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Company Registration No. 9915382 (England and Wales)
Cotswold Panel Products Limited Unaudited accounts for the year ended 31 March 2024
Cotswold Panel Products Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
77,430 
81,037 
Current assets
Inventories
11,506 
53,231 
Debtors
87,854 
74,572 
Cash at bank and in hand
3,869 
10,761 
103,229 
138,564 
Creditors: amounts falling due within one year
(316,226)
(373,004)
Net current liabilities
(212,997)
(234,440)
Total assets less current liabilities
(135,567)
(153,403)
Creditors: amounts falling due after more than one year
(52,829)
(53,507)
Net liabilities
(188,396)
(206,910)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(188,496)
(207,010)
Shareholders' funds
(188,396)
(206,910)
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 September 2024 and were signed on its behalf by
Martin Clarke Director Company Registration No. 9915382
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Cotswold Panel Products Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Cotswold Panel Products Limited is a private company, limited by shares, registered in England and Wales, registration number 9915382. The registered office is Unit A Dingley Business Park, Buckle Street, Honeybourne, Evesham , WR11 7QE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
15% straight line
Plant & machinery
15% straight line
Motor vehicles
25% straight line
Fixtures & fittings
15% straight line
Computer equipment
25% straight line
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Cotswold Panel Products Limited Notes to the Accounts for the year ended 31 March 2024
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 April 2023
17,581 
331,688 
15,830 
7,013 
1,108 
373,220 
Additions
- 
38,360 
- 
- 
1,945 
40,305 
At 31 March 2024
17,581 
370,048 
15,830 
7,013 
3,053 
413,525 
Depreciation
At 1 April 2023
14,847 
265,151 
4,966 
6,111 
1,108 
292,183 
Charge for the year
2,637 
37,385 
3,208 
503 
179 
43,912 
At 31 March 2024
17,484 
302,536 
8,174 
6,614 
1,287 
336,095 
Net book value
At 31 March 2024
97 
67,512 
7,656 
399 
1,766 
77,430 
At 31 March 2023
2,734 
66,537 
10,864 
902 
- 
81,037 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
15,516 
44,892 
Deferred tax asset
58,756 
2,135 
Accrued income and prepayments
802 
10,786 
Other debtors
12,780 
16,759 
87,854 
74,572 
- 4 -
Cotswold Panel Products Limited Notes to the Accounts for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
VAT
117,789 
122,206 
Obligations under finance leases and hire purchase contracts
10,261 
22,861 
Trade creditors
120,915 
131,619 
Taxes and social security
54,265 
44,615 
Other creditors
- 
12,385 
Loans from directors
1,471 
28,072 
Accruals
1,525 
1,246 
316,226 
373,004 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
13,504 
23,504 
Obligations under finance leases and hire purchase contracts
21,636 
9,892 
Other creditors
7,689 
10,111 
Loans from directors
10,000 
10,000 
52,829 
53,507 
8
Average number of employees
During the year the average number of employees was 8 (2023: 8).
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