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Registered number: 03464895
costgard ltd
Financial Statements
For The Year Ended 30 November 2023
MWR Accountants
Chartered Certified Accountants
First Floor Blackdown House
Blackbrook Business Park
Taunton
TA1 2PX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03464895
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,141 18,685
21,141 18,685
CURRENT ASSETS
Stocks 5 10,993 12,638
Debtors 6 18,735 12,034
Cash at bank and in hand 194,833 235,523
224,561 260,195
Creditors: Amounts Falling Due Within One Year 7 (49,288 ) (101,322 )
NET CURRENT ASSETS (LIABILITIES) 175,273 158,873
TOTAL ASSETS LESS CURRENT LIABILITIES 196,414 177,558
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,042 ) (4,671 )
NET ASSETS 193,372 172,887
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 193,362 172,877
SHAREHOLDERS' FUNDS 193,372 172,887
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For the 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.
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
Mrs M H O'Sullivan
Director
19 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
costgard ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03464895 . The registered office is Stowey, Stowey Road Fivehead, Taunton, Somerset, TA3 6PR.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Motor Vehicles 25% on reducing balance
Computer Equipment 20% 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 hire purchase contracts are depreciated over their useful lives. Obligations under hire purchase agreements are included in the creditors net of the finance charge allocated to future periods. The interest element of the payments are charged to the profit and loss account.
2.5. Stocks and Work in Progress
Work in progress is valued at the lower of cost and net realisable.
2.6. 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 years 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 assets reflect 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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
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4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 43,990 10,008 53,998
Additions 9,545 - 9,545
As at 30 November 2023 53,535 10,008 63,543
Depreciation
As at 1 December 2022 25,432 9,881 35,313
Provided during the period 7,026 63 7,089
As at 30 November 2023 32,458 9,944 42,402
Net Book Value
As at 30 November 2023 21,077 64 21,141
As at 1 December 2022 18,558 127 18,685
5. Stocks
2023 2022
£ £
Work in progress 10,993 12,638
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 16,332 11,464
Other debtors 2,403 570
18,735 12,034
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 18,995
Trade creditors 6,739 3,055
Other creditors 23,545 50,326
Taxation and social security 19,004 28,946
49,288 101,322
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 18,995
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9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
10 Ordinary Shares of £ 1 each 10 10
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