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Registered number: 01399398










COOMERS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
COOMERS LIMITED
 
 
COMPANY INFORMATION


Directors
S F Coomer 
G B Coomer 




Company secretary
S F Coomer



Registered number
01399398



Registered office
5 Woolmer Way

Bordon

Hampshire

GU35 9QE




Independent auditor
Shaw Gibbs (Audit) Limited
Statutory auditor

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
COOMERS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10 - 11
Statement of Changes in Equity
 
12 - 13
Notes to the Financial Statements
 
14 - 31


 
COOMERS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

 
Trading since 1956, Coomers continues to serve the full spectrum of professional trades, along with local businesses and the general public, with a broad offer of timber and building materials, and home improvement products.  The business evolves each year, with new ranges and services introduced on a regular basis, but the focus on outstanding customer service, quality products and good value is a constant.

 
It is fair to say that the business is operating in challenging times.  Product availability has generally improved over the past 12 months, but supplier pricing is less settled than in the past, and the price of core ranges both increases and decreases fairly quickly, making it difficult to maintain consistency in selling out rates.  The flat market has also resulted in strong competition for business locally, leading to a squeeze on trading margins.  Relatively high interest rates and a general lack of willingness from consumers to spend on significant projects has led to a tough trading environment, with merchants all battling to secure their share of the shrinking market.

 
As a result, overall turnover in Coomers Ltd fell on the previous year by 2%, gross trading margin was eroded by over 3% and customer footfall was down by over 2%.  Though disappointing in some respects, the business is reliant on a strong economy and consumer confidence, so this is felt to be a reasonable performance given the general downturn in the builders merchant market.

 
The Directors and Management continue to remain very proactive in looking for new revenue streams, managing overheads carefully and investing in the future.  Both the Bordon and Alton branches have re-branded Studio kitchen and bathroom showrooms, with new tile showrooms recently introduced.  The business is also now own-branding a handful of products and this will be rolled out further if the early successes are repeated.  The recently installed solar panels are reducing electric costs, and the business continues to transition to electric-powered forklift trucks which brings both cost and environmental benefits.  Branch refurbishment continues, with upgrades undertaken at all 3 branches over the past 12 months, including a raft of new signage.

 
The online trading side of the business is performing well, with sales up by over 2% on the previous year, and customer numbers up by almost 7%.  New products are being added every month, and a lot of work is going into refining and improving the customer experience online.
 
All in all, therefore, the business remains financially strong in spite of the current challenges.  Investment and improvement is ongoing, and the business is well-placed to take advantage of an upturn in the market, when the time comes.
 

Page 1

 
COOMERS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


This report was approved by the board and signed on its behalf.







................................................
G B Coomer
Director
Date: 16 October 2024

Page 2

 
COOMERS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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 judgments 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,287,417 (2023 - £1,146,158).

Dividends of £880,000 were paid during the year (2023 - £500,000).

Directors

The directors who served during the year were:

S F Coomer 
G B Coomer 

Matters covered in the Strategic Report

The principal risks and uncertainties and future developments are covered in the Strategic report.

Page 3

 
COOMERS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 







................................................
G B Coomer
Director
Date: 16 October 2024

Page 4

 
COOMERS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COOMERS LIMITED
 

Opinion


We have audited the financial statements of Coomers Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
COOMERS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COOMERS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
COOMERS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COOMERS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry
in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and
regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of
not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from
error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or
through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial
statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included
agreeing the financial statement disclosures to underlying supporting documentation and enquiries with
management. There are inherent limitations in the audit procedures described above and, the further removed
non-compliance with laws and regulations is from the events and transactions reflected in the financial
statements, the less likely we would become aware of it. We did not identify any key audit matters relating to
irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal
controls, including testing journals and evaluating whether there was evidence of bias by the directors that
represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 7

 
COOMERS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COOMERS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.







