Company Registration No. 06816809 (England and Wales)
Cottrill Holdings Limited
Annual report and
group financial statements
for the year ended 30 November 2023
Cottrill Holdings Limited
Company information
Director
Mr W Cottrill
Company number
06816809
Registered office
Fridaybridge Farm Camp
173 March Road
Fridaybridge
Wisbech
Cambridgeshire
PE14 0LR
Independent auditor
Saffery LLP
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Cottrill Holdings Limited
Contents
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
Cottrill Holdings Limited
Strategic report
For the year ended 30 November 2023
1

The director presents the strategic report for the year ended 30 November 2023.

Review of the business

The director is satisfied with the performance of the company in the accounting period.

Principal risks and uncertainties

The director considers one of the key risks to the group to be that of labour supply as there remains uncertainty due to the UK's recent departure from the EU and the ongoing conflict in Ukraine.

Key performance indicators

Turnover has decreased by £370k and margins have decreased slightly from 17.1% to 15.8% . Net assets have increased by 7.06% in the year.

Going concern

The group has continued to provide man power for flower and fresh produce markets, and has continued support of the bank.

 

The group has reviewed its cash flow forecasts for the 12 month period from the date of signing the financial statements and the director is confident that the group will be able to meet its liabilities as they fall due, therefore adopting the going concern basis of accounting.

On behalf of the board

Mr W Cottrill
Director
29 August 2024
Cottrill Holdings Limited
Director's report
For the year ended 30 November 2023
2

The director presents his annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company and group continued to be that of the provision of labour and repairs and maintenance of vehicles.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr W Cottrill
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

The business adheres to the standards set by the Gangmasters and Labour Abuse Authority.

Auditor

Saffery LLP were appointed as auditors to the group in the year and have expressed their willingness to continue in office.

Cottrill Holdings Limited
Director's report (continued)
For the year ended 30 November 2023
3
Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr W Cottrill
Director
29 August 2024
Cottrill Holdings Limited
Independent auditor's report
To the members of Cottrill Holdings Limited
4
Opinion

We have audited the financial statements of Cottrill Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Cottrill Holdings Limited
Independent auditor's report (continued)
To the members of Cottrill Holdings Limited
5

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Cottrill Holdings Limited
Independent auditor's report (continued)
To the members of Cottrill Holdings Limited
6

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the director, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with director and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Cottrill Holdings Limited
Independent auditor's report (continued)
To the members of Cottrill Holdings Limited
7

Use of our report

This report is made solely to the parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Alistair Hunt FCA (Senior Statutory Auditor)
For and on behalf of Saffery LLP
29 August 2024
Chartered Accountants
Statutory Auditors
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Cottrill Holdings Limited
Group statement of comprehensive income
For the year ended 30 November 2023
8
2023
2022
Notes
£
£
Turnover
2
12,566,549
16,267,374
Cost of sales
(10,412,941)
(13,489,707)
Gross profit
2,153,608
2,777,667
Administrative expenses
(2,003,614)
(2,145,660)
Other operating income
383,519
427,092
Operating profit
3
533,513
1,059,099
Interest payable and similar expenses
6
(82,636)
(52,780)
Other gains and losses
7
14,445
-
Profit before taxation
465,322
1,006,319
Tax on profit
8
(127,313)
(199,666)
Profit for the financial year
338,009
806,653
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

There was no other comprehensive income for 2023 (2022: £nil).

 

The notes on pages 12 to 27 of the accounts form part of these financial statements.

Cottrill Holdings Limited
Group statement of financial position
As at 30 November 2023
9
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
2,815,686
2,772,114
Investments
10
1,013,049
545,184
3,828,735
3,317,298
Current assets
Stocks
12
6,460
8,091
Debtors
14
1,163,881
1,461,634
Cash at bank and in hand
450,067
867,146
1,620,408
2,336,871
Creditors: amounts falling due within one year
15
(1,329,942)
(1,803,745)
Net current assets
290,466
533,126
Total assets less current liabilities
4,119,201
3,850,424
Creditors: amounts falling due after more than one year
16
(690,250)
(761,293)
Provisions for liabilities
Deferred tax liability
19
151,586
149,776
(151,586)
(149,776)
Net assets
3,277,365
2,939,355
Capital and reserves
Called up share capital
21
1
1
Revaluation reserve
536,899
536,899
Profit and loss reserves
2,740,465
2,402,455
Total equity
3,277,365
2,939,355

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
29 August 2024
Mr W Cottrill
Director
Company registration number 06816809 (England and Wales)
Cottrill Holdings Limited
Company statement of financial position
As at 30 November 2023
30 November 2023
10
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,209,697
1,194,591
Investments
10
701,451
411,195
1,911,148
1,605,786
Current assets
-
-
Creditors: amounts falling due within one year
15
(5,532)
(4,356)
Net current liabilities
(5,532)
(4,356)
Total assets less current liabilities
1,905,616
1,601,430
Creditors: amounts falling due after more than one year
16
(1,729,381)
(1,438,222)
Provisions for liabilities
Deferred tax liability
19
1,303
-
0
(1,303)
-
Net assets
174,932
163,208
Capital and reserves
Called up share capital
21
1
1
Profit and loss reserves
174,931
163,207
Total equity
174,932
163,208

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £11,724 (2022 - £12,568 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
29 August 2024
Mr W Cottrill
Director
Company registration number 06816809 (England and Wales)
Cottrill Holdings Limited
Group statement of changes in equity
For the year ended 30 November 2023
11
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
1
536,899
1,835,802
2,372,702
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
-
806,653
806,653
Dividends
-
-
(240,000)
(240,000)
Balance at 30 November 2022
1
536,899
2,402,455
2,939,355
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
338,010
338,010
Balance at 30 November 2023
1
536,899
2,740,465
3,277,365
Cottrill Holdings Limited
Company statement of changes in equity
For the year ended 30 November 2023
12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
1
415,775
415,776
Year ended 30 November 2022:
Loss and total comprehensive income for the year
-
(12,568)
(12,568)
Dividends
-
(240,000)
(240,000)
Balance at 30 November 2022
1
163,207
163,208
Year ended 30 November 2023:
Profit and total comprehensive income
-
11,724
11,724
Balance at 30 November 2023
1
174,931
174,932
Cottrill Holdings Limited
Group statement of cash flows
For the year ended 30 November 2023
13
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
721,891
1,017,767
Interest paid
(82,636)
(52,780)
Income taxes paid
(202,599)
(150,091)
Net cash inflow from operating activities
436,656
814,896
Investing activities
Purchase of tangible fixed assets
(29,237)
(18,161)
Proceeds on disposal of tangible fixed assets
85,492
83,069
Purchase of  fixed asset investments
(453,420)
(304,631)
Payments of other investments and loans
(179,779)
(188,320)
Net cash used in investing activities
(576,944)
(428,043)
Financing activities
Repayment of bank loans
(76,762)
(20,918)
Payment of finance leases obligations
(200,030)
(187,049)
Dividends paid to equity shareholders
-
(240,000)
Net cash used in financing activities
(276,792)
(447,967)
Net decrease in cash and cash equivalents
(417,080)
(61,114)
Cash and cash equivalents at beginning of year
867,146
928,261
Cash and cash equivalents at end of year
450,066
867,147
Cottrill Holdings Limited
Notes to the financial statements
For the year ended 30 November 2023
14
1
Accounting policies
Company information

Cottrill Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Fridaybridge Farm Camp, 173 March Road, Fridaybridge, Wisbech, Cambridgeshire, PE14 0LR.

 

The group consists of Cottrill Holdings Limited and all of its subsidiaries.

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.

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, other than fixed asset investments, which are held at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The group financial statements incorporate those of Cottrill Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 30 November 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

1.3
Going concern

At the time of approving the financial statements, the directors believe that operational cash flows within the group are sufficient to enable them to meet obligations as they fall due, and are therefore confident that the company has adequate resources to continue in operational existence for the foreseeable future.

1.4
Turnover

Turnover from employment agency is recognised when labour has been provided to clients. Turnover not billed at year end is recognised as amounts recoverable on contracts within debtors.

 

Turnover from maintenance and repair of motor vehicles is recognised net of VAT on completion of work and invoicing.

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.

Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
15

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
2% straight line
Leasehold improvements
10% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

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 recognised in the income statement.

1.6
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Investments in vintage vehicles are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in profit or loss.

1.7
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 replacement cost and cost, adjusted where applicable for any loss or service and condition.

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.

1.8
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.

1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
16
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

 

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
17
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.

