T.N. COOK LIMITED


Directors	COOK, Benjamin Thomas
	COOK, John Michael
	COOK, Sheila May


Company Secretary	COOK, John Michael


Registered Address	Close House Farm
	Otley Road
	Skipton
	BD23 6DR


Registered Number	01182390 (England and Wales)

Notes to the Financial Statements
for the year ended 31 May 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors. shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation.

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows: Land and Buildings - 2% on cost, land is not depreciated Motor Vehicles - 25% reducing balance Plant & Machinery - 15% reducing balance Office Equipment - 15% and 25% on cost

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation.

The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting
date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount
and are recognised in the Statement of Income.
Depreciation is provided on all tangible fixed assets as follows:

Land and Buildings - 2% on cost, land is not depreciated 
Motor Vehicles - 25% reducing balance
Plant & Machinery - 15% reducing balance
Office Equipment - 15% and 25% on cost

	Finance leases and hire purchase contracts
	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

	Financial instruments
	The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	8		8

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 June 24	8,000	8,000
At 31 May 25	8,000	8,000
Amortisation and impairment
At 01 June 24	8,000	8,000
At 31 May 25	8,000	8,000
Net book value
At 31 May 25	-	-
At 31 May 24	-	-

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 June 24	850,000	322,638	-	97,268	1,269,906
Additions	-	29,432	67,298	-	96,730
Revaluations	50,000	-	-	-	50,000
Disposals	-	(4,748)	-	-	(4,748)
At 31 May 25	900,000	347,322	67,298	97,268	1,411,888
Depreciation and impairment
At 01 June 24	100,000	278,123	-	96,816	474,939
Charge for year	-	16,221	3,362	286	19,869
Revaluation surplus	(100,000)	-	-	-	(100,000)
On disposals	-	(4,748)	-	-	(4,748)
At 31 May 25	-	289,596	3,362	97,102	390,060
Net book value
At 31 May 25	900,000	57,726	63,936	166	1,021,828
At 31 May 24	750,000	44,515	-	452	794,967


	Included in freehold property is freehold land at valuation of £350,000 (2024 - £350,000) which is not depreciated. During the period ended 31 May 2025 WBW Surveyors valued the freehold property at £900,000 on a fair value basis. It is the opinion of the directors that this valuation has not materially altered at the period end date. Cost or valuation at 31 May 2025 is as follows: At cost £748,629 At valuation (31 May 2013) £101,371 At valuation (31 May 2025) £50,000 £900,000 If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows: 2025 2024 Cost £748,629 £748,629 Accumulated depreciation (£110,000) (£100,000) Net book value £638,629 £648,629

Included in freehold property is freehold land at valuation of £350,000 (2024 - £350,000) which is not depreciated. 

During the period ended 31 May 2025 WBW Surveyors valued the freehold property at £900,000 on a fair value basis. It is the opinion of the directors that this valuation has not materially altered at the period end date.

Cost or valuation at 31 May 2025 is as follows:

At cost                                           £748,629
At valuation (31 May 2013)              £101,371
At valuation (31 May 2025)               £50,000
                                                     £900,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
                                                         2025                         2024
Cost                                               £748,629                   £748,629
Accumulated depreciation               (£110,000)                (£100,000)
Net book value                                £638,629                   £648,629

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	29,580	18,024
Other debtors	3,289	1,725
Prepayments and accrued income	19,724	13,383
Total	52,593	33,132


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	22,121	43,798
Taxation and social security	57,287	57,518
Payments received on account	30,725	50,219
Other creditors	256,333	259,434
Accrued liabilities and deferred income	226,081	251,313
Total	592,547	662,282


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

7.	Provisions for liabilities
	The provision for deferred tax is made up of £30,000 in respect of accelerated capital allowances and £75,000 in respect of revaluation of freehold property.

	2025	2024
	£	£
Net deferred tax liability (asset)	105,000	47,500
Total	105,000	47,500

8.	Pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £48,392 (2024 - £47,258). Contributions totalling £3,239 (2024 - £4,034) were payable to the fund at the balance sheet date and are included in creditors.

9.	Other commitments
	At 31 May 2025 the company had future minimum lease payments under non-cancellable operating leases of £32,233 (2024 - £50,527).

10.	Fair value reserve
	Other reserves represent the unrealised fair value surplus created when the freehold property was revalued, less any deferred tax provision. The reserve represents non distributable funds.

11.	Related party transactions
	At 31 May 2025 the company owed the directors £223,786 (2024 - £206,532). No interest was charged on these loans and the loans are repayable on demand.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		1,021,828		794,967
			1,021,828		794,967
Current assets
Stocks		303,015		383,734
Debtors	5	52,593		33,132
Cash at bank and on hand		19,226		23,209
		374,834		440,075
Creditors amounts falling due within one year	6	(592,547)		(662,282)
Net current assets (liabilities)			(217,713)		(222,207)
Total assets less current liabilities			804,115		572,760
Provisions for liabilities	7		(105,000)		(47,500)
Net assets			699,115		525,260
Capital and reserves
Called up share capital			3,000		3,000
Revaluation reserve			224,598		112,098
Other reserves			4,000		4,000
Profit and loss account			467,517		406,162
Shareholders' funds	10		699,115		525,260