Company registration number 03790634 (England and Wales)
COWENS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COWENS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
COWENS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
94,595
51,800
Investment property
5
255,614
239,754
Investments
6
1,277,201
1,263,048
1,627,410
1,554,602
Current assets
Stocks
353,505
354,760
Debtors
9
143,448
165,431
Cash at bank and in hand
2,049,050
1,787,035
2,546,003
2,307,226
Creditors: amounts falling due within one year
10
(405,492)
(299,572)
Net current assets
2,140,511
2,007,654
Total assets less current liabilities
3,767,921
3,562,256
Provisions for liabilities
(20,456)
(44,121)
Net assets
3,747,465
3,518,135
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,747,365
3,518,035
Total equity
3,747,465
3,518,135

The notes on pages 2 to 9 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr J R Coulthard
Director
Company registration number 03790634 (England and Wales)
COWENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Cowens Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ellers Mill, Dalston, Carlisle, CA5 7QJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties at fair value through profit or loss.

 

The financial statements are prepared in sterling, which is the functional currency of the entity.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible assets are initially recorded at cost, and 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.

 

COWENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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:

Plant and machinery
4% - 20% Straight line
Fixtures and fittings
20% Straight line
Motor vehicles
20% Straight line
Other
Not depreciated

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 credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Investments are measured at fair value with changes in fair value being recognised in profit or loss.

1.7
Impairment of fixed assets

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

COWENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
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.

1.10
Financial instruments

The company 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 company's statement of financial position 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 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.

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 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 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.

1.11
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.

1.12
Taxation

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

COWENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Retirement benefits

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

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

 

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

COWENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The directors consider there were no significant judgements made in preparing the financial statements.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors consider there are no key sources of estimation uncertainty.

 

 

3
Employees

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

2023
2022
Number
Number
Total
12
11
COWENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Other
Total
£
£
£
£
£
Cost
At 1 January 2023
76,079
11,636
93,361
-
0
181,076
Additions
57,435
-
0
-
0
3,574
61,009
Disposals
-
0
(425)
(340)
-
0
(765)
At 31 December 2023
133,514
11,211
93,021
3,574
241,320
Depreciation and impairment
At 1 January 2023
37,872
11,354
80,050
-
0
129,276
Depreciation charged in the year
5,312
70
12,285
-
0
17,667
Impairment losses
547
-
0
-
0
-
0
547
Eliminated in respect of disposals
-
0
(425)
(340)
-
0
(765)
At 31 December 2023
43,731
10,999
91,995
-
0
146,725
Carrying amount
At 31 December 2023
89,783
212
1,026
3,574
94,595
At 31 December 2022
38,207
282
13,311
-
0
51,800

 

5
Investment property
2023
£
Fair value
At 1 January 2023
239,754
Additions
15,860
At 31 December 2023
255,614

The investment property was purchased 31 October 2021. The Directors do not believe that there has been a change in value from the purchase date to the year ended 31 December 2023.

6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,277,201
1,263,048
COWENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
1,263,048
Additions
810,845
Valuation changes
14,137
Disposals
(810,829)
At 31 December 2023
1,277,201
Carrying amount
At 31 December 2023
1,277,201
At 31 December 2022
1,263,048
7
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
90,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
90,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
8
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,277,201
1,263,048
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
127,503
148,928
Other debtors
15,945
16,503
143,448
165,431
COWENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
98,135
42,546
Taxation and social security
158,386
206,115
Other creditors
148,971
50,911
405,492
299,572
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Lindsay Farrer
Statutory Auditor:
Saint & Co.
Date of audit report:
20 September 2024
12
Related party transactions

Included within other creditors falling due within one year is £49,065 (2022 £234) being the amount owed to Mr J R Coulthard by the company. The maximum amount outstanding during the year was £49,065.

 

Included within other creditors falling due within one year is £62,512 (2022 £17,512) being the amount owed to Mrs A G Coulthard by the company.

 

The company was under the control of Mr J R Coulthard throughout the current and previous year. Mr J R Coulthard is the managing director and owns 50% of the ordinary share capital. Mrs A G Coulthard, company secretary and wife of Mr J R Coulthard, owns the remaining 50% of the ordinary share capital.

 

The property from which Cowens Limited operates is owned by a SIPP for the benefit of Mr J R Coulthard and Mrs A G Coulthard. Rent of £69,000 (2022 £69,000) was paid in respect of this property.

 

All the figures disclosed above are aggregate amounts.

2023-12-312023-01-01false20 September 2024CCH SoftwareCCH Accounts Production 2024.210Manufacture of non-wovens and articles made from non-wovens, except apparel.
This audit opinion is unqualifiedMr J CoulthardMr John NixonMrs A G Coulthardfalsefalse
037906342023-01-012023-12-31037906342023-12-31037906342022-12-3103790634core:PlantMachinery2023-12-3103790634core:FurnitureFittings2023-12-3103790634core:MotorVehicles2023-12-3103790634core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3103790634core:PlantMachinery2022-12-3103790634core:FurnitureFittings2022-12-3103790634core:MotorVehicles2022-12-3103790634core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3103790634core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103790634core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103790634core:CurrentFinancialInstruments2023-12-3103790634core:CurrentFinancialInstruments2022-12-3103790634core:ShareCapital2023-12-3103790634core:ShareCapital2022-12-3103790634core:RetainedEarningsAccumulatedLosses2023-12-3103790634core:RetainedEarningsAccumulatedLosses2022-12-3103790634bus:Director12023-01-012023-12-3103790634core:Goodwill2023-01-012023-12-3103790634core:PlantMachinery2023-01-012023-12-3103790634core:FurnitureFittings2023-01-012023-12-3103790634core:MotorVehicles2023-01-012023-12-3103790634core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-31037906342022-01-012022-12-3103790634core:PlantMachinery2022-12-3103790634core:FurnitureFittings2022-12-3103790634core:MotorVehicles2022-12-3103790634core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31037906342022-12-3103790634core:NetGoodwill2022-12-3103790634core:NetGoodwill2023-12-3103790634core:NetGoodwill2022-12-3103790634core:WithinOneYear2023-12-3103790634core:WithinOneYear2022-12-3103790634bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103790634bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103790634bus:FRS1022023-01-012023-12-3103790634bus:Audited2023-01-012023-12-3103790634bus:Director22023-01-012023-12-3103790634bus:CompanySecretary12023-01-012023-12-3103790634bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP