Cookes Bathrooms Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10926900 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

COOKES BATHROOMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G A Cooke

J D Pike

D R Cox

J A Davies

V J Hoe

M L Pike

REGISTERED OFFICE:

28 Goosemoor Lane

Erdington

Birmingham

West Midlands

B23 5PN

REGISTERED NUMBER:

10926900 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

No. 3 Caroline Court

13 Caroline Street

St Paul's Square

Birmingham

B3 1TR

FIXED ASSETS

Intangible assets

4

315,853

357,577

Tangible assets

5

143,293

93,989

459,146

451,566

CURRENT ASSETS

Stocks

55,203

47,360

Debtors

6

70,924

26,360

Cash at bank and in hand

88

26,921

126,215

100,641

CREDITORS

Amounts falling due within one year

7

424,113

253,929

NET CURRENT LIABILITIES

(297,898

)

(153,288

)

TOTAL ASSETS LESS CURRENT LIABILITIES

161,248

298,278

PROVISIONS FOR LIABILITIES

15,049

3,000

NET ASSETS

146,199

295,278

CAPITAL AND RESERVES

Called up share capital

8

275,000

275,000

Retained earnings

(128,801

)

20,278

SHAREHOLDERS' FUNDS

146,199

295,278

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2020 and were signed on its behalf by:

G A Cooke - Director

J D Pike - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has net current liabilities at the reporting date. After making enquires and obtaining a letter of financial support from the parent undertaking, Cookes Furniture (Holdings) Limited, the directors have a reasonable expectation that the company can continue trading for a period of at least 12 months from the date of approval of these financial statements. As a result, they have continued to adopt the going concern basis in preparing the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Cookes Bathrooms Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Cookes Furniture Holdings Limited, in England and Wales.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Where the business of acquired subsidiaries are hived up into the entity, the investment value is reduced and goodwill is recognised based on the excess of the consideration given for the original acquisition less any impairment provisions for the period from acquisition to hive up.

Goodwill is amortised over its useful life of 10 years until 2027.

Intangible assets other than goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The franchise is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

Franchise

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

377,357

40,000

417,357

AMORTISATION

At 1 April 2019

53,451

6,329

59,780

Amortisation for year

37,728

3,996

41,724

At 31 March 2020

91,179

10,325

101,504

NET BOOK VALUE

At 31 March 2020

286,178

29,675

315,853

At 31 March 2019

323,906

33,671

357,577

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2019

116,937

Additions

67,799

At 31 March 2020

184,736

DEPRECIATION

At 1 April 2019

22,948

Charge for year

18,495

At 31 March 2020

41,443

NET BOOK VALUE

At 31 March 2020

143,293

At 31 March 2019

93,989

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

69,868

5,822

Other debtors

1,056

20,538

70,924

26,360

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

31,915

-

Payments on account

73,543

86,688

Trade creditors

61,298

103,433

Amounts owed to group undertakings

227,029

40,279

Taxation and social security

22,854

20,029

Other creditors

7,474

3,500

424,113

253,929

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

275,000

275,000

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicola Davies FCCA (Senior Statutory Auditor)

for and on behalf of Prime

10.	OTHER FINANCIAL COMMITMENTS

The company has an unlimited debenture in favour of their bankers incorporating a fixed and floating charge over the current and future assets of the company. At the current year end the company owed £31,915 (2019: £nil).

11.	POST BALANCE SHEET EVENTS

The economy continues to be affected by the Covid-19 pandemic which began to take effect shortly before the year end. The directors have considered the impact of this to the company and are satisfied that at the time of approval of the financial statements the company has access to sufficient resources to be able to continue trading for the foreseeable future.

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Cookes Furniture (Holdings) Limited, a company registered in England and Wales.

There is no ultimate controlling party of Cookes Furniture (Holdings) Limited.