2 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 22,128 965 23,093 15,871 1,806 17,677 5,416 6,257 xbrli:pure xbrli:shares iso4217:GBP 04982633 2024-01-01 2024-12-31 04982633 2024-12-31 04982633 2023-12-31 04982633 2023-01-01 2023-12-31 04982633 2023-12-31 04982633 2022-12-31 04982633 bus:Director1 2024-01-01 2024-12-31 04982633 bus:Director2 2024-01-01 2024-12-31 04982633 core:WithinOneYear 2024-12-31 04982633 core:WithinOneYear 2023-12-31 04982633 core:ShareCapital 2024-12-31 04982633 core:ShareCapital 2023-12-31 04982633 core:RetainedEarningsAccumulatedLosses 2024-12-31 04982633 core:RetainedEarningsAccumulatedLosses 2023-12-31 04982633 bus:SmallEntities 2024-01-01 2024-12-31 04982633 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 04982633 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04982633 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04982633 bus:FullAccounts 2024-01-01 2024-12-31 04982633 core:PlantMachinery 2024-01-01 2024-12-31 04982633 core:PlantMachinery 2023-12-31 04982633 core:PlantMachinery 2024-12-31
COMPANY REGISTRATION NUMBER: 04982633
Cope and Reid Limited
Filleted Unaudited Financial Statements
31 December 2024
Cope and Reid Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
5,416
6,257
Current assets
Debtors
6
44,169
135,179
Cash at bank and in hand
64,400
---------
---------
108,569
135,179
Creditors: amounts falling due within one year
7
45,890
69,283
---------
---------
Net current assets
62,679
65,896
--------
--------
Total assets less current liabilities
68,095
72,153
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
68,093
72,151
--------
--------
Shareholders funds
68,095
72,153
--------
--------
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 31 December 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 .
These financial statements were approved by the board of directors and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:
W A Reid
K A Cope
Director
Director
Company registration number: 04982633
Cope and Reid Limited
Notes to the Financial Statements
Year ended 31 December 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 1 Henry Dane Way, Newbold Coleorton, Coalville, Leicestershire, LE67 8PP.
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. 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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 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:
Equipment
-
25% reducing balance
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 2 (2023: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2024
22,128
22,128
Additions
965
965
--------
--------
At 31 December 2024
23,093
23,093
--------
--------
Depreciation
At 1 January 2024
15,871
15,871
Charge for the year
1,806
1,806
--------
--------
At 31 December 2024
17,677
17,677
--------
--------
Carrying amount
At 31 December 2024
5,416
5,416
--------
--------
At 31 December 2023
6,257
6,257
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
44,169
135,179
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,631
Trade creditors
2,599
2,450
Corporation tax
35,734
45,431
Social security and other taxes
6,064
16,278
Other creditors
1,493
1,493
--------
--------
45,890
69,283
--------
--------