Company registration number SC408765 (Scotland)
JAMES COCKBURN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
JAMES COCKBURN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JAMES COCKBURN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
561,149
366,055
Current assets
Stocks
772
1,149
Debtors
4
37,755
22,862
Cash at bank and in hand
22,499
22,317
61,026
46,328
Creditors: amounts falling due within one year
5
(282,443)
(262,390)
Net current liabilities
(221,417)
(216,062)
Total assets less current liabilities
339,732
149,993
Creditors: amounts falling due after more than one year
6
(59,076)
(57,168)
Provisions for liabilities
(75,082)
(22,486)
Net assets
205,574
70,339
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
205,474
70,239
Total equity
205,574
70,339
JAMES COCKBURN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
MR G J HENSHELWOOD
Mr G J Henshelwood
Director
Company Registration No. SC408765
JAMES COCKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

James Cockburn Limited is a private company limited by shares incorporated in Scotland. The registered office is 992/996 Govan Road, Glasgow, G51 3DU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable.

 

Turnover is recognised when an invoice is raised. Invoices are raised when the company has delivered the funeral service.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2.5% reducing balance
Fixtures and fittings
10% reducing balance/33.3% straight line
Motor vehicles
25% reducing balance/12.5% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and cash at bank.

JAMES COCKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The company operates a defined contribution plan for it's 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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

JAMES COCKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.12

Dividends policy

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
13
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
331,598
442,179
773,777
Additions
-
0
288,248
288,248
Disposals
-
0
(355,039)
(355,039)
At 31 March 2023
331,598
375,388
706,986
Depreciation and impairment
At 1 April 2022
66,790
340,932
407,722
Depreciation charged in the year
6,620
31,172
37,792
Eliminated in respect of disposals
-
0
(299,677)
(299,677)
At 31 March 2023
73,410
72,427
145,837
Carrying amount
At 31 March 2023
258,188
302,961
561,149
At 31 March 2022
264,808
101,247
366,055

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
236,298
-
236,298
-
JAMES COCKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
19,848
16,933
Corporation tax recoverable
14,006
-
0
Prepayments and accrued income
3,901
5,929
37,755
22,862
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
32,127
13,521
Trade creditors
7,984
11,465
Taxation and social security
2,515
20,700
Other creditors
239,817
216,704
282,443
262,390

The bank loan is secured by standard securities over the properties and a floating charge over all assets.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
-
0
57,168
Obligations under finance leases
7
59,076
-
0
59,076
57,168
7
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
24,445
-
0
In two to five years
59,076
-
0
83,521
-
0

Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The finance company holds security over the asset that the lease relates to.

JAMES COCKBURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Related party transactions

At the year end, the company owed Caledonian Funeral Supplies Limited, a company under common control, a balance of £9,222 (2022 - amounts due to the company of £6,969).

 

During the year, the company made advances to the directors of £9,275 and received credits of £Nil resulting in a balance due at the year end of £184,497 (2022 - £193,772).

 

There are no set repayment terms, nor is interest charged on the outstanding balances due.

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