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COMPANY REGISTRATION NUMBER: 09795185
COWBRIDGE BUSINESS PARK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2024
COWBRIDGE BUSINESS PARK LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,577,352
1,485,663
Current assets
Stocks
250
250
Debtors
6
65,231
90,787
Cash at bank and in hand
29,013
45,176
--------
---------
94,494
136,213
Creditors: amounts falling due within one year
7
( 615,549)
( 630,638)
---------
---------
Net current liabilities
( 521,055)
( 494,425)
------------
------------
Total assets less current liabilities
1,056,297
991,238
Creditors: amounts falling due after more than one year
8
( 602,734)
( 614,603)
Provisions
( 68,543)
( 56,782)
------------
---------
Net assets
385,020
319,853
------------
---------
Capital and reserves
Called up share capital
3
4
Capital redemption reserve
1
1
Profit and loss account
385,016
319,848
---------
---------
Shareholders funds
385,020
319,853
---------
---------
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 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 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 .
COWBRIDGE BUSINESS PARK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 12 May 2025 , and are signed on behalf of the board by:
R B Sanderson
Director
Company registration number: 09795185
COWBRIDGE BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Effemall, Cowbridge, Boston, Lincolnshire, PE22 7DJ, England.
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.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 3, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 and machinery
-
20% reducing balance
Freehold property is not depreciated on the grounds of immateriality. Freehold buildings are subject to regular maintenance and repair such that in the directors opinion the residual value is not materially different from the value in the financial statements.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Construction in progress
Total
£
£
£
£
Cost
At 1 October 2023
1,244,192
499,913
14,343
1,758,448
Additions
109,753
44,647
154,400
Disposals
( 829)
( 829)
------------
---------
--------
------------
At 30 September 2024
1,244,192
608,837
58,990
1,912,019
------------
---------
--------
------------
Depreciation
At 1 October 2023
272,785
272,785
Charge for the year
62,595
62,595
Disposals
( 713)
( 713)
------------
---------
--------
------------
At 30 September 2024
334,667
334,667
------------
---------
--------
------------
Carrying amount
At 30 September 2024
1,244,192
274,170
58,990
1,577,352
------------
---------
--------
------------
At 30 September 2023
1,244,192
227,128
14,343
1,485,663
------------
---------
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
51,672
58,415
Other debtors
13,559
32,372
--------
--------
65,231
90,787
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
45,058
44,807
Trade creditors
20,737
18,302
Accruals and deferred income
59,160
61,191
Corporation tax
16,594
22,147
Social security and other taxes
12,281
12,622
Obligations under finance leases and hire purchase contracts
26,451
34,139
Director loan accounts
120,285
129,911
Other loans
285,824
281,504
Other creditors
29,159
26,015
---------
---------
615,549
630,638
---------
---------
Bank loans and overdrafts are secured by fixed and floating charges dated 26 January 2016 over all property and assets owned by the company.
The other loan is owed to a related company. It is interest free and there is no fixed date for repayment.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
566,166
611,224
Other creditors
36,568
3,379
---------
---------
602,734
614,603
---------
---------
Bank loans and overdrafts are secured by fixed and floating charges dated 26 January 2016 over all property and assets owned by the company.
The loans due over 5 years are repayable by annual instalments and carry a market rate of interest.
9. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 (Section 1A).
10. Controlling party
The company was under the control of A Cutforth , a Director.