Registered number
09578135
Cowling Bros Limited
Report and Accounts
For the Year ended
31 March 2022
Oakensen
Chartered Accountants
31 Stallard Street
Trowbridge
Wiltshire
BA14 9AA
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
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