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REGISTERED NUMBER: 04366510 (England and Wales)













Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Cotec Technology Limited

Cotec Technology Limited (Registered number: 04366510)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cotec Technology Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: A Flanagan





SECRETARY: S Morgan





REGISTERED OFFICE: 1 Sunwin Units
Rear of Westgate
Guisborough
TS14 6AF





REGISTERED NUMBER: 04366510 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Cotec Technology Limited (Registered number: 04366510)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,125 26,198
Tangible assets 5 15,363 18,191
17,488 44,389

CURRENT ASSETS
Stocks 40,650 42,782
Debtors 6 63,343 44,893
Cash at bank and in hand 15,747 88,139
119,740 175,814
CREDITORS
Amounts falling due within one year 7 63,240 62,544
NET CURRENT ASSETS 56,500 113,270
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,988

157,659

CREDITORS
Amounts falling due after more than one
year

8

6,799

11,565
NET ASSETS 67,189 146,094

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 67,187 146,092
SHAREHOLDERS' FUNDS 67,189 146,094

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cotec Technology Limited (Registered number: 04366510)

Balance Sheet - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





A Flanagan - Director


Cotec Technology Limited (Registered number: 04366510)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Cotec Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities " of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the companies Act 2006. The financial statements have been prepared under the historical cost convention and on a going concern basis

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Research and development are being amortised evenly over their estimated useful life of ten years.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - over the period of the lease
Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Cotec Technology Limited (Registered number: 04366510)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Government grants
Government grants of a capital nature are credited to a deferred income account in the Balance Sheet on receipt. The deferred income is released to the Profit & Loss Account annually at a rate equal to the depreciation rate of the assets to which they relate.

The business received government grants in respect of the Coronavirus Job Retention Scheme & the Small Business Grant Fund. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them. The grants were received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 389,150
AMORTISATION
At 1 March 2023 362,952
Charge for year 24,073
At 29 February 2024 387,025
NET BOOK VALUE
At 29 February 2024 2,125
At 28 February 2023 26,198

Cotec Technology Limited (Registered number: 04366510)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and
improvements fittings Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 26,855 6,887 33,742
DEPRECIATION
At 1 March 2023 12,428 3,123 15,551
Charge for year 1,886 942 2,828
At 29 February 2024 14,314 4,065 18,379
NET BOOK VALUE
At 29 February 2024 12,541 2,822 15,363
At 28 February 2023 14,427 3,764 18,191

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,179 6,699
Other debtors 57,164 38,194
63,343 44,893

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,800 4,800
Trade creditors 16,419 6,029
Amounts owed to participating interests - 10,000
Taxation and social security 3,686 4,642
Other creditors 38,335 37,073
63,240 62,544

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 6,799 11,565

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

Cotec Technology Limited (Registered number: 04366510)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

10. RELATED PARTY DISCLOSURES

In this and prior years, the company loaned funds to a company which the director owns 20% of the issued share capital. The total amount due from the company at the year end was £28,052 (2023: £28,052).

The above loan has no fixed repayment terms and is interest free.

11. FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £32,500 (2023: £42,500).