REGISTERED NUMBER: |
CROSS & SANSAM LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Princes Court |
Royal Way |
Loughborough |
Leicestershire |
LE11 5XR |
BANKERS: |
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 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Capital redemption reserve |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 machinery | 15% 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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
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 |
Hire purchase contracts | 6,165 | 30,825 |
Factored debts | 154,374 | 163,689 |
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: | £ | £ |
Ordinary A shares of | £1 | 1,495 | 1,495 |
Ordinary B shares of | £1 | 1,495 | 1,495 |
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 | ( |
) |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Opening defined benefit obligation |
Interest cost |
Actuarial gains/losses from changes in demographic and financial assumptions |
( |
) |
Benefits paid | ( |
) | ( |
) |
Experience gains/losses arising on the plan liabilities |
(3,000 |
) |
50,000 |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Interest income | 108,000 | 83,000 |
Return on plan assets (excluding amounts included in net interest costs) |
( |
) |
Benefits paid | (49,000 | ) | (46,000 | ) |
Effect of Asset ceiling b/fwd | (319,000 | ) | (95,000 | ) |
Effect of asset ceiling | (199,000 | ) | (224,000 | ) |
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 |
( |
) |
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 |
Future pension increases |
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: |
2024 | 2023 |
£ | £ |
Lease commitments |
Within one year | 75,730 | 82,493 |
Within two to five years | 180,843 | 257,316 |
After more than five years | - | - |
256,572 | 339,809 |