Company registration number 03843980 (England and Wales)
COOK AND ASSOCIATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
COOK AND ASSOCIATES LIMITED
COMPANY INFORMATION
Directors
Mr N L Cook
Mr K Bradbury
Mr J Williams
Company number
03843980
Registered office
15a Harris Business Park
Hanbury Road
Stoke Prior
Bromsgrove
Worcestershire
B60 4DJ
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
124 High Street
Bromsgrove
Worcestershire
B61 8HJ
COOK AND ASSOCIATES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 23
COOK AND ASSOCIATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

The company's financial results for the year and its financial position at the year end can be found in the annexed financial statements.

In summary, the company achieved a profit before taxation of £1,579,116 compared to £1,396,147 in the previous year, from turnover of £15,696,588 in 2024 and £14,677,746 in 2023.

Cash funds held at year end have increased by £1,101,825 to £4,716,905.

The company balance sheet is showing net assets of £3,183,009 at the year end (2023 - £2,666,710).

The directors are satisfied with the trading results and the position of the company at the year end.

Principal risks and uncertainties

The directors consider that the principal risks and uncertainties of the business are those relating to competition within the industry sector and the current economic environment. All of these risks are monitored regularly by directors to ensure that the risks are minimised, particularly in terms of industry specific news.

COVID-19 was noted as a significant risk in prior years, the effect on revenue post pandemic was minimal and is not expected to worsen. The UK economy is likely to suffer a general recession as a result of the current economic uncertainty, but the directors are confident, based on trading post year end and the international nature of their customer base, that the risks will be managed and that the company will be able to minimise any impact.

Key performance indicators

The directors consider the key performance indicators to be gross profit margins, cash balances and net assets position on the balance sheet. Gross profit margin for 2024 is 24% (2023 - 22%).

The company endeavors to pay its suppliers within the agreed upon credit terms and as a consequence the company monitors their actual creditor days. Creditors days calculated on an average basis at year end were 18 days (2023 - 38 days). The average calculation basis will always be distorted by the impact of the timing of trading activity due to the project nature of the company's activities.

 

Future developments

The directors aim to maintain the same management policies which have resulted in the company's performance to date.

On behalf of the board

Mr K Bradbury
Director
19 March 2025
COOK AND ASSOCIATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company in the year under review was that of international exhibition consultants.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £658,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N L Cook
Mr K Bradbury
Mr J Williams
Auditor

Ormerod Rutter Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

COOK AND ASSOCIATES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
On behalf of the board
Mr K Bradbury
Director
19 March 2025
COOK AND ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COOK AND ASSOCIATES LIMITED
- 4 -
Opinion

We have audited the financial statements of Cook and Associates Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

COOK AND ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COOK AND ASSOCIATES LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates and judgemental areas of the financial statements such as valuation of tangible fixed assets. Audit procedures performed included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

COOK AND ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COOK AND ASSOCIATES LIMITED (CONTINUED)
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Colm McGrory FCA
Senior Statutory Auditor
For and on behalf of Ormerod Rutter Limited
19 March 2025
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
COOK AND ASSOCIATES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
as restated
£
£
Turnover
3
15,696,588
14,677,746
Cost of sales
(11,917,497)
(11,455,757)
Gross profit
3,779,091
3,221,989
Administrative expenses
(2,227,878)
(1,824,322)
Operating profit
4
1,551,213
1,397,667
Interest receivable and similar income
8
42,022
19,253
Interest payable and similar expenses
9
(14,119)
(20,773)
Profit before taxation
1,579,116
1,396,147
Tax on profit
10
(404,817)
(313,139)
Profit for the financial year
1,174,299
1,083,008

The profit and loss account has been prepared on the basis that all operations are continuing operations.

COOK AND ASSOCIATES LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
193,918
202,348
Current assets
Debtors
13
2,106,913
4,497,602
Cash at bank and in hand
4,716,905
3,615,080
6,823,818
8,112,682
Creditors: amounts falling due within one year
14
(3,659,308)
(5,180,256)
Net current assets
3,164,510
2,932,426
Total assets less current liabilities
3,358,428
3,134,774
Creditors: amounts falling due after more than one year
15
(150,000)
(450,000)
Provisions for liabilities
Deferred tax liability
18
25,419
18,064
(25,419)
(18,064)
Net assets
3,183,009
2,666,710
Capital and reserves
Called up share capital
20
105
317
Capital redemption reserve
50
50
Profit and loss reserves
3,182,854
2,666,343
Total equity
3,183,009
2,666,710

