Company Registration No. 07627650 (England and Wales)
Cooper Homewood Limited
Unaudited accounts
for the year ended 31 May 2023
Cooper Homewood Limited
Unaudited accounts
Contents
Cooper Homewood Limited
Company Information
for the year ended 31 May 2023
Directors
A R Homewood
J R Cooper
Company Number
07627650 (England and Wales)
Registered Office
1600 Parkway
Solent Business Park
Whiteley
Hampshire
PO15 7AH
UK
Cooper Homewood Limited
Statement of financial position
as at 31 May 2023
Tangible assets
48,771
51,377
Cash at bank and in hand
159,137
258,055
Creditors: amounts falling due within one year
(606,508)
(434,015)
Net current assets
159,706
323,706
Total assets less current liabilities
208,477
375,083
Creditors: amounts falling due after more than one year
(193,473)
(240,139)
Provisions for liabilities
Deferred tax
(12,193)
(9,762)
Called up share capital
4,000
7,000
Capital redemption reserve
6,000
3,000
Profit and loss account
(7,189)
115,182
Shareholders' funds
2,811
125,182
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by
A R Homewood
Director
Company Registration No. 07627650
Cooper Homewood Limited
Notes to the Accounts
for the year ended 31 May 2023
Cooper Homewood Limited is a private company, limited by shares, registered in England and Wales, registration number 07627650. The registered office is 1600 Parkway, Solent Business Park, Whiteley, Hampshire, PO15 7AH, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset and is recognised in the income statement.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% Straight line
Plant & machinery
20%/25% Reducing balance
Fixtures & fittings
20% Reducing balance
Computer equipment
20% Reducing balance
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Cooper Homewood Limited
Notes to the Accounts
for the year ended 31 May 2023
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date
Timing differences arise from the inclusion of income and expenses in tax assessments periods different from those in which they are recognised in financial statements. Deferred Tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all its financial instruments
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at the transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, which include trade and other payables are initially measured at transction price and subsequently measured at amortised cost, unless the arrangement constitutes a financial transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
During the year the company purchased 3,000 Ordinary Shares with a nominal value of £3,000. Consideration of £84,000 was paid for the shares and the shareholding represents 42.86% of total share capital.
Cooper Homewood Limited
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2022
32,000
1,937
31,215
80,700
145,852
Additions
-
-
-
10,464
10,464
At 31 May 2023
32,000
1,937
31,215
91,164
156,316
At 1 June 2022
21,592
1,340
22,828
48,715
94,475
Charge for the year
3,200
134
1,677
8,059
13,070
At 31 May 2023
24,792
1,474
24,505
56,774
107,545
At 31 May 2023
7,208
463
6,710
34,390
48,771
At 31 May 2022
10,408
597
8,387
31,985
51,377
Amounts falling due within one year
Trade debtors
438,177
256,066
Accrued income and prepayments
150,554
144,005
Other debtors
18,346
99,595
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
46,666
43,889
Trade creditors
235,600
120,230
Taxes and social security
149,412
93,662
Other creditors
116,402
139,555
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
193,473
240,139
Aggregate of amounts that fall due for payment after five years
16,666
50,695
The company has benefited from the UK government's provision of security for 100% of the loan taken out under the Coronavirus Business Interruption Loan Scheme (CBILS).
The company has secured debts of £163,888 (2022: £194,444) included within creditors in respect of a bank loan. The bank loan is secured by a fixed and floating charge over the company's assets.
Cooper Homewood Limited
Notes to the Accounts
for the year ended 31 May 2023
8
Operating lease commitments
2023
2022
At 31 May 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
61,785
61,785
Later than one year and not later than five years
31,431
140,591
9
Average number of employees
During the year the average number of employees was 21 (2022: 17).