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Registration number: 00558977

Cork Brothers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Cork Brothers Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Cork Brothers Ltd

Company Information

Directors

Mr MP Cork

Mr JR Cork

Company secretary

Mr MP Cork

Registered office

8 Woodside Avenue,
Dersingham,
King's Lynn,
Norfolk,
PE31 6QB.

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Cork Brothers Ltd

(Registration number: 00558977)
Statement of financial position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,693

3,038

Investment property

5

225,000

850,000

 

230,693

853,038

Current assets

 

Debtors

6

6,239

6,105

Investments

7

116,212

125,326

Cash at bank and in hand

 

540,748

28,700

 

663,199

160,131

Creditors: Amounts falling due within one year

8

(22,360)

(14,604)

Net current assets

 

640,839

145,527

Total assets less current liabilities

 

871,532

998,565

Provisions for liabilities

(25,413)

(78,422)

Net assets

 

846,119

920,143

Capital and reserves

 

Called up share capital

9

500

500

Revaluation reserve

142,297

508,324

Retained earnings

703,322

411,319

Shareholders' funds

 

846,119

920,143

For the financial year ending 30 September 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of comprehensive income.

Approved and authorised by the Board on 18 November 2024 and signed on its behalf by:
 

 

Cork Brothers Ltd

(Registration number: 00558977)
Statement of financial position as at 30 September 2024

.........................................
Mr MP Cork
Company secretary and director

 

Cork Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
8 Woodside Avenue,
Dersingham,
King's Lynn,
Norfolk,
PE31 6QB.

These financial statements were authorised for issue by the Board on 18 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Cork Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

7.5% reducing balance

Fittings fixtures and equipment

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Cork Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

12,148

12,148

Additions

3,235

3,235

At 30 September 2024

15,383

15,383

Depreciation

At 1 October 2023

9,110

9,110

Charge for the year

580

580

At 30 September 2024

9,690

9,690

Carrying amount

At 30 September 2024

5,693

5,693

At 30 September 2023

3,038

3,038

5

Investment properties

2024
£

At 1 October

850,000

Disposals

(625,000)

At 30 September

225,000

There has been no valuation of investment property by an independent valuer this year.

6

Debtors

 

Cork Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Current

2024
£

2023
£

Trade debtors

625

-

Prepayments

5,614

6,105

 

6,239

6,105

7

Current asset investments

2024
£

2023
£

Other investments

116,212

125,326

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

-

6,240

Amounts due to related parties

3,914

3,914

Accruals

 

4,500

4,450

Tax liability

13,946

-

 

22,360

14,604

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 'A' of £1 each

250

250

250

250

Ordinary 'B' of £1 each

150

150

150

150

Ordinary 'C' of £1 each

100

100

100

100

500

500

500

500

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

Cork Brothers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows: Nil.

Revaluation reserve
£

Total
£

Surplus/(deficit) on property, plant and equipment revaluation

(366,027)

(366,027)