Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-016falseNo description of principal activity8truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05385174 2022-04-01 2023-03-31 05385174 2021-04-01 2022-03-31 05385174 2023-03-31 05385174 2022-03-31 05385174 c:Director2 2022-04-01 2023-03-31 05385174 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 05385174 d:Buildings d:ShortLeaseholdAssets 2023-03-31 05385174 d:Buildings d:ShortLeaseholdAssets 2022-03-31 05385174 d:PlantMachinery 2022-04-01 2023-03-31 05385174 d:PlantMachinery 2023-03-31 05385174 d:PlantMachinery 2022-03-31 05385174 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05385174 d:MotorVehicles 2022-04-01 2023-03-31 05385174 d:MotorVehicles 2023-03-31 05385174 d:MotorVehicles 2022-03-31 05385174 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05385174 d:FurnitureFittings 2022-04-01 2023-03-31 05385174 d:FurnitureFittings 2023-03-31 05385174 d:FurnitureFittings 2022-03-31 05385174 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05385174 d:OfficeEquipment 2022-04-01 2023-03-31 05385174 d:OfficeEquipment 2023-03-31 05385174 d:OfficeEquipment 2022-03-31 05385174 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05385174 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05385174 d:CurrentFinancialInstruments 2023-03-31 05385174 d:CurrentFinancialInstruments 2022-03-31 05385174 d:Non-currentFinancialInstruments 2023-03-31 05385174 d:Non-currentFinancialInstruments 2022-03-31 05385174 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05385174 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05385174 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05385174 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 05385174 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 05385174 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 05385174 d:ShareCapital 2023-03-31 05385174 d:ShareCapital 2022-03-31 05385174 d:RetainedEarningsAccumulatedLosses 2023-03-31 05385174 d:RetainedEarningsAccumulatedLosses 2022-03-31 05385174 c:FRS102 2022-04-01 2023-03-31 05385174 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05385174 c:FullAccounts 2022-04-01 2023-03-31 05385174 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05385174 d:WithinOneYear 2023-03-31 05385174 d:WithinOneYear 2022-03-31 05385174 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05385174 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 05385174 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 05385174









COCHRANE DESIGN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023


 


 
COCHRANE DESIGN LIMITED
REGISTERED NUMBER: 05385174

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,334
23,485

  
28,334
23,485

Current assets
  

Debtors: amounts falling due within one year
 5 
132,089
98,934

Cash at bank and in hand
  
58,893
79,922

  
190,982
178,856

Creditors: amounts falling due within one year
 6 
(477,172)
(478,272)

Net current liabilities
  
 
 
(286,190)
 
 
(299,416)

Total assets less current liabilities
  
(257,856)
(275,931)

Creditors: amounts falling due after more than one year
 7 
(111,348)
(178,075)

Provisions for liabilities
  

Deferred tax
 9 
(3,486)
(4,462)

  
 
 
(3,486)
 
 
(4,462)

Net liabilities
  
(372,690)
(458,468)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(372,692)
(458,470)

  
(372,690)
(458,468)


Page 1

 
COCHRANE DESIGN LIMITED
REGISTERED NUMBER: 05385174
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2023.




S Cochrane
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
COCHRANE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Cochrane Design Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is Regina House, 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are prepared on the break up basis as the company will enter into liquidation.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue comprises amounts recognised by the company in respect of fees receivable for specialised design services during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes and is represented by fees receivable for services supplied.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the lease term
Fixtures, fittings and equipment
-
20% reducing balance
Motor vehicles
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 3

 
COCHRANE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

Page 4

 
COCHRANE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised on a systematic basis over the periods that the change in lease payments is intended to compensate. This is conditional on:

the change in lease payments resulting in revised consideration for the lease that is less than the consideration for the lease immediately preceding the change;
any reduction in lease payments affecting only payments originally due on or before 30 June 2022;
there being no significant change to other terms and conditions of the lease.

Page 5

 
COCHRANE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the statement of financial position.

Page 6

 
COCHRANE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 8).

Page 7

 
COCHRANE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 April 2022
98,254
2,450
-
66,091
23,068


Additions
-
-
11,749
-
-



At 31 March 2023

98,254
2,450
11,749
66,091
23,068



Depreciation


At 1 April 2022
98,254
2,392
-
48,819
16,913


Charge for the year on owned assets
-
12
1,762
3,454
1,672



At 31 March 2023

98,254
2,404
1,762
52,273
18,585



Net book value



At 31 March 2023
-
46
9,987
13,818
4,483



At 31 March 2022
-
58
-
17,272
6,155

Total

£



Cost or valuation


At 1 April 2022
189,863


Additions
11,749



At 31 March 2023

201,612



Depreciation


At 1 April 2022
166,378


Charge for the year on owned assets
6,900



At 31 March 2023

173,278



Net book value



At 31 March 2023
28,334



At 31 March 2022
23,485

Page 8

 
COCHRANE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
16,690
74,503

Other debtors
115,399
6,071

Tax recoverable
-
18,360

132,089
98,934



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
2,655

Bank loans
92,590
99,226

Trade creditors
473
8,388

Corporation tax
-
14,413

Other taxation and social security
132,390
104,065

Other creditors
234,396
232,202

Accruals and deferred income
17,323
17,323

477,172
478,272



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
111,348
178,075

111,348
178,075


The bank loan is secured by a fixed and floating charge over the property and undertakings of the company.

Page 9

 
COCHRANE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
92,590
99,226


92,590
99,226


Amounts falling due 2-5 years

Bank loans
111,348
178,075


111,348
178,075


203,938
277,301



9.


Deferred taxation




2023


£






At beginning of year
(4,462)


Charged to profit or loss
976



At end of year
(3,486)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,486)
(4,462)

(3,486)
(4,462)

Page 10

 
COCHRANE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Related party transactions

At the balance sheet date, the director was owed £110,296 (2022: £88,948) by the company. In respect of borrowings, a personal guarantee has been provided to the lender by the director of the company.
At the balance sheet date, the company owed £nil (2022: £36,510) to Havelock 2 Limited, a company in which S Cochrane is a director and shareholder.
At the balance sheet date, the company was owed £21,461 from Cochrane Design 5 Limited, a company in which S Cochrane is a director and shareholder. In 2022 the company owed £9,085 to Cochrane Design 5 Limited.
At the balance sheet date, the company was owed £85,191 from Cochrane Design 6 Limited, a company in which S Cochrane is a director and shareholder. In 2022 the company owed £17,099 to Cochrane Design 6 Limited.
At the balance sheet date, the company was owed £1,362 from Cochrane Design 9 Limited, a company in which S Cochrane is a director and shareholder. In 2022 the company owed £17,412 to Cochrane Design 9 limited.
At the balance sheet date, the company owed £124,100 (2022: £37,573) to Cochrane Design 1 Limited, a company in which M Cochrane is a director and shareholder.


11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,211 (2022: £6,850). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
6,000
15,371

6,000
15,371

Page 11