Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falsetrue2023-04-01falseFurniture Sales33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06105323 2023-04-01 2024-03-31 06105323 2022-04-01 2023-03-31 06105323 2024-03-31 06105323 2023-03-31 06105323 c:CompanySecretary1 2023-04-01 2024-03-31 06105323 c:Director1 2023-04-01 2024-03-31 06105323 c:RegisteredOffice 2023-04-01 2024-03-31 06105323 d:Buildings 2023-04-01 2024-03-31 06105323 d:Buildings 2024-03-31 06105323 d:Buildings 2023-03-31 06105323 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06105323 d:PlantMachinery 2023-04-01 2024-03-31 06105323 d:PlantMachinery 2024-03-31 06105323 d:PlantMachinery 2023-03-31 06105323 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06105323 d:MotorVehicles 2023-04-01 2024-03-31 06105323 d:MotorVehicles 2024-03-31 06105323 d:MotorVehicles 2023-03-31 06105323 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06105323 d:FurnitureFittings 2023-04-01 2024-03-31 06105323 d:FurnitureFittings 2024-03-31 06105323 d:FurnitureFittings 2023-03-31 06105323 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06105323 d:OfficeEquipment 2023-04-01 2024-03-31 06105323 d:OfficeEquipment 2024-03-31 06105323 d:OfficeEquipment 2023-03-31 06105323 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06105323 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06105323 d:Goodwill 2024-03-31 06105323 d:Goodwill 2023-03-31 06105323 d:CurrentFinancialInstruments 2024-03-31 06105323 d:CurrentFinancialInstruments 2023-03-31 06105323 d:Non-currentFinancialInstruments 2024-03-31 06105323 d:Non-currentFinancialInstruments 2023-03-31 06105323 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06105323 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06105323 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 06105323 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06105323 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 06105323 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 06105323 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 06105323 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 06105323 d:ShareCapital 2024-03-31 06105323 d:ShareCapital 2023-03-31 06105323 d:RetainedEarningsAccumulatedLosses 2024-03-31 06105323 d:RetainedEarningsAccumulatedLosses 2023-03-31 06105323 c:FRS102 2023-04-01 2024-03-31 06105323 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06105323 c:FullAccounts 2023-04-01 2024-03-31 06105323 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06105323 2 2023-04-01 2024-03-31 06105323 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 06105323










MICHAEL COTTRELL FURNITURE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MICHAEL COTTRELL FURNITURE LIMITED
 
 
COMPANY INFORMATION


Director
Mr M Cottrell 




Company secretary
Ms Shona MacDonald



Registered number
06105323



Registered office
The Great Barn
Heath Farm

Hempstead Road

Holt

Norfolk

NR25 6JU




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
MICHAEL COTTRELL FURNITURE LIMITED
 

CONTENTS



Page
Accountants' report
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 11


 
MICHAEL COTTRELL FURNITURE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MICHAEL COTTRELL FURNITURE LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Michael Cottrell Furniture Limited for the year ended 31 March 2024 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 director of Michael Cottrell Furniture Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Michael Cottrell Furniture Limited and state those matters that we have agreed to state to the director of Michael Cottrell Furniture Limited 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 Michael Cottrell Furniture Limited and its director for our work or for this report. 

It is your duty to ensure that Michael Cottrell Furniture 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 Michael Cottrell Furniture Limited. You consider that Michael Cottrell Furniture 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 Michael Cottrell Furniture 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
28 October 2024
Page 1

 
MICHAEL COTTRELL FURNITURE LIMITED
REGISTERED NUMBER: 06105323

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
39,463
46,681

  
39,463
46,681

Current assets
  

Stocks
  
20,500
28,466

Debtors: amounts falling due within one year
 6 
107,772
13,630

Cash at bank and in hand
 7 
12,572
158

  
140,844
42,254

Creditors: amounts falling due within one year
 8 
(148,312)
(84,126)

Net current liabilities
  
 
 
(7,468)
 
 
(41,872)

Total assets less current liabilities
  
31,995
4,809

Creditors: amounts falling due after more than one year
 9 
(19,713)
(20,192)

  

Net assets/(liabilities)
  
12,282
(15,383)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
12,182
(15,483)

  
12,282
(15,383)


Page 2

 
MICHAEL COTTRELL FURNITURE LIMITED
REGISTERED NUMBER: 06105323
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers 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 director acknowledges his 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 28 October 2024.

Mr M Cottrell
Director

Page 3

 
MICHAEL COTTRELL FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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 The Great Barn, Heath Farm, Hempstead Road, Holt, Norfolk, NR25 6JU.
The company's principal activity is that of carpentry and joinery.  Its principal place of business is The Great Barn, Heath Farm, Hempstead Road, Holt, Norfolk, NR25 6JU.



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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

 
2.3

Interest income

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

Page 4

 
MICHAEL COTTRELL FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Borrowing costs

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

 
2.6

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.


 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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

 
MICHAEL COTTRELL FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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:

Freehold property
-
no provision
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Office equipment
-
33%
reducing balance

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.

Page 6

 
MICHAEL COTTRELL FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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 3 (2023 - 3).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
19,322



At 31 March 2024

19,322



Amortisation


At 1 April 2023
19,322



At 31 March 2024

19,322



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 7

 
MICHAEL COTTRELL FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





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

£
£
£
£
£



Cost or valuation


At 1 April 2023
5,996
109,281
20,985
9,588
8,373


Additions
-
275
-
-
-



At 31 March 2024

5,996
109,556
20,985
9,588
8,373



Depreciation


At 1 April 2023
-
81,750
9,182
8,817
7,793


Charge for the year on owned assets
-
4,196
2,951
116
230



At 31 March 2024

-
85,946
12,133
8,933
8,023



Net book value



At 31 March 2024
5,996
23,610
8,852
655
350



At 31 March 2023
5,996
27,532
11,803
771
579
Page 8

 
MICHAEL COTTRELL FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2023
154,223


Additions
275



At 31 March 2024

154,498



Depreciation


At 1 April 2023
107,542


Charge for the year on owned assets
7,493



At 31 March 2024

115,035



Net book value



At 31 March 2024
39,463



At 31 March 2023
46,681

Page 9

 
MICHAEL COTTRELL FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
106,163
6,490

Other debtors
1,609
7,140

107,772
13,630



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
12,572
158

Less: bank overdrafts
-
(21,577)

12,572
(21,419)



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
21,577

Bank loans
3,701
8,957

Trade creditors
4,493
18,083

Other taxation and social security
3,871
135

Other creditors
135,187
34,394

Accruals and deferred income
1,060
980

148,312
84,126



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
19,713
20,192

19,713
20,192


Page 10

 
MICHAEL COTTRELL FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
3,701
8,957


3,701
8,957

Amounts falling due 1-2 years

Bank loans
3,934
9,184


3,934
9,184

Amounts falling due 2-5 years

Bank loans
15,780
11,008


15,780
11,008


23,415
29,149



11.


Related party transactions

Within other creditors there is a Directors Loan Account showing an amount due to the Director of £173..

 
Page 11