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COMPANY REGISTRATION NUMBER: 04663542
Corks of Cotham Limited
Filleted Unaudited Financial Statements
31 March 2025
Corks of Cotham Limited
Financial Statements
Year ended 31st March 2025
Contents
Page
Chartered certified accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Corks of Cotham Limited
1
Statement of financial position
2
Notes to the financial statements
4
Corks of Cotham Limited
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Corks of Cotham Limited
Year ended 31st March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Corks of Cotham Limited for the year ended 31st March 2025, 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
9 June 2025
Corks of Cotham Limited
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
6
441,713
413,175
Current assets
Stocks
212,000
228,343
Debtors
7
18,466
14,469
Cash at bank and in hand
45,051
74,650
---------
---------
275,517
317,462
Creditors: Amounts falling due within one year
8
118,409
225,731
---------
---------
Net current assets
157,108
91,731
---------
---------
Total assets less current liabilities
598,821
504,906
Creditors: Amounts falling due after more than one year
9
498,058
360,981
Provisions
Taxation including deferred tax
7,249
8,935
---------
---------
Net assets
93,514
134,990
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
93,512
134,988
--------
---------
Shareholders funds
93,514
134,990
--------
---------
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 income and retained earnings has not been delivered.
For the year ending 31st March 2025 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 .
Corks of Cotham Limited
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 31 May 2025 , and are signed on behalf of the board by:
Mr D J Harman
Director
Company registration number: 04663542
Corks of Cotham Limited
Notes to the Financial Statements
Year ended 31st March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chesterfield Buildings, Westbourne Place, Clifton, Bristol, BS8 1RU.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% straight line
Equipment
-
25% reducing balance
No depreciation has been provided on freehold property as the directors consider that the amounts of depreciation on the buildings would not be material in view of the amount spent on their maintenance and upkeep. Full provision will be made should any permanent diminution in value occur. This view does not comply with FRS 102.
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.
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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2024: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1st April 2024 and 31st March 2025
15,000
--------
Amortisation
At 1st April 2024 and 31st March 2025
15,000
--------
Carrying amount
At 31st March 2025
--------
At 31st March 2024
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st April 2024
371,237
127,524
12,820
511,581
Additions
1,027
34,600
507
36,134
Disposals
( 153)
( 2,431)
( 2,584)
---------
---------
--------
--------
---------
At 31st March 2025
371,237
128,398
34,600
10,896
545,131
---------
---------
--------
--------
---------
Depreciation
At 1st April 2024
87,242
11,164
98,406
Charge for the year
6,195
325
298
6,818
Disposals
( 143)
( 1,663)
( 1,806)
---------
---------
--------
--------
---------
At 31st March 2025
93,294
325
9,799
103,418
---------
---------
--------
--------
---------
Carrying amount
At 31st March 2025
371,237
35,104
34,275
1,097
441,713
---------
---------
--------
--------
---------
At 31st March 2024
371,237
40,282
1,656
413,175
---------
---------
--------
--------
---------
7. Debtors
2025
2024
£
£
Trade debtors
11,804
8,333
Other debtors
6,662
6,136
--------
--------
18,466
14,469
--------
--------
8. Creditors: Amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
17,508
103,864
Trade creditors
66,246
80,802
Corporation tax
10,566
14,380
Social security and other taxes
14,885
18,723
Other creditors
9,204
7,962
---------
---------
118,409
225,731
---------
---------
The company has liabilities in respect of bank loans which are secured on the property owned by the company. The total liability due with one year in respect of these loans is £72,335 (2024 - £103,865).
Obligations under finance lease contracts of £1,494 (2024 - £nil) are secured on the assets to which they relate.
9. Creditors: Amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
72,335
Other creditors
425,723
360,981
---------
---------
498,058
360,981
---------
---------
The company has liabilities in respect of bank loans which are secured on the property owned by the company. The total liability due after more than one year in respect of these loans is £72,335 (2023 - £nil).
Obligations under finance lease contracts of £23,664 (2023 - £nil) are secured on the assets to which they relate.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
17,400
23,825
Later than 1 year and not later than 5 years
87,000
Later than 5 years
98,600
---------
--------
203,000
23,825
---------
--------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2025
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Miss R E Higgens
( 180,491)
( 20,539)
( 201,030)
Mr D J Harman
( 180,490)
( 20,539)
( 201,029)
---------
--------
---------
( 360,981)
( 41,078)
( 402,059)
---------
--------
---------
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Miss R E Higgens
( 165,799)
( 14,692)
( 180,491)
Mr D J Harman
( 165,798)
( 14,692)
( 180,490)
---------
--------
---------
( 331,597)
( 29,384)
( 360,981)
---------
--------
---------
These loans are subject to interest at commercial rates as determined by the directors.