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REGISTERED NUMBER: 03656819 (England and Wales)















PHILIP COWAN INTERIORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024






PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


PHILIP COWAN INTERIORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: S P Cowan
Mrs L Cowan





REGISTERED OFFICE: 5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT





REGISTERED NUMBER: 03656819 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 403,398 343,766
Investments 5 346 346
403,744 344,112

CURRENT ASSETS
Stocks 244,460 264,156
Debtors 6 607,873 227,821
Cash at bank 861,131 729,202
1,713,464 1,221,179
CREDITORS
Amounts falling due within one year 7 392,414 519,798
NET CURRENT ASSETS 1,321,050 701,381
TOTAL ASSETS LESS CURRENT LIABILITIES 1,724,794 1,045,493

CREDITORS
Amounts falling due after more than one year 8 (19,622 ) -

PROVISIONS FOR LIABILITIES (100,571 ) (85,675 )
NET ASSETS 1,604,601 959,818

CAPITAL AND RESERVES
Called up share capital 10 480 480
Capital redemption reserve 520 520
Retained earnings 1,603,601 958,818
SHAREHOLDERS' FUNDS 1,604,601 959,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819)

STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





S P Cowan - Director


PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

Philip Cowan Interiors 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 presentation currency of the financial statements is the Pound Sterling (£).


The company's trading address is:

Enterprise Park
Endeavour Way
Sutterton
Boston
Lincolnshire
PE20 2JA

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance, 20% on cost, 15% on reducing balance, 10% on cost and 2% on cost

Tangible fixed assets are held at cost less accumulated depreciation.

Stocks
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Costs are calculated using a first-in, first-out method and include all purchase, transport and handling costs in bringing stocks to their present location and condition.

PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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 the income statement in the period to which they relate.

Investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Deferred grants
Deferred grants in respect of capital expenditure are treated as deferred income and are credited to the income statement over the estimated useful life of the assets to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 23 ) .

PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2023 510,581
Additions 136,659
At 31 October 2024 647,240
DEPRECIATION
At 1 November 2023 166,815
Charge for year 77,027
At 31 October 2024 243,842
NET BOOK VALUE
At 31 October 2024 403,398
At 31 October 2023 343,766

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2023
and 31 October 2024 346
NET BOOK VALUE
At 31 October 2024 346
At 31 October 2023 346

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 549,394 192,718
Amounts owed by group undertakings 48,051 25,114
Other debtors 10,428 9,989
607,873 227,821

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 73,579 129,968
Taxation and social security 153,988 289,761
Other creditors 164,847 100,069
392,414 519,798

PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 19,622 -

9. LEASING AGREEMENTS
At the year end, there were operating lease commitments of £175,000 (2023 - £180,000).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
480 Ordinary £1 480 480

11. ULTIMATE CONTROLLING PARTY

The controlling party is Cowan Holdings Limited, a company incorporated and registered in England and Wales. The registered office is:

5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

and principal place of business is:

Enterprise Park
Endeavour Way
Sutterton
Boston
Lincolnshire
PE20 2JA