Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Machiningtrue2023-01-01false64trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13892019 2023-01-01 2023-12-31 13892019 2022-02-03 2022-12-31 13892019 2023-12-31 13892019 2022-12-31 13892019 c:Director1 2023-01-01 2023-12-31 13892019 c:Director2 2023-01-01 2023-12-31 13892019 d:PlantMachinery 2023-01-01 2023-12-31 13892019 d:PlantMachinery 2023-12-31 13892019 d:PlantMachinery 2022-12-31 13892019 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13892019 d:MotorVehicles 2023-01-01 2023-12-31 13892019 d:MotorVehicles 2023-12-31 13892019 d:MotorVehicles 2022-12-31 13892019 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13892019 d:OfficeEquipment 2023-01-01 2023-12-31 13892019 d:OfficeEquipment 2023-12-31 13892019 d:OfficeEquipment 2022-12-31 13892019 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13892019 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13892019 d:CurrentFinancialInstruments 2023-12-31 13892019 d:CurrentFinancialInstruments 2022-12-31 13892019 d:Non-currentFinancialInstruments 2023-12-31 13892019 d:Non-currentFinancialInstruments 2022-12-31 13892019 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13892019 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13892019 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13892019 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13892019 d:ShareCapital 2023-12-31 13892019 d:ShareCapital 2022-12-31 13892019 d:RetainedEarningsAccumulatedLosses 2023-12-31 13892019 d:RetainedEarningsAccumulatedLosses 2022-12-31 13892019 c:OrdinaryShareClass1 2023-01-01 2023-12-31 13892019 c:OrdinaryShareClass1 2023-12-31 13892019 c:OrdinaryShareClass1 2022-12-31 13892019 c:FRS102 2023-01-01 2023-12-31 13892019 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13892019 c:FullAccounts 2023-01-01 2023-12-31 13892019 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13892019 2 2023-01-01 2023-12-31 13892019 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13892019










COWLING & CO ENGINEERING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
COWLING & CO ENGINEERING LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COWLING & CO ENGINEERING LIMITED
FOR THE 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 Cowling & Co Engineering Limited for the year ended 31 December 2023 which comprise  the Balance Sheet and the 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 https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cowling & Co Engineering Limited, as a body, in accordance with the terms of our engagement letter dated February 2022Our work has been undertaken solely to prepare for your approval the financial statements of Cowling & Co Engineering Limited and state those matters that we have agreed to state to the Board of Directors of Cowling & Co Engineering Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cowling & Co Engineering Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Cowling & Co Engineering 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 profit of Cowling & Co Engineering Limited. You consider that Cowling & Co Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Cowling & Co Engineering 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.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
24 September 2024
Page 1

 
COWLING & CO ENGINEERING LIMITED
REGISTERED NUMBER: 13892019

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
43,140
28,023

  
43,140
28,023

Current assets
  

Stocks
  
5,492
24,630

Debtors: amounts falling due within one year
 5 
22,222
10,080

Cash at bank and in hand
 6 
4,938
813

  
32,652
35,523

Creditors: amounts falling due within one year
 7 
(36,251)
(49,962)

Net current liabilities
  
 
 
(3,599)
 
 
(14,439)

Total assets less current liabilities
  
39,541
13,584

Creditors: amounts falling due after more than one year
 8 
(28,950)
(12,493)

  

Net assets
  
10,591
1,091


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
10,491
991

  
10,591
1,091


Page 2

 
COWLING & CO ENGINEERING LIMITED
REGISTERED NUMBER: 13892019
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




................................................
Pierre Caston
................................................
Josh Cowling
Director
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
COWLING & CO ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.             The Company's principal activity is that of Machining. Its principal place of business is Hollybanks, Foulsham Road, Hindolveston, Dereham, Norfolk, NR20 5BY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
COWLING & CO ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
COWLING & CO ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
15%
Reducing Balance
Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
COWLING & CO ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
77,093
40,275

Cost of defined contribution scheme
958
379

78,051
40,654


The average monthly number of employees, including directors, during the year was 6 (2022 - 4).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
3,495
29,050
541
33,086


Additions
5,000
26,270
583
31,853


Disposals
(500)
(9,995)
-
(10,495)



At 31 December 2023

7,995
45,325
1,124
54,444



Depreciation


At 1 January 2023
525
4,359
179
5,063


Charge for the year on owned assets
1,132
6,371
313
7,816


Disposals
(75)
(1,500)
-
(1,575)



At 31 December 2023

1,582
9,230
492
11,304



Net book value



At 31 December 2023
6,413
36,095
632
43,140



At 31 December 2022
2,970
24,691
362
28,023


5.


Debtors

2023
2022
£
£


Trade debtors
22,122
9,980

Other debtors
100
100
Page 7

 
COWLING & CO ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.Debtors (continued)


22,222
10,080



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,938
813

4,938
813



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,848
4,119

Corporation tax
182
-

Other taxation and social security
13,386
2,302

Obligations under finance lease and hire purchase contracts
10,051
4,116

Other creditors
5,784
39,425

36,251
49,962



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
28,950
12,493

28,950
12,493



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

Page 8

 
COWLING & CO ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.Share capital (continued)



10.


Pension commitments


11.


Related party transactions

At the year end the Company owed its directors £5,425 (2022: £38,766) in respect of an interest-free director's loan account. The loan is unsecured and is repayable on demand, and is shown within other creditors in note 7 to the financial statements. 

 
Page 9