Company registration number 12122124 (England and Wales)
KNIGHT & CROSS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
KNIGHT & CROSS LTD
COMPANY INFORMATION
Directors
Miss R J Knight
Mr M H Cross
Company number
12122124
Registered office
4 Farnham Green
Worcester
WR4 0ED
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Virgin Money
Symington House
7 North Avenue
Clydebank Business Park
Clydebank
G81 2NT
KNIGHT & CROSS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
KNIGHT & CROSS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KNIGHT & CROSS LTD FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Knight & Cross Ltd for the year ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Knight & Cross Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Knight & Cross Ltd and state those matters that we have agreed to state to the board of directors of Knight & Cross Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Knight & Cross Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Knight & Cross Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Knight & Cross Ltd. You consider that Knight & Cross Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Knight & Cross Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
27 January 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
KNIGHT & CROSS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
235,000
250,000
Current assets
Cash at bank and in hand
6,241
13,219
Creditors: amounts falling due within one year
5
(130,453)
(154,697)
Net current liabilities
(124,212)
(141,478)
Total assets less current liabilities
110,788
108,522
Provisions for liabilities
6
(13,378)
(16,228)
Net assets
97,410
92,294
Capital and reserves
Called up share capital
7
2
2
Non-distributable profits reserve
8
57,030
69,180
Distributable profit and loss reserves
40,378
23,112
Total equity
97,410
92,294

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on
27 January 2025
27 January 2025
and are signed on its behalf by:
Miss R J Knight
Director
Company registration number 12122124 (England and Wales)
KNIGHT & CROSS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Knight & Cross Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Farnham Green, Worcester, WR4 0ED.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration for rents takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in other reserves.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

KNIGHT & CROSS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Fair value gains/(losses)
2024
2023
£
£
Fair value gains/(losses)
Changes in the fair value of investment property
(15,000)
85,408
4
Investment property
2024
£
Fair value
At 1 October 2023
250,000
Revaluations
(15,000)
At 30 September 2024
235,000

The directors have assessed the market value of the property and consider that the market value was £235,000 as at the year end.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
4,285
4,763
Other creditors
126,168
149,934
130,453
154,697
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
13,378
16,228
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
KNIGHT & CROSS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Called up share capital
(Continued)
- 5 -
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
69,180
-
Fair value adjustment on investment property
(15,000)
85,408
Deferred tax on fair value adjustments
2,850
(16,228)
At the end of the year
57,030
69,180
9
Ultimate controlling party

There is no ultimate controlling party.

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