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Registration number: 11627669

fourcows Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 October 2023

 

fourcows Limited
(Registration number: 11627669)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

fourcows Limited
(Registration number: 11627669)

Company Information

Director

Mr D R Bailey

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

fourcows Limited
(Registration number: 11627669)

Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

5,000

6,000

Tangible assets

5

14,484

21,492

 

19,484

27,492

Current assets

 

Stocks

6

5,000

100,000

Debtors

7

248,061

105,776

Cash at bank and in hand

 

496,877

283,938

 

749,938

489,714

Creditors: Amounts falling due within one year

8

(239,525)

(144,153)

Net current assets

 

510,413

345,561

Total assets less current liabilities

 

529,897

373,053

Creditors: Amounts falling due after more than one year

8

(17,375)

(27,460)

Provisions for liabilities

(3,621)

(5,373)

Net assets

 

508,901

340,220

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

508,900

340,219

Total equity

 

508,901

340,220

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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 July 2024
 

 

fourcows Limited
(Registration number: 11627669)

Balance Sheet as at 31 October 2023

.........................................
Mr D R Bailey
Director

 

fourcows Limited
(Registration number: 11627669)

Notes to the Unaudited 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 & Wales.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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.

 

fourcows Limited
(Registration number: 11627669)

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Straight line 33.33%

Motor vehicles

Straight line 20%

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

Straight line 10%

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.

 

fourcows Limited
(Registration number: 11627669)

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

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 and subsequently measured at amortised cost using the effective interest method.

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.

 

fourcows Limited
(Registration number: 11627669)

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

fourcows Limited
(Registration number: 11627669)

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

10,000

10,000

At 31 October 2023

10,000

10,000

Amortisation

At 1 November 2022

4,000

4,000

Amortisation charge

1,000

1,000

At 31 October 2023

5,000

5,000

Carrying amount

At 31 October 2023

5,000

5,000

At 31 October 2022

6,000

6,000

5

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

31,895

2,136

34,031

At 31 October 2023

31,895

2,136

34,031

Depreciation

At 1 November 2022

12,134

405

12,539

Charge for the year

6,379

629

7,008

At 31 October 2023

18,513

1,034

19,547

Carrying amount

At 31 October 2023

13,382

1,102

14,484

At 31 October 2022

19,761

1,731

21,492

6

Stocks

2023
£

2022
£

Other stocks

5,000

100,000

 

fourcows Limited
(Registration number: 11627669)

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

7

Debtors

2023
£

2022
£

Trade debtors

244,087

104,560

Other debtors

3,450

-

Prepayments and accrued income

524

1,216

Total current trade and other debtors

248,061

105,776

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,085

9,830

Trade creditors

 

88,356

31,742

Taxation and social security

 

133,526

70,137

Other creditors

 

4,500

29,722

Accrued expenses

 

3,058

2,722

 

239,525

144,153

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

17,375

27,460

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

10,085

9,830

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

17,375

27,460