 

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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Turnover
2023
2022
£
£
Turnover analysed by class of business
Recruitment of labour
12,336,911
16,037,180
MOT's and servicing of vehicles
229,638
230,194
12,566,549
16,267,374

All income was generated within the UK.

 

Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
18
3
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
169,295
172,014
Profit on disposal of tangible fixed assets
(33,262)
(15,599)
Operating lease charges
9,288
6,952
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements
21,005
13,350
5
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
456
572
1
1
Adminstration
16
15
-
-
472
587
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
10,314,719
12,937,791
-
0
-
0
Social security costs
794,541
1,064,731
-
-
Pension costs
77,037
84,333
-
0
-
0
11,186,297
14,086,855
-
0
-
0
Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
19
6
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
36,095
21,128
Other finance costs:
Interest on finance leases and hire purchase contracts
46,541
31,652
Total finance costs
82,636
52,780
7
Other gains and losses
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Vaulation gain on investments held at fair value through profit or loss
14,445
-
0
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
109,987
189,877
Adjustments in respect of prior periods
15,516
(3,521)
Total current tax
125,503
186,356
Deferred tax
Origination and reversal of timing differences
1,810
13,310
Total tax charge
127,313
199,666
Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
8
Taxation (continued)
20

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
465,323
1,006,319
Expected tax charge based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
107,071
191,201
Tax effect of expenses that are not deductible in determining taxable profit
867
7,006
Tax effect of income not taxable in determining taxable profit
-
0
(4,116)
Adjustments in respect of prior years
15,516
(3,522)
Effect of change in corporation tax rate
(34)
580
Effect of revaluations of investments
(3,322)
-
0
Other non-reversing timing differences
(1,238)
2,177
Fixed asset differences
6,575
3,807
Unrecognised tax losses in parent company
1,878
2,533
Taxation charge
127,313
199,666
Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
21
9
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 December 2022
2,394,540
50,755
316,103
146,407
933,860
3,841,665
Additions
22,320
48,018
17,907
2,088
174,764
265,097
Disposals
-
0
-
0
-
0
-
0
(267,058)
(267,058)
At 30 November 2023
2,416,860
98,773
334,010
148,495
841,566
3,839,704
Depreciation and impairment
At 1 December 2022
170,414
-
0
235,114
120,155
543,868
1,069,551
Depreciation charged in the year
29,032
-
0
23,013
6,258
110,992
169,295
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(214,828)
(214,828)
At 30 November 2023
199,446
-
0
258,127
126,413
440,032
1,024,018
Carrying amount
At 30 November 2023
2,217,414
98,773
75,883
22,082
401,534
2,815,686
At 30 November 2022
2,224,126
50,755
80,989
26,252
389,992
2,772,114
Company
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 December 2022
1,216,890
35,265
1,252,155
Additions
22,320
-
0
22,320
At 30 November 2023
1,239,210
35,265
1,274,475
Depreciation and impairment
At 1 December 2022
29,250
28,314
57,564
Depreciation charged in the year
5,476
1,738
7,214
At 30 November 2023
34,726
30,052
64,778
Carrying amount
At 30 November 2023
1,204,484
5,213
1,209,697
At 30 November 2022
1,187,640
6,951
1,194,591
Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
9
Tangible fixed assets (continued)
22

