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Cole & Cole Properties Ltd
Financial Statements
For The Year Ended 31 July 2023
Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 08837585
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 23,529 -
23,529 -
CURRENT ASSETS
Stocks 5 459,786 577,057
Debtors 6 18,423 9,136
Cash at bank and in hand 201,210 109,838
679,419 696,031
Creditors: Amounts Falling Due Within One Year 7 (503,552 ) (323,768 )
NET CURRENT ASSETS (LIABILITIES) 175,867 372,263
TOTAL ASSETS LESS CURRENT LIABILITIES 199,396 372,263
Creditors: Amounts Falling Due After More Than One Year 8 (56,652 ) (299,692 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (5,729 ) -
NET ASSETS 137,015 72,571
CAPITAL AND RESERVES
Called up share capital 12 102 7
Income Statement 136,913 72,564
SHAREHOLDERS' FUNDS 137,015 72,571
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For the year ending 31 July 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr David Cole
Director
23rd January 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Cole & Cole Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08837585 . The registered office is 11 Meadow Lane, South Hykeham, Lincoln, LN6 9PF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line
Motor Vehicles 20% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is not recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit as the directors do not anticipate a material dferred tax liability or asset arising in the forseeable future.

Current tax for the year is recognised in the profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 4)
3 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 August 2022 5,750 - 5,750
Additions 3,064 24,497 27,561
As at 31 July 2023 8,814 24,497 33,311
Depreciation
As at 1 August 2022 5,750 - 5,750
Provided during the period 766 3,266 4,032
As at 31 July 2023 6,516 3,266 9,782
Net Book Value
As at 31 July 2023 2,298 21,231 23,529
As at 1 August 2022 - - -
5. Stocks
2023 2022
£ £
Work in progress 459,786 577,057
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6. Debtors
2023 2022
£ £
Due within one year
Other debtors 18,423 9,136
18,423 9,136
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 2,487 -
Trade creditors 24,500 34,518
Bank loans and overdrafts 10,572 -
Other creditors 450,836 281,495
Taxation and social security 15,157 7,755
503,552 323,768
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 18,589 -
Bank loans 38,063 299,692
56,652 299,692
9. Secured Creditors
The bank loans are secured against freehold land and property held within the trading stock of the company. 
Hire purchase agreements are secured against the assets to which they pertain.
Of the creditors falling due within and after more than one year the following amounts are secured.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 21,076 -
Bank loans and overdrafts - 250,000
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10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,487 -
Later than one year and not later than five years 18,589 -
21,076 -
21,076 -
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 5,729 -
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 102 7
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