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Company registration number: 00667458
Cottenden Limited
Unaudited filleted financial statements
31 December 2023
Cottenden Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Cottenden Limited
Directors and other information
Directors Mr T J Cottenden
Mr R J Cottenden
Company number 00667458
Registered office 164 London Road
Biggleswade
Bedfordshire
SG18 8EH
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Cottenden Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Cottenden Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cottenden Limited for the year ended 31 December 2023 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Cottenden Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cottenden Limited and state those matters that we have agreed to state to the board of directors of Cottenden Limited 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 Cottenden Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cottenden Limited 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 Cottenden Limited. You consider that Cottenden Limited 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 Cottenden Limited. 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.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
15 August 2024
Cottenden Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 47,494 39,423
_______ _______
47,494 39,423
Current assets
Stocks 200 200
Debtors 6 55,598 67,524
Cash at bank and in hand 37,928 70,640
_______ _______
93,726 138,364
Creditors: amounts falling due
within one year 7 ( 106,552) ( 114,806)
_______ _______
Net current (liabilities)/assets ( 12,826) 23,558
_______ _______
Total assets less current liabilities 34,668 62,981
Creditors: amounts falling due
after more than one year 8 ( 32,251) ( 47,155)
Provisions for liabilities ( 5,122) ( 8,776)
_______ _______
Net (liabilities)/assets ( 2,705) 7,050
_______ _______
Capital and reserves
Called up share capital 500 500
Profit and loss account ( 3,205) 6,550
_______ _______
Shareholders (deficit)/funds ( 2,705) 7,050
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Mr T J Cottenden
Director
Company registration number: 00667458
Cottenden Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 164 London Road, Biggleswade, Bedfordshire, SG18 8EH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis as the directors consider that the company can generate sufficient profits to eliminate its deficiency. No provision has been made in these financial statements for any costs should the company not be able to trade out of the deficiency.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 228,294 1,738 23,050 253,082
Additions 28,630 - - 28,630
Disposals ( 41,514) 36,782 - ( 4,732)
_______ _______ _______ _______
At 31 December 2023 215,410 38,520 23,050 276,980
_______ _______ _______ _______
Depreciation
At 1 January 2023 202,054 1,437 10,168 213,659
Charge for the year 12,532 75 3,220 15,827
_______ _______ _______ _______
At 31 December 2023 214,586 1,512 13,388 229,486
_______ _______ _______ _______
Carrying amount
At 31 December 2023 824 37,008 9,662 47,494
_______ _______ _______ _______
At 31 December 2022 26,240 301 12,882 39,423
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 53,947 61,878
Other debtors 1,651 5,646
_______ _______
55,598 67,524
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 7,994 37,905
Corporation tax 139 17,303
Social security and other taxes 16,627 22,260
Other creditors 81,792 37,338
_______ _______
106,552 114,806
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 32,251 47,155
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr T J Cottenden ( 258) ( 45,256) 44,770 ( 744)
Mr R J Cottenden - ( 50,000) 15,730 ( 34,270)
_______ _______ _______ _______
( 258) ( 95,256) 60,500 ( 35,014)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr T J Cottenden ( 258) - - ( 258)
Mr R J Cottenden - - - -
_______ _______ _______ _______
The above loan is unsecured, interest free and repayable on demand.
10. Related party transactions
During the year the company paid rent amounting to £14,800 (2022 £14,800) on normal commercial terms to Mr T J Cottenden , a director of the company, in respect of the premises from which the company trades.