ACCOUNTS - Final Accounts

COCKETT HENDERSON LTD - Company Information

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Registered number: 07230570

Cockett Henderson Limited

Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 April 2019

Cockett Henderson Limited

Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Cockett Henderson Limited for the Year Ended 30 April 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cockett Henderson Limited for the year ended 30 April 2019 which comprise the Balance Sheet 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 http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Cockett Henderson Limited, as a body, in accordance with the terms of our engagement letter dated 26 November 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Cockett Henderson Limited and state those matters that we have agreed to state to the Board of Directors of Cockett Henderson Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cockett Henderson Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cockett Henderson 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 Cockett Henderson Limited. You consider that Cockett Henderson Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Cockett Henderson 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.

Kreston Reeves LLP

Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU

6 January 2020

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Cockett Henderson Limited

Registered number: 07230570

Balance Sheet

As at 30 April 2019

		2019		2018
Note		£		£

Fixed assets
Investment property	4		450,000		450,000
Current assets
Cash at bank and in hand		573		962
Creditors: amounts falling due within one year	5	(167,028)		(149,030)
Net current liabilities			(166,455)		(148,068)
Total assets less current liabilities			283,545		301,932
Creditors: amounts falling due after more than one year	6		(196,013)		(222,097)
Provisions for liabilities
Deferred tax			(6,909)		(8,217)
Net assets			80,623		71,618

Capital and reserves
Called up share capital	7	100	100
Revaluation reserve		80,705	80,705
Profit and loss account		(182)	(9,187)
		80,623	71,618

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 January 2020.

J Parkin

Director

The notes on pages 3 to 6 form part of these financial statements.

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Cockett Henderson Limited

Notes to the Financial Statements

For the Year Ended 30 April 2019

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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.

The company's functional and presentational currency is Pounds Sterling.
The company's financial statements are presented to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.4

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

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Cockett Henderson Limited

Notes to the Financial Statements

For the Year Ended 30 April 2019

1.Accounting policies (continued)

1.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

1.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the Statement of Income and Retained Earnings unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

1.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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Cockett Henderson Limited

Notes to the Financial Statements

For the Year Ended 30 April 2019

1.Accounting policies (continued)

1.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

1.11

Financial instruments

The Company only 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 non-puttable ordinary shares.

2.	General information

Cockett Henderson Limited is a private company, limited by shares, domiciled in England & Wales, registration number 7230570. The registered office is 133 High Street, Broadstairs, Kent, CT10 1NG. The company's principal activity is that of property management.

Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 May 2018	450,000
	At 30 April 2019	450,000

The 2019 valuations were made by J Parkin, a director, and chartered surveyor, on an open market value for existing use basis.

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Cockett Henderson Limited

Notes to the Financial Statements

For the Year Ended 30 April 2019

5.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank loans	26,046	24,844
Other creditors	140,082	122,266
Accruals and deferred income	900	1,920
	167,028	149,030

6.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

	Bank loans	196,013	222,097

The following liabilities were secured:
	2019	2018
	£	£


	Bank Loan	222,059	246,941

Details of security provided:

The loan is secured by a fixed and floating charge on the assets of the company.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
	2019	2018
	£	£

Repayable by instalments

78,606

110,108

7.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

100 (2018 - 100) Ordinary shares of £1 each	100	100

8.	Controlling party

There is no controlling party as the issued shares are owned in equal proportions.

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