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Registration number: 07415649

Cottage Stoves Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Cottage Stoves Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Cottage Stoves Limited

(Registration number: 07415649)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

31,607

2,113

Current assets

 

Stocks

51,297

33,600

Debtors

6

16,560

12,084

Cash at bank and in hand

 

29,087

123,242

 

96,944

168,926

Creditors: Amounts falling due within one year

7

(75,546)

(57,080)

Net current assets

 

21,398

111,846

Total assets less current liabilities

 

53,005

113,959

Provisions for liabilities

-

(402)

Net assets

 

53,005

113,557

Capital and reserves

 

Called up share capital

30

30

Capital redemption reserve

70

70

Retained earnings

52,905

113,457

Shareholders' funds

 

53,005

113,557

 

Cottage Stoves Limited

(Registration number: 07415649)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 4 April 2024 and signed on its behalf by:
 

.........................................
Mrs E Thompson
Director

 

Cottage Stoves Limited

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

1

General information

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

The address of its registered office is:
31A Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

 

Cottage Stoves Limited

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

Asset class

Depreciation method and rate

Land and buildings

10% straight line

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully depreciated

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Cottage Stoves Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

36,000

36,000

At 31 October 2023

36,000

36,000

Amortisation

At 1 November 2022

36,000

36,000

At 31 October 2023

36,000

36,000

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

1,150

2,230

10,981

14,361

Additions

-

-

40,145

40,145

At 31 October 2023

1,150

2,230

51,126

54,506

Depreciation

At 1 November 2022

1,035

1,697

9,515

12,247

Charge for the year

115

134

10,403

10,652

At 31 October 2023

1,150

1,831

19,918

22,899

Carrying amount

At 31 October 2023

-

399

31,208

31,607

At 31 October 2022

115

533

1,465

2,113

 

Cottage Stoves Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

14,032

10,003

Prepayments

2,266

2,081

Other debtors

262

-

 

16,560

12,084

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

8,481

9,640

Taxation and social security

58,470

36,672

Other creditors

8,595

10,768

75,546

57,080

8

Related party transactions

Other transactions with directors

At 31 October 2023 the company owed the director £6,666 (2022: £9,019).