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COMPANY REGISTRATION NUMBER: 02389492
Cooper Hirst Limited
Filleted Unaudited Financial Statements
30 June 2024
Cooper Hirst Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Cooper Hirst Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,864,699
1,881,160
Current assets
Stocks
2,000
2,000
Debtors
6
72,119
50,471
Cash at bank and in hand
172,993
296,468
---------
---------
247,112
348,939
Creditors: amounts falling due within one year
7
240,681
366,538
---------
---------
Net current assets/(liabilities)
6,431
( 17,599)
------------
------------
Total assets less current liabilities
1,871,130
1,863,561
Creditors: amounts falling due after more than one year
8
58,033
90,210
Provisions
Taxation including deferred tax
34,710
32,523
------------
------------
Net assets
1,778,387
1,740,828
------------
------------
Capital and reserves
Called up share capital
9
50
50
Capital redemption reserve
50
50
Profit and loss account
1,778,287
1,740,728
------------
------------
Shareholders funds
1,778,387
1,740,828
------------
------------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cooper Hirst Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
S. C. Knight
Director
Company registration number: 02389492
Cooper Hirst 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 146 New London Road, Chelmsford, Essex, CM2 0AW, England.
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, subject to the departures referred to below. The financial statements are prepared in sterling, which is the functional currency of the entity. Significant departures from accounting standards Investment property is shown at cost and not revalued to its fair value at each reporting date, contrary to the requirements of Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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
Plant and equipment
-
15% reducing balance
Investment property
Investment property is shown at cost and not revalued to its fair value at each reporting date, contrary to the requirements of Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
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 6 (2023: 6 ).
5. Tangible assets
Freehold property
Investment property
Plant and equipment
Total
£
£
£
£
Cost
At 1 July 2023
1,485,709
643,712
263,594
2,393,015
Additions
26,085
26,085
Disposals
( 16,744)
( 16,744)
------------
---------
---------
------------
At 30 June 2024
1,485,709
643,712
272,935
2,402,356
------------
---------
---------
------------
Depreciation
At 1 July 2023
331,710
180,145
511,855
Charge for the year
23,903
13,387
37,290
Disposals
( 11,488)
( 11,488)
------------
---------
---------
------------
At 30 June 2024
355,613
182,044
537,657
------------
---------
---------
------------
Carrying amount
At 30 June 2024
1,130,096
643,712
90,891
1,864,699
------------
---------
---------
------------
At 30 June 2023
1,153,999
643,712
83,449
1,881,160
------------
---------
---------
------------
In the opinion of the director the fair value of the investment property is in excess of the book value. The historical cost of the property is £625,026 (2023: £625,026).
The value of the land included in freehold property is £290,560 (2023: £290,560) and there is no depreciation charge in respect of this amount.
6. Debtors
2024
2023
£
£
Trade debtors
12,529
445
Prepayments and accrued income
3,191
3,521
Other debtors
56,399
46,505
--------
--------
72,119
50,471
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
34,181
232,639
Trade creditors
3,156
4,161
Accruals and deferred income
127,475
47,507
Corporation tax
19,952
34,987
Social security and other taxes
8,788
13,556
Director loan accounts
46,694
33,194
Other creditors
435
494
---------
---------
240,681
366,538
---------
---------
The bank loans and overdrafts are secured on the company's assets.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
58,033
90,210
--------
--------
The bank loans and overdrafts are secured on the company's assets.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
50
50
50
50
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
5,641
6,223
Later than 1 year and not later than 5 years
5,579
9,764
--------
--------
11,220
15,987
--------
--------
11. Related party transactions
At the year end the company owed its director £46,694 (2023: £33,194) which is shown within creditors due within one year. Rent of £2,500 (2023: £2,500) was paid to the company by the director, for the use of land that is included in the company's investment property. At the year end an amount of £52,209 (2023: £42,823) was owed by a partnership, in which the company is one of the partners, along with the company director. An amount of £9,386 (2023: £11,488) has been allocated to the company for its share of profits from the partnership for the year to 31 March 2024.