Stephen South FCA (Senior Statutory Auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

23 October 2024
Page 8

 
COOMERS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,125,574
15,432,956

Cost of sales
  
(11,250,786)
(11,374,281)

Gross profit
  
3,874,788
4,058,675

Administrative expenses
  
(1,689,921)
(1,582,184)

Other operating income
 5 
10,339
11,587

Fair value movements
  
108,479
(325,052)

Operating profit
 6 
2,303,685
2,163,026

Interest receivable and similar income
 10 
57,739
11,502

Interest payable and similar expenses
 11 
(535,790)
(535,704)

Profit before tax
  
1,825,634
1,638,824

Tax on profit
 12 
(538,217)
(492,666)

Profit for the financial year
  
1,287,417
1,146,158

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
84,985
(51,774)

Other comprehensive income for the year
  
84,985
(51,774)

Total comprehensive income for the year
  
1,372,402
1,094,384

The notes on pages 14 to 31 form part of these financial statements.

Page 9

 
COOMERS LIMITED
REGISTERED NUMBER: 01399398

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
9,662,097
9,298,274

Investments
 14 
1,300
1,300

  
9,663,397
9,299,574

Current assets
  

Stocks
 15 
1,668,461
1,794,222

Debtors: amounts falling due within one year
 16 
6,951,885
6,799,562

Bank and cash balances
  
2,021,745
1,758,764

  
10,642,091
10,352,548

Creditors: amounts falling due within one year
 17 
(1,938,843)
(1,823,029)

Net current assets
  
 
 
8,703,248
 
 
8,529,519

Total assets less current liabilities
  
18,366,645
17,829,093

Creditors: amounts falling due after more than one year
 18 
(10,961,127)
(10,979,654)

Provisions for liabilities
  

Deferred tax
 20 
(321,188)
(257,511)

  
 
 
(321,188)
 
 
(257,511)

Net assets
  
7,084,330
6,591,928


Capital and reserves
  

Called up share capital 
 21 
7,525
7,525

Revaluation reserve
 22 
623,536
538,551

Capital redemption reserve
 22 
2,515
2,515

Profit and loss account
 22 
6,450,754
6,043,337

  
7,084,330
6,591,928


Page 10

 
COOMERS LIMITED
REGISTERED NUMBER: 01399398
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






................................................
G B Coomer
Director
Date: 16 October 2024

The notes on pages 14 to 31 form part of these financial statements.

Page 11

 
COOMERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 February 2023
7,525
2,515
538,551
6,043,337
6,591,928


Comprehensive income for the year

Profit for the year

-
-
-
1,287,417
1,287,417

Surplus on revaluation of freehold property
-
-
84,985
-
84,985


Other comprehensive income for the year
-
-
84,985
-
84,985


Total comprehensive income for the year
-
-
84,985
1,287,417
1,372,402


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(880,000)
(880,000)


Total transactions with owners
-
-
-
(880,000)
(880,000)


At 31 January 2024
7,525
2,515
623,536
6,450,754
7,084,330


The notes on pages 14 to 31 form part of these financial statements.

Page 12

 
COOMERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 February 2022
7,525
2,515
590,325
5,397,179
5,997,544


Comprehensive income for the year

Profit for the year

-
-
-
1,146,158
1,146,158

Deficit on revaluation of freehold property
-
-
(51,774)
-
(51,774)


Other comprehensive income for the year
-
-
(51,774)
-
(51,774)


Total comprehensive income for the year
-
-
(51,774)
1,146,158
1,094,384


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(500,000)
(500,000)


Total transactions with owners
-
-
-
(500,000)
(500,000)


At 31 January 2023
7,525
2,515
538,551
6,043,337
6,591,928


The notes on pages 14 to 31 form part of these financial statements.

Page 13

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Coomers Limited, 01399398, is a private company limited by shares.  It is incorporated in England and Wales.  The registered office is 5 Woolmer Way, Bordon, Hampshire, GU35 9QE.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in GBP to whole £s.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Coomers Group Holdings Limited as at 31 January 2024 and these financial statements may be obtained from 3 -5  Woolmer Way, Bordon, Hampshire, GU35 9QE.

Page 14

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

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

 
2.6

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.

Page 15

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Borrowing costs

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

 
2.8

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.

 
2.9

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.

 
2.10

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 16

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.10
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
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance
Computer equipment
-
20% reducing balance / 20% 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.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

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 weighted average 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.

