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Sage Accounts Production Advanced 2024 - FRS102_2024
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COMPANY REGISTRATION NUMBER:
SC061379
Ian Cowe (Coachworks) Limited |
|
Filleted Unaudited Financial Statements |
|
Ian Cowe (Coachworks) Limited |
|
Year ended 30 June 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Ian Cowe (Coachworks) Limited |
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Ian Cowe (Coachworks) Limited |
|
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 Ian Cowe (Coachworks) Limited for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Ian Cowe (Coachworks) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Ian Cowe (Coachworks) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ian Cowe (Coachworks) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Ian Cowe (Coachworks) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ian Cowe (Coachworks) Limited. You consider that Ian Cowe (Coachworks) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Ian Cowe (Coachworks) 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 financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
6 March 2025
Ian Cowe (Coachworks) Limited |
|
Statement of Financial Position |
|
30 June 2024
Fixed assets
Tangible assets |
4 |
|
152,772 |
153,080 |
|
|
|
|
|
Current assets
Debtors |
5 |
833 |
|
833 |
Cash at bank and in hand |
33,898 |
|
30,687 |
|
-------- |
|
-------- |
|
34,731 |
|
31,520 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
48,064 |
|
47,745 |
|
-------- |
|
-------- |
Net current liabilities |
|
13,333 |
16,225 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
139,439 |
136,855 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
4,797 |
4,797 |
Non-distributable reserve |
|
49,596 |
49,596 |
Capital redemption reserve |
|
32,938 |
32,938 |
Profit and loss account |
|
52,108 |
49,524 |
|
|
--------- |
--------- |
Shareholders funds |
|
139,439 |
136,855 |
|
|
--------- |
--------- |
|
|
|
|
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 comprehensive income 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
6 March 2025
, and are signed on behalf of the board by:
Company registration number:
SC061379
Ian Cowe (Coachworks) 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 Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PG, Scotland.
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.
Cash & cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investment that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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 & Machinery |
- |
10% reducing balance |
|
Fixtures & Fittings |
- |
33% straight line |
|
|
|
|
Investment property
Investment property carried at revalued amounts are recorded at the fair value at the date of revaluation and is periodically reviewed for changes in fair value. 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 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.
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.
4.
Tangible assets
|
Investment Properties |
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 July 2023 and 30 June 2024 |
150,000 |
17,093 |
5,588 |
172,681 |
|
--------- |
-------- |
------- |
--------- |
Depreciation |
|
|
|
|
At 1 July 2023 |
– |
14,013 |
5,588 |
19,601 |
Charge for the year |
– |
308 |
– |
308 |
|
--------- |
-------- |
------- |
--------- |
At 30 June 2024 |
– |
14,321 |
5,588 |
19,909 |
|
--------- |
-------- |
------- |
--------- |
Carrying amount |
|
|
|
|
At 30 June 2024 |
150,000 |
2,772 |
– |
152,772 |
|
--------- |
-------- |
------- |
--------- |
At 30 June 2023 |
150,000 |
3,080 |
– |
153,080 |
|
--------- |
-------- |
------- |
--------- |
|
|
|
|
|
The company's investment property were valued at fair value by the directors at the year end.
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
833 |
833 |
|
---- |
---- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
48,064 |
47,745 |
|
-------- |
-------- |
|
|
|
7.
Directors' advances, credits and guarantees
Included in other creditors is a loan due to Mr & Mrs I Cowe, directors of the company, amounting to £48,064 (2023: £47,745). The loan is interest free and there are no fixed terms of repayment.
8.
Controlling party
The company was under the control of Mr Ian Cowe throughout the current and previous year. Mr Ian Cowe is the managing director and majority shareholder.