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
Mr K Bradbury
Director
Company registration number 03843980 (England and Wales)
COOK AND ASSOCIATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 September 2023:
Balance at 1 October 2022
317
50
2,185,335
2,185,702
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
1,083,008
1,083,008
Dividends
11
-
-
(602,000)
(602,000)
Balance at 30 September 2023
317
50
2,666,343
2,666,710
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,174,299
1,174,299
Dividends
11
-
-
(658,000)
(658,000)
Reduction of shares
20
(212)
-
212
-
0
Balance at 30 September 2024
105
50
3,182,854
3,183,009
COOK AND ASSOCIATES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,596,285
2,675,485
Interest paid
(14,119)
(20,773)
Income taxes paid
(526,477)
(393,566)
Net cash inflow from operating activities
2,055,689
2,261,146
Investing activities
Purchase of tangible fixed assets
(37,886)
(25,398)
Repayment of loans
-
0
17,691
Interest received
42,022
19,253
Net cash generated from investing activities
4,136
11,546
Financing activities
Repayment of bank loans
(300,000)
(300,000)
Dividends paid
(658,000)
(602,000)
Net cash used in financing activities
(958,000)
(902,000)
Net increase in cash and cash equivalents
1,101,825
1,370,692
Cash and cash equivalents at beginning of year
3,615,080
2,244,388
Cash and cash equivalents at end of year
4,716,905
3,615,080
COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information

Cook and Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15a Harris Business Park, Hanbury Road, Stoke Prior, Bromsgrove, Worcestershire, United Kingdom, B60 4DJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to leasehold property
15% on reducing balance
Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
IT equipment
33% on cost
Motor vehicles
33% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Project sales
15,302,428
14,245,000
Storage income
394,160
432,746
15,696,588
14,677,746
2024
2023
£
£
Turnover analysed by geographical market
North America
9,974,956
10,241,199
Asia
574,589
2,782,395
United Kingdom
2,737,033
1,500,281
Europe
2,410,010
152,834
Africa
-
1,037
15,696,588
14,677,746
2024
2023
£
£
Other revenue
Interest income
42,022
19,253
COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
167,481
123,337
Fees payable to the company's auditor for the audit of the company's financial statements
18,500
24,900
Depreciation of owned tangible fixed assets
46,316
43,508
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,500
24,900
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Management
11
11
Sales
3
3
Marketing
1
1
Designers
5
5
Technicians
4
3
Total
24
23

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,337,283
1,034,643
Social security costs
131,245
112,555
Pension costs
182,970
84,037
1,651,498
1,231,235
COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
24,800
25,700
Company pension contributions to defined contribution schemes
164,000
67,621
188,800
93,321
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
40,545
19,253
Other interest income
1,477
-
0
Total income
42,022
19,253
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
14,119
20,773
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
398,247
313,139
Adjustments in respect of prior periods
(785)
-
0
Total current tax
397,462
313,139
Deferred tax
Origination and reversal of timing differences
7,355
-
0
Total tax charge
404,817
313,139
COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,579,116
1,396,147
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
394,779
307,152
Tax effect of expenses that are not deductible in determining taxable profit
562
12,407
Adjustments in respect of prior years
(785)
-
0
Permanent capital allowances in excess of depreciation
7,355
(6,420)
Depreciation on assets not qualifying for tax allowances
2,906
-
0
Taxation charge for the year
404,817
313,139
11
Dividends
2024
2023
£
£
Final paid
658,000
602,000
12
Tangible fixed assets
Improvements to leasehold property
Plant and machinery
Fixtures and fittings
IT equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
430,754
153,029
358,712
24,837
59,815
1,027,147
Additions
1,450
-
0
36,436
-
0
-
0
37,886
At 30 September 2024
432,204
153,029
395,148
24,837
59,815
1,065,033
Depreciation and impairment
At 1 October 2023
304,844
124,830
343,187
-
0
51,938
824,799
Depreciation charged in the year
17,904
3,998
21,998
-
0
2,416
46,316
At 30 September 2024
322,748
128,828
365,185
-
0
54,354
871,115
Carrying amount
At 30 September 2024
109,456
24,201
29,963
24,837
5,461
193,918
At 30 September 2023
125,910
28,199
15,525
24,837
7,877
202,348
COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
738,182
2,954,683
Other debtors
161,343
154,300
Prepayments and accrued income
1,207,388
1,388,619
2,106,913
4,497,602
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
300,000
300,000
Trade creditors
563,949
1,182,098
Corporation tax
30,904
159,919
Other taxation and social security
34,158
28,379
Other creditors
309,309
615,296
Accruals and deferred income
2,420,988
2,894,564
3,659,308
5,180,256
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
150,000
450,000
16
Loans and overdrafts
2024
2023
£
£
Bank loans
450,000
750,000
Payable within one year
300,000
300,000
Payable after one year
150,000
450,000

