13 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 55,778 52,990 2,788 55,778 2,788 126,245 81,417 4,483 85,900 40,345 44,828 xbrli:pure xbrli:shares iso4217:GBP 04801870 2022-07-01 2023-06-30 04801870 2023-06-30 04801870 2022-06-30 04801870 2021-07-01 2022-06-30 04801870 2022-06-30 04801870 2021-06-30 04801870 core:NetGoodwill 2022-07-01 2023-06-30 04801870 core:FurnitureFittings 2022-07-01 2023-06-30 04801870 bus:Director1 2022-07-01 2023-06-30 04801870 core:NetGoodwill 2022-06-30 04801870 core:NetGoodwill 2023-06-30 04801870 core:FurnitureFittings 2022-06-30 04801870 core:FurnitureFittings 2023-06-30 04801870 core:WithinOneYear 2023-06-30 04801870 core:WithinOneYear 2022-06-30 04801870 core:ShareCapital 2023-06-30 04801870 core:ShareCapital 2022-06-30 04801870 core:RetainedEarningsAccumulatedLosses 2023-06-30 04801870 core:RetainedEarningsAccumulatedLosses 2022-06-30 04801870 core:NetGoodwill 2022-06-30 04801870 core:FurnitureFittings 2022-06-30 04801870 bus:SmallEntities 2022-07-01 2023-06-30 04801870 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 04801870 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 04801870 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04801870 bus:FullAccounts 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 04801870
I.J. Cook Limited
Filleted Unaudited Financial Statements
30 June 2023
I.J. Cook Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed Assets
Intangible assets
5
2,788
Tangible assets
6
40,345
44,828
--------
--------
40,345
47,616
Current Assets
Stocks
5,300
5,300
Debtors
7
22,064
2,091
Cash at bank and in hand
25,391
51,473
--------
--------
52,755
58,864
Creditors: amounts falling due within one year
8
59,689
59,038
--------
--------
Net Current Liabilities
6,934
174
--------
--------
Total Assets Less Current Liabilities
33,411
47,442
Provisions
Taxation including deferred tax
7,666
8,518
--------
--------
Net Assets
25,745
38,924
--------
--------
Capital and Reserves
Called up share capital
47,423
47,423
Profit and loss account
( 21,678)
( 8,499)
--------
--------
Shareholders Funds
25,745
38,924
--------
--------
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 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
I.J. Cook Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 22 January 2024 , and are signed on behalf of the board by:
I J Cook
Director
Company registration number: 04801870
I.J. Cook Limited
Notes to the Financial Statements
Year ended 30 June 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 Swallow House, Parsons Road, Washington, Tyne & Wear, NE37 1EZ.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fixtures & Fittings
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
55,778
--------
Amortisation
At 1 July 2022
52,990
Charge for the year
2,788
--------
At 30 June 2023
55,778
--------
Carrying amount
At 30 June 2023
--------
At 30 June 2022
2,788
--------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 July 2022 and 30 June 2023
126,245
126,245
---------
---------
Depreciation
At 1 July 2022
81,417
81,417
Charge for the year
4,483
4,483
---------
---------
At 30 June 2023
85,900
85,900
---------
---------
Carrying amount
At 30 June 2023
40,345
40,345
---------
---------
At 30 June 2022
44,828
44,828
---------
---------
7. Debtors
2023
2022
£
£
Other debtors
22,064
2,091
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,999
3,998
Corporation tax
14,130
19,589
Social security and other taxes
36,335
30,145
Other creditors
5,225
5,306
--------
--------
59,689
59,038
--------
--------
9. Director's advances, credits and guarantees
Included within other creditors, there is a directors loan account balance of £nil (2022: £81) Included within other debtors, there is a directors loan account balance of £19,913 (2022: £nil)
10. Related party transactions
The company was under the control of Mr I J Cook throughout the current and previous year. Mr I J Cook is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.