Company registration number 12639731 (England and Wales)
COTTINGHAM BLUE CHIP LONDON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
COTTINGHAM BLUE CHIP LONDON LIMITED
COMPANY INFORMATION
Director
J E Cottingham
Company number
12639731
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Auditor
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
COTTINGHAM BLUE CHIP LONDON LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 17
COTTINGHAM BLUE CHIP LONDON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The director presents the strategic report for the year ended 30 June 2024.
Review of the business
The company has achieved excellent profits during the year from the sale of high value motor cars throughout the UK and overseas. There has been huge growth in the business with turnover more than doubling compared to the prior year.
Principal risks and uncertainties
The company's operations expose it to a variety of risks and uncertainties, with the principal one being competition with other classic car dealers, for both cars and customers.
The company is also subject to financing risks including credit and interest costs. Credit risk exists in respect of recoverability of debts, but this is mitigated by an active credit control function and good customer knowledge. Interest rate exists in respect of the company's exposure to loans and overdrafts. This is mitigated by careful management of the levels of borrowing and a high value of balance sheet assets.
Key performance indicators
The key performance indicators of turnover, gross profit and company asset value are identified by the director as being satisfactory.
J E Cottingham
Director
27 March 2025
COTTINGHAM BLUE CHIP LONDON LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The director presents his annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of prestige used car sales.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £314,500. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
J E Cottingham
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
COTTINGHAM BLUE CHIP LONDON LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
On behalf of the board
J E Cottingham
Director
27 March 2025
COTTINGHAM BLUE CHIP LONDON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF COTTINGHAM BLUE CHIP LONDON LIMITED
- 4 -
Opinion
We have audited the financial statements of Cottingham Blue Chip London Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
COTTINGHAM BLUE CHIP LONDON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF COTTINGHAM BLUE CHIP LONDON LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either am to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the company’s remuneration policies.
COTTINGHAM BLUE CHIP LONDON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF COTTINGHAM BLUE CHIP LONDON LIMITED (CONTINUED)
- 6 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The financial statements of Cottingham Blue Chip London Limited for the year ended 30 June 2023 were unaudited.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Keir Singleton
Senior Statutory Auditor
For and on behalf of CLA Evelyn Partners Limited
28 March 2025
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
COTTINGHAM BLUE CHIP LONDON LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
51,610,277
22,493,804
Cost of sales
(49,120,513)
(20,753,641)
Gross profit
2,489,764
1,740,163
Administrative expenses
(967,645)
(371,498)
Operating profit
3
1,522,119
1,368,665
Interest receivable and similar income
7
586
9,415
Interest payable and similar expenses
8
(73,850)
(3,464)
Profit before taxation
1,448,855
1,374,616
Tax on profit
9
(372,772)
(289,344)
Profit for the financial year
1,076,083
1,085,272
Retained earnings brought forward
1,306,620
781,348
Dividends
10
(314,500)
(560,000)
Retained earnings carried forward
2,068,203
1,306,620
The profit and loss account has been prepared on the basis that all operations are continuing operations.
COTTINGHAM BLUE CHIP LONDON LIMITED
BALANCE SHEET
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
12,148
15,454
Current assets
Stocks
12
3,917,332
4,142,000
Debtors
13
2,268,996
1,366,860
Cash at bank and in hand
1,474,546
276,367
7,660,874
5,785,227
Creditors: amounts falling due within one year
14
(5,601,682)
(4,490,098)
Net current assets
2,059,192
1,295,129
Total assets less current liabilities
2,071,340
1,310,583
Provisions for liabilities
Deferred tax liability
15
3,037
3,863
(3,037)
(3,863)
Net assets
2,068,303
1,306,720
Capital and reserves
Called up share capital
17
100
100
Profit and loss reserves
2,068,203
1,306,620
Total equity
2,068,303
1,306,720
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 27 March 2025
J E Cottingham
Director
Company registration number 12639731 (England and Wales)
COTTINGHAM BLUE CHIP LONDON LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
1,219,420
(2,710,432)
Income taxes paid
(289,528)
(100,242)
Net cash inflow/(outflow) from operating activities
929,892
(2,810,674)
Investing activities
Purchase of tangible fixed assets
(8,662)
(1,374)
Interest received
450
2,544
Net cash (used in)/generated from investing activities
(8,212)
1,170
Financing activities
Proceeds from borrowings
1,000,000
Repayment of borrowings
(107,928)
Proceeds from other loans
10,304,602
6,960,834
Repayment of other loans
(9,979,359)
(4,894,333)
Repayment of capital to director
(940,816)
(685,692)
Net cash generated from financing activities
276,499
1,380,809
Net increase/(decrease) in cash and cash equivalents
1,198,179
(1,428,695)
Cash and cash equivalents at beginning of year
276,367
1,705,062
Cash and cash equivalents at end of year
1,474,546
276,367
COTTINGHAM BLUE CHIP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information
Cottingham Blue Chip London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Vehicle sales
Revenue from the sale of prestige used cars is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.
