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Registration number: 02618149

Countrywise Water Coolers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Countrywise Water Coolers Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Countrywise Water Coolers Ltd

Company Information

Director

R Farrow

Registered office

Wiltshire Road
Hull
East Yorkshire
HU4 6PA

 

Countrywise Water Coolers Ltd

(Registration number: 02618149)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,164

14,099

Tangible assets

5

457,910

457,789

 

468,074

471,888

Current assets

 

Stocks

6

44,693

21,239

Debtors

7

1,245,029

1,161,172

Cash at bank and in hand

 

187,750

172,589

 

1,477,472

1,355,000

Creditors: Amounts falling due within one year

8

(682,717)

(630,299)

Net current assets

 

794,755

724,701

Total assets less current liabilities

 

1,262,829

1,196,589

Creditors: Amounts falling due after more than one year

8

(138,140)

(170,644)

Provisions for liabilities

(148,909)

(112,014)

Net assets

 

975,780

913,931

Capital and reserves

 

Called up share capital

75

75

Retained earnings

975,705

913,856

Shareholders' funds

 

975,780

913,931

For the financial year ending 30 November 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 her 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 18 July 2024
 

.........................................
R Farrow
Director

 

Countrywise Water Coolers Ltd

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

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 02618149.

The address of its registered office is:
Wiltshire Road
Hull
East Yorkshire
HU4 6PA

These financial statements were authorised for issue by the director on 18 July 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover arises from the sale of goods and the provision of services. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the sale of goods and/or the rendering of services in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.

Turnover from the provision of services is recognised when the service is performed.

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 of each of the companies activities.

Tax

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 subsequently enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Countrywise Water Coolers Ltd

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

Deferred tax represents the future tax consequences of transactions and events recognised in the finance statements of the current and previous periods. It is recognised in respect of all timing differences, within certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense tax assessments in the periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is proabable 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 balance sheet date that are expected to apply to the reversal of the timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investemnt properties is measured using the rates and allowances that apply to the sale of the asset.

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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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 and 10% on cost

Motor Vehicles

25% reducing balance

Computer Equipment

25% on cost

Fixtures and Fittings

25% on cost

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% on cost

 

Countrywise Water Coolers Ltd

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

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 the sale of goods and the provision of services 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.

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.

Trade creditors are recognised initially at the transaction price.

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.

 

Countrywise Water Coolers Ltd

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

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.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 24 (2022 - 21).

 

Countrywise Water Coolers Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

289,013

289,013

At 30 November 2023

289,013

289,013

Amortisation

At 1 December 2022

274,914

274,914

Amortisation charge

3,935

3,935

At 30 November 2023

278,849

278,849

Carrying amount

At 30 November 2023

10,164

10,164

At 30 November 2022

14,099

14,099

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

819,804

287,033

1,106,837

Additions

106,923

95,023

201,946

Disposals

(163,822)

(80,254)

(244,076)

At 30 November 2023

762,905

301,802

1,064,707

Depreciation

At 1 December 2022

459,204

189,844

649,048

Charge for the year

17,593

33,671

51,264

Eliminated on disposal

(26,098)

(67,417)

(93,515)

At 30 November 2023

450,699

156,098

606,797

Carrying amount

At 30 November 2023

312,206

145,704

457,910

At 30 November 2022

360,600

97,189

457,789

6

Stocks

2023
£

2022
£

Other inventories

44,693

21,239

 

Countrywise Water Coolers Ltd

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

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

340,088

281,031

Amounts owed by Group undertakings and undertakings in which the Company has a participating interest

11

769,697

765,653

Prepayments

 

30,061

27,783

Other debtors

 

105,183

86,705

 

1,245,029

1,161,172

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

70,926

65,273

Trade creditors

 

131,394

137,650

Taxation and social security

 

121,297

102,030

Accruals and deferred income

 

5,285

7,904

Other creditors

 

353,815

317,442

 

682,717

630,299

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

28,857

28,927

Other borrowings

109,283

141,717

138,140

170,644

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

25,926

20,273

Other borrowings

45,000

45,000

70,926

65,273

Hire purchase liabilities are secured on the related asset financed.

 

Countrywise Water Coolers Ltd

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

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £48,947 (2022 - £24,938).

11

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Other transactions with the Director

At the year end, the company owed the director £Nil (2022: £Nil). This amount is unsecured, interest free and repayable on demand.

12

Parent and ultimate parent undertaking

The Company's immediate parent is Countrywise Water Coolers (Holdings) Ltd, incorporated in England & Wales.