Company registration number 04467508 (England and Wales)
BOWEN CRAGGS & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
BOWEN CRAGGS & CO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BOWEN CRAGGS & CO LIMITED
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
59,104
20,434
Current assets
Debtors
6
725,853
421,701
Cash at bank and in hand
1,025,227
842,302
1,751,080
1,264,003
Creditors: amounts falling due within one year
7
(1,736,019)
(1,085,943)
Net current assets
15,061
178,060
Net assets
74,165
198,494
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
73,165
197,494
Total equity
74,165
198,494
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 June 2022 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 5 September 2022 and are signed on its behalf by:
S Payton
Director
Company Registration No. 04467508
BOWEN CRAGGS & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
BOWEN CRAGGS & CO LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 18 Melbourne Grove, London, SE22 8RA.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
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.
BOWEN CRAGGS & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
17
13
4
Directors' remuneration and dividends
2022
2021
£
£
Remuneration paid to directors
340,893
278,271
Dividends paid to directors
400,048
98,730
BOWEN CRAGGS & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021
95,067
Additions
61,974
At 30 June 2022
157,041
Depreciation and impairment
At 1 July 2021
74,633
Depreciation charged in the year
23,304
At 30 June 2022
97,937
Carrying amount
At 30 June 2022
59,104
At 30 June 2021
20,434
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
473,770
236,424
Corporation tax recoverable
32,500
32,500
Other debtors
219,583
152,777
725,853
421,701
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
36,439
28,336
Corporation tax
104,131
45,792
Other taxation and social security
83,619
38,189
Other creditors
1,511,830
973,626
1,736,019
1,085,943
BOWEN CRAGGS & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
10000 ordinary shares of £0.10 each
1,000
1,000
1,000
1,000
During the year the company's ordinary shares of £1 each were sub-divided as 10 ordinary shares of £0.10 each.
9
Related party transactions
Transactions with related parties
At the beginning of the year director D Drury owed £45,000, director S Payton owed £44,167 and shareholder J Sumner owed £10,833 to the company. These loans were settled during the year.