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Coopers of London Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

Registration number: 7030728

 

Coopers of London Limited

Contents

Statement of financial position

1

Notes to the Financial Statements

2 to 8

 

Coopers of London Limited

(Registration number: 7030728)
Statement of financial position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

573,486

240,247

Tangible assets

5

24,993

29,726

Investments

6

-

378,303

 

598,479

648,276

Current assets

 

Debtors

7

38,641

35,199

Cash at bank and in hand

 

184,739

158,555

 

223,380

193,754

Creditors: Amounts falling due within one year

8

(227,973)

(309,940)

Net current liabilities

 

(4,593)

(116,186)

Total assets less current liabilities

 

593,886

532,090

Creditors: Amounts falling due after more than one year

8

(15,999)

(25,435)

Net assets

 

577,887

506,655

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

577,787

506,555

Shareholders' funds

 

577,887

506,655

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 14 February 2024 and signed on its behalf by:
 

.........................................
Mr M Cooper
Director

 

Coopers of London Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 14 February 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Coopers of London Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

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

Fixtures, fittings and equipment

25% straight line

Leasehold property

Straight line over the life of the lease

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Coopers of London Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

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 income statement 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 9).

 

Coopers of London Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

266,941

266,941

Additions

364,827

364,827

At 31 October 2023

631,768

631,768

Amortisation

At 1 November 2022

26,694

26,694

Amortisation charge

31,588

31,588

At 31 October 2023

58,282

58,282

Carrying amount

At 31 October 2023

573,486

573,486

At 31 October 2022

240,247

240,247

5

Tangible assets

Leasehold property
£

Fixtures, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

64,228

29,310

93,538

Additions

-

1,084

1,084

At 31 October 2023

64,228

30,394

94,622

Depreciation

At 1 November 2022

37,076

26,736

63,812

Charge for the year

4,524

1,293

5,817

At 31 October 2023

41,600

28,029

69,629

Carrying amount

At 31 October 2023

22,628

2,365

24,993

At 31 October 2022

27,152

2,574

29,726

 

Coopers of London Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

-

378,303

Subsidiaries

£

Cost or valuation

At 1 November 2022

378,303

Disposals

(378,303)

At 31 October 2023

-

Provision

Carrying amount

At 31 October 2023

-

At 31 October 2022

378,303

7

Debtors

2023
£

2022
£

Prepayments

7,210

7,686

Other debtors

31,431

27,513

38,641

35,199

 

Coopers of London Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,668

60,120

Trade creditors

 

-

2,763

Amounts owed to group undertakings

-

38,031

Taxation and social security

 

212,063

171,223

Accruals and deferred income

 

3,543

26,319

Other creditors

 

1,699

11,484

 

227,973

309,940

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

15,999

25,435

 

Coopers of London Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

15,999

25,435

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

48,889

Other borrowings

10,668

11,231

10,668

60,120

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £165,000 (2022 - £198,000).