Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activitytrue2023-01-01false55truefalse 01357097 2023-01-01 2023-12-31 01357097 2022-01-01 2022-12-31 01357097 2023-12-31 01357097 2022-12-31 01357097 c:Director3 2023-01-01 2023-12-31 01357097 d:Buildings 2023-01-01 2023-12-31 01357097 d:Buildings 2023-12-31 01357097 d:Buildings 2022-12-31 01357097 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01357097 d:PlantMachinery 2023-01-01 2023-12-31 01357097 d:PlantMachinery 2023-12-31 01357097 d:PlantMachinery 2022-12-31 01357097 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01357097 d:MotorVehicles 2023-01-01 2023-12-31 01357097 d:MotorVehicles 2023-12-31 01357097 d:MotorVehicles 2022-12-31 01357097 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01357097 d:OfficeEquipment 2023-01-01 2023-12-31 01357097 d:OfficeEquipment 2023-12-31 01357097 d:OfficeEquipment 2022-12-31 01357097 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01357097 d:ComputerEquipment 2023-01-01 2023-12-31 01357097 d:ComputerEquipment 2023-12-31 01357097 d:ComputerEquipment 2022-12-31 01357097 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01357097 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01357097 d:CurrentFinancialInstruments 2023-12-31 01357097 d:CurrentFinancialInstruments 2022-12-31 01357097 d:Non-currentFinancialInstruments 2023-12-31 01357097 d:Non-currentFinancialInstruments 2022-12-31 01357097 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01357097 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01357097 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01357097 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01357097 d:ShareCapital 2023-12-31 01357097 d:ShareCapital 2022-12-31 01357097 d:RetainedEarningsAccumulatedLosses 2023-12-31 01357097 d:RetainedEarningsAccumulatedLosses 2022-12-31 01357097 c:FRS102 2023-01-01 2023-12-31 01357097 c:Audited 2023-01-01 2023-12-31 01357097 c:FullAccounts 2023-01-01 2023-12-31 01357097 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01357097 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01357097 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01357097 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01357097 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01357097 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 01357097 d:OtherDeferredTax 2023-12-31 01357097 d:OtherDeferredTax 2022-12-31 01357097 6 2023-01-01 2023-12-31 01357097 e:PoundSterling 2023-01-01 2023-12-31 01357097 d:OtherTransactionType2 2023-01-01 2023-12-31 01357097 d:OtherTransactionType1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01357097
















GUY COTTEN (UK) LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































img749f.png


GUY COTTEN (UK) LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1


GUY COTTEN (UK) LIMITED
REGISTERED NUMBER:01357097

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
138,702
118,453

Investments
 5 
2
2

  
138,704
118,455

CURRENT ASSETS
  

Stocks
  
672,096
576,118

Debtors: amounts falling due within one year
 6 
202,453
253,277

Cash at bank and in hand
  
45,278
47,905

  
919,827
877,300

Creditors: amounts falling due within one year
 7 
(591,990)
(545,790)

NET CURRENT ASSETS
  
 
 
327,837
 
 
331,510

TOTAL ASSETS LESS CURRENT LIABILITIES
  
466,541
449,965

Creditors: amounts falling due after more than one year
 8 
(14,352)
(37,928)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 9 
-
(62)

NET ASSETS
  
452,189
411,975


CAPITAL AND RESERVES
  

Called up share capital 
  
2,000
2,000

Profit and loss account
  
450,189
409,975

  
452,189
411,975


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 by: 





N Bertholom
Director

Page 2


GUY COTTEN (UK) LIMITED
REGISTERED NUMBER:01357097
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

Date: 1 October 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 3


GUY COTTEN (UK) LIMITED

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

1.


GENERAL INFORMATION

Guy Cotten (UK) Limited is a private company, limited by shares, and incorporated in England and Wales (company number 01357097). The registered office is Unit 1, Heathlands Road Industrial Estate, Station Road, Liskeard, Cornwall, PL14 4DH.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The accounts have been prepared on the going concern basis. Management believe that expansion and diversification into other markets has left the Company in a strong position to generate growth in the years to come. 
Management have reviewed budgets and forecasts and are confident that, even with a pessimistic forecast, the Company will continue to trade and all debts will be met as they fall due. Based upon this, the Directors are confident the going concern basis is correct.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4


GUY COTTEN (UK) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.4

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.

 
2.5

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.

 
2.6

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5


GUY COTTEN (UK) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line basis and reducing balance basis as outlined below.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
20%
straight line
Motor vehicles
-
20%
straight line
Office equipment
-
15%
straight line
Computer equipment
-
25%
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.

Page 6


GUY COTTEN (UK) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.10

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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 reporting 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.

 
2.12

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2022: 5).

Page 7


GUY COTTEN (UK) LIMITED



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



4.


TANGIBLE FIXED ASSETS






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£
£



COST


At 1 January 2023
147,078
14,301
27,340
44,130
29,777
262,626


Additions
27,093
-
-
-
-
27,093


Disposals
-
-
(14,287)
(30,742)
(28,455)
(73,484)



At 31 December 2023

174,171
14,301
13,053
13,388
1,322
216,235



DEPRECIATION


At 1 January 2023
45,105
13,300
20,502
35,875
29,391
144,173


Charge for the year on owned assets
2,322
1,001
1,183
2,008
330
6,844


Disposals
-
-
(14,287)
(30,742)
(28,455)
(73,484)



At 31 December 2023

47,427
14,301
7,398
7,141
1,266
77,533



NET BOOK VALUE



At 31 December 2023
126,744
-
5,655
6,247
56
138,702



At 31 December 2022
101,973
1,001
6,838
8,255
386
118,453

Page 8


GUY COTTEN (UK) LIMITED

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

5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 January 2023
2



At 31 December 2023
2





6.


DEBTORS

2023
2022
£
£


Trade debtors
189,708
234,280

Prepayments and accrued income
11,688
18,997

Deferred taxation
1,057
-

202,453
253,277



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
26,148
24,316

Trade creditors
2,101
8,307

Amounts owed to group undertakings
330,963
297,193

Corporation tax
28,790
11,202

Other taxation and social security
64,471
63,634

Other creditors
126,460
129,108

Accruals and deferred income
13,057
12,030

591,990
545,790


The bank loans are secured by way of fixed and floating charges over the property and assets of the Company.

Page 9


GUY COTTEN (UK) LIMITED

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

8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
14,352
37,928


The bank loans are secured by way of fixed and floating charges over the property and assets of the Company.


9.


DEFERRED TAXATION




2023


£






At beginning of year
(62)


Charged to profit or loss
1,119



AT END OF YEAR
1,057

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(62)
(1,790)

Effect of tax rate change
-
415

Timing differences
1,119
1,313

1,057
(62)


10.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. During the year the charge to the Company was £4,386 (2022: £3,940). At the year end £Nil (2022: £Nil) was due to the scheme.


11.


RELATED PARTY TRANSACTIONS

During the year, the Company purchased goods for resale to the value of £845,843 (2022: £841,030) from its parent company and made sales of £5,337 (2022: £6,709) to its parent company. The Company has been charged a management fee of £22,827 (2022: £21,283) by the parent company. During the year, the Company issued dividends of £49,975 (2022: £Nil) to its parent company. At the year end the Company owed its parent company £330,963 (2022: £297,193).

12.


CONTROLLING PARTY

The ultimate parent undertaking and controlling party is Ets Guy Cotten SAS, a Company incorporated in France.

Page 10


GUY COTTEN (UK) LIMITED

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

13.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 October 2024 by Nathan Coughlin FCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

 
Page 11