Cowling Bros Limited |
Registered number: |
09578135 |
Balance Sheet |
as at 31 March 2022 |
|
Notes |
|
|
2022 |
|
|
2021 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
419,113 |
|
|
437,105 |
|
Current assets |
Stocks |
|
|
292,500 |
|
|
310,500 |
Debtors |
4 |
|
43,594 |
|
|
42,894 |
Cash at bank and in hand |
|
|
58,117 |
|
|
75,597 |
|
|
|
394,211 |
|
|
428,991 |
|
Creditors: amounts falling due within one year |
5 |
|
(105,061) |
|
|
(118,343) |
|
Net current assets |
|
|
|
289,150 |
|
|
310,648 |
|
Total assets less current liabilities |
|
|
|
708,263 |
|
|
747,753 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(644,889) |
|
|
(599,623) |
|
Net assets |
|
|
|
63,374 |
|
|
148,130 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
63,274 |
|
|
148,030 |
|
Shareholders' funds |
|
|
|
63,374 |
|
|
148,130 |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
S M Cowling |
Director |
Approved by the board on 30 August 2022 |
|
Cowling Bros Limited |
Notes to the Accounts |
for the year ended 31 March 2022 |
|
|
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. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is recognised when the milk has been collected. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets except 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: |
|
Plant and machinery |
15% straight line |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. Stock consists of both purchased and bred livestock. Purchased livestock is recorded at the purchase price and bred livestock will be valued at fair value. The stock is valued at the year end and restated to reflect its fair value with the increase and decrease being taken to the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price, which is usually the invoice price, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price, which is usually the invoice price. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
|
|
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. |
|
|
2 |
Employees |
2022 |
|
2021 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2021 |
221,817 |
|
485,766 |
|
707,583 |
|
Additions |
- |
|
59,692 |
|
59,692 |
|
At 31 March 2022 |
221,817 |
|
545,458 |
|
767,275 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2021 |
- |
|
270,478 |
|
270,478 |
|
Charge for the year |
- |
|
77,684 |
|
77,684 |
|
At 31 March 2022 |
- |
|
348,162 |
|
348,162 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2022 |
221,817 |
|
197,296 |
|
419,113 |
|
At 31 March 2021 |
221,817 |
|
215,288 |
|
437,105 |
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Debtors |
2022 |
|
2021 |
£ |
£ |
|
|
Trade debtors |
34,232 |
|
31,933 |
|
Other debtors |
9,362 |
|
10,961 |
|
|
|
|
|
|
43,594 |
|
42,894 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans and overdrafts |
36,354 |
|
24,137 |
|
Obligations under finance lease and hire purchase contracts |
27,362 |
|
39,747 |
|
Trade creditors |
37,151 |
|
51,896 |
|
Other creditors |
4,194 |
|
2,563 |
|
|
|
|
|
|
105,061 |
|
118,343 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans |
239,500 |
|
143,799 |
|
Obligations under finance lease and hire purchase contracts |
52,476 |
|
55,107 |
|
Other creditors |
352,913 |
|
400,717 |
|
|
|
|
|
|
644,889 |
|
599,623 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2022 |
|
2021 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
196,379 |
|
196,379 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a charge on the freehold land and buildings of the company. |
|
|
8 |
Related party transactions |
|
|
Included in creditors due within one year is an amount of £352,913 (2021 - £400,717) due to the directors. |
|
|
9 |
Other information |
|
|
Cowling Bros Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Little Crapnell Farm |
|
Crapnell Lane |
|
Crapnell |
|
Wells |
|
BA5 3HQ |