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Registration number: 08431956

Prepared for the registrar

Coombes Everitt Architects Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Coombes Everitt Architects Ltd

(Registration number: 08431956)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

4,267

10,385

Current assets

 

Debtors

6

185,919

168,344

Cash at bank and in hand

 

130,825

146,366

 

316,744

314,710

Creditors: Amounts falling due within one year

7

(144,324)

(150,414)

Net current assets

 

172,420

164,296

Total assets less current liabilities

 

176,687

174,681

Creditors: Amounts falling due after more than one year

7

(22,500)

(32,500)

Deferred tax liabilities

 

(49)

(1,289)

Net assets

 

154,138

140,892

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

154,038

140,792

Shareholders' funds

 

154,138

140,892

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 


T Coombes
Director

 

Coombes Everitt Architects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
105 - 107 Bath Road
Cheltenham
Gloucestershire
GL53 7LE

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

 

Coombes Everitt Architects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

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

The current 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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and buildings

over 3 years

Computer equipment

over 3 years

Motor vehicles

over 3 years

Goodwill

Goodwill is fully amortised.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Coombes Everitt Architects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 12).

 

Coombes Everitt Architects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

4

Intangible assets

Goodwill
 £

Cost

At 1 April 2022

36,000

At 31 March 2023

36,000

Amortisation

At 1 April 2022

36,000

At 31 March 2023

36,000

Carrying amount

At 31 March 2023

-

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2022

15,968

47,322

4,900

68,190

Additions

-

239

-

239

At 31 March 2023

15,968

47,561

4,900

68,429

Depreciation

At 1 April 2022

15,968

38,571

3,266

57,805

Charge for the year

-

4,723

1,634

6,357

At 31 March 2023

15,968

43,294

4,900

64,162

Carrying amount

At 31 March 2023

-

4,267

-

4,267

At 31 March 2022

-

8,751

1,634

10,385

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of leasehold land and buildings.
 

 

6

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

166,388

151,013

Amounts owed by related parties

10

2,418

-

Other debtors

 

413

504

Prepayments

 

16,700

16,827

   

185,919

168,344

 

Coombes Everitt Architects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

10,000

18,661

Trade creditors

 

16,581

10,029

Social security and other taxes

 

74,588

68,978

Outstanding defined contribution pension costs

 

-

1,640

Other creditors

 

1,450

1,450

Accrued expenses

 

2,700

2,500

Corporation tax liability

39,005

47,156

 

144,324

150,414

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

22,500

32,500

 

8

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Bank borrowings

 

10,000

10,000

Other borrowings

10

-

8,661

 

10,000

18,661

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,500

32,500

 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £74,984 (2022 - £136,876).

 

10

Related party transactions

Summary of transactions with other related parties

At 31 March 2023 the company was owed £2,418 by (2022: owed £8,661 to) its directors. Interest of £1,019 was charged on this balance and there are no fixed repayment terms.