Company registration number 09445063 (England and Wales)
COWLEY TIMBER AND PARTNERS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
COWLEY TIMBER AND PARTNERS LIMITED
COMPANY INFORMATION
Directors
J P Ledwidge
O R A Hutchinson
Company number
09445063
Registered office
23-25 Great Sutton Street
London
England
EC1V 0DN
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
Unit 13
Abbots Way
Newark Business Park
Newark
Nottinghamshire
NG24 2EL
COWLEY TIMBER AND PARTNERS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 11
COWLEY TIMBER AND PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present their 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 designing and building timber structures.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J P Ledwidge
O R A Hutchinson
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
J P Ledwidge
Director
27 March 2025
COWLEY TIMBER AND PARTNERS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COWLEY TIMBER AND PARTNERS LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cowley Timber and Partners Limited for the year ended 30 June 2024 set out on pages 4 to 11 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cowley Timber and Partners Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Cowley Timber and Partners Limited and state those matters that we have agreed to state to the Board of Directors of Cowley Timber and Partners Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cowley Timber and Partners Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Cowley Timber and Partners 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 loss of Cowley Timber and Partners Limited. You consider that Cowley Timber and Partners 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 Cowley Timber and Partners 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.

Begbies
27 March 2025
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
COWLEY TIMBER AND PARTNERS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
2024
2023
Notes
£
£
Turnover
341,371
102,500
Cost of sales
(263,436)
(41,760)
Gross profit
77,935
60,740
Administrative expenses
(578,553)
(639,724)
Operating loss
(500,618)
(578,984)
Interest payable and similar expenses
(376)
-
0
Amounts written off investments
-
75,000
Loss before taxation
(500,994)
(503,984)
Tax on loss
-
0
-
0
Loss for the financial year
(500,994)
(503,984)

The income statement has been prepared on the basis that all operations are continuing operations.

COWLEY TIMBER AND PARTNERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
86,642
90,738
Current assets
Stocks
2,570
131,329
Debtors
6
202,718
109,183
Cash at bank and in hand
226
1,720
205,514
242,232
Creditors: amounts falling due within one year
7
(1,470,046)
(1,009,866)
Net current liabilities
(1,264,532)
(767,634)
Net liabilities
(1,177,890)
(676,896)
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
(1,177,900)
(676,906)
Total equity
(1,177,890)
(676,896)

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
J P Ledwidge
O R A Hutchinson
Director
Director
Company registration number 09445063 (England and Wales)
COWLEY TIMBER AND PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
10
(172,922)
(172,912)
Year ended 30 June 2023:
Loss and total comprehensive income
-
(503,984)
(503,984)
Balance at 30 June 2023
10
(676,906)
(676,896)
Year ended 30 June 2024:
Loss and total comprehensive income
-
(500,994)
(500,994)
Balance at 30 June 2024
10
(1,177,900)
(1,177,890)
COWLEY TIMBER AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
1
Accounting policies
Company information

Cowley Timber and Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23-25 Great Sutton Street, London, England, EC1V 0DN.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, rounded to the nearest £.

The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

1.2
Turnover

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Intellectual property
Straight line over 5 years
1.5
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.

COWLEY TIMBER AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -

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:

Plant and machinery
25% reducing balance basis
Fixtures, fittings & equipment
25% reducing balance basis
Computer equipment
25% reducing balance basis

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.

1.6
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

 

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.

1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

COWLEY TIMBER AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged

or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
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.

COWLEY TIMBER AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
4
4
Intangible fixed assets
Other
£
Cost
At 1 July 2023 and 30 June 2024
2,000
Amortisation and impairment
At 1 July 2023 and 30 June 2024
2,000
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
COWLEY TIMBER AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
115,293
Additions
23,547
At 30 June 2024
138,840
Depreciation and impairment
At 1 July 2023
24,555
Depreciation charged in the year
27,643
At 30 June 2024
52,198
Carrying amount
At 30 June 2024
86,642
At 30 June 2023
90,738
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
5,382
Other debtors
82,224
68,178
Prepayments and accrued income
120,494
35,623
202,718
109,183
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
146,714
56,519
Taxation and social security
23,881
1,571
Deferred income
-
0
175,154
Other creditors
1,286,210
666,155
Accruals and deferred income
13,241
110,467
1,470,046
1,009,866

Other creditors of £1,286,210, represent amounts owed to related parties, being companies controlled by the directors (2023: £666,155).

COWLEY TIMBER AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary of £1 each
10
10
10
10
9
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for its business premises. During prior year, the lease has been renewed for another 5 years. At 30 June 2023, the company had total commitments under non-cancellable operating leases over the remaining life of the lease of £272,460 (2023 : £347,621).

10
Going concern

The liabilities of the company are in excess of its assets. Companies controlled by the directors, which are the main creditors of the company have agreed to continue their support for the foreseeable future. Consequently, these financial statements have been prepared on a going concern basis.

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