7 8 S. T. Cowley Contractors Limited 04158253 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is building contractors. Digita Accounts Production Advanced 6.30.9574.0 true true 04158253 2023-10-01 2024-09-30 04158253 2024-09-30 04158253 bus:OrdinaryShareClass1 2024-09-30 04158253 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-09-30 04158253 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-09-30 04158253 core:CurrentFinancialInstruments 2024-09-30 04158253 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 04158253 core:Non-currentFinancialInstruments 2024-09-30 04158253 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 04158253 core:Goodwill 2024-09-30 04158253 core:FurnitureFittingsToolsEquipment 2024-09-30 04158253 core:LandBuildings 2024-09-30 04158253 core:MotorVehicles 2024-09-30 04158253 bus:SmallEntities 2023-10-01 2024-09-30 04158253 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04158253 bus:FilletedAccounts 2023-10-01 2024-09-30 04158253 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 04158253 bus:RegisteredOffice 2023-10-01 2024-09-30 04158253 bus:CompanySecretaryDirector1 2023-10-01 2024-09-30 04158253 bus:Director1 2023-10-01 2024-09-30 04158253 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 04158253 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04158253 bus:Agent1 2023-10-01 2024-09-30 04158253 core:Goodwill 2023-10-01 2024-09-30 04158253 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 04158253 core:LandBuildings 2023-10-01 2024-09-30 04158253 core:MotorVehicles 2023-10-01 2024-09-30 04158253 core:Vehicles 2023-10-01 2024-09-30 04158253 countries:England 2023-10-01 2024-09-30 04158253 2023-09-30 04158253 core:Goodwill 2023-09-30 04158253 core:FurnitureFittingsToolsEquipment 2023-09-30 04158253 core:LandBuildings 2023-09-30 04158253 core:MotorVehicles 2023-09-30 04158253 2022-10-01 2023-09-30 04158253 2023-09-30 04158253 bus:OrdinaryShareClass1 2023-09-30 04158253 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-30 04158253 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-30 04158253 core:CurrentFinancialInstruments 2023-09-30 04158253 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 04158253 core:Non-currentFinancialInstruments 2023-09-30 04158253 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 04158253 core:FurnitureFittingsToolsEquipment 2023-09-30 04158253 core:LandBuildings 2023-09-30 04158253 core:MotorVehicles 2023-09-30 04158253 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 04158253

S. T. Cowley Contractors Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

S. T. Cowley Contractors Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

S. T. Cowley Contractors Limited

Company Information

Directors

Mr S T Cowley

Mrs L D Cowley

Company secretary

Mrs L D Cowley

Registered office

Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

Accountants

Blue Spire Limited
Chartered AccountantsCawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
S. T. Cowley Contractors Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of S. T. Cowley Contractors Limited for the year ended 30 September 2024 as set out on pages 3 to 9 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of S. T. Cowley Contractors Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of S. T. Cowley Contractors Limited and state those matters that we have agreed to state to the Board of Directors of S. T. Cowley Contractors 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 S. T. Cowley Contractors Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that S. T. Cowley Contractors 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 S. T. Cowley Contractors Limited. You consider that S. T. Cowley Contractors 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 accounts of S. T. Cowley Contractors 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.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

8 April 2025

 

S. T. Cowley Contractors Limited

(Registration number: 04158253)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,280,384

1,216,957

Current assets

 

Stocks

6

88,800

49,277

Debtors

7

227,142

187,811

Cash at bank and in hand

 

569,470

566,705

 

885,412

803,793

Creditors: Amounts falling due within one year

8

(473,715)

(494,462)

Net current assets

 

411,697

309,331

Total assets less current liabilities

 

1,692,081

1,526,288

Creditors: Amounts falling due after more than one year

8

(108,893)

(171,905)

Net assets

 

1,583,188

1,354,383

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,583,088

1,354,283

Shareholders' funds

 

1,583,188

1,354,383

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 April 2025 and signed on its behalf by:
 

.........................................
Mr S T Cowley
Director

 

S. T. Cowley Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY
England

The principal place of business is:
Unit C15
Newbrook Business Park
Pound Lane
Upper Beeding
West Sussex
BN44 3JD
England

These financial statements were authorised for issue by the Board on 8 April 2025.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Departure from requirements of FRS 102

The company has not deprciated buildings as required by FRS102 Section 1A, as the directors consider the amount will not be significant.

Going concern

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 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.

 

S. T. Cowley Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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

Vehicles

25% reducing balance

Land and buildings

not depreciated

Furniture and equipment

15% reducing balance

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

over 10 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.

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.

 

S. T. Cowley Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 8).

 

S. T. Cowley Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

7,000

7,000

At 30 September 2024

7,000

7,000

Amortisation

At 1 October 2023

7,000

7,000

At 30 September 2024

7,000

7,000

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

801,900

37,975

1,108,672

1,948,547

Additions

-

10,248

323,921

334,169

Disposals

-

-

(313,181)

(313,181)

At 30 September 2024

801,900

48,223

1,119,412

1,969,535

Depreciation

At 1 October 2023

-

21,302

710,288

731,590

Charge for the year

-

4,038

157,506

161,544

Eliminated on disposal

-

-

(203,983)

(203,983)

At 30 September 2024

-

25,340

663,811

689,151

Carrying amount

At 30 September 2024

801,900

22,883

455,601

1,280,384

At 30 September 2023

801,900

16,673

398,384

1,216,957

Included within the net book value of land and buildings above is £801,900 (2023 - £801,900) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Work in progress

88,800

49,277

 

S. T. Cowley Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

169,975

152,909

Prepayments

36,580

34,902

Other debtors

20,587

-

 

227,142

187,811

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

84,206

110,791

Trade creditors

 

138,998

198,670

Taxation and social security

 

242,767

163,154

Accruals and deferred income

 

2,800

2,800

Other creditors

 

4,944

19,047

 

473,715

494,462


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £50,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

108,893

171,905


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £87,500).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

S. T. Cowley Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

87,500

Hire purchase contracts

108,893

84,405

108,893

171,905

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

50,000

Hire purchase contracts

84,206

60,791

84,206

110,791

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1,535.00 (2023 - £1,200.00) per each Ordinary

153,500

120,000