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REGISTERED NUMBER: 04366510 (England and Wales)













Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Cotec Technology Limited

Cotec Technology Limited (Registered number: 04366510)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cotec Technology Limited

Company Information
for the Year Ended 28 February 2023







DIRECTOR: A Flanagan





SECRETARY: S Morgan





REGISTERED OFFICE: 1 Sunwin Units
Rear of Westgate
Guisborough
TS14 6AF





REGISTERED NUMBER: 04366510 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff LLP
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Cotec Technology Limited (Registered number: 04366510)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 26,198 60,896
Tangible assets 5 18,191 20,813
44,389 81,709

CURRENT ASSETS
Stocks 42,782 49,938
Debtors 6 44,893 39,100
Cash at bank and in hand 88,139 116,989
175,814 206,027
CREDITORS
Amounts falling due within one year 7 62,544 53,793
NET CURRENT ASSETS 113,270 152,234
TOTAL ASSETS LESS CURRENT
LIABILITIES

157,659

233,943

CREDITORS
Amounts falling due after more than one
year

8

11,565

16,213
NET ASSETS 146,094 217,730

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 146,092 217,728
SHAREHOLDERS' FUNDS 146,094 217,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Cotec Technology Limited (Registered number: 04366510)

Balance Sheet - continued
28 February 2023


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 director and authorised for issue on 20 November 2023 and were signed by:





A Flanagan - Director


Cotec Technology Limited (Registered number: 04366510)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Cotec Technology 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities " of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the companies Act 2006. The financial statements have been prepared under the historical cost convention and on a going concern basis

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Research and development are being amortised evenly over their estimated useful life of ten years.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - over the period of the lease
Fixtures and fittings - 25% on reducing balance

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

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Cotec Technology Limited (Registered number: 04366510)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Government grants
Government grants of a capital nature are credited to a deferred income account in the Balance Sheet on receipt. The deferred income is released to the Profit & Loss Account annually at a rate equal to the depreciation rate of the assets to which they relate.

The business received government grants in respect of the Coronavirus Job Retention Scheme & the Small Business Grant Fund. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them. The grants were received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 389,150
AMORTISATION
At 1 March 2022 328,254
Charge for year 34,698
At 28 February 2023 362,952
NET BOOK VALUE
At 28 February 2023 26,198
At 28 February 2022 60,896

Cotec Technology Limited (Registered number: 04366510)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and
improvements fittings Totals
£    £    £   
COST
At 1 March 2022 26,855 6,425 33,280
Additions - 462 462
At 28 February 2023 26,855 6,887 33,742
DEPRECIATION
At 1 March 2022 10,542 1,925 12,467
Charge for year 1,886 1,198 3,084
At 28 February 2023 12,428 3,123 15,551
NET BOOK VALUE
At 28 February 2023 14,427 3,764 18,191
At 28 February 2022 16,313 4,500 20,813

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,699 9,373
Other debtors 38,194 29,727
44,893 39,100

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,800 4,800
Trade creditors 6,029 2,300
Amounts owed to participating interests 10,000 -
Taxation and social security 4,642 24,434
Other creditors 37,073 22,259
62,544 53,793

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 11,565 16,213

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

Cotec Technology Limited (Registered number: 04366510)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

10. RELATED PARTY DISCLOSURES

In this and prior years, the company loaned funds to a company which the director owns 20% of the issued share capital. The total amount due from the company at the year end was £28,052 (2022: £28,052).

During the year, the company received a loan from a company which the director owns 100% of the issued share capital. The total amount due to the company at the year end was £10,000.

The above loan has no fixed repayment terms and is interest free.

11. FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £52,500 (2021: £62,500).