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COMPANY REGISTRATION NUMBER: 02273375
COWAN CONSTRUCTION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2024
COWAN CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
5
199,581
201,663
CURRENT ASSETS
Stocks
189,301
190,424
Debtors
6
17,617
27,841
Cash at bank and in hand
62,315
62,342
-----------
-----------
269,233
280,607
CREDITORS: amounts falling due within one year
7
178,890
186,626
-----------
-----------
NET CURRENT ASSETS
90,343
93,981
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
289,924
295,644
-----------
-----------
NET ASSETS
289,924
295,644
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
500
500
Capital redemption reserve
500
500
Profit and loss account
288,924
294,644
-----------
-----------
SHAREHOLDERS FUNDS
289,924
295,644
-----------
-----------
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.
For the 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 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 .
COWAN CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mr B J Cowan
Director
Company registration number: 02273375
COWAN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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 144 Greaves Road, Lancaster, LA1 4UW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Freehold property
-
2% straight line
Fixtures, equipment and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Freehold property
Fixtures, equipment and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
252,245
33,822
33,099
319,166
Additions
4,118
4,118
Disposals
( 15,184)
( 15,184)
-----------
---------
---------
-----------
At 30 September 2024
256,363
33,822
17,915
308,100
-----------
---------
---------
-----------
Depreciation
At 1 October 2023
57,995
29,527
29,981
117,503
Charge for the year
4,943
430
763
6,136
Disposals
( 15,120)
( 15,120)
-----------
---------
---------
-----------
At 30 September 2024
62,938
29,957
15,624
108,519
-----------
---------
---------
-----------
Carrying amount
At 30 September 2024
193,425
3,865
2,291
199,581
-----------
---------
---------
-----------
At 30 September 2023
194,250
4,295
3,118
201,663
-----------
---------
---------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
9,339
17,729
Prepayments and accrued income
8,278
10,112
---------
---------
17,617
27,841
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,988
11,134
Accruals and deferred income
2,994
3,542
Corporation tax
320
1,077
Social security and other taxes
2,447
3,031
Director loan accounts
164,263
166,839
Other creditors
878
1,003
-----------
-----------
178,890
186,626
-----------
-----------
8. Directors' advances, credits and guarantees
The director Mr R Cowan has a loan account with the company which remained in credit throughout the year. At the year end the balance was £164,263 which is included in creditors.