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COMPANY REGISTRATION NUMBER: 01217210
A. & E. Connock (Perfumery & Cosmetics) Limited
Filleted Unaudited Financial Statements
31 July 2023
A. & E. Connock (Perfumery & Cosmetics) Limited
Financial Statements
Year ended 31 July 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
A. & E. Connock (Perfumery & Cosmetics) Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
132,040
50,480
Current assets
Stocks
284,233
509,460
Debtors
6
444,072
444,277
Cash at bank and in hand
311,837
493,300
------------
------------
1,040,142
1,447,037
Creditors: amounts falling due within one year
7
566,442
796,767
------------
------------
Net current assets
473,700
650,270
---------
---------
Total assets less current liabilities
605,740
700,750
Creditors: amounts falling due after more than one year
8
42,493
---------
---------
Net assets
563,247
700,750
---------
---------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
562,247
699,750
---------
---------
Shareholders funds
563,247
700,750
---------
---------
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 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A. & E. Connock (Perfumery & Cosmetics) Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 24 April 2024 , and are signed on behalf of the board by:
Mrs E Connock
T A Connock
Director
Director
Ms R D Connock
Director
Company registration number: 01217210
A. & E. Connock (Perfumery & Cosmetics) Limited
Notes to the Financial Statements
Year ended 31 July 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Plant and machinery
-
25% - 33.3% Straight line
Motor vehicles
-
25% straight line
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.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 13 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022
87,923
222,917
310,840
Additions
4,824
127,010
131,834
Disposals
( 128,397)
( 128,397)
--------
---------
---------
At 31 July 2023
92,747
221,530
314,277
--------
---------
---------
Depreciation
At 1 August 2022
81,653
178,707
260,360
Charge for the year
3,642
46,632
50,274
Disposals
( 128,397)
( 128,397)
--------
---------
---------
At 31 July 2023
85,295
96,942
182,237
--------
---------
---------
Carrying amount
At 31 July 2023
7,452
124,588
132,040
--------
---------
---------
At 31 July 2022
6,270
44,210
50,480
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
273,391
228,443
Prepayments and accrued income
72,792
60,564
Director loan accounts
62,751
Other debtors
35,138
155,270
---------
---------
444,072
444,277
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
388,844
267,079
Accruals and deferred income
97,837
380,586
Corporation tax
35,138
Obligations under finance leases and hire purchase contracts
22,170
Director loan accounts
9,220
31,092
Other taxes and social security
48,371
44,774
Other creditors
38,098
---------
---------
566,442
796,767
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
42,493
--------
----
Hire purchase balances due are secured over the assets they relate to.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
10. Directors' advances, credits and guarantees
At the year end T Connock owed the company £59,590 (2022 - £Nil) and R Connock owed the company £3,161 (2022 - £Nil) which are shown amongst debtors. These amounts were repaid within 9 months of the year end.
11. Related party transactions
At the year end the company owed its directors £9,220 (2023 - £31,092) which is shown amongst creditors.