Silverfin false false 31/12/2023 01/01/2023 31/12/2023 J Ainsworth-Cotton 19/06/2023 01/11/2000 M Hunt 19/06/2023 16/10/2004 C J Wakely 19/06/2023 S Wakely 19/06/2023 26 March 2024 The principal activity of the Company during the financial year was that of funeral directors. 04099868 2023-12-31 04099868 bus:Director1 2023-12-31 04099868 bus:Director2 2023-12-31 04099868 bus:Director3 2023-12-31 04099868 bus:Director4 2023-12-31 04099868 2022-12-31 04099868 core:CurrentFinancialInstruments 2023-12-31 04099868 core:CurrentFinancialInstruments 2022-12-31 04099868 core:ShareCapital 2023-12-31 04099868 core:ShareCapital 2022-12-31 04099868 core:SharePremium 2023-12-31 04099868 core:SharePremium 2022-12-31 04099868 core:RetainedEarningsAccumulatedLosses 2023-12-31 04099868 core:RetainedEarningsAccumulatedLosses 2022-12-31 04099868 core:Goodwill 2022-12-31 04099868 core:Goodwill 2023-12-31 04099868 core:Vehicles 2022-12-31 04099868 core:FurnitureFittings 2022-12-31 04099868 core:Vehicles 2023-12-31 04099868 core:FurnitureFittings 2023-12-31 04099868 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 04099868 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 04099868 2023-01-01 2023-12-31 04099868 bus:FilletedAccounts 2023-01-01 2023-12-31 04099868 bus:SmallEntities 2023-01-01 2023-12-31 04099868 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04099868 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04099868 bus:Director1 2023-01-01 2023-12-31 04099868 bus:Director2 2023-01-01 2023-12-31 04099868 bus:Director3 2023-01-01 2023-12-31 04099868 bus:Director4 2023-01-01 2023-12-31 04099868 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 04099868 core:Goodwill 2023-01-01 2023-12-31 04099868 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 04099868 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 04099868 2022-01-01 2022-12-31 04099868 core:Vehicles 2023-01-01 2023-12-31 04099868 core:FurnitureFittings 2023-01-01 2023-12-31 04099868 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 04099868 (England and Wales)

COTTON & SON LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

COTTON & SON LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

COTTON & SON LIMITED

BALANCE SHEET

As at 31 December 2023
COTTON & SON LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 0 6,398
0 6,398
Current assets
Stocks 5 0 14,666
Debtors 6 13,393 24,713
Cash at bank and in hand 100 490,495
13,493 529,874
Creditors: amounts falling due within one year 7 0 ( 36,319)
Net current assets 13,493 493,555
Total assets less current liabilities 13,493 499,953
Provision for liabilities 8 0 ( 1,600)
Net assets 13,493 498,353
Capital and reserves
Called-up share capital 100 100
Share premium account 13,393 13,393
Profit and loss account 0 484,860
Total shareholders' funds 13,493 498,353

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cotton & Son Limited (registered number: 04099868) were approved and authorised for issue by the Board of Directors on 26 March 2024. They were signed on its behalf by:

C J Wakely
Director
S Wakely
Director
COTTON & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
COTTON & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cotton & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 91 East Street, Bridport, DT6 3LB, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council, with the modification to reflect the business not being a going concern as set out below, and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In 2023 the directors made the decision to transfer the trading activities to the parent company. The transfer was finalised on 19 June 2023. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill has been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 4 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 9

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 200,000 200,000
Disposals ( 200,000) ( 200,000)
At 31 December 2023 0 0
Accumulated amortisation
At 01 January 2023 200,000 200,000
Disposals ( 200,000) ( 200,000)
At 31 December 2023 0 0
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 January 2023 118,650 91,360 210,010
Additions 0 292 292
Disposals ( 118,650) ( 91,652) ( 210,302)
At 31 December 2023 0 0 0
Accumulated depreciation
At 01 January 2023 118,650 84,962 203,612
Charge for the financial year 0 1,107 1,107
Disposals ( 118,650) ( 86,069) ( 204,719)
At 31 December 2023 0 0 0
Net book value
At 31 December 2023 0 0 0
At 31 December 2022 0 6,398 6,398

5. Stocks

2023 2022
£ £
Stocks 0 14,092
Work in progress 0 574
0 14,666

6. Debtors

2023 2022
£ £
Trade debtors 0 22,727
Amounts owed by Parent undertakings 13,393 0
Other debtors 0 1,986
13,393 24,713

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 17,991
Accruals 0 4,454
Corporation tax 0 10,970
Other taxation and social security 0 2,904
0 36,319

8. Provision for liabilities

2023 2022
£ £
Deferred tax 0 1,600

9. Ultimate controlling party

The company's immediate parent is A J Wakely & Sons Limited, incorporated in England and Wales. Its registered office address is 91 East Street, Bridport, DT6 3LB.

These financial statements are available upon request from Companies House, Cardiff.