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Registration number: 07756232

Coley's Enterprises Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Coley's Enterprises Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Coley's Enterprises Limited

Company Information

Directors

Mr A Cole

Mrs T Cole

Mr B Cole

Mr J Cole

Registered office

4 Market Street
Crediton
Devon
EX17 2AJ

Accountants

Stapletons
Chartered Certified Accountants4 Market Street
Crediton
Devon
EX17 2AJ

 

Coley's Enterprises Limited

(Registration number: 07756232)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

32,113

32,145

Investments

6

100

-

Other financial assets

7

100

100

 

32,313

32,245

Current assets

 

Stocks

8

9,728

10,765

Debtors

9

18,088

16,518

Cash at bank and in hand

 

241,649

200,699

 

269,465

227,982

Creditors: Amounts falling due within one year

10

(116,461)

(81,077)

Net current assets

 

153,004

146,905

Total assets less current liabilities

 

185,317

179,150

Provisions for liabilities

(7,631)

(7,552)

Net assets

 

177,686

171,598

Capital and reserves

 

Called up share capital

11

102

100

Retained earnings

177,584

171,498

Shareholders' funds

 

177,686

171,598

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.

 

Coley's Enterprises Limited

(Registration number: 07756232)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr A Cole
Director

.........................................
Mrs T Cole
Director

 

Coley's Enterprises 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 and Wales.

The address of its registered office is:
4 Market Street
Crediton
Devon
EX17 2AJ

These financial statements were authorised for issue by the Board on 25 June 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.

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 and deferred 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.

 

Coley's Enterprises Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Leasehold property

10% straight line basis

Plant and equipment

20% reducing balance basis

Fixtures and fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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

10% straight line basis

 

Coley's Enterprises Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Coley's Enterprises Limited

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

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 9 (2023 - 9).

 

Coley's Enterprises 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

35,000

35,000

At 30 September 2024

35,000

35,000

Amortisation

At 1 October 2023

35,000

35,000

At 30 September 2024

35,000

35,000

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

17,037

67,405

7,600

92,042

Additions

-

6,202

-

6,202

At 30 September 2024

17,037

73,607

7,600

98,244

Depreciation

At 1 October 2023

17,037

38,126

4,734

59,897

Charge for the year

-

5,804

430

6,234

At 30 September 2024

17,037

43,930

5,164

66,131

Carrying amount

At 30 September 2024

-

29,677

2,436

32,113

At 30 September 2023

-

29,279

2,866

32,145

 

Coley's Enterprises Limited

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

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

-

Subsidiaries

£

Cost or valuation

Additions

100

Provision

Carrying amount

At 30 September 2024

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Coley's Stores Limited

4 Market Street,
Crediton,
EX17 2AJ

Ordinary shares

100%

0%

Subsidiary undertakings

Coley's Stores Limited

The principal activity of Coley's Stores Limited is that of a dormant company.

 

Coley's Enterprises Limited

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

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

100

100

At 30 September 2024

100

100

Impairment

Carrying amount

At 30 September 2024

100

100

8

Stocks

2024
£

2023
£

Other inventories

9,728

10,765

9

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

12

3,773

-

Other debtors

 

14,315

16,518

   

18,088

16,518

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

23,015

13,723

Taxation and social security

38,665

41,384

Accruals and deferred income

3,910

5,517

Other creditors

50,871

20,453

116,461

81,077

 

Coley's Enterprises Limited

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

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B shares of £1 (2023 - £0) each

2

2

-

-

102

102

100

100

12

Related party transactions

Transactions with directors

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

74,464

99,560

Summary of transactions with subsidiaries


Included within 'Debtors' is a balance due from Coley's Stores Limited, a wholly owned subsidiary of Coley's Enterprises Limited. At the balance sheet date, the amount due from Coley's Stores Limited was £3,773 (2023 - Nil).