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REGISTERED NUMBER: 04497570 (England and Wales)








PRITCHARD-COWBURN LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






PRITCHARD-COWBURN LIMITED (REGISTERED NUMBER: 04497570)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


PRITCHARD-COWBURN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







Directors: J R Cowburn
E L B Pritchard





Secretary: J R Cowburn





Registered office: 3 New Mill Court
Enterprise Park
Swansea
SA7 9FG





Registered number: 04497570 (England and Wales)





Accountants: Carr, Jenkins & Hood
3 New Mill Court
Enterprise Park
Swansea
SA7 9FG

PRITCHARD-COWBURN LIMITED (REGISTERED NUMBER: 04497570)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 - -
Tangible assets 6 70,069 90,263
70,069 90,263

Current assets
Stocks 25,669 33,002
Debtors 7 160,530 157,322
Cash at bank and in hand 29,136 27,383
215,335 217,707
Creditors
Amounts falling due within one year 8 157,608 140,642
Net current assets 57,727 77,065
Total assets less current liabilities 127,796 167,328

Creditors
Amounts falling due after more than one
year

9

(41,271

)

(67,909

)

Provisions for liabilities (15,813 ) (15,570 )
Net assets 70,712 83,849

Capital and reserves
Called up share capital 100 100
Retained earnings 70,612 83,749
Shareholders' funds 70,712 83,849

PRITCHARD-COWBURN LIMITED (REGISTERED NUMBER: 04497570)

BALANCE SHEET - continued
31 JULY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:




J R Cowburn - Director



E L B Pritchard - Director


PRITCHARD-COWBURN LIMITED (REGISTERED NUMBER: 04497570)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. Statutory information

Pritchard-Cowburn Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts invoiced for the provision of goods and services relating to the company's principal activity of dispensing optician's, net of value added tax. Turnover is recognised in the period in which goods and services are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, other third parties and loans to related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable in one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


PRITCHARD-COWBURN LIMITED (REGISTERED NUMBER: 04497570)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 15 (2022 - 16 ) .

5. Intangible fixed assets
Goodwill
£   
Cost
At 1 August 2022
and 31 July 2023 20,000
Amortisation
At 1 August 2022
and 31 July 2023 20,000
Net book value
At 31 July 2023 -
At 31 July 2022 -

PRITCHARD-COWBURN LIMITED (REGISTERED NUMBER: 04497570)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


6. Tangible fixed assets
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
Cost
At 1 August 2022 86,917 346,656 13,943 41,820 489,336
Additions - - - 3,162 3,162
At 31 July 2023 86,917 346,656 13,943 44,982 492,498
Depreciation
At 1 August 2022 86,917 263,763 13,465 34,928 399,073
Charge for year - 20,723 120 2,513 23,356
At 31 July 2023 86,917 284,486 13,585 37,441 422,429
Net book value
At 31 July 2023 - 62,170 358 7,541 70,069
At 31 July 2022 - 82,893 478 6,892 90,263

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 9,325 9,043
Other debtors 151,205 148,279
160,530 157,322

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts - 4,802
Hire purchase contracts and finance leases 5,642 38,310
Trade creditors 29,860 25,097
Taxation and social security 61,801 35,251
Other creditors 60,305 37,182
157,608 140,642

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Hire purchase contracts and finance leases 6,448 14,267
Other creditors 34,823 53,642
41,271 67,909

PRITCHARD-COWBURN LIMITED (REGISTERED NUMBER: 04497570)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 4,802
Hire purchase contracts and finance leases 12,090 52,577
12,090 57,379

Net obligations under hire purchase and finance lease agreements are secured by fixed charges on the assets concerned.

11. Other financial commitments

The company had total other commitments at the balance sheet date of £146,667 (2022 - £38,000).

12. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
E L B Pritchard
Balance outstanding at start of year 77,855 43,130
Amounts advanced 81,414 80,090
Amounts repaid (78,713 ) (45,365 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 80,556 77,855

J R Cowburn
Balance outstanding at start of year 63,468 29,019
Amounts advanced 81,120 79,799
Amounts repaid (78,470 ) (45,350 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 66,118 63,468

The loan balances are included within other debtors. These loans are unsecured, repayable on demand and interest has been charged at a rate of 2.00% and 2.25% of the actual amounts due to the company during the year. The total interest charge this year was £3,541 (2022 - £2,315).

The balances are due to be repaid within 9 months of the year end.

13. Related party disclosures

The directors have given a personal guarantee of £18,000 which is 20% of the loan provided by DBW in the year.