Page 17

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 18

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.18

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.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 19

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.19

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.
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 if the revision affects only that period, or in the period of the revision or future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Valuation of freehold property:
The directors are aware of movements in commercial property values and compare the carrying value against market data to ensure the carrying value is not materially different from the fair value at the year end.  The carrying value of freehold property is disclosed in note 14.
Valuation of preference shares:
The market value of the redeemable preference shares is dependent upon estimated future cashflows which are based upon the market value of the freehold properties.  The directors have estimated the change in market value over the anticipated redemption period and calculated the net present value of future cashflows using an estimated discount factor based upon current economic conditions.  The market value of these preference shares and underlying estimates will be assessed annually.


4.


Turnover

The whole of the turnover is attributable to trading in building materials.

All turnover arose within the United Kingdom.

Page 20

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Other operating income

2024
2023
£
£

Other operating income
10,339
10,489

Government grants receivable
-
1,098

10,339
11,587



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
260,836
202,398

Surplus/(loss) on revaluation of tangible fixed assets
84,985
(51,774)


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
12,627
18,635

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 21

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,083,948
2,122,580

Social security costs
207,880
222,883

Cost of defined contribution scheme
96,785
93,776

2,388,613
2,439,239


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







All employees
65
68


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
154,016
162,997

Company contributions to defined contribution pension schemes
23,720
22,101

177,736
185,098


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
57,739
11,502

Page 22

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
23,825
27,473

Interest on preference shares classed as debt
511,965
508,231

535,790
535,704

Page 23

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
474,540
443,435


Deferred tax


Origination and reversal of timing differences
63,677
49,231


Taxation on profit on ordinary activities
538,217
492,666

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,825,634
1,638,825


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
456,409
311,377

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,999
3,241

Capital allowances for year in excess of depreciation
(853)
19,729

Changes in provisions leading to an increase (decrease) in the tax charge
(197)
(5)

Unrealised gain on freehold property revaluation
(27,120)
61,760

Preference share dividends
127,991
96,564

Other differences leading to an increase (decrease) in the tax charge
(1,787)
-

Marginal relief
(19,225)
-

Total tax charge for the year
538,217
492,666


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 February 2023
8,406,535
626,112
1,053,676
492,092
144,536


Additions
-
312,987
137,435
17,549
9,955


Disposals
-
(145,900)
(86,445)
(12,461)
(6,031)


Revaluations
193,464
-
-
-
-



At 31 January 2024

8,599,999
793,199
1,104,666
497,180
148,460



Depreciation


At 1 February 2023
-
431,869
530,387
369,453
92,969


Charge for the year on owned assets
-
65,081
153,397
26,784
15,574


Disposals
-
(111,505)
(76,749)
(10,558)
(5,295)



At 31 January 2024

-
385,445
607,035
385,679
103,248



Net book value



At 31 January 2024
8,599,999
407,754
497,631
111,501
45,212



At 31 January 2023
8,406,535
194,243
523,289
122,639
51,567
Page 25

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           13.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 February 2023
10,722,951


Additions
477,926


Disposals
(250,837)


Revaluations
193,464



At 31 January 2024

11,143,504



Depreciation


At 1 February 2023
1,424,678


Charge for the year on owned assets
260,836


Disposals
(204,107)



At 31 January 2024

1,481,407



Net book value



At 31 January 2024
9,662,097



At 31 January 2023
9,298,273

The freehold properties were revalued on 8 December 2023 by Vail Williams on an open market existing use basis and the properties are restated at that valuation. As at the year end the directors have reviewed the valuation of these properties and based upon current market conditions have adjusted the carrying value accordingly.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
9,172,823
9,172,823

Accumulated depreciation
(1,241,491)
(1,133,621)

Net book value
7,931,332
8,039,202

Page 26

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Fixed asset investments





Trade investments

£





At 1 February 2023 and 31 January 2024
1,300





15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,668,461
1,794,222



16.


