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COMPANY REGISTRATION NUMBER: 10960405
Cosgrove Costing Limited
Unaudited Financial Statements
31 October 2024
Cosgrove Costing Limited
Financial Statements
Year ended 31 October 2024
Contents
Pages
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4 to 6
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
8
Cosgrove Costing Limited
Directors' Report
Year ended 31 October 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2024 .
Directors
The directors who served the company during the year were as follows:
Mr I P Cosgrove
Mrs H A Cosgrove
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 6 June 2025 and signed on behalf of the board by:
Mr I P Cosgrove
Director
Registered office:
Unit 7
The Hub
New Century House
Crowther Road
Washington
NE38 0AQ
Cosgrove Costing Limited
Statement of Income and Retained Earnings
Year ended 31 October 2024
2024
2023
Note
£
£
Turnover
430,675
438,637
---------
---------
Gross profit
430,675
438,637
Administrative expenses
324,852
312,234
---------
---------
Operating profit
105,823
126,403
Other interest receivable and similar income
3,171
1,344
---------
---------
Profit before taxation
5
108,994
127,747
Tax on profit
25,669
28,136
---------
---------
Profit for the financial year and total comprehensive income
83,325
99,611
---------
---------
Dividends paid and payable
( 63,967)
( 84,831)
Retained earnings at the start of the year
192,490
177,710
---------
---------
Retained earnings at the end of the year
211,848
192,490
---------
---------
All the activities of the company are from continuing operations.
Cosgrove Costing Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
774
Current assets
Debtors
7
81,951
48,315
Cash at bank and in hand
197,188
211,156
---------
---------
279,139
259,471
Creditors: amounts falling due within one year
8
67,291
67,755
---------
---------
Net current assets
211,848
191,716
---------
---------
Total assets less current liabilities
211,848
192,490
---------
---------
Net assets
211,848
192,490
---------
---------
Capital and reserves
Profit and loss account
211,848
192,490
---------
---------
Shareholders funds
211,848
192,490
---------
---------
These financial statements have been prepared 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'.
For the year ending 31 October 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 6 June 2025 , and are signed on behalf of the board by:
Mr I P Cosgrove
Director
Company registration number: 10960405
Cosgrove Costing Limited
Notes to the Financial Statements
Year ended 31 October 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 Unit 7, The Hub, New Century House, Crowther Road, Washington, NE38 0AQ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current 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 that the company is expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
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
-
25% straight line
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 are 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
774
1,800
----
-------
6. Tangible assets
Plant and machinery
£
Cost
At 1 November 2023 and 31 October 2024
10,154
--------
Depreciation
At 1 November 2023
9,380
Charge for the year
774
--------
At 31 October 2024
10,154
--------
Carrying amount
At 31 October 2024
--------
At 31 October 2023
774
--------
7. Debtors
2024
2023
£
£
Trade debtors
76,693
40,975
Prepayments and accrued income
2,082
Other debtors
5,258
5,258
--------
--------
81,951
48,315
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
432
Accruals and deferred income
3,710
2,210
Corporation tax
25,684
28,136
Social security and other taxes
37,897
36,977
--------
--------
67,291
67,755
--------
--------
Cosgrove Costing Limited
Management Information
Year ended 31 October 2024
The following pages do not form part of the financial statements.
Cosgrove Costing Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Cosgrove Costing Limited
Year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cosgrove Costing Limited for the year ended 31 October 2024, which comprise the statement of income and retained earnings, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Cosgrove Costing Limited, as a body, in accordance with the terms of our engagement letter dated 13 September 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Cosgrove Costing Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cosgrove Costing Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Cosgrove Costing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cosgrove Costing Limited. You consider that Cosgrove Costing Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Cosgrove Costing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
B.J.STRAUGHAN AND CO Chartered accountants
Epworth House 7 Lucy Street Chester le Street Co. Durham DH3 3UP
30 May 2025