14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 90,806 83,857 1,389 85,246 5,560 6,949 xbrli:pure xbrli:shares iso4217:GBP 00574665 2023-07-01 2024-06-30 00574665 2024-06-30 00574665 2023-06-30 00574665 2022-07-01 2023-06-30 00574665 2023-06-30 00574665 2022-06-30 00574665 core:PlantMachinery 2023-07-01 2024-06-30 00574665 bus:Director3 2023-07-01 2024-06-30 00574665 core:PlantMachinery 2023-06-30 00574665 core:PlantMachinery 2024-06-30 00574665 core:WithinOneYear 2024-06-30 00574665 core:WithinOneYear 2023-06-30 00574665 core:AfterOneYear 2024-06-30 00574665 core:AfterOneYear 2023-06-30 00574665 core:ShareCapital 2024-06-30 00574665 core:ShareCapital 2023-06-30 00574665 core:RetainedEarningsAccumulatedLosses 2024-06-30 00574665 core:RetainedEarningsAccumulatedLosses 2023-06-30 00574665 core:PlantMachinery 2023-06-30 00574665 bus:SmallEntities 2023-07-01 2024-06-30 00574665 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 00574665 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 00574665 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00574665 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 00574665
G. & F. Cope and Co. (Retail) Limited
Filleted Unaudited Financial Statements
30 June 2024
G. & F. Cope and Co. (Retail) Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
5,560
6,949
Current assets
Stocks
568,671
632,569
Debtors
6
15,873
20,911
Investments
7
4,050
4,050
Cash at bank and in hand
46,719
25,821
----------
----------
635,313
683,351
Creditors: amounts falling due within one year
8
216,957
186,895
----------
----------
Net current assets
418,356
496,456
----------
----------
Total assets less current liabilities
423,916
503,405
Creditors: amounts falling due after more than one year
9
11,713
20,833
Provisions
Taxation including deferred tax
1,650
1,650
----------
----------
Net assets
410,553
480,922
----------
----------
G. & F. Cope and Co. (Retail) Limited
Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
9,900
9,900
Profit and loss account
400,653
471,022
----------
----------
Shareholders funds
410,553
480,922
----------
----------
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 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 were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
Mr A R W Cope
Director
Company registration number: 00574665
G. & F. Cope and Co. (Retail) 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 41 - 43 Elite Corner, Upper Parliament Street, Nottingham, England, NG1 2BT.
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:
Plant and machinery
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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.
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.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 as a finance cost 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: 14 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 July 2023 and 30 June 2024
90,806
90,806
---------
---------
Depreciation
At 1 July 2023
83,857
83,857
Charge for the year
1,389
1,389
---------
---------
At 30 June 2024
85,246
85,246
---------
---------
Carrying amount
At 30 June 2024
5,560
5,560
---------
---------
At 30 June 2023
6,949
6,949
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
( 24)
Other debtors
15,873
20,935
---------
---------
15,873
20,911
---------
---------
7. Investments
2024
2023
£
£
Investments - shares in the Company of Master Jewellers
4,050
4,050
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
55,568
18,920
Social security and other taxes
17,542
24,023
Directors current accounts
30,000
30,000
Other creditors
103,847
103,952
----------
----------
216,957
186,895
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,713
20,833
---------
---------
10. Related party transactions
The company is controlled by the board of directors. The Director Mr A Cope has lent money to the company on an interest free unsecured basis. The amount outstanding on this loan at the year end was £30,000 (2023 £30,000). At the year end G and F Cope and Company (Retail) Limited owe money to C&P Jewellers Ltd £100,000 (2023 : £100,000). Both companies have common control.