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
1,561
2,810
-
0
-
0
Motor vehicles
369,989
350,406
-
0
-
0
371,550
353,216
-
-
10
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
6
6
Other investments
1,013,049
545,184
701,445
411,189
1,013,049
545,184
701,451
411,195
Movements in fixed asset investments
Group
Other
£
Cost or valuation
At 1 December 2022
545,184
Additions
453,420
Valuation changes
14,445
At 30 November 2023
1,013,049
Carrying amount
At 30 November 2023
1,013,049
At 30 November 2022
545,184
Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
10
Fixed asset investments (continued)
23
Movements in fixed asset investments
Company
Shares in group undertakings
Other
Total
£
£
£
Cost or valuation
At 1 December 2022
6
411,189
411,195
Additions
-
253,420
253,420
Valuation changes
-
36,836
36,836
At 30 November 2023
6
701,445
701,451
Carrying amount
At 30 November 2023
6
701,445
701,451
At 30 November 2022
6
411,189
411,195
11
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Walsoken MOTs Ltd
England & Wales
Garage
1 ordinary share
100.00
0
WMS Recruitment Ltd
England & Wales
Recruitment
5 ordinary shares
100.00
0
Cottrill Holdings Limited owns 5/6 of the share capital of WMS Recruitment Limited. However it retains 100% of the control of the company due to entitlement to 100% of the voting rights and dividends distributed by WMS Recruitment Limited.
12
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
6,460
8,091
-
0
-
0
Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
24
13
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
919,898
1,226,851
-
-
Carrying amount of financial liabilities
Measured at amortised cost
1,524,349
1,792,281
1,734,913
1,442,578
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
650,953
1,122,218
-
0
-
0
Gross amounts owed by contract customers
141,016
136,127
-
0
-
0
Other debtors
271,274
110,621
-
0
-
0
Prepayments and accrued income
100,638
92,668
-
0
-
0
1,163,881
1,461,634
-
-
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
17
116,875
106,115
-
0
-
0
Obligations under finance leases
18
153,081
133,730
-
0
-
0
Trade creditors
183,524
344,474
-
0
-
0
Corporation tax payable
112,023
189,119
-
0
-
0
Other taxation and social security
383,820
583,638
-
-
Other creditors
308,664
382,562
-
0
-
0
Accruals and deferred income
71,955
64,107
5,532
4,356
1,329,942
1,803,745
5,532
4,356
Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
25
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
17
379,676
467,198
-
0
-
0
Obligations under finance leases
18
310,574
294,095
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,729,381
1,438,222
690,250
761,293
1,729,381
1,438,222

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
496,551
573,313
-
0
-
0
Payable within one year
116,875
106,115
-
0
-
0
Payable after one year
379,676
467,198
-
0
-
0

The company has three outstanding mortgages, the first of £107k (2022 – £115k). Monthly repayments are made of £1.4k and the debt is due to mature in August 2032. This is secured against land and buildings. Interest is charged at 2.1% above the Bank of England base rate.

 

The second has a balance of £168k (2022 – £184k). Variable monthly repayments are made, and the debt is due to mature in September 2026. This is secured against land and buildings. Interest is charged at 2.5% above the Bank of England base rate.

 

The third has a balance of £222k (2022 – £274k). Variable monthly repayments are made, and the debt is due to mature in June 2027. This is secured against land and buildings. Interest is charged at 2.45% above the Bank of England base rate.

18
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
153,081
133,730
-
0
-
0
In two to five years
310,574
294,095
-
0
-
0
463,655
427,825
-
-
Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
18
Finance lease obligations (continued)
26

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
21,164
18,989
Revaluations
134,225
134,225
Short term timing differences
(3,803)
(3,438)
151,586
149,776
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
1,303
-
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 December 2022
149,776
-
Charge to profit or loss
1,810
1,303
Liability at 30 November 2023
151,586
1,303
There were no deferred tax movements in the year.

The deferred tax liability set out above relating to accelerated capital allowances are expected to reverse within 12 months. The deferred tax liability relating to revaluations will reverse on the sale of land.

Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
27
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,037
84,333

At the year end outstanding pension contributions totalled £35,709 (2022: £32,280).

 

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
1 Ordinary of £1 each
1
1
22
Directors' transactions

During the year advances were made to the Directors of £195,254 (2022: £324,287), and the company received £16,571 (2022: £252,810) from directors. At the year end amounts due by Directors totalled £238,422 (2022: £59,731).

 

Dividends of £nil (2022: £240,000) have been declared in the year.

23
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
338,009
806,653
Adjustments for:
Taxation charged
127,313
199,666
Finance costs
82,636
52,780
Gain on disposal of tangible fixed assets
(33,262)
(15,599)
Depreciation and impairment of tangible fixed assets
169,295
172,014
Other gains and losses
(14,445)
-
Movements in working capital:
Decrease/(increase) in stocks
1,631
(238)
Decrease/(increase) in debtors
477,532
(161,069)
Decrease in creditors
(426,818)
(173,384)
Cash generated from operations
721,891
880,823
Cottrill Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
28
24
Analysis of changes in net debt - group
1 December 2022
Cash flows
New finance leases
30 November 2023
£
£
£
£
Cash at bank and in hand
867,146
(417,079)
-
450,067
Borrowings excluding overdrafts
(573,313)
76,762
-
(496,551)
Obligations under finance leases
(427,825)
200,030
(235,860)
(463,655)
(133,992)
(140,287)
(235,860)
(510,139)
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