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Company registration number: 06770195
Cookson Cycles Limited
Unaudited filleted financial statements
31 December 2023
Cookson Cycles Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Cookson Cycles Limited
Directors and other information
Directors
S Wells
C M Turner Smith
Company number 06770195
Registered office Parkgates, Bury New Road
Prestwich
Manchester
Lancashire
M25 0JW
Business address 195 Bury New Road
Whitefield
Manchester
Lancashire
M45 6GE
Accountants Alexander Bursk Limited
Parkgates, Bury New Road
Prestwich
Manchester
Lancashire
M25 0JW
Bankers Abbey National plc
Abbey National House
2 Triton Square
Regent's Place
London NW1 3AN
Cookson Cycles Limited
Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Cookson Cycles 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 Cookson Cycles 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 Cookson Cycles 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 Cookson Cycles Limited and state those matters that we have agreed to state to the board of directors of Cookson Cycles 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 Cookson Cycles Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cookson Cycles 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 Cookson Cycles Limited. You consider that Cookson Cycles 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 Cookson Cycles 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.
Alexander Bursk Limited
Accountants
Parkgates, Bury New Road
Prestwich
Manchester
Lancashire
M25 0JW
3 September 2024
Cookson Cycles Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 6,412 8,550
Tangible assets 6 84,315 97,650
_______ _______
90,727 106,200
Current assets
Stocks 246,573 308,461
Debtors 7 8,152 27,966
Cash at bank and in hand 109,004 114,387
_______ _______
363,729 450,814
Creditors: amounts falling due
within one year 8 ( 77,037) ( 83,976)
_______ _______
Net current assets 286,692 366,838
_______ _______
Total assets less current liabilities 377,419 473,038
Creditors: amounts falling due
after more than one year 9 ( 5,555) ( 26,055)
_______ _______
Net assets 371,864 446,983
_______ _______
Capital and reserves
Called up share capital 179 179
Profit and loss account 371,685 446,804
_______ _______
Shareholders funds 371,864 446,983
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 September 2024 , and are signed on behalf of the board by:
C M Turner Smith
Director
Company registration number: 06770195
Cookson Cycles 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 Parkgates, Bury New Road, Prestwich, Manchester, Lancashire, M25 0JW.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
Combined other intangible assets - 25 % reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property - 25% reducing balance and 10% straight line
Plant and machinery - 40 % reducing balance
Fittings fixtures and equipment - 25% reducing balance or over the term of the finance lease
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 7 (2022: 7 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 January 2023 and 31 December 2023 63,465 13,129 76,594
_______ _______ _______
Amortisation
At 1 January 2023 63,465 4,579 68,044
Charge for the year - 2,138 2,138
_______ _______ _______
At 31 December 2023 63,465 6,717 70,182
_______ _______ _______
Carrying amount
At 31 December 2023 - 6,412 6,412
_______ _______ _______
At 31 December 2022 - 8,550 8,550
_______ _______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 67,372 92,623 140,858 300,853
Additions 10,602 2,014 - 12,616
_______ _______ _______ _______
At 31 December 2023 77,974 94,637 140,858 313,469
_______ _______ _______ _______
Depreciation
At 1 January 2023 67,372 81,623 54,208 203,203
Charge for the year 1,060 3,253 21,638 25,951
_______ _______ _______ _______
At 31 December 2023 68,432 84,876 75,846 229,154
_______ _______ _______ _______
Carrying amount
At 31 December 2023 9,542 9,761 65,012 84,315
_______ _______ _______ _______
At 31 December 2022 - 11,000 86,650 97,650
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 1,137 15,590
Other debtors 7,015 12,376
_______ _______
8,152 27,966
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 22,544 17,030
Trade creditors 32,297 13,247
Corporation tax 3,536 32,271
Social security and other taxes 6,203 15,776
Other creditors 12,457 5,652
_______ _______
77,037 83,976
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 5,555 26,055
_______ _______
10. Controlling party
The company is controlled by its director-shareholders.