Registration number:
Cox Plant Water Borehole Drilling Limited
for the Year Ended 30 June 2024
Cox Plant Water Borehole Drilling Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Cox Plant Water Borehole Drilling Limited
Company Information
Directors |
Mrs Wendy Jean Cox Mr Sam Cox Mr Trevor Stanley Cox Mr Jake Cox |
Registered office |
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Accountants |
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Cox Plant Water Borehole Drilling Limited
Directors' Report for the Year Ended 30 June 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
Directors of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved and authorised by the
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Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cox Plant Water Borehole Drilling Limited
for the Year Ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cox Plant Water Borehole Drilling Limited for the year ended 30 June 2024 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Accounting Technicians we are subject to its ethical and other professional requirements which are detailed at https:www.aat.org.uk.
It is your duty to ensure that Cox Plant Water Borehole Drilling Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cox Plant Water Borehole Drilling Limited. You consider that Cox Plant Water Borehole Drilling Limited is exempt from the statutory audit requirement for the year.
It is your duty to ensure that Cox Plater Water Borehole Drilling Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cox Plant Water Borehole Drilling Limited. You consider that Cox Plant Water Borehole Drilling Limited is exempt from the stautory audit requirements for the year.
We have not been instructed to carry out an audit or a review of the accounts of Cox Plant Water Borehole Drilling Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Rumsam Road
Barnstaple
Devon
EX32 9ER
Cox Plant Water Borehole Drilling Limited
Profit and Loss Account for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
128,048 |
600,736 |
|
Other interest receivable and similar income |
- |
|
|
Interest payable and similar expenses |
- |
( |
|
- |
491 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Cox Plant Water Borehole Drilling Limited
(Registration number: 13448002)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
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Current assets |
|||
Stocks |
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|
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Debtors |
|
|
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Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
104 |
104 |
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Retained earnings |
92,282 |
243,793 |
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Shareholders' funds |
92,386 |
243,897 |
For the financial 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:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Cox Plant Water Borehole Drilling Limited
(Registration number: 13448002)
Balance Sheet as at 30 June 2024
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Cox Plant Water Borehole Drilling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cox Plant Water Borehole Drilling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
Straight line over 6 years |
Plant & Machinery |
Straight line over 6 years |
Office equipment |
Straight line over 3 years |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 5 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Cox Plant Water Borehole Drilling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Cox Plant Water Borehole Drilling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2024 |
2023 |
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Sale of goods |
|
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Interest received |
|
|
|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
Gain/loss on disposal of plant and equipment |
( |
- |
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Loss on disposal of property, plant and equipment |
|
- |
Other interest receivable and similar income |
2024 |
2023 |
|
Other finance income |
- |
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on obligations under finance leases and hire purchase contracts |
- |
|
Cox Plant Water Borehole Drilling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
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Administration and support |
|
|
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
|
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Taxation |
Tax charged/(credited) in the income statement
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
Deferred tax
Deferred tax assets and liabilities
Cox Plant Water Borehole Drilling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 July 2023 |
|
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At 30 June 2024 |
|
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Amortisation |
||
At 1 July 2023 |
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Amortisation charge |
|
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Tangible assets |
Plant & Equipment |
Motor vehicles |
Total |
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Cost or valuation |
|||
At 1 July 2023 |
|
|
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Additions |
|
- |
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Disposals |
- |
( |
( |
At 30 June 2024 |
|
|
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Depreciation |
|||
At 1 July 2023 |
|
|
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Charge for the year |
|
|
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Eliminated on disposal |
- |
( |
( |
At 30 June 2024 |
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Carrying amount |
|||
At 30 June 2024 |
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At 30 June 2023 |
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Stocks |
Cox Plant Water Borehole Drilling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
2024 |
2023 |
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Work in progress |
- |
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Other inventories |
|
- |
|
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Cox Plant Water Borehole Drilling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
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Other debtors |
- |
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Prepayments |
|
|
|
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Cash and cash equivalents |
2024 |
2023 |
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Cash at bank |
|
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Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
trade creditors |
|
|
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Amounts due to related parties |
|
|
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Social security and other taxes |
|
|
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Accrued expenses |
|
|
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Corporation tax liability |
49,554 |
132,829 |
|
|
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Provisions for liabilities |
Deferred tax |
Total |
|
At 1 July 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 30 June 2024 |
|
|
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Cox Plant Water Borehole Drilling Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
4 |
|
4 |
|
|
|
|
Loans and borrowings |
2024 |
2023 |
|
Current loans and borrowings |
||
HP and finance lease liabilities |
- |
|
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £Nil per each |
- |
- |
||
Interim dividend of £ |
|
|
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