Company registration number 01751410 (England and Wales)
COOPER RIGG LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
COOPER RIGG LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COOPER RIGG LIMITED
BALANCE SHEET
AS AT
24 AUGUST 2023
24 August 2023
- 1 -
24 August 2023
26 August 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,427
14,124
Current assets
Stocks
40,851
248,052
Debtors
4
20,352
21,255
Cash at bank and in hand
5,253
3,145
66,456
272,452
Creditors: amounts falling due within one year
5
(727,343)
(602,483)
Net current liabilities
(660,887)
(330,031)
Total assets less current liabilities
(649,460)
(315,907)
Creditors: amounts falling due after more than one year
6
(18,362)
(28,466)
Net liabilities
(667,822)
(344,373)
Capital and reserves
Called up share capital
7
20
20
Capital redemption reserve
80
80
Profit and loss reserves
(667,922)
(344,473)
Total equity
(667,822)
(344,373)
COOPER RIGG LIMITED
BALANCE SHEET (CONTINUED)
AS AT
24 AUGUST 2023
24 August 2023
- 2 -

For the financial period ended 24 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 11 November 2024
Mr D Ormston
Director
Company registration number 01751410 (England and Wales)
COOPER RIGG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Cooper Rigg Limited is a private company limited by shares incorporated in England and Wales. The registered office is Vale Rock Mill, Johnson New Road, Hoddlesden, Darwen, Lancashire, BB3 3NN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The truecompany finances its operations by means of a bank loan and a loan from a pension fund in favour of the director, together with support from the director. The director is not aware of any reason why the facilities will not be maintained at their current levels, and has confirmed that he will continue to provide financial support to the company. As a result the financial statements have been prepared using the going concern principle.

1.3
Reporting period

The current accounting period is from 26 August 2022 to 24 August 2023; the comparative period was the 18 month period ended 26 August 2022.

1.4
Turnover

Turnover represents amounts receivable for work done net of VAT and trade discounts. Progress payments received on account of work in progress, net of VAT, are included in turnover in the period in which such progress payments are received. Progress payments received in excess of work in progress are shown within creditors.

 

Profit on work in progress is recognised in progress payments received to the extent that a profitable outcome of the contract can be assessed with reasonable certainty at the balance sheet date.

 

Retentions are applied to the contract work undertaken. Retentions are recognised as income when payments are expected to be received.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% Reducing Balance
Fixtures, fittings & equipment
10% Reducing Balance
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

COOPER RIGG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

COOPER RIGG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 27 August 2022 and 24 August 2023
255,256
Depreciation and impairment
At 27 August 2022
241,132
Depreciation charged in the period
2,697
At 24 August 2023
243,829
Carrying amount
At 24 August 2023
11,427
At 26 August 2022
14,124
COOPER RIGG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 AUGUST 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,256
9,076
Other debtors
10,096
12,179
20,352
21,255
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,769
9,434
Trade creditors
50,942
51,068
Taxation and social security
408
1,280
Other creditors
666,224
540,701
727,343
602,483

Bank loans and overdrafts includes a government backed Bounce Back Loan of £9,769 (2022 - £9,434) for which no security has been given.

 

Other creditors includes an amount of £119,500 (2022 - £119,500) due to a pension scheme set up for the benefit of the director, Mr D Ormston.

 

This amount is secured upon a property owned personally by the director.

Other creditors also includes £515,942 (2022 - £370,670) due to the director.

6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18,362
28,466

Bank loans represents the long term element of the Bounce Back Loan arrangement.

7
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
11 Ordinary shares of £1 each
11
11
9 A Ordinary shares of £1 each
9
9
20
20
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