Cowcare Systems Ltd NI606340 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is the manufacturing and installation of farm equipment Digita Accounts Production Advanced 6.30.9574.0 true NI606340 2022-05-01 2023-04-30 NI606340 2023-04-30 NI606340 bus:OrdinaryShareClass1 2023-04-30 NI606340 core:CurrentFinancialInstruments 2023-04-30 NI606340 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 NI606340 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 NI606340 core:FurnitureFittingsToolsEquipment 2023-04-30 NI606340 core:MotorVehicles 2023-04-30 NI606340 core:OtherPropertyPlantEquipment 2023-04-30 NI606340 bus:SmallEntities 2022-05-01 2023-04-30 NI606340 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 NI606340 bus:FullAccounts 2022-05-01 2023-04-30 NI606340 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 NI606340 bus:RegisteredOffice 2022-05-01 2023-04-30 NI606340 bus:Director2 2022-05-01 2023-04-30 NI606340 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 NI606340 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 NI606340 core:FurnitureFittings 2022-05-01 2023-04-30 NI606340 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 NI606340 core:MotorVehicles 2022-05-01 2023-04-30 NI606340 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 NI606340 core:PlantMachinery 2022-05-01 2023-04-30 NI606340 countries:NorthernIreland 2022-05-01 2023-04-30 NI606340 2022-04-30 NI606340 core:FurnitureFittingsToolsEquipment 2022-04-30 NI606340 core:MotorVehicles 2022-04-30 NI606340 core:OtherPropertyPlantEquipment 2022-04-30 NI606340 2021-05-01 2022-04-30 NI606340 2022-04-30 NI606340 bus:OrdinaryShareClass1 2022-04-30 NI606340 core:CurrentFinancialInstruments 2022-04-30 NI606340 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 NI606340 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 NI606340 core:FurnitureFittingsToolsEquipment 2022-04-30 NI606340 core:MotorVehicles 2022-04-30 NI606340 core:OtherPropertyPlantEquipment 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI606340

Cowcare Systems Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Cowcare Systems Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Cowcare Systems Ltd

(Registration number: NI606340)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

136,036

79,718

Current assets

 

Stocks

5

358,735

342,135

Debtors

6

289,283

412,665

Cash at bank and in hand

 

52,554

50,377

 

700,572

805,177

Creditors: Amounts falling due within one year

7

(235,478)

(356,085)

Net current assets

 

465,094

449,092

Total assets less current liabilities

 

601,130

528,810

Creditors: Amounts falling due after more than one year

7

(26,497)

(43,862)

Provisions for liabilities

(25,847)

(15,146)

Net assets

 

548,786

469,802

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

548,686

469,702

Shareholders' funds

 

548,786

469,802

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 January 2024
 

 

Cowcare Systems Ltd

(Registration number: NI606340)
Balance Sheet as at 30 April 2023

.........................................
John Sharkey
Director

 

Cowcare Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
24 Drumlee Road
Ballymoney
BT53 7LE

These financial statements were authorised for issue by the director on 31 January 2024.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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.

 

Cowcare Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Cowcare Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cowcare Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2022 - 12).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

31,577

110,111

59,638

201,326

Additions

2,602

80,591

17,430

100,623

At 30 April 2023

34,179

190,702

77,068

301,949

Depreciation

At 1 May 2022

18,581

64,703

38,324

121,608

Charge for the year

3,120

31,499

9,686

44,305

At 30 April 2023

21,701

96,202

48,010

165,913

Carrying amount

At 30 April 2023

12,478

94,500

29,058

136,036

At 30 April 2022

12,996

45,408

21,314

79,718

5

Stocks

2023
£

2022
£

Other inventories

358,735

342,135

6

Debtors

Current

2023
£

2022
£

Trade debtors

201,063

354,663

Prepayments

-

10,002

Other debtors

88,220

48,000

 

289,283

412,665

 

Cowcare Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

37,028

18,051

Trade creditors

 

124,985

232,029

Taxation and social security

 

37,357

59,830

Accruals and deferred income

 

3,245

2,630

Other creditors

 

32,863

43,545

 

235,478

356,085

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

26,497

43,862

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100