Registered number
08062881
COBURN & BAKER LTD
Filleted Accounts
31 October 2024
COBURN & BAKER LTD
Registered number: 08062881
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 399,502 424,891
Current assets
Stocks 32,041 28,309
Debtors 5 230,574 261,101
Cash at bank and in hand 7,226 116
269,841 289,526
Creditors: amounts falling due within one year 6 (148,483) (169,705)
Net current assets 121,358 119,821
Total assets less current liabilities 520,860 544,712
Creditors: amounts falling due after more than one year 7 (321,700) (337,092)
Net assets 199,160 207,620
Capital and reserves
Called up share capital 2 2
Profit and loss account 199,158 207,618
Shareholders' funds 199,160 207,620
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Y Cohen
Director
Approved by the board on 19 March 2025
COBURN & BAKER LTD
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings Over the lease term
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 47 49
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 100,000
At 31 October 2024 100,000
Amortisation
At 1 November 2023 100,000
At 31 October 2024 100,000
Net book value
At 31 October 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 241,796 345,471 225,577 812,844
Additions - 16,711 42,532 59,243
Disposals (10,547) (1,000) (10,995) (22,542)
At 31 October 2024 231,249 361,182 257,114 849,545
Depreciation
At 1 November 2023 53,869 212,363 121,721 387,953
Charge for the year 5,008 37,286 30,616 72,910
On disposals - (925) (9,895) (10,820)
At 31 October 2024 58,877 248,724 142,442 450,043
Net book value
At 31 October 2024 172,372 112,458 114,672 399,502
At 31 October 2023 187,927 133,108 103,856 424,891
5 Debtors 2024 2023
£ £
Trade debtors 153,027 182,563
Other debtors 77,547 78,538
230,574 261,101
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 21,670 66,630
Obligations under finance lease and hire purchase contracts 41,847 32,371
Trade creditors 45,135 41,990
Taxation and social security costs 33,152 21,407
Other creditors 6,679 7,307
148,483 169,705
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,909 29,719
Obligations under finance lease and hire purchase contracts 27,353 27,535
Other creditors 286,438 279,838
321,700 337,092
8 Other information
COBURN & BAKER LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9.2
The Hyde
Brighton
East Sussex
BN2 4JE
COBURN & BAKER LTD 08062881 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts July 2024 Y Cohen No description of principal activity 08062881 2022-11-01 2023-10-31 08062881 core:WithinOneYear 2023-10-31 08062881 core:AfterOneYear 2023-10-31 08062881 core:ShareCapital 2023-10-31 08062881 core:RetainedEarningsAccumulatedLosses 2023-10-31 08062881 2023-11-01 2024-10-31 08062881 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 08062881 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 08062881 bus:Director40 2023-11-01 2024-10-31 08062881 1 2023-11-01 2024-10-31 08062881 2 2023-11-01 2024-10-31 08062881 core:LandBuildings 2023-11-01 2024-10-31 08062881 core:PlantMachinery 2023-11-01 2024-10-31 08062881 core:Vehicles 2023-11-01 2024-10-31 08062881 countries:England 2023-11-01 2024-10-31 08062881 bus:FRS102 2023-11-01 2024-10-31 08062881 bus:FilletedAccounts 2023-11-01 2024-10-31 08062881 2024-10-31 08062881 core:WithinOneYear 2024-10-31 08062881 core:AfterOneYear 2024-10-31 08062881 core:ShareCapital 2024-10-31 08062881 core:RetainedEarningsAccumulatedLosses 2024-10-31 08062881 core:Goodwill 2024-10-31 08062881 core:LandBuildings 2024-10-31 08062881 core:PlantMachinery 2024-10-31 08062881 core:Vehicles 2024-10-31 08062881 2023-10-31 08062881 core:Goodwill 2023-10-31 08062881 core:LandBuildings 2023-10-31 08062881 core:PlantMachinery 2023-10-31 08062881 core:Vehicles 2023-10-31 iso4217:GBP xbrli:pure