Company registration number 14694497 (England and Wales)
T & E Cottrell Ltd
Unaudited financial statements
For the year ended 29 February 2024
T & E Cottrell Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
T & E Cottrell Ltd
Statement of financial position
As at 29 February 2024
29 February 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
12,380
Investment property
4
250,000
262,380
Current assets
Debtors
5
643
Cash at bank and in hand
3,400
4,043
Creditors: amounts falling due within one year
6
(225,037)
Net current liabilities
(220,994)
Total assets less current liabilities
41,386
Provisions for liabilities
(13,800)
Net assets
27,586
Capital and reserves
Called up share capital
100
Non-distributable profits reserve
7
45,799
Distributable profit and loss reserves
(18,313)
Total equity
27,586
T & E Cottrell Ltd
Statement of financial position (continued)
As at 29 February 2024
29 February 2024
- 2 -
For the financial year ended 29 February 2024 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 year in question in accordance with section 476.
The directors acknowledge their 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 directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mrs E L Cottrell
Director
Company registration number 14694497 (England and Wales)
T & E Cottrell Ltd
Notes to the financial statements
For the year ended 29 February 2024
- 3 -
1
Accounting policies
Company information
T & E Cottrell Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.
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
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:
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.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
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).
1.5
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 statement of financial position 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.
T & E Cottrell Ltd
Notes to the financial statements (continued)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.6
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 income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
Number
Total
T & E Cottrell Ltd
Notes to the financial statements (continued)
For the year ended 29 February 2024
- 5 -
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 March 2023
Additions
12,800
At 29 February 2024
12,800
Depreciation and impairment
At 1 March 2023
Depreciation charged in the year
420
At 29 February 2024
420
Carrying amount
At 29 February 2024
12,380
4
Investment property
2024
£
Fair value
At 1 March 2023
Additions
192,801
Revaluations
57,199
At 29 February 2024
250,000
Investment property comprises residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
Amounts falling due within one year:
£
Other debtors
78
Prepayments and accrued income
565
643
T & E Cottrell Ltd
Notes to the financial statements (continued)
For the year ended 29 February 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
£
Other creditors
223,297
Accruals and deferred income
1,740
225,037
7
Non-distributable profits reserve
2024
£
At the beginning of the year
-
Non distributable profits in the year
45,799
At the end of the year
45,799