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REGISTERED NUMBER: 01589526 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

COUGAR INDUSTRIES LIMITED

COUGAR INDUSTRIES LIMITED (REGISTERED NUMBER: 01589526)

Contents of the Financial Statements
for the year ended 31 December 2022










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


COUGAR INDUSTRIES LIMITED

Company Information
for the year ended 31 December 2022







DIRECTORS: P R Harris
P Lawrence





SECRETARY: M Lamb





REGISTERED OFFICE: 1 Riverpark Industrial Estate
Billet Lane
Berkhamsted
Hertfordshire
HP4 1HL





REGISTERED NUMBER: 01589526 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
4th Floor
Venture House
27-29 Glasshouse Street
London
W1B 5DF

COUGAR INDUSTRIES LIMITED (REGISTERED NUMBER: 01589526)

Statement of Financial Position
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,396,471 1,379,076

CURRENT ASSETS
Inventories 5 47,150 32,000
Debtors 6 58,486 88,321
Cash at bank 29,888 147,711
135,524 268,032
CREDITORS
Amounts falling due within one year 7 254,397 314,104
NET CURRENT LIABILITIES (118,873 ) (46,072 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,277,598

1,333,004

CREDITORS
Amounts falling due after more than one year 8 (233,596 ) (253,597 )

PROVISIONS FOR LIABILITIES (183,426 ) (183,426 )
NET ASSETS 860,576 895,981

CAPITAL AND RESERVES
Called up share capital 10 40 40
Capital redemption reserve 11 60 60
Retained earnings 11 860,476 895,881
SHAREHOLDERS' FUNDS 860,576 895,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:




P R Harris - Director


COUGAR INDUSTRIES LIMITED (REGISTERED NUMBER: 01589526)

Notes to the Financial Statements
for the year ended 31 December 2022


1. STATUTORY INFORMATION

Cougar Industries Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
Revenue is the total amount receivable, excluding value added tax, for services provided in the ordinary course of business.

Revenue is recognised at the fair value of the consideration received or receivable for sale of goods to external customers in the ordinary nature of the business. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is shown net of Value Added Tax.

Property, plant and equipment
Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows;

Plant and machinery - 20% reducing balance method
Computer equipment - 33% straight line basis
Motor vehicles - 25% straight line basis


The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

COUGAR INDUSTRIES LIMITED (REGISTERED NUMBER: 01589526)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Financial instruments
The company has adopted section 11 of FRS 102 in respect of its basic financial instruments.

Basic financial assets

Trade and other debtors, directors' loan accounts, amounts owed by participating interests, cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Basic financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities

Trade and other creditors, accruals, directors' loan accounts, and bank loans and overdrafts are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

Equity instruments
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

COUGAR INDUSTRIES LIMITED (REGISTERED NUMBER: 01589526)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


4. PROPERTY, PLANT AND EQUIPMENT
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2022 1,350,000 192,242 45,271 1,587,513
Additions - 2,635 30,800 33,435
At 31 December 2022 1,350,000 194,877 76,071 1,620,948
DEPRECIATION
At 1 January 2022 - 179,281 29,156 208,437
Charge for year - 3,120 12,920 16,040
At 31 December 2022 - 182,401 42,076 224,477
NET BOOK VALUE
At 31 December 2022 1,350,000 12,476 33,995 1,396,471
At 31 December 2021 1,350,000 12,961 16,115 1,379,076

Cost or valuation at 31 December 2022 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2001 143,717 - - 143,717
Valuation in 2012 200,000 - - 200,000
Valuation in 2016 70,000 - - 70,000
Valuation in 2019 555,000 - - 555,000
Cost 381,283 194,877 76,071 652,231
1,350,000 194,877 76,071 1,620,948

5. INVENTORIES
2022 2021
£    £   
Finished goods 47,150 32,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 23,186 73,016
Amounts owed by related undertakings 17,588 400
Directors' loan accounts 2,807 -
Prepayments and accrued income 14,905 14,905
58,486 88,321

COUGAR INDUSTRIES LIMITED (REGISTERED NUMBER: 01589526)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 180,342 124,358
Amounts owed to related undertakings 8,000 147,552
Tax 12,062 10,837
Social security and other taxes 25,857 8,506
Other creditors 25,486 20,150
Directors' loan accounts - 51
Accruals and deferred income 2,650 2,650
254,397 314,104

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans - 1-2 years 174,618 209,430
Bank loans more 5 yr by instal 34,167 44,167
Other creditors 24,811 -
233,596 253,597

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 34,167 44,167

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Other bank loan - 209,430
Corona virus bounce back loan - 44,167
- 253,597

In June 2017 the company entered into a bank facility of £355,250 which is repayable over a period of 10 years.Interest is charged at a rate of 3.5% and the loan is secured by way of a legal charge on the company's assets.

In May 2020 the company secured a £50,000 Corona Virus Bounce Back Loan. The loan is unsecured and interest free for the first 12 months. Thereafter the interest charge on the loan is 2.5% per annum. The loan is due for repayment 6 years from date of initial drawdown.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
40 Ordinary 1 40 40

COUGAR INDUSTRIES LIMITED (REGISTERED NUMBER: 01589526)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


11. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2022 895,881 60 895,941
Deficit for the year (16,405 ) - (16,405 )
Dividends (19,000 ) - (19,000 )
At 31 December 2022 860,476 60 860,536

Within retained earnings, there is an amount of £ 785,291 in relation to the revaluation surplus on the company's investment property net of deferred tax provision. This amount does not form part of the company's distributable reserves.

12. RELATED PARTY DISCLOSURES

Cougar Industries (Holdings) Limited
The company's parent undertaking is Cougar Industries (Holdings) Limited. At 31 December 2022 the company owes its parent undertaking £8,000 and this amount is unsecured, interest free and repayable on demand.

Cougar Pump Repairs Limited
The director of the company, Mr P Harris is a controlling shareholder of Cougar Pump Repairs Limited. During the year the company charged Cougar Pump Repairs Limited a management fee of £96,062. Furthermore, in the year the company borrowed funds from Cougar Pump Repairs Limited and at 31 December 2022 the amount outstanding in respect of the above is £139,552.This amount is unsecured, interest free and repayable on demand.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Cougar Industries (Holdings)Limited.

The ultimate controlling party is P R Harris.