Registrar
Registration number:
Cook Brothers Limited
for the Year Ended 31 May 2024
Cook Brothers Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Cook Brothers Limited
Company Information
Directors |
C S Cook J P Cook |
Registered office |
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Bankers |
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Accountants |
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Cook Brothers Limited
(Registration number: 05952203)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
375 |
375 |
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Share premium reserve |
212,725 |
212,725 |
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Retained earnings |
379,151 |
312,423 |
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Shareholders' funds |
592,251 |
525,523 |
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Cook Brothers Limited
(Registration number: 05952203)
Balance Sheet as at 31 May 2024
Approved and authorised by the
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Cook Brothers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is: Unit C, Europa Business Park, Croft Way, Eastways Industrial Estate, Witham, Essex, CM8 2FB.
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Going concern
The financial statements have been prepared on a going concern basis, the validity of which depends upon future financing requirements and the availability of sufficient cash resources to meet those requirements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of manufacturing cutting-edge foiling and embossing dies in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Tax
Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Cook Brothers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation.
The company has developed the following systems:
Magnetic Embossing System completed in December 2019.
Enhanced Monetary Embossing System completed in December 2019.
Systems for embossing up to crease and for corrugated board December 2019.
Locking Foil Pre-position bed completed in December 2020 with further enhancements completed by May 2021.
Fastset magnetic bed embossing system completed in December 2020.
Polymer embossing and process refinements completed in December 2021
Prototype Plant De la Rue completed in December 2022
Magnetic board completed in December 2022
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% Straight line method |
Trademarks and patents |
Straight line method over the life of the patent |
Development costs |
10% Straight line method |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Cook Brothers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office and computer equipment |
33% Straight line and 20% reducing balance method |
Motor vehicles |
20% Reducing balance method |
Prototype boards |
Straight line over 3 years |
Plant and machinery |
20% Reducing balance method |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the historic cost method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.
Trade debtors
Trade debtors are amounts due from customers for manufacturing cutting-edge foiling and embossing dies sold or services performed in the ordinary course of business.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Cook Brothers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Cook Brothers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Systems development costs |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
- |
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At 31 May 2024 |
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Amortisation |
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At 1 June 2023 |
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Amortisation charge |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Cook Brothers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Tangible assets |
Office and computer equipment |
Motor vehicles |
Prototype boards |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
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- |
- |
- |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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- |
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At 31 May 2023 |
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Stocks |
2024 |
2023 |
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Stocks |
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Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Directors loans |
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Prepayments |
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Other debtors |
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Cook Brothers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include factored debts, net obligations under hire purchase contracts and loans which are secured of £244,816 (2023 - £209,737).
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors include net obligations under hire purchase contracts and loans which are secured of £19,664 (2023 - £NIL).
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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375 |
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375 |
Cook Brothers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
- |
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Other borrowings |
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Non-current loans and borrowings
2024 |
2023 |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
2024 |
At 1 June 2023 |
Advances |
Repayments |
At 31 May 2024 |
Directors loan accounts |
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( |
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2023 |
At 1 June 2022 |
Advances to |
Repayments by |
At 31 May 2023 |
Directors loan accounts |
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( |
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Cook Brothers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Loans to related parties
2024 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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2023 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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