Sales commission
Commission income arises from commission received on the sale of prestige used cars and from other advice provided in respect of classic cars. Income is recognised when the risks and rewards of ownership of the car have been passed to the buyer, or when the advice has been provided.
Miscellaneous income
Other income arises from recharged expenses and is recognised when the service has been provided. Other income also comprises income from profit share arrangements and is recognised when the risks and rewards of ownership of the car have been passed to the buyer.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Straight Line 25%
Computers
Straight Line 25%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
COTTINGHAM BLUE CHIP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
COTTINGHAM BLUE CHIP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Vehicle sales
49,719,697
21,884,774
Other income
1,890,580
609,030
51,610,277
22,493,804
2024
2023
£
£
Turnover analysed by geographical market
UK
32,031,606
20,643,804
Outside UK
19,578,671
1,850,000
51,610,277
22,493,804
2024
2023
£
£
Other revenue
Interest income
586
9,415
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(320)
3,620
Depreciation of owned tangible fixed assets
10,617
9,582
Loss on disposal of tangible fixed assets
1,352
-
COTTINGHAM BLUE CHIP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
1
1
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
164,100
17,940
Social security costs
21,390
-
185,490
17,940
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
164,100
17,940
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
450
2,544
Other interest income
136
6,871
Total income
586
9,415
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
450
2,544
COTTINGHAM BLUE CHIP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
61,762
Other finance costs:
Other interest
12,088
3,464
73,850
3,464
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
373,598
291,396
Deferred tax
Origination and reversal of timing differences
(826)
(2,052)
Total tax charge
372,772
289,344
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,448,855
1,374,616
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
362,214
281,740
Tax effect of expenses that are not deductible in determining taxable profit
10,558
8,037
Effect of change in corporation tax rate
(369)
Permanent capital allowances in excess of depreciation
(64)
Taxation charge for the year
372,772
289,344
10
Dividends
2024
2023
£
£
Interim paid
314,500
560,000
COTTINGHAM BLUE CHIP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
11
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2023
26,334
12,451
38,785
Additions
4,526
4,136
8,662
Disposals
(4,830)
(4,830)
At 30 June 2024
30,860
11,757
42,617
Depreciation and impairment
At 1 July 2023
15,909
7,422
23,331
Depreciation charged in the year
6,623
3,993
10,616
Eliminated in respect of disposals
(3,478)
(3,478)
At 30 June 2024
22,532
7,937
30,469
Carrying amount
At 30 June 2024
8,328
3,820
12,148
At 30 June 2023
10,425
5,029
15,454
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,917,332
4,142,000
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,960,062
1,084,110
Other debtors
2,904
136,664
Prepayments and accrued income
306,030
146,086
2,268,996
1,366,860
COTTINGHAM BLUE CHIP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
525,374
336,530
Corporation tax
615,494
517,836
Other taxation and social security
113,366
39,856
Deferred income
16
21,443
21,443
Other creditors
4,101,356
3,555,933
Accruals
224,649
18,500
5,601,682
4,490,098
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
3,037
3,863
2024
Movements in the year:
£
Liability at 1 July 2023
3,863
Credit to profit or loss
(826)
Liability at 30 June 2024
3,037
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
16
Deferred income
2024
2023
£
£
Other deferred income
21,443
21,443
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
COTTINGHAM BLUE CHIP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
18
Directors' transactions
At the balance sheet date an amount of £332,654 (2023: £5,273) was owed to the director.
19
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
1,076,083
1,085,272
Adjustments for:
Taxation charged
372,772
289,344
Finance costs
73,850
3,463
Investment income
(587)
(9,415)
Loss on disposal of tangible fixed assets
1,352
-
Depreciation and impairment of tangible fixed assets
10,616
9,581
Movements in working capital:
Decrease/(increase) in stocks
224,668
(1,620,500)
Increase in debtors
(1,003,136)
(695,289)
Increase/(decrease) in creditors
463,802
(1,794,331)
Increase in deferred income
-
21,443
Cash generated from/(absorbed by) operations
1,219,420
(2,710,432)
20
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
276,367
1,198,179
1,474,546
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