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REGISTERED NUMBER: 00701333 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

COGSDILL-NUNEATON, LIMITED

COGSDILL-NUNEATON, LIMITED (REGISTERED NUMBER: 00701333)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


COGSDILL-NUNEATON, LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: W Aspatore
Mrs P Bird
L Donaldson
R S Fife
S E White
G A White





SECRETARY: Mrs P Bird





REGISTERED OFFICE: St George's Way
Bermuda Industrial Estate
Nuneaton
Warwickshire
CV10 7QT





REGISTERED NUMBER: 00701333 (England and Wales)





AUDITORS: Armstrongs Bishop Simmons
Chartered Accountants and Statutory Auditors
Gethin House
36 Bond Street
Nuneaton
Warwickshire
CV11 4DA

COGSDILL-NUNEATON, LIMITED (REGISTERED NUMBER: 00701333)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 14,668 9,350
Tangible assets 5 4,128,468 2,559,724
Investments 6 2,000 2,000
4,145,136 2,571,074

CURRENT ASSETS
Stocks 1,946,838 1,728,215
Debtors 7 851,216 928,230
Cash at bank and in hand 917,779 760,410
3,715,833 3,416,855
CREDITORS
Amounts falling due within one year 8 746,022 398,862
NET CURRENT ASSETS 2,969,811 3,017,993
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,114,947

5,589,067

CREDITORS
Amounts falling due after more than one
year

9

(787,710

)

(922,448

)

PROVISIONS FOR LIABILITIES (551,846 ) (69,688 )
NET ASSETS 5,775,391 4,596,931

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Revaluation reserve 13 1,280,359 313,490
Retained earnings 13 4,494,032 4,282,441
SHAREHOLDERS' FUNDS 5,775,391 4,596,931

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





L Donaldson - Director


COGSDILL-NUNEATON, LIMITED (REGISTERED NUMBER: 00701333)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Cogsdill-Nuneaton, Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The historical cost convention has been modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about Cogsdill-Nuneaton, Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Cogstill Tool Products Inc., 1001 Guion Drive Lugoff, SC 29078, United States.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - held at revaluation and SL over 30 yrs
Plant and machinery etc - 25% on cost and at varying rates on cost

Investments in subsidiaries
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

COGSDILL-NUNEATON, LIMITED (REGISTERED NUMBER: 00701333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct materials, direct labour costs where applicable and overheads are absorbed into the cost on the basis of the total labour costs, since these costs are incurred to bring the stocks to their present location and condition. Provision is made for obsolete stock for all stock items older than 7 years.

Work in progress is stated at cost including a proportion of overheads, where appropriate.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12; Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances 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 are 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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 value 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


COGSDILL-NUNEATON, LIMITED (REGISTERED NUMBER: 00701333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

The company and its parent company set quarterly rates of exchange. All transactions for the quarter are converted into sterling and are incorporated into the company's profit and loss account using the appropriate rate of exchange.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash and cash equivalent
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.

Equity instruments
Equity instruments issued by the company 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 company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 32 ) .

COGSDILL-NUNEATON, LIMITED (REGISTERED NUMBER: 00701333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 83,652
Additions 13,325
At 31 December 2023 96,977
AMORTISATION
At 1 January 2023 74,302
Charge for year 8,007
At 31 December 2023 82,309
NET BOOK VALUE
At 31 December 2023 14,668
At 31 December 2022 9,350

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 1,470,761 3,715,524 5,186,285
Additions 3,695 579,259 582,954
Disposals - (813,190 ) (813,190 )
Revaluations 1,217,432 - 1,217,432
Reclassification/transfer 15,608 (15,608 ) -
At 31 December 2023 2,707,496 3,465,985 6,173,481
DEPRECIATION
At 1 January 2023 62,350 2,564,211 2,626,561
Charge for year 20,147 182,202 202,349
Eliminated on disposal - (783,897 ) (783,897 )
At 31 December 2023 82,497 1,962,516 2,045,013
NET BOOK VALUE
At 31 December 2023 2,624,999 1,503,469 4,128,468
At 31 December 2022 1,408,411 1,151,313 2,559,724

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Land is not depreciated.

COGSDILL-NUNEATON, LIMITED (REGISTERED NUMBER: 00701333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Land and buildings with a carrying amount of £2,624,999 were revalued at 26 February 2024 by Cartwright Hands, chartered surveyors, independent valuers, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2,000
NET BOOK VALUE
At 31 December 2023 2,000
At 31 December 2022 2,000

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 464,168 326,875
Amounts owed by group undertakings 29,404 134,895
Other debtors 64,636 1,091
Tax - 156,389
VAT - 45,886
Prepayments 29,640 21,427
587,848 686,563

Amounts falling due after more than one year:
Amounts owed by group undertakings 263,368 241,667

Aggregate amounts 851,216 928,230

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 133,839 149,860
Hire purchase contracts (see note 10) - 28,342
Trade creditors 139,169 108,162
Social security and other taxes 41,856 33,259
VAT 16,567 -
Other creditors 200,749 23,484
Accrued expenses 213,842 55,755
746,022 398,862

COGSDILL-NUNEATON, LIMITED (REGISTERED NUMBER: 00701333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 135,107 132,502
Bank loans - 2-5 years 148,173 239,173
Bank loans more 5 yr by instal 268,900 315,243
Amounts owed to group undertakings 235,530 235,530
787,710 922,448

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 268,900 315,243

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 28,342

Non-cancellable operating leases
2023 2022
£    £   
Within one year 48,507 37,540
Between one and five years 53,125 49,368
101,632 86,908

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 686,019 836,778

The Royal Bank of Scotland holds as security for its lending, including its bank loans, a fixed charge over the company's property at St. Georges Way, Nuneaton, and a debenture over all of the assets of the company dated 14 August 2008.

COGSDILL-NUNEATON, LIMITED (REGISTERED NUMBER: 00701333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary share capital 1 1,000 1,000

13. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 4,282,441 313,490 4,595,931
Profit for the year 211,591 211,591
Current year revaluation - 966,869 966,869
At 31 December 2023 4,494,032 1,280,359 5,774,391

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jane Biggs FCCA (Senior Statutory Auditor)
for and on behalf of Armstrongs Bishop Simmons

15. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Cogsdill Tool Products Inc., a company registered in the USA (registered office 1001 Guion Drive, Lugoff, South Carolina), which owns all of the share capital of Cogsdill-Nuneaton Limited.