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Registration number: 01631333

Cummins and Pope Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Cummins and Pope Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Cummins and Pope Limited

Company Information

Directors

D A Pope

M A Pope

SA Pope

Mrs C Hardy

Company secretary

Mrs C Hardy

Registered office

12 The Spinney
Forest Road
Denmead
Waterlooville
Hampshire
PO7 6AR

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Cummins and Pope Limited

(Registration number: 01631333)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

611,298

517,027

Other financial assets

2,350,000

1,450,000

 

2,961,298

1,967,027

Current assets

 

Stocks

6

65,000

55,000

Debtors

7

827,538

1,620,472

Investments

8

2

2

Cash at bank and in hand

 

393,741

790,638

 

1,286,281

2,466,112

Creditors: Amounts falling due within one year

9

(1,052,547)

(1,774,865)

Net current assets

 

233,734

691,247

Total assets less current liabilities

 

3,195,032

2,658,274

Creditors: Amounts falling due after more than one year

9

(62,663)

-

Provisions for liabilities

(28,578)

(4,463)

Net assets

 

3,103,791

2,653,811

Capital and reserves

 

Called up share capital

10

400

400

Retained earnings

3,103,391

2,653,411

Shareholders' funds

 

3,103,791

2,653,811

For the financial year ending 31 August 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.

 

Cummins and Pope Limited

(Registration number: 01631333)
Balance Sheet as at 31 August 2023

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 5 March 2024 and signed on its behalf by:
 

.........................................
D A Pope
Director

.........................................
Mrs C Hardy
Company secretary and director

 

Cummins and Pope Limited

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

1

General information

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

The address of its registered office is:
12 The Spinney
Forest Road
Denmead
Waterlooville
Hampshire
PO7 6AR
United Kingdom

These financial statements were authorised for issue by the Board on 5 March 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.

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.

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.

 

Cummins and Pope Limited

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

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.

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 & buildings

2% per annum straight line

Motor vehicles

25% written down value

Office equipment

20% written down value

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Cummins and Pope Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Cummins and Pope Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 21).

 

Cummins and Pope Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

494,162

46,549

214,520

755,231

Additions

-

-

117,503

117,503

Disposals

-

(5,016)

-

(5,016)

At 31 August 2023

494,162

41,533

332,023

867,718

Depreciation

At 1 September 2022

31,562

38,026

168,616

238,204

Charge for the year

5,850

1,190

12,982

20,022

Eliminated on disposal

-

(1,806)

-

(1,806)

At 31 August 2023

37,412

37,410

181,598

256,420

Carrying amount

At 31 August 2023

456,750

4,123

150,425

611,298

At 31 August 2022

462,600

8,523

45,904

517,027

Included within the net book value of land and buildings above is £456,750 (2022 - £462,600) in respect of freehold land and buildings.
 

5

Investments

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Cummins and Pope Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

4 London Road Limited

12 The Spinney
Forest Road
Denmead
Waterlooville
Hants

Ordinary Shares

100%

100%

The Auction House Petersfield Limited

12 The Spinney
Forest Road
Denmead
Waterlooville
Hants

Ordinary shares

100%

100%

Associates

Havant and Waterlooville Football Club Limited

West Leigh Park
Martins Road
Havant
Hants

Ordinary

67%

58%

 

     

Subsidiary undertakings

4 London Road Limited

The principal activity of 4 London Road Limited is a Restaurant.

The Auction House Petersfield Limited

The principal activity of The Auction House Petersfield Limited is a Restaurant.

Associates

Havant and Waterlooville Football Club Limited

The principal activity of Havant and Waterlooville Football Club Limited is Football Club.

6

Stocks

2023
£

2022
£

Work in progress

65,000

55,000

 

Cummins and Pope Limited

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

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

431,758

973,025

Amounts owed by related parties

12

372,015

647,249

Prepayments

 

23,765

198

   

827,538

1,620,472

8

Current asset investments

2023
£

2022
£

Shares in group undertakings

2

2

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

32,694

-

Trade creditors

 

321,663

536,336

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

189,082

219,082

Taxation and social security

 

345,183

564,899

Accruals and deferred income

 

162,169

451,489

Other creditors

 

1,756

3,059

 

1,052,547

1,774,865

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

62,663

-

 

Cummins and Pope Limited

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

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

'A' Ordinary share of £1 each

100

100

100

100

'B' Ordinary share of £1 each

100

100

100

100

'C' Ordinary share of £1 each

100

100

100

100

 

400

400

400

400

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £7,117.22 (2022 - £9,490.87) per each Ordinary share

 

71,722

 

94,909

Interim dividend of £7,387.85 (2022 - £10,919.52) per each 'A' Ordinary share

 

73,879

 

109,195

Interim dividend of £5,726.71 (2022 - £6,439.80) per each 'B' Ordinary share

 

57,267

 

64,398

Interim dividend of £4,064.02 (2022 - £4,318.44) per each 'C' Ordinary share

 

40,640

 

43,184

   

243,508

 

311,686

12

Related party transactions

 

Cummins and Pope Limited

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

Summary of transactions with subsidiaries

4 London Road Limited ( Incorporated 5th July 2017)
The Auction House Petersfield Limited (incorporated 17th May 2022)

 Intercompany loan
 

Summary of transactions with associates

Working capital loans together with a loan towards the intallation of a 3G pitch.
 

Loans to related parties

2023

Subsidiary
£

Associates
£

Total
£

At start of period

9,254

637,995

647,249

Repaid

-

(637,661)

(637,661)

At end of period

9,254

334

9,588

2022

Subsidiary
£

Associates
£

Total
£

At start of period

-

482,995

482,995

Advanced

9,254

155,000

164,254

At end of period

9,254

637,995

647,249

Loans from related parties

2023

Subsidiary
£

Total
£

At start of period

219,082

219,082

At end of period

219,082

219,082

2022

Subsidiary
£

Total
£

At start of period

116,582

116,582

Advanced

102,500

102,500

At end of period

219,082

219,082