Debtors

2024
2023
£
£


Trade debtors
1,193,510
955,809

Amounts owed by group undertakings
5,353,117
5,318,278

Other debtors
362,999
445,461

Prepayments and accrued income
42,259
80,014

6,951,885
6,799,562



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
131,154
129,438

Payments received on account
32,078
10,750

Trade creditors
1,216,240
1,190,175

Corporation tax
185,132
161,851

Other taxation and social security
198,870
179,119

Other creditors
61,753
44,932

Accruals and deferred income
113,616
106,764

1,938,843
1,823,029


Page 27

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
643,005
775,275

Preference shares classed as debt
10,318,122
10,204,379

10,961,127
10,979,654


Preference shares classed as debt:
During 2022, 4,518 preference shares of £1 were issued at nominal value.  Dividends are non-discretionary and are to be paid at 4.75% per annum of the market value of three properties owned by the company, after £100,000 had firstly been paid to the ordinary shareholders.  The preference shares are redeemable after 10 years at the issuer's discretion, with the redemption price being the market value of the three properties.  The preference shares have therefore been recognised as a liability at their fair value.  The difference between the transaction price and the fair value has been recognised as a distribution of reserves.  The fair value of the preference shares has been determined by the directors estimating change in market value over the anticipated redemption period and calculated the net present value of future cashflows using an estimated discount factor based upon current economic conditions. 
Secured creditors:
The bank loan is secured by the assets of the business. £nil (2023 - £216,673) is due in more than 5 years, payable in installments.  

Page 28

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

19.


Loans


2024
2023
£
£

Amounts falling due within one year

Bank loans
131,154
129,438


131,154
129,438

Amounts falling due 1-2 years

Bank loans
643,005
558,602


643,005
558,602


Amounts falling due after more than 5 years

Bank loans
-
216,673

-
216,673

774,159
904,713


Page 29

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

20.


Deferred taxation




2024


£






At beginning of year
257,511


Charged to profit or loss
63,677



At end of year
321,188

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
321,188
257,511


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



7,500 (2023 - 7,500) Ordinary A shares of £1.00 each
7,500
7,500
10 (2023 - 10) Ordinary B shares of £1.00 each
10
10
10 (2023 - 10) Ordinary D shares of £1.00 each
10
10
5 (2023 - 5) Ordinary E shares of £1.00 each
5
5

7,525

7,525





22.


Reserves

Revaluation reserve

Includes cumulative unrealised gains recognised on the revaluation of freehold properties less deferred
tax thereon. This is a non distributable reserve.

Capital redemption reserve

This is a non distributable reserve representing paid up share capital.

Profit and loss account

Includes cumulative profits and losses net of other adjustments.

Page 30

 
COOMERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

23.


Capital commitments


At 31 January 2024 the Company had capital commitments as follows:

2024
2023
£
£


Motor Vehicles
-
165,000


24.


Pension commitments

The company operates a defined contributes pension scheme. The assets of the scheme are held seperately from those of the company in an independently adminstered fund. The pension cost charge represents contributions payable by the group to the fund amounted to £96,785 (2023: £93,776). Contributions totalling £12,267 (2023: £12,870) were payable to the fund at the balance sheet date.


25.


Related party transactions

Coomers Group Holdings Limited was incorporated on 4 December 2020 and acquired a majority shareholding in Coomers Limited on 2 March 2021.
At the year end Coomers Group Holdings Limited owed the company £5,353,117 (2023 - £5,318,278).
During the year the company paid a total of £880,000 (2023 - £500,000) dividends to its shareholders, in accordance with its shareholdings.
As per note 17, the company issued preference shares in 2022 to its shareholders. The total financial charge for the year on the preference shares was £511,965 (2023 - £508,231).
The total liability on the preference shares payable to Coomers Group Holdings Limited is £3,434,807 (2023 - £3,396,502)
 


26.


Controlling party

The immediate and ultimate parent company is Coomers Group Holdings Limited, a company incorporated in England and Wales. The parent company's registered office is 3-5 Woolmer Way, Bordon, Hampshire, GU35 9QE.  Coomers Group Holdings Limited is the largest and smallest company in the group that prepares consolidated accounts. The consolidated accounts can be obtained from Companies House.
The ultimate controlling party is Mr G Coomer, a director and shareholder of the parent company.

 
Page 31