The bank loan represents a Coronavirus Business Interruption Loan repayable in instalments over 5 years from March 2021. There is no interest payable on the first 12 months of the 5 year loan. After this the fixed rate per annum will be 1.88% over base rate as stated in the loan agreement.

COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
17
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
450,000
750,000
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
25,419
18,064
2024
Movements in the year:
£
Liability at 1 October 2023
18,064
Charge to profit or loss
7,355
Liability at 30 September 2024
25,419

The deferred tax liability set out above is expected to reverse within 24 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
182,970
84,037

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
35
100
35
100
Preferred Ordinary of £1 each
0
50
-
0
50
Ordinary of £1 each
35
50
35
50
Capital of £1 each
0
100
-
0
100
Capital Repayment of £1 each
0
1
-
0
1
Deferred Ordinary of £1 each
-
11
-
11
Capital Growth of £1 each
-
5
-
5
Ordinary B of £1 each
30
-
30
-
Ordinary C of £1 each
5
-
5
-
105
317
105
317

On 12 January 2024, the company reduced its issued share capital from £317 to £105 shares by cancelling and extinguishing the following classes of shares:

1.) 1 Capital Repayment share of £1 each

2.) 11 Deferred ordinary shares of £1 each

3.) 50 Ordinary shares of £1 each

4.) 100 Ordinary A shares of £1 each

5.) 50 Preferred Ordinary shares of £1 each

The amount by which the share capital was reduced was credited to reserves.

On the same date, the company varied the share rights of the remaining shares as follows:

1.) 35 Capital shares of £1 each were re-designated as 35 Ordinary shares of £1 each.

2.) 35 Capital shares of £1 each were re-designated as 35 Ordinary A shares of £1 each.

3.) 30 Capital shares of £1 each were re-designated as 30 Ordinary B shares of £1 each.

4.) 5 Capital Growth shares of £1 each were re-designated as 5 Ordinary C shares of £1 each.

Following the cancellation and re-designation, the issued share capital was 105 shares of £1 each.

The profits for the Company for the time being available for distribution shall be applied to the shareholders in such amounts (if any) as the the directors shall determine.

The capital rights attaching to the shares are set out in article 16 of the Articles of Association.

COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
21
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
62,000
-
0
Between two and five years
495,000
-
0
557,000
-
0
22
Related party transactions

The company has paid a total of £89,000 (2023 - £92,000) in rent to John George Limited, a company that is owned by the directors of Cook and Associates. This rent payment is for the use of main office located at 15A, Harris Business Park, Hanbury Rd, Stoke Prior, Bromsgrove B60 4DJ.

23
Directors' transactions

Dividends of £658,000 (2023 - £602,000) were paid in the year in respect of shares held by the company's directors in their capacity as shareholders.

24
Ultimate controlling party

There is no ultimate controlling party.

25
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,174,299
1,083,008
Adjustments for:
Taxation charged
404,817
313,139
Finance costs
14,119
20,773
Investment income
(42,022)
(19,033)
Depreciation and impairment of tangible fixed assets
46,316
43,508
Movements in working capital:
Decrease in debtors
2,390,689
77,721
(Decrease)/increase in creditors
(1,391,933)
1,156,369
Cash generated from operations
2,596,285
2,675,485
COOK AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
26
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
3,615,080
1,101,825
4,716,905
Borrowings excluding overdrafts
(750,000)
300,000
(450,000)
2,865,080
1,401,825
4,266,905
27
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Sep 2023
£
£
£
Net assets
2,666,710
-
2,666,710
Capital and reserves
Total equity
2,666,710
-
2,666,710
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 September 2023
£
£
£
Administrative expenses
(1,845,095)
20,773
(1,824,322)
Interest payable and similar expenses
-
(20,773)
(20,773)
Profit for the financial period
1,083,008
-
1,083,008
Notes to reconciliation

Interest paid of £20,773 on a bank loan was included within administration expenses in the prior year. The amount has been reclassified to bank interest paid in the comparatives. There was no impact on the prior year profit from the reclassification.

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