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Registration number: 564081

Coopers of Oulton Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Coopers of Oulton Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Coopers of Oulton Limited

Company Information

Directors

Ian Ashley Cooper

Mr Philip Cooper

Julie Elizabeth Crawshaw

Registered office

Regency Garage
77-79 Aberford Road
Oulton
Leeds
West Yorkshire
LS26 8HR

Accountants

Fullertons Limited
Chartered Certified Accountants
Manchester House
50A Oxford Road
Guiseley
Leeds
LS20 8AB

 

Coopers of Oulton Limited

(Registration number: 564081)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

58,355

64,553

Current assets

 

Stocks

5

746,601

602,258

Debtors

6

40,205

47,945

Cash at bank and in hand

 

62,695

172,698

 

849,501

822,901

Creditors: Amounts falling due within one year

7

(106,769)

(92,366)

Net current assets

 

742,732

730,535

Net assets

 

801,087

795,088

Capital and reserves

 

Called up share capital

8

2,000

2,000

Retained earnings

799,087

793,088

Shareholders' funds

 

801,087

795,088

For the financial year ending 31 May 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 February 2024 and signed on its behalf by:
 

 

Coopers of Oulton Limited

(Registration number: 564081)
Balance Sheet as at 31 May 2023

.........................................
Mr Philip Cooper
Director

 

Coopers of Oulton Limited

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

1

General information

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

The address of its registered office is:
Regency Garage
77-79 Aberford Road
Oulton
Leeds
West Yorkshire
LS26 8HR
England

These financial statements were authorised for issue by the Board on 15 February 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

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.

Other grants

Grants receivable as a result of the Covid 19 shut down are recognised as income in the period when they are received and disclosed in the detailed profit and loss statement.

Tax

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

The current income 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.

 

Coopers of Oulton Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

1% straight line basis

Other property, plant and equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Other tangibles

10% reducing balance basis

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Coopers of Oulton Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 17).

 

Coopers of Oulton Limited

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

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

33,241

6,400

334,330

373,971

At 31 May 2023

33,241

6,400

334,330

373,971

Depreciation

At 1 June 2022

7,583

6,363

295,472

309,418

Charge for the year

332

37

5,829

6,198

At 31 May 2023

7,915

6,400

301,301

315,616

Carrying amount

At 31 May 2023

25,326

-

33,029

58,355

At 31 May 2022

25,658

37

38,858

64,553

Included within the net book value of land and buildings above is £25,326 (2022 - £25,658) in respect of freehold land and buildings.
 

5

stocks

2023
£

2022
£

Other inventories

746,601

602,258

6

Debtors

Current

2023
£

2022
£

Trade debtors

21,852

34,153

Prepayments

12,073

10,891

Other debtors

6,280

2,901

 

40,205

47,945

 

Coopers of Oulton Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

28,780

10,720

Trade creditors

 

40,516

39,704

Taxation and social security

 

11,696

20,045

Accruals and deferred income

 

25,777

21,897

 

106,769

92,366

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

28,780

10,720