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Registered number: 05582851
Cohart Asbestos Disposal Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Collins & Collins Ltd
Honeycombe House
167-169 High Road
Loughton
Essex
IG10 4LF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05582851
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 776,994 829,162
776,994 829,162
CURRENT ASSETS
Debtors 5 1,066,636 932,402
Cash at bank and in hand 385,388 272,860
1,452,024 1,205,262
Creditors: Amounts Falling Due Within One Year 6 (653,935 ) (647,283 )
NET CURRENT ASSETS (LIABILITIES) 798,089 557,979
TOTAL ASSETS LESS CURRENT LIABILITIES 1,575,083 1,387,141
Creditors: Amounts Falling Due After More Than One Year 7 (130,411 ) (45,743 )
NET ASSETS 1,444,672 1,341,398
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 1,444,572 1,341,298
SHAREHOLDERS' FUNDS 1,444,672 1,341,398
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Cook
Director
09/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Cohart Asbestos Disposal Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05582851 . The registered office is 31 Grange Court, Upper Park, Loughton, Essex, IG10 4QY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5% on cost
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 20% on reducing balance
Computer Equipment 33% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 9)
9 9
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2022 271,137 519,762 2,394,846 29,955
Additions 11,596 - 196,194 -
Disposals - - (50,000 ) -
As at 31 October 2023 282,733 519,762 2,541,040 29,955
...CONTINUED
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Depreciation
As at 1 November 2022 217,842 361,402 1,786,820 24,287
Provided during the period 14,137 31,672 197,100 466
Disposals - - (34,180 ) -
As at 31 October 2023 231,979 393,074 1,949,740 24,753
Net Book Value
As at 31 October 2023 50,754 126,688 591,300 5,202
As at 1 November 2022 53,295 158,360 608,026 5,668
Computer Equipment Total
£ £
Cost
As at 1 November 2022 22,022 3,237,722
Additions - 207,790
Disposals - (50,000 )
As at 31 October 2023 22,022 3,395,512
Depreciation
As at 1 November 2022 18,209 2,408,560
Provided during the period 763 244,138
Disposals - (34,180 )
As at 31 October 2023 18,972 2,618,518
Net Book Value
As at 31 October 2023 3,050 776,994
As at 1 November 2022 3,813 829,162
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,400,235 1,329,881
Prepayments and accrued income 53,785 50,599
Factored debts outstanding (455,831 ) (516,300 )
Net wages 758 533
Amounts owed by associates 67,689 67,689
1,066,636 932,402
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 80,218 140,074
Trade creditors 163,578 137,947
Bank loans and overdrafts 10,000 10,000
Corporation tax 183,253 174,264
Other taxes and social security 10,827 12,019
VAT 17,721 33,210
Accruals and deferred income 187,506 132,502
Directors' loan accounts 832 7,267
653,935 647,283
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 114,578 19,910
Bank loans 15,833 25,833
130,411 45,743
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 91,601 147,513
Later than one year and not later than five years 134,032 21,326
225,633 168,839
Less: Finance charges allocated to future periods 30,837 8,855
194,796 159,984
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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