Company registration number 03057311 (England and Wales)
COOPER & KIME (CLEVELAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
COOPER & KIME (CLEVELAND) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
COOPER & KIME (CLEVELAND) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
371,906
Tangible assets
4
37,740
49,399
Investment property
5
98,705
98,705
Investments
6
192,772
47,222
701,123
195,326
Current assets
Stocks
78,749
55,761
Debtors
7
1,600,114
1,471,152
Cash at bank and in hand
77,689
33,190
1,756,552
1,560,103
Creditors: amounts falling due within one year
8
(797,979)
(224,405)
Net current assets
958,573
1,335,698
Total assets less current liabilities
1,659,696
1,531,024
Provisions for liabilities
(6,316)
(7,544)
Net assets
1,653,380
1,523,480
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,653,280
1,523,380
Total equity
1,653,380
1,523,480
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
COOPER & KIME (CLEVELAND) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Mr D G Jarvis
Director
Company Registration No. 03057311
COOPER & KIME (CLEVELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Cooper & Kime (Cleveland) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lakeside House, Kingfisher Way, Stockton-On-Tees, United Kingdom, TS18 3NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
COOPER & KIME (CLEVELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% - 20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
COOPER & KIME (CLEVELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
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.
1.13
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 as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
14
COOPER & KIME (CLEVELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022
Additions
371,906
At 31 August 2023
371,906
Amortisation and impairment
At 1 September 2022 and 31 August 2023
Carrying amount
At 31 August 2023
371,906
At 31 August 2022
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
118,559
7,204
125,763
Depreciation and impairment
At 1 September 2022
69,461
6,903
76,364
Depreciation charged in the year
11,358
301
11,659
At 31 August 2023
80,819
7,204
88,023
Carrying amount
At 31 August 2023
37,740
37,740
At 31 August 2022
49,098
301
49,399
5
Investment property
2023
£
Fair value
At 1 September 2022 and 31 August 2023
98,705
The Investment property has been valued by the directors. Their assessment is based on local property values.
There has been no valuation of investment property by an independant valuer.
COOPER & KIME (CLEVELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
192,772
47,222
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 September 2022
47,222
Additions
145,550
At 31 August 2023
192,772
Carrying amount
At 31 August 2023
192,772
At 31 August 2022
47,222
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
200,274
114,435
Other debtors
1,389,602
1,351,101
Prepayments and accrued income
10,238
5,616
1,600,114
1,471,152
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
306,862
177,056
Corporation tax
38,712
18,026
Other taxation and social security
2,622
4,784
Other creditors
444,326
21,308
Accruals and deferred income
5,457
3,231
797,979
224,405
COOPER & KIME (CLEVELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
9
Financial commitments, guarantees and contingent liabilities
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the financial position are £3,500 (2022 - £9,500). This relates to operating leases.
The total amount of guarantees not included in the statement of financial position is £1,030,751 (2022 - £1,244,995).
10
Parent company
The company is a wholly owned subsidiary of CK Healthcare Limited whose registered office is Lakeside House, Kingfisher Way, Stockton-on-Tees, TS18 3NB.
The company's immediate parent is CK Healthcare Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is CK Healthcare Limited. These financial statements are available upon request from Companies House.