Registered number
NI017777
Coote's (Builders Merchants) Limited
Report and Unaudited Accounts
28 February 2023
Coote's (Builders Merchants) Limited
Company Information
Director
Mrs Isobel Coote
Secretary
Mr Trevor McDonald
Accountants
Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG
Bankers
Danske Bank Ltd
5-6 Market Street
Dungannon
Co Tyrone
Solicitors
C.T. McAlpine & Son Solicitors
Northland Row
Dungannon
Co Tyrone
Registered office
83 Main Street
Ballygawley
Co Tyrone
BT70 2HD
Registered number
NI017777
Coote's (Builders Merchants) Limited
Registered number: NI017777
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 392,222 408,230
Current assets
Stocks 660,100 690,000
Debtors 4 289,249 247,509
Cash at bank and in hand 5,676 15,831
955,025 953,340
Creditors: amounts falling due within one year 5 (755,460) (770,124)
Net current assets 199,565 183,216
Total assets less current liabilities 591,787 591,446
Creditors: amounts falling due after more than one year 6 (58,072) (73,773)
Provisions for liabilities 7 (13,429) (14,750)
Net assets 520,286 502,923
Capital and reserves
Called up, issued and fully paid share capital 25,000 25,000
Profit and loss account 495,286 477,923
Shareholder's funds 9 520,286 502,923
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
The profit and loss account has not been delivered to the Registrar of Companies under section 444 of the Companies Act 2006.
The notes on pages 6 to 10 form an integral part of the accounts.
Mrs Isobel Coote
Director
Approved by the board on 28 November 2023
Coote's (Builders Merchants) Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are presented in UK sterling pounds (£)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Buildings 2% straight line
Plant and machinery 10% reducing balance
Fixtures & fittings 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Grants are recognised using the accruals basis. Capital grants received and receivable are treated as deferred income and amortised to the profit and loss account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the profit and loss account in the period in which they become receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 14
3 Tangible fixed assets
Land and buildings Plant and machinery etc Fixtures and fittings etc Total
£ £ £ £
Cost
At 1 March 2022 540,762 135,943 51,766 728,471
Additions - 1,333 - 1,333
At 28 February 2023 540,762 137,276 51,766 729,804
Depreciation
At 1 March 2022 210,161 62,152 47,928 320,241
Charge for the year 9,058 7,515 768 17,341
At 28 February 2023 219,219 69,667 48,696 337,582
Net book value
At 28 February 2023 321,543 67,609 3,070 392,222
At 28 February 2022 330,601 73,791 3,838 408,230
4 Debtors 2023 2022
£ £
Trade debtors 289,161 247,423
Other debtors 88 86
289,249 247,509
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 330,832 341,009
Obligations under finance lease and hire purchase contracts 6,389 11,067
Trade creditors 300,523 290,458
Taxes and social security costs 41,998 30,187
Other creditors 75,718 97,403
755,460 770,124
Danske overdraft - Security held as follows;
Premises and machinery held at 82 Main Street, Ballygawley, Co. Tyrone
Premises at 77 Main Street, Ballygawley, Co. Tyrone
Premises at Omagh Road, Ballygawley, Co. Tyrone comprised in Folios 17531(Part) and 16010.

All monies charge over all book debts and other debts owing or incurred to the company.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 53,009 62,322
Obligations under finance lease and hire purchase contracts 5,063 11,451
58,072 73,773
7 Provision for liabilities
Deferred Taxation
£
At 1 March 2022 14,750
Charged to the profit and loss (1,321)
At 28 February 2023 13,429
The provision for deferred taxation is made up as follows:
2023 2022
£ £
Accelerated capital allowances 1,321 (3,105)
1,321 (3,105)
8 Directors advances, credits and guarantees
During the year the director advanced £34,000, and the company repaid £52,633 leaving a balance owed to the director at the year end of £50,300.
The balances are interest free and repayable on demand.
9 Statement of changes in equity
The shareholders funds represents cumulative profits or losses, net of dividends paid and deferred tax adjustments.
10 Other information
Coote's (Builders Merchants) Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
83 Main Street
Ballygawley
Co Tyrone
BT70 2HD
Coote's (Builders Merchants) Limited NI017777 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts October 2023 release 2 No description of principal activity NI017777 2021-03-01 2022-02-28 NI017777 core:WithinOneYear 2022-02-28 NI017777 core:AfterOneYear 2022-02-28 NI017777 core:ShareCapital 2022-02-28 NI017777 core:RetainedEarningsAccumulatedLosses 2022-02-28 NI017777 2022-03-01 2023-02-28 NI017777 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI017777 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 NI017777 bus:Director1 2022-03-01 2023-02-28 NI017777 bus:CompanySecretary1 2022-03-01 2023-02-28 NI017777 1 2022-03-01 2023-02-28 NI017777 2 2022-03-01 2023-02-28 NI017777 core:LandBuildings 2022-03-01 2023-02-28 NI017777 core:PlantMachinery 2022-03-01 2023-02-28 NI017777 core:Vehicles 2022-03-01 2023-02-28 NI017777 countries:England 2022-03-01 2023-02-28 NI017777 bus:FRS102 2022-03-01 2023-02-28 NI017777 bus:FullAccounts 2022-03-01 2023-02-28 NI017777 2023-02-28 NI017777 core:WithinOneYear 2023-02-28 NI017777 core:AfterOneYear 2023-02-28 NI017777 core:ShareCapital 2023-02-28 NI017777 core:RetainedEarningsAccumulatedLosses 2023-02-28 NI017777 core:LandBuildings 2023-02-28 NI017777 core:PlantMachinery 2023-02-28 NI017777 core:Vehicles 2023-02-28 NI017777 2022-02-28 NI017777 core:LandBuildings 2022-02-28 NI017777 core:PlantMachinery 2022-02-28 NI017777 core:Vehicles 2022-02-28 iso4217:GBP xbrli:pure