Company registration number 13032398 (England and Wales)
COSGROVE RESTORATION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COSGROVE RESTORATION LTD
COMPANY INFORMATION
Directors
Ms N J Cadwallader
Mr J A Barnett
Company number
13032398
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
54 High Street
Worcester
WR1 2QQ
COSGROVE RESTORATION LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
COSGROVE RESTORATION LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COSGROVE RESTORATION LTD FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cosgrove Restoration Ltd for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Cosgrove Restoration Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cosgrove Restoration Ltd and state those matters that we have agreed to state to the board of directors of Cosgrove Restoration Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cosgrove Restoration Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Cosgrove Restoration Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cosgrove Restoration Ltd. You consider that Cosgrove Restoration Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cosgrove Restoration Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
17 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
COSGROVE RESTORATION LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
731,269
Investment property
4
1,214,656
-
0
Investments
5
1
-
0
1,214,657
731,269
Current assets
Debtors
6
144,104
1,165
Cash at bank and in hand
1,189
15,254
145,293
16,419
Creditors: amounts falling due within one year
7
(1,412,364)
(665,211)
Net current liabilities
(1,267,071)
(648,792)
Total assets less current liabilities
(52,414)
82,477
Creditors: amounts falling due after more than one year
8
-
0
(87,290)
Net liabilities
(52,414)
(4,813)
Capital and reserves
Called up share capital
10
4
4
Profit and loss reserves
(52,418)
(4,817)
Total equity
(52,414)
(4,813)

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 30 November 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.

COSGROVE RESTORATION LTD
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 17 July 2024 and are signed on its behalf by:
Ms N J Cadwallader
Mr J A Barnett
Director
Director
Company registration number 13032398 (England and Wales)
COSGROVE RESTORATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information

Cosgrove Restoration Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.

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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

1.3
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.

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:

Freehold land and buildings
Not provided
1.4
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.

1.5
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

COSGROVE RESTORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 December 2022
731,269
Additions
483,387
Transfers
(1,214,656)
At 30 November 2023
-
0
Depreciation and impairment
At 1 December 2022 and 30 November 2023
-
0
Carrying amount
At 30 November 2023
-
0
At 30 November 2022
731,269
COSGROVE RESTORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 December 2022
-
0
Transfers
1,214,656
At 30 November 2023
1,214,656

The directors have assessed the market value of the property and consider that there has been no significant change in the market value at the year end.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022
-
Additions
1
At 30 November 2023
1
Carrying amount
At 30 November 2023
1
At 30 November 2022
-
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35
35
Other debtors
131,774
-
0
Deferred tax asset
12,295
1,130
144,104
1,165
COSGROVE RESTORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
519,815
-
0
Amounts owed to group undertakings
1,603
-
0
Other creditors
890,946
665,211
1,412,364
665,211
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
87,290
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
519,815
87,290
Bank loans are secured by way of a fixed and floating charge and a negative pledge over all assets of the company.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
4
4
4
4
11
Ultimate controlling party

The ultimate controlling party is Mr J A Barnett and Miss N J Cadwallader.

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