Registered number
06185699
Cochrane & Co Accountants Limited
Report and Accounts
31 May 2024
Cochrane & Co Accountants Limited
Report and accounts
Contents
Page
Directors' report 1
Balance sheet 2
Notes to the accounts 3
Cochrane & Co Accountants Limited
Registered number: 06185699
Directors' Report
The directors present their report and accounts for the year ended 31 May 2024.
Principal activities
The company's principal activity during the year continued to be that of providing audit, accountancy and taxation services.
Directors
The following persons served as directors during the year:
C Cochrane
J Cochrane
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 7 October 2024 and signed on its behalf.
J Cochrane
Director
Cochrane & Co Accountants Limited
Registered number: 06185699
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 80,586 32,764
Current assets
Debtors 5 9,699 20,461
Cash at bank and in hand 112,807 113,229
122,506 133,690
Creditors: amounts falling due within one year 6 (87,616) (90,853)
Net current assets 34,890 42,837
Total assets less current liabilities 115,476 75,601
Creditors: amounts falling due after more than one year 7 (43,368) -
Provisions for liabilities (12,172) -
Net assets 59,936 75,601
Capital and reserves
Called up share capital 100 100
Profit and loss account 59,836 75,501
Shareholders' funds 59,936 75,601
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Cochrane
Director
Approved by the board on 7 October 2024
Cochrane & Co Accountants Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% straight line
Fixtures, fittings, tools and equipment 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 120,000
At 31 May 2024 120,000
Amortisation
At 1 June 2023 120,000
At 31 May 2024 120,000
Net book value
At 31 May 2024 -
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 43,295 4,559 - 47,854
Additions - - 58,426 58,426
At 31 May 2024 43,295 4,559 58,426 106,280
Depreciation
At 1 June 2023 10,531 4,559 - 15,090
Charge for the year 866 - 9,738 10,604
At 31 May 2024 11,397 4,559 9,738 25,694
Net book value
At 31 May 2024 31,898 - 48,688 80,586
At 31 May 2023 32,764 - - 32,764
5 Debtors 2024 2023
£ £
Trade debtors 8,664 19,620
Other debtors 1,035 841
9,699 20,461
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 8,630 -
Trade creditors 4,134 4,497
Corporation tax 28,181 39,693
Other taxes and social security costs 20,490 20,467
Other creditors 26,181 26,196
87,616 90,853
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 43,368 -
8 Controlling party
The company is controlled by J Cochrane, by virtue of her shareholding.
9 Other information
Cochrane & Co Accountants Limited is a private company limited by shares and incorporated in England. Its registered office is:
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
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