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COMPANY REGISTRATION NUMBER: 02273375
COWAN CONSTRUCTION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2023
COWAN CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
5
201,663
203,037
CURRENT ASSETS
Stocks
190,424
190,512
Debtors
6
27,841
28,075
Cash at bank and in hand
62,342
64,620
-----------
-----------
280,607
283,207
CREDITORS: amounts falling due within one year
7
186,626
189,722
-----------
-----------
NET CURRENT ASSETS
93,981
93,485
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
295,644
296,522
-----------
-----------
NET ASSETS
295,644
296,522
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
500
500
Capital redemption reserve
500
500
Profit and loss account
294,644
295,522
-----------
-----------
SHAREHOLDERS FUNDS
295,644
296,522
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
COWAN CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 12 February 2024 , and are signed on behalf of the board by:
Mr R Cowan
Director
Company registration number: 02273375
COWAN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 144 Greaves Road, Lancaster, LA1 4UW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures, equipment and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Freehold property
Fixtures, equipment and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
247,980
33,085
33,099
314,164
Additions
4,265
737
5,002
-----------
---------
---------
-----------
At 30 September 2023
252,245
33,822
33,099
319,166
-----------
---------
---------
-----------
Depreciation
At 1 October 2022
53,134
29,051
28,942
111,127
Charge for the year
4,861
476
1,039
6,376
-----------
---------
---------
-----------
At 30 September 2023
57,995
29,527
29,981
117,503
-----------
---------
---------
-----------
Carrying amount
At 30 September 2023
194,250
4,295
3,118
201,663
-----------
---------
---------
-----------
At 30 September 2022
194,846
4,034
4,157
203,037
-----------
---------
---------
-----------
6. Debtors
2023
2022
£
£
Trade debtors
17,729
15,888
Prepayments and accrued income
10,112
12,187
---------
---------
27,841
28,075
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,134
16,802
Accruals and deferred income
3,542
3,793
Corporation tax
1,077
106
Social security and other taxes
3,031
795
Director loan accounts
166,839
167,489
Other creditors
1,003
737
-----------
-----------
186,626
189,722
-----------
-----------
8. Directors' advances, credits and guarantees
The director Mr R Cowan has a loan account with the company which remained in credit throughout the year. At the year end the balance was £166,839 which is included in creditors.