Company registration number 04687395 (England and Wales)
BOWLAND WATER COOLERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
BOWLAND WATER COOLERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BOWLAND WATER COOLERS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
45,449
46,941
Current assets
Stocks
14,968
2,555
Debtors
5
32,314
42,951
Cash at bank and in hand
14,204
29,071
61,486
74,577
Creditors: amounts falling due within one year
6
(53,110)
(51,872)
Net current assets
8,376
22,705
Total assets less current liabilities
53,825
69,646
Creditors: amounts falling due after more than one year
7
(6,111)
(12,778)
Provisions for liabilities
(5,413)
(5,603)
Net assets
42,301
51,265
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
42,201
51,165
Total equity
42,301
51,265
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BOWLAND WATER COOLERS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 February 2024 and are signed on its behalf by:
Mr A J Tootle
Mrs S M Tootle
Director
Director
Company registration number 04687395 (England and Wales)
BOWLAND WATER COOLERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Bowland Water Coolers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kitchens Farm, Rabbit Lane, Bashall Eaves, Clitheroe, Lancashire, BB7 3NA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over three years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
2% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
33% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stock is stated at the lower of cost & net realisable value.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BOWLAND WATER COOLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
BOWLAND WATER COOLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).
2023
2022
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
6,000
Amortisation and impairment
At 1 November 2022 and 31 October 2023
6,000
Carrying amount
At 31 October 2023
At 31 October 2022
BOWLAND WATER COOLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
24,625
52,066
12,932
22,710
112,333
Additions
4,754
4,322
9,076
At 31 October 2023
24,625
56,820
17,254
22,710
121,409
Depreciation and impairment
At 1 November 2022
7,174
44,730
12,070
1,419
65,393
Depreciation charged in the year
493
3,023
1,728
5,323
10,567
At 31 October 2023
7,667
47,753
13,798
6,742
75,960
Carrying amount
At 31 October 2023
16,958
9,067
3,456
15,968
45,449
At 31 October 2022
17,451
7,337
862
21,291
46,941
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,757
24,032
Corporation tax recoverable
257
Other debtors
486
1,038
Prepayments and accrued income
6,071
17,624
32,314
42,951
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,817
26,585
Taxation and social security
3,165
2,127
Other creditors
33,128
23,160
53,110
51,872
Other creditors comprises hire purchase obligations £6,667 (2022: £6,667), accruals £18,389 (2021: £15,799) and directors' loan account of £8,072 (2022: £694).
The amounts due under hire purchase obligations are secured against the assets acquired.
BOWLAND WATER COOLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
6,111
12,778
Other creditors comprises hire purchase obligations £6,111 (2022: £12,778).
The amounts due under hire purchase obligations are secured against the assets acquired.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100