14 01/07/2023 30/06/2024 2024-06-30 false false false false false false false true false false true true false false false true true false No description of principal activities is disclosed 2023-07-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09649294 2023-07-01 2024-06-30 09649294 2024-06-30 09649294 2023-06-30 09649294 2022-07-01 2023-06-30 09649294 2023-06-30 09649294 2022-06-30 09649294 core:NetGoodwill 2023-07-01 2024-06-30 09649294 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 09649294 bus:RegisteredOffice 2023-07-01 2024-06-30 09649294 bus:LeadAgentIfApplicable 2023-07-01 2024-06-30 09649294 bus:Director1 2023-07-01 2024-06-30 09649294 bus:CompanySecretary1 2023-07-01 2024-06-30 09649294 core:NetGoodwill 2023-06-30 09649294 core:NetGoodwill 2024-06-30 09649294 core:FurnitureFittingsToolsEquipment 2023-06-30 09649294 core:FurnitureFittingsToolsEquipment 2024-06-30 09649294 core:DeferredTaxation 2023-07-01 2024-06-30 09649294 core:WithinOneYear 2024-06-30 09649294 core:WithinOneYear 2023-06-30 09649294 core:AfterOneYear 2024-06-30 09649294 core:AfterOneYear 2023-06-30 09649294 core:ShareCapital 2024-06-30 09649294 core:ShareCapital 2023-06-30 09649294 core:RetainedEarningsAccumulatedLosses 2024-06-30 09649294 core:RetainedEarningsAccumulatedLosses 2023-06-30 09649294 core:BetweenOneFiveYears 2024-06-30 09649294 core:BetweenOneFiveYears 2023-06-30 09649294 core:NetGoodwill 2023-06-30 09649294 core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 09649294 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 09649294 core:FurnitureFittingsToolsEquipment 2023-06-30 09649294 core:DeferredTaxation 2023-06-30 09649294 core:DeferredTaxation 2024-06-30 09649294 bus:SmallEntities 2023-07-01 2024-06-30 09649294 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 09649294 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09649294 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09649294 bus:FullAccounts 2023-07-01 2024-06-30
Company registration number: 09649294
Edwards & Co (Codsall) Limited
Unaudited filleted financial statements
30 June 2024
Edwards & Co (Codsall) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Edwards & Co (Codsall) Limited
Directors and other information
Directors Mr Michael Stewart Edwards
Secretary Mr Graham John Edwards
Company number 09649294
Registered office Willow House
Kingswood Business Park
Holyhead Road
South Staffs
WV7 3AU
Accountants Edwards & Co
Willow House
Kingswood Business Park
Holyhead Road
South Staffs
WV7 3AU
Edwards & Co (Codsall) Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 3,500 7,000
Tangible assets 6 13,888 16,209
_______ _______
17,388 23,209
Current assets
Debtors 7 214,253 174,072
Cash at bank and in hand 4,353 15,334
_______ _______
218,606 189,406
Creditors: amounts falling due
within one year 8 ( 103,488) ( 92,330)
_______ _______
Net current assets 115,118 97,076
_______ _______
Total assets less current liabilities 132,506 120,285
Creditors: amounts falling due
after more than one year 9 ( 29,984) ( 31,048)
Provisions for liabilities 10 ( 4,100) ( 3,150)
_______ _______
Net assets 98,422 86,087
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 97,422 85,087
_______ _______
Shareholders funds 98,422 86,087
_______ _______
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
Mr Michael Stewart Edwards
Director
Company registration number: 09649294
Edwards & Co (Codsall) Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Willow House, Kingswood Business Park, Holyhead Road, South Staffs, WV7 3AU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis, as deemed appropriate by the director.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Acquisition of trade in 2015 - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2023 and 30 June 2024 35,000 35,000
_______ _______
Amortisation
At 1 July 2023 28,000 28,000
Charge for the year 3,500 3,500
_______ _______
At 30 June 2024 31,500 31,500
_______ _______
Carrying amount
At 30 June 2024 3,500 3,500
_______ _______
At 30 June 2023 7,000 7,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 July 2023 25,006 25,006
Additions 1,580 1,580
_______ _______
At 30 June 2024 26,586 26,586
_______ _______
Depreciation
At 1 July 2023 8,797 8,797
Charge for the year 3,901 3,901
_______ _______
At 30 June 2024 12,698 12,698
_______ _______
Carrying amount
At 30 June 2024 13,888 13,888
_______ _______
At 30 June 2023 16,209 16,209
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 188,147 130,617
Amounts owed by group undertakings and undertakings in which the company has a participating interest 12,071 30,888
Other debtors 14,035 12,567
_______ _______
214,253 174,072
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 4,065 4,065
Trade creditors 8,342 9,976
Social security and other taxes 67,572 50,427
Other creditors 23,509 27,862
_______ _______
103,488 92,330
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 19,984 24,048
Other creditors 10,000 7,000
_______ _______
29,984 31,048
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 July 2023 3,150 3,150
Additions 950 950
_______ _______
At 30 June 2024 4,100 4,100
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 10) 4,100 3,150
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 950 300
_______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 19,800 19,800
Later than 1 year and not later than 5 years 27,225 47,025
_______ _______
47,025 66,825
_______ _______
13. Related party transactions
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
14. Controlling party
The ultimate parent company is Counting Tempo Limited . A company registered in England and Wales whose registered office is the same as Edwards & Co (Codsall) Limited .