligations under the scheme is recognised net of scheme assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit scheme during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants towards revenue expenditure are released to the income statement as the related expenditure is incurred.

Amounts recoverable on contracts
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Going concern
The company has net liabilities of £20,098. The financial statements have been prepared on the going concern basis, which assumes the company will continue in operational existence for the foreseeable future as the directors have provided assurances that they will continue to support the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 33 ) .

CROSS & SANSAM LIMITED (REGISTERED NUMBER: 00482486)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 123,651 1,070,598 1,194,249
Additions - 19,302 19,302
Disposals (3,773 ) (77,297 ) (81,070 )
At 30 June 2024 119,878 1,012,603 1,132,481
DEPRECIATION
At 1 July 2023 108,915 720,485 829,400
Charge for year 5,753 53,362 59,115
Eliminated on disposal (3,595 ) (63,642 ) (67,237 )
At 30 June 2024 111,073 710,205 821,278
NET BOOK VALUE
At 30 June 2024 8,805 302,398 311,203
At 30 June 2023 14,736 350,113 364,849

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 212,132 366,296
Amounts recoverable on contract 12,553 32,615
Other debtors 14,259 13,141
238,944 412,052

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts 6,165 24,660
Trade creditors 145,435 258,794
Taxation and social security 91,291 94,208
Other creditors 246,722 351,724
539,613 779,386

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 41,667 91,667
Hire purchase contracts - 6,165
Other creditors 85,200 -
126,867 97,832

CROSS & SANSAM LIMITED (REGISTERED NUMBER: 00482486)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 91,667 141,667
Hire purchase contracts 6,165 30,825
Factored debts 154,374 163,689
252,206 336,181

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned. Factored debts are secured on trade debtors.

The bank loan is secured by debenture dated 16 April 2020.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,495 Ordinary A shares of £1 1,495 1,495
1,495 Ordinary B shares of £1 1,495 1,495
10 Ordinary C shares of £1 10 10
3,000 3,000

10. EMPLOYEE BENEFIT OBLIGATIONS

The company operated a funded defined benefit pension scheme. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. With effect from 5 April 2007 the scheme became fully paid up and from that date members are entitled to deferred defined benefits.

The most recent actuarial valuation as at 5 April 2022 showed a deficit of £572,000. The company has agreed with the trustees that it will aim to eliminate the deficit over a period of 6 years and 9 months from 5 July 2023 to 5 April 2030 by the payment of monthly contributions of £4,500 increasing at 3% per annum in respect of the deficit, with the first increase due on 5 July 2023. In addition and in accordance with the actuarial valuation, the company has agreed with the trustees that it will meet the expenses of the scheme and levies to the Pension Protection Fund.

During the year, the company paid contributions of £51,600 (2023: £51,600). The company is expected to contribute £56,037 to the pension scheme during the year to 30 June 2025.

The valuation used for disclosure under FRS 102 section 28 has been based on the most recent actuarial valuation at 5 April 2022 as updated by Mercer, the scheme's actuary, to take account of the requirements of FRS 102 in order to assess the liabilities of the scheme at 30 June 2024.

CROSS & SANSAM LIMITED (REGISTERED NUMBER: 00482486)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(18,000

)

(5,000

)
Past service cost - -
(18,000 ) (5,000 )

Actual return on plan assets 247,000 (66,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 1,763,000 2,047,000
Interest cost 90,000 78,000
Actuarial gains/losses from changes in
demographic and financial assumptions

13,000

(366,000

)
Benefits paid (49,000 ) (46,000 )
Experience gains/losses arising on the plan
liabilities

(3,000

)

50,000
1,814,000 1,763,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 2,082,000 2,142,000
Contributions by employer 52,000 52,000
Interest income 108,000 83,000
Return on plan assets (excluding amounts
included in net interest costs)

139,000

(149,000

)
Benefits paid (49,000 ) (46,000 )
Effect of Asset ceiling b/fwd (319,000 ) (95,000 )
Effect of asset ceiling (199,000 ) (224,000 )
1,814,000 1,763,000

CROSS & SANSAM LIMITED (REGISTERED NUMBER: 00482486)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Experience gains/losses arising on the plan
liabilities

3,000

(50,000

)
Effect of asset ceiling (199,000 ) (224,000 )
Actuarial gains/losses from changes in
demographic and financial assumptions

(13,000

)

366,000
Return on plan assets (excluding amounts
included in net interest costs)

139,000

(149,000

)
(70,000 ) (57,000 )

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit Retirement
pension plans healthcare benefits
2024 2023 2024 2023
Equity instruments 62.86% 30.25% 60.89% -
Debt instruments 36.66% 20.47% 39.11% -
Cash and cash equivalents - 24.46% - -
Bonds - 24.42% - -
100.00% 100.00% 100.00% -

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.15% 5.20%
Future pension increases 1.95% 1.90%
Inflation 3.05% 3.10%

Defined contribution scheme

The company operates three defined contribution pension schemes, one for the directors, a stakeholder scheme and an auto enrolment scheme. The assets of the schemes are held separately from those of the company in independently administered funds. The pension costs represents contributions payable by the company to the fund and amounted to £NIL (2023 - £NIL) for the directors scheme, £842 (2023 - £870) for the stakeholder scheme and £15,319 (2023 - £14,900) for the auto enrolment scheme. At 30 June there was a creditor of £1,963 (2023 - £1,986) owing to the auto enrolment pension scheme and £NIL (2023 - NIL) owing to the defined contribution scheme.

11. OTHER FINANCIAL COMMITMENTS

The company has total commitments due as follows:

20242023
££
Lease commitments
Within one year75,73082,493
Within two to five years180,843257,316
After more than five years--
256,572339,809