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Registration number: 03040292

Prepared for the registrar

Cowley & Son Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Cowley & Son Limited

(Registration number: 03040292)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

65,000

65,000

Tangible assets

5

868,356

905,810

Investments

6

1

1

 

933,357

970,811

Current assets

 

Stocks

7

2,400

2,400

Debtors

8

293,800

443,224

Cash at bank and in hand

 

18,910

19,408

 

315,110

465,032

Creditors: Amounts falling due within one year

9

(454,554)

(463,247)

Net current (liabilities)/assets

 

(139,444)

1,785

Total assets less current liabilities

 

793,913

972,596

Creditors: Amounts falling due after more than one year

9

(455,914)

(521,255)

Deferred tax liabilities

11

(98,239)

(109,529)

Net assets

 

239,760

341,812

Capital and reserves

 

Called up share capital

4

4

Revaluation reserve

324,960

324,960

Profit and loss account

(85,204)

16,848

Shareholders' funds

 

239,760

341,812

 

Cowley & Son Limited

(Registration number: 03040292)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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.

Approved and authorised by the Board on 26 August 2025 and signed on its behalf by:
 


N P Keen
Director

 

Cowley & Son Limited

Notes to the Financial Statements for the Year Ended 31 August 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:
Triangle House
62 Victoria Road
Cirencester
GL7 1ES

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Judgements

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

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 returns, rebates and discounts and after eliminating sales within the company.

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 the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Cowley & Son Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold land and buildings

No depreciation

Fixtures, fittings and equipment

15% reducing balance

Motor vehicles

15% reducing balance

The freehold property is not depreciated, as it is revalued each year to reflect its market value.

Intangible assets

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.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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

Nil

Investments

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stock is stated at the lower of cost and net realisable value.

 

Cowley & Son Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Hire purchase

Leases are classified as hire purchase contracts whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under hire purchase are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a hire purchase obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

Cowley & Son Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 19).

 

4

Intangible assets

Goodwill
 £

Cost

At 1 September 2023 and 31 August 2024

65,000

Carrying amount

At 31 August 2023 and 31 August 2024

65,000

 

Cowley & Son Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

 

5

Tangible assets

Freehold land and buildings
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

620,216

142,124

337,428

1,099,768

Additions

3,404

2,201

-

5,605

At 31 August 2024

623,620

144,325

337,428

1,105,373

Depreciation

At 1 September 2023

-

106,189

87,769

193,958

Charge for the year

-

5,610

37,449

43,059

At 31 August 2024

-

111,799

125,218

237,017

Carrying amount

At 31 August 2024

623,620

32,526

212,210

868,356

At 31 August 2023

620,216

35,935

249,659

905,810

 

6

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

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

Churn Properties Limited

Triangle House
62 Victoria Road
Cirencester
Gloucestershire
GL7 1ES

United Kingdom

Ordinary

100%

100%

Subsidiary undertakings

Churn Properties Limited

The principal activity of Churn Properties Limited is Property development.

 

Cowley & Son Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

 

7

Stocks

2024
£

2023
£

Raw materials and consumables

2,400

2,400

 

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

18,788

18,169

Amounts owed by related parties

12

272,179

394,783

Other debtors

 

-

18,522

Prepayments

 

2,833

11,750

 

293,800

443,224

 

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

181,346

158,584

Trade creditors

 

21,640

33,443

Social security and other taxes

 

17,817

7,911

Other creditors

 

57,303

59,440

Accrued expenses

 

67,489

92,389

Corporation tax liability

 

108,959

111,480

 

454,554

463,247

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

455,914

521,255


 

2024
£

2023
£

After more than five years by instalments

195,592

230,840

-

-

 

Cowley & Son Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

 

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings (secured)

16,030

15,469

Bank overdrafts

74,191

-

Hire purchase liability

32,919

32,919

Directors' loans

46,206

98,196

Other borrowings

12,000

12,000

181,346

158,584

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings (secured)

243,743

259,856

Hire purchase liability

141,915

174,637

Other borrowings

70,256

86,762

455,914

521,255

 

11

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

57,846

Short-term timing differences

1,691

-

Revaluation of property

-

42,084

1,691

99,930

2023

Liability
£

Difference between accumulated depreciation and capital allowances

67,445

Revaluation of property

42,084

109,529

 

Cowley & Son Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

 

12

Related party transactions

At 31 August 2024, the company owed the directors N P Keen and E Keen £23,107 (2023: £51,602) in the form of a directors loan account. The loan is unsecured, interest free and repayable on demand.

At 31 August 2024, the company owed the directors R L Orford and C P Orford £23,099 (2023: £46,594) in the form of a directors loan account. The loan is unsecured, interest free and repayable on demand.

Summary of transactions with other related parties

The following entities are under the common control of the directors N P Keen and R L H Orford:

Matthews Independent Funeral Directors Limited

Churn Properties Limited is the wholly owned subsidiary of Cowley & Son Limited

Cowley pension scheme

At 31 August 2024, Cowley & Son Limited owed £40,068 (2023 £51,571) to Matthews Independent Funeral Directors Limited.

At 31 August 2024, Cowley & Son Limited was owed £272,179 (2023: £394,783) from Churn Properties Limited.

At 31 August 2024, Cowley & Son Limited owed the Cowley pension scheme £82,256 (2023: £98,762).

All loans are unsecured, interest free and repayable on demand.