Registered number
04479765
A.G. Cross Limited
Unaudited Filleted Accounts
31 August 2024
A.G. Cross Limited
Registered number: 04479765
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 34,000 42,500
Tangible assets 4 26,382 88,236
60,382 130,736
Current assets
Stocks 4,300 4,300
Debtors 5 109,038 67,023
Cash at bank and in hand 292,425 308,515
405,763 379,838
Creditors: amounts falling due within one year 6 (97,734) (89,957)
Net current assets 308,029 289,881
Total assets less current liabilities 368,411 420,617
Creditors: amounts falling due after more than one year 7 - (16,500)
Provisions for liabilities - (6,908)
Net assets 368,411 397,209
Capital and reserves
Called up share capital 100 100
Profit and loss account 368,311 397,109
Shareholders' funds 368,411 397,209
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
AG Cross
Director
Approved by the board on 29 May 2025
A.G. Cross Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance
Motor Vehicles 15% reducing balance
Computer Equipment 33% on cost
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 85,000
At 31 August 2024 85,000
Amortisation
At 1 September 2023 42,500
Provided during the year 8,500
At 31 August 2024 51,000
Net book value
At 31 August 2024 34,000
At 31 August 2023 42,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 321,933 154,544 476,477
Additions 2,650 - 2,650
At 31 August 2024 324,583 154,544 479,127
Depreciation
At 1 September 2023 257,066 131,175 388,241
Charge for the year 59,830 4,674 64,504
At 31 August 2024 316,896 135,849 452,745
Net book value
At 31 August 2024 7,687 18,695 26,382
At 31 August 2023 64,867 23,369 88,236
5 Debtors 2024 2023
£ £
Trade debtors 34,108 29,465
Other debtors 74,930 37,558
109,038 67,023
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 34,166 49,500
Trade creditors 15,035 5,474
Taxation and social security costs 7,761 28,306
Pension Contributions Outstanding 267 217
Other creditors 40,505 6,460
97,734 89,957
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 16,500
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
AG Cross
Loan (30/05/23) 40,000 - (40,000) -
VA Cross
Loan - 40,000 - 40,000
40,000 40,000 (40,000) 40,000
Loans made to VA Cross oustanding at the year end but were repaid prior to the date the accounts were approved.
9 Related party transactions
Included in other debtors is an amount of £28,646 (2023:£28,646) loaned to Indigo Vara Limited a company registered in England & Wales, company number 10495567, in which VA Cross is both a Shareholder and Director. At the date these accounts were approved that amount was still outstanding.
During the year the Directors personally purchased goods and services on behalf of the company. These transactions were made on an arms length basis and were repaid by the Company during the year.
During the year the Company purchased goods and services on behalf of the Directors. These transactions were made on an arms length basis and were repaid by the Directors during the year.
10 Controlling party
Based upon the disposition of Shareholdings the Directors are of the opinion that there is no overall controlling party.
11 Other information
A.G. Cross Limited is a private company limited by shares and incorporated in England. Its registered office is:
Sandy Lane
Preesall
Poulton-Le-Fylde
Lancashire
FY6 0NU
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