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Registrar

Registration number: 05952203

Cook Brothers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Cook Brothers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Cook Brothers Limited

Company Information

Directors

C S Cook

J P Cook

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Metro Bank Plc
One Southampton Row
London
WC1B 5HA

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Cook Brothers Limited

(Registration number: 05952203)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

765,061

763,341

Tangible assets

5

63,894

80,199

 

828,955

843,540

Current assets

 

Stocks

6

43,046

34,707

Debtors

7

394,360

329,925

Cash at bank and in hand

 

7,741

1,337

 

445,147

365,969

Creditors: Amounts falling due within one year

8

(556,422)

(508,054)

Net current liabilities

 

(111,275)

(142,085)

Total assets less current liabilities

 

717,680

701,455

Creditors: Amounts falling due after more than one year

8

(109,455)

(155,882)

Provisions for liabilities

(15,974)

(20,050)

Net assets

 

592,251

525,523

Capital and reserves

 

Called up share capital

9

375

375

Share premium reserve

212,725

212,725

Retained earnings

379,151

312,423

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 14 November 2024 and signed on its behalf by:
 

.........................................
C S Cook
Director

   
     
 

Cook Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

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 Board on 14 November 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 12).

 

Cook Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Systems development costs
 £

Total
£

Cost or valuation

At 1 June 2023

60,834

16,116

871,010

947,960

Additions

-

1,870

96,840

98,710

At 31 May 2024

60,834

17,986

967,850

1,046,670

Amortisation

At 1 June 2023

27,778

7,771

149,065

184,614

Amortisation charge

6,083

1,195

89,717

96,995

At 31 May 2024

33,861

8,966

238,782

281,609

Carrying amount

At 31 May 2024

26,973

9,020

729,068

765,061

At 31 May 2023

33,056

8,345

721,940

763,341

 

Cook Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Office and computer equipment
 £

Motor vehicles
 £

Prototype boards
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

8,535

6,960

12,400

148,209

176,104

Additions

211

-

-

-

211

At 31 May 2024

8,746

6,960

12,400

148,209

176,315

Depreciation

At 1 June 2023

7,781

4,810

12,399

70,915

95,905

Charge for the year

626

430

1

15,459

16,516

At 31 May 2024

8,407

5,240

12,400

86,374

112,421

Carrying amount

At 31 May 2024

339

1,720

-

61,835

63,894

At 31 May 2023

754

2,150

1

77,294

80,199

6

Stocks

2024
£

2023
£

Stocks

43,046

34,707

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

281,738

238,216

Directors loans

12

37,018

21,268

Prepayments

 

30,429

9,483

Other debtors

 

45,175

60,958

 

394,360

329,925

 

Cook Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

116,724

58,652

Trade creditors

 

95,039

101,464

Taxation and social security

 

92,359

116,527

Accruals and deferred income

 

16,756

18,493

Other creditors

 

235,544

212,918

 

556,422

508,054


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
£

Due after one year

 

Loans and borrowings

10

109,455

155,882


Creditors include net obligations under hire purchase contracts and loans which are secured of £19,664 (2023 - £NIL).

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each
 

375

375

375

375

         
 

Cook Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

1,004

Other borrowings

116,724

57,648

116,724

58,652

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

109,455

155,882

11

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 £398,407 (2023 - £363,918). Financial commitments are in respect of operating leases.

12

Related party transactions

2024

At 1 June 2023
£

Advances
£

Repayments
£

At 31 May 2024
£

Directors loan accounts

21,268

20,947

(5,198)

37,018

         
       

 

2023

At 1 June 2022
£

Advances to
£

Repayments by
£

At 31 May 2023
£

Directors loan accounts

5,461

17,114

(1,307)

21,268

         
       

 

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

3,186

3,186

Repaid

(3,086)

(3,086)

At end of period

100

100

2023

Other related parties
£

Total
£

At start of period

14,055

14,055

Advanced

21,254

21,254

Repaid

(32,123)

(32,123)

At end of period

3,186

3,186