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Registration number: 08931828

Coggon Brothers Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Coggon Brothers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Coggon Brothers Limited

(Registration number: 08931828)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

623

813

Tangible assets

5

1,482,902

1,338,181

Other financial assets

6

15

15

 

1,483,540

1,339,009

Current assets

 

Stocks

261,930

431,456

Debtors

7

218,109

82,070

Other financial assets

6

12,993

1,433

Cash at bank and in hand

 

10,217

98

 

503,249

515,057

Creditors: Amounts falling due within one year

8

(457,069)

(371,680)

Net current assets

 

46,180

143,377

Total assets less current liabilities

 

1,529,720

1,482,386

Creditors: Amounts falling due after more than one year

8

(810,847)

(945,004)

Provisions for liabilities

(294,731)

(257,706)

Net assets

 

424,142

279,676

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

424,140

279,674

Shareholders' funds

 

424,142

279,676

 

Coggon Brothers Limited

(Registration number: 08931828)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 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 Profit and Loss Account.

Approved and authorised by the Board on 30 June 2024 and signed on its behalf by:
 


Mr John Coggon
Director

   
 

Coggon Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Mill Farm
North Street
West Butterwick
Scunthorpe
North Lincolnshire
DN17 3JW

Registration number: 08931828

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 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.

Other grants

Grants are recognised using the accrual model. Grants received relating to assets are recognised in the profit and loss account over the expected useful life of the asset.

 

Coggon Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable 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 reporting date and that are expected to apply to the reversal of the timing difference.

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 to their net realisable value, as follows:

Asset class

Depreciation method and rate

Plant, machinery and self-propelled machinery

5%,6.5% & 10% on cost

Motor vehicles

15% on cost

Potato Store

4% on cost

Intangible assets

Intangible fixed assets include Basic Payment Scheme entitlements. These have been included at the original purchase price.

Amortisation has been provided as to write off the entitlements over the life of the scheme.

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:

 

Coggon Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Asset class

Amortisation method and rate

Entitlements

Straight line over 7 years

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 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

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

 

Coggon Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Leases

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.

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 6 (2023 - 5).

 

Coggon Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 February 2023

947

947

At 31 January 2024

947

947

Amortisation

At 1 February 2023

134

134

Amortisation charge

190

190

At 31 January 2024

324

324

Carrying amount

At 31 January 2024

623

623

At 31 January 2023

813

813

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

207,774

1,174,059

81,112

389,512

1,852,457

Additions

10,048

109,143

68,040

51,380

238,611

Disposals

-

(4,042)

-

(20,000)

(24,042)

At 31 January 2024

217,822

1,279,160

149,152

420,892

2,067,026

Depreciation

At 1 February 2023

28,336

358,309

17,498

110,133

514,276

Charge for the year

8,476

43,230

10,578

22,916

85,200

Eliminated on disposal

-

(3,652)

-

(11,700)

(15,352)

At 31 January 2024

36,812

397,887

28,076

121,349

584,124

Carrying amount

At 31 January 2024

181,010

881,273

121,076

299,543

1,482,902

At 31 January 2023

179,438

815,750

63,614

279,379

1,338,181

 

Coggon Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Included within the net book value of land and buildings above is £181,010 (2023 - £179,438) in respect of freehold land and buildings.
 

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

15

15

At 31 January 2024

15

15

Impairment

At 1 February 2023

-

-

At 31 January 2024

-

-

Carrying amount

At 31 January 2024

15

15

At 31 January 2023

15

15

Financial assets at cost less impairment
£

Total
£

Current financial assets

Cost or valuation

At 1 February 2023

26,433

26,433

Revaluations

(13,440)

(13,440)

At 31 January 2024

12,993

12,993

Impairment

At 1 February 2023

-

-

At 31 January 2024

-

-

Carrying amount

At 31 January 2024

12,993

12,993

At 31 January 2023

1,433

1,433

 

Coggon Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

191,473

75,120

Prepayments

1,122

1,193

Other debtors

25,514

5,757

 

218,109

82,070

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

278,520

283,017

Trade payables

 

132,013

11,357

Amounts due to related parties

11

11,887

49,993

Social security and other taxes

 

16,809

8,564

Other payables

 

17,840

18,749

 

457,069

371,680

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

693,841

818,499

Deferred income

 

117,006

126,505

 

810,847

945,004

2024
£

2023
£

Due after more than five years

After more than five years by instalments

367,554

416,342

367,554

416,342

 

Coggon Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

107,956

106,615

Bank overdrafts

104,417

91,648

HP and finance lease liabilities

66,147

84,754

278,520

283,017

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

637,354

744,319

Hire purchase contracts

56,487

74,180

693,841

818,499

Bank borrowings

The carrying amount of the bank borrowings and overdraft at the year end is £849,727 (2023 - £942,582).

The coronavirus business loan is not secured on any business assets. 2024 - £125,000 (2023 - £175,000).All other bank loans and the bank overdraft are secured by a fixed and floating charge over the company's assets.

Other borrowings

The carrying amount of Finance lease liabilities at year end is £122,634 (2023 - £158,934).

The finance lease agreements are secured on various items of plant and equipment.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

Bank loans and overdrafts at the year end include instalments due after more than five years of £367,554 ( 2023 - £416,342 )

 

Coggon Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

11

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr John Coggon

Directors loan account; no interest is charged on this balance

33,623

(54,019)

29,000

8,604

         
       

Mr Nicholas Coggon

Directors loan account; no interest is charged on this balance

16,370

(38,087)

25,000

3,283

         
       

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr John Coggon

Directors loan account; no interest is charged on this balance

(10,427)

(43,950)

88,000

33,623

         
       

Mr Nicholas Coggon

Directors loan account; no interest is charged on this balance

(10,831)

(60,799)

88,000

16,370