C.C. Cousland & Son Limited

Contents
	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—7

Registered number: 01411396

		2023		2022
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		578,980		492,099
Investments	5		147		147

			579,127		492,246
CURRENT ASSETS
Stocks	6	164,183		146,044
Debtors	7	13,748		35,528
Cash at bank and in hand		596,286		527,011

		774,217		708,583
Creditors: Amounts Falling Due Within One Year	8	(120,044 )		(147,154 )

NET CURRENT ASSETS (LIABILITIES)			654,173		561,429

TOTAL ASSETS LESS CURRENT LIABILITIES			1,233,300		1,053,675

Creditors: Amounts Falling Due After More Than One Year	9		(12,951 )		-

PROVISIONS FOR LIABILITIES
Deferred Taxation			(45,270 )		(28,190 )

NET ASSETS			1,175,079		1,025,485

CAPITAL AND RESERVES
Called up share capital	11		102,428		102,428
Capital redemption reserve			20		20
Income Statement			1,072,631		923,037

SHAREHOLDERS' FUNDS			1,175,079		1,025,485

Page 1

Page 2

C.C. Cousland & Son Limited

Statement of Financial Position (continued)

As At 30 June 2023

For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.

On behalf of the board

Mr Robert Cousland

Director

30/09/2023

The notes on pages 3 to 7 form part of these financial statements.

1. General Information

C.C. Cousland & Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01411396 . The registered office is Millfield Farm Scredington, Sleaford, NG34 0BW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents revenue earned from the sale of goodsand is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	4% straight line p.a.
Leasehold	0% straight line p.a.
Plant & Machinery	15% reducing balance p.a.
Motor Vehicles	25% reducing balance p.a.

2.4. Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2.5. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Page 3

Page 4

C.C. Cousland & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2023

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was as follows: 2 (2022: 3)

Page 4

Page 5

C.C. Cousland & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2023

4. Tangible Assets

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£	£
Cost
As at 1 July 2022	314,011	163,303	412,998	412,872	1,303,184
Additions	-	-	11,640	124,352	135,992
Disposals	-	-	-	(65,200 )	(65,200 )

As at 30 June 2023	314,011	163,303	424,638	472,024	1,373,976

Depreciation
As at 1 July 2022	-	133,582	349,445	328,058	811,085
Provided during the period	-	3,016	11,280	33,937	48,233
Disposals	-	-	-	(64,322 )	(64,322 )

As at 30 June 2023	-	136,598	360,725	297,673	794,996

Net Book Value
As at 30 June 2023	314,011	26,705	63,913	174,351	578,980

As at 1 July 2022	314,011	29,721	63,553	84,814	492,099

Freehold parcels of farmland in Scredington extending to approximately 29 acres have been pledged to Lloyds Bank plc to secure borrowings of the company.

5. Investments

	Listed
	£
Cost
As at 1 July 2022	147

As at 30 June 2023	147

Provision
As at 1 July 2022	-

As at 30 June 2023	-

Net Book Value
As at 30 June 2023	147

As at 1 July 2022	147

Page 5

Page 6

C.C. Cousland & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2023

6. Stocks

	2023	2022
	£	£
Stock	164,183	146,044

	164,183	146,044

7. Debtors

	2023	2022
	£	£
Due within one year
Trade debtors	10,008	33,284
VAT recoverable	3,740	2,244

	13,748	35,528

8. Creditors: Amounts Falling Due Within One Year

	2023	2022
	£	£
Net obligations under finance leases	10,951	-
Trade creditors	6,207	961
Corporation tax	29,485	33,558
Other taxes and social security	-	588
Accruals and deferred income	5,217	4,814
Directors' loan accounts	68,184	107,233

	120,044	147,154

9. Creditors: Amounts Falling Due After More Than One Year

	2023	2022
	£	£
Net obligations under finance leases	12,951	-

	12,951	-

10. Obligations Under Finance Leases

	2023	2022
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	10,951	-
Later than one year and not later than five years	12,951	-

	23,902	-

	23,902	-

Page 6

Page 7

C.C. Cousland & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2023

11. Share Capital

	2023	2022
Allotted, called up and fully paid	£	£
102,348 Ordinary A shares of £ 1.000 each	102,348	102,348
80 Ordinary B shares of £ 1.000 each	80	80

	102,428	102,428

12. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2023	2022
	£	£
Not later than one year	16,067	16,067

	16,067	16,067

13. Directors Advances, Credits and Guarantees

Included within creditors are the following loans from directors:

	As at 1 July 2022	Amounts advanced	Amounts repaid	Amounts written off	As at 30 June 2023
	£	£	£	£	£
Mr Jack Cousland	33,463	-	-	-	33,463
Mr Robert Cousland	34,721	-	-	-	34,721

The balances due to the directors, which are included in other creditors, are interest free and repayable on demand.

14. Related Party Transactions

The company rented the farm property from Mr R L Cousland, Mr R C Cousland and Mr J L Cousland. Aggregate payments made during the year amounted to £16,067 (2022 - £16,067).

Page 7