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Company registration number: 05262566
Cook & Sons Estates Limited
Unaudited filleted financial statements
30 September 2021
Cook & Sons Estates Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Cook & Sons Estates Limited
Directors and other information
Directors Mr Dean A Cook
Mrs Yvonne A Cook
Mr James Cook
Secretary Mrs Y A Cook
Company number 05262566
Registered office 29 Idris Villa
Tywyn
Gwynedd
LL36 9AW
Business address 29 Idris Villas
Tywyn
Gwynedd
LL36 9AW
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Cook & Sons Estates Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Cook & Sons Estates Limited
Year ended 30 September 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cook & Sons Estates Limited for the year ended 30 September 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com /gb/en/about-us/regulation/rulebook.html.
This report is made solely to the board of directors of Cook & Sons Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cook & Sons Estates Limited and state those matters that we have agreed to state to the board of directors of Cook & Sons Estates Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cook & Sons Estates Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cook & Sons Estates Limited 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 Cook & Sons Estates Limited. You consider that Cook & Sons Estates Limited 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 Cook & Sons Estates Limited. 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.
Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
15 August 2022
Cook & Sons Estates Limited
Statement of financial position
30 September 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 324,770 416,041
_______ _______
324,770 416,041
Current assets
Stocks 2,125 2,975
Debtors 6 - 833
Cash at bank and in hand 1,775 8,973
_______ _______
3,900 12,781
Creditors: amounts falling due
within one year 7 ( 267,665) ( 364,400)
_______ _______
Net current liabilities ( 263,765) ( 351,619)
_______ _______
Total assets less current liabilities 61,005 64,422
Creditors: amounts falling due
after more than one year 8 ( 16,355) ( 20,355)
Provisions for liabilities ( 1,586) ( 1,892)
_______ _______
Net assets 43,064 42,175
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 42,964 42,075
_______ _______
Shareholders funds 43,064 42,175
_______ _______
For the year ending 30 September 2021 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 July 2022 , and are signed on behalf of the board by:
Mr Dean A Cook
Director
Company registration number: 05262566
Cook & Sons Estates Limited
Notes to the financial statements
Year ended 30 September 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 29 Idris Villa, Tywyn, Gwynedd, LL36 9AW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Inventories are measured at the lower of cost and estimated selling price.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2020 and 30 September 2021 15,000 15,000
_______ _______
Amortisation
At 1 October 2020 and 30 September 2021 15,000 15,000
_______ _______
Carrying amount
At 30 September 2021 - -
_______ _______
At 30 September 2020 - -
_______ _______
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2020 462,006 19,645 7,173 5,666 494,490
Additions - 739 - - 739
Disposals ( 85,000) - - ( 3,236) ( 88,236)
_______ _______ _______ _______ _______
At 30 September 2021 377,006 20,384 7,173 2,430 406,993
_______ _______ _______ _______ _______
Depreciation
At 1 October 2020 55,920 13,807 4,451 4,271 78,449
Charge for the year 4,660 1,315 544 158 6,677
Disposals - - - ( 2,903) ( 2,903)
_______ _______ _______ _______ _______
At 30 September 2021 60,580 15,122 4,995 1,526 82,223
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2021 316,426 5,262 2,178 904 324,770
_______ _______ _______ _______ _______
At 30 September 2020 406,086 5,838 2,722 1,395 416,041
_______ _______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors - 458
Other debtors - 375
_______ _______
- 833
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 6,388 16,220
Trade creditors 10,009 10,773
Corporation tax 11,136 11,558
Social security and other taxes 2,606 4,404
Other creditors 237,526 321,445
_______ _______
267,665 364,400
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 16,355 20,355
_______ _______
9. Operating leases
10. Controlling party
The company is controlled by its directors and majority shareholders, Mr DA Cook (director) and Mrs YA Cook (director).