Copeland & Craddock Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00878151 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021

FOR

COPELAND & CRADDOCK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs D J Colley

Mrs R M Stafford

Mrs C R Davenport

Mr D E Stafford

REGISTERED OFFICE:

Radnor Park Industrial Estate

Back Lane

Congleton

Cheshire

CW12 4PX

REGISTERED NUMBER:

00878151 (England and Wales)

ACCOUNTANTS:

Hanleys

Chartered Accountants

Spring Court

Spring Road

Hale

Altrincham

Cheshire

WA14 2UQ

FIXED ASSETS

Tangible assets

4

1,196,324

1,224,471

CURRENT ASSETS

Stocks

20,603

15,230

Debtors

5

238,194

281,070

Cash at bank and in hand

123

14,312

258,920

310,612

CREDITORS

Amounts falling due within one year

6

199,823

190,848

NET CURRENT ASSETS

59,097

119,764

TOTAL ASSETS LESS CURRENT LIABILITIES

1,255,421

1,344,235

CAPITAL AND RESERVES

Called up share capital

8

62,812

62,812

Revaluation reserve

9

893,199

912,203

Capital redemption reserve

9

21,188

21,188

Retained earnings

9

278,222

348,032

SHAREHOLDERS' FUNDS

1,255,421

1,344,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 16 August 2021 and were signed on its behalf by:

Mr D E Stafford - Director

1.	STATUTORY INFORMATION

Copeland & Craddock 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents sales of goods and services excluding value added tax and is recognised in the period to which it relates.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and equipment

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33.33% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 32 (2020 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 June 2020

1,300,000

1,229,913

9,000

14,983

2,553,896

Additions

-

-

-

387

387

At 31 May 2021

1,300,000

1,229,913

9,000

15,370

2,554,283

DEPRECIATION

At 1 June 2020

78,000

1,229,913

6,750

14,762

1,329,425

Charge for year

26,000

-

2,250

284

28,534

At 31 May 2021

104,000

1,229,913

9,000

15,046

1,357,959

NET BOOK VALUE

At 31 May 2021

1,196,000

-

-

324

1,196,324

At 31 May 2020

1,222,000

-

2,250

221

1,224,471

Cost or valuation at 31 May 2021 is represented by:

Freehold

Plant and

Motor

Computer

property

equipment

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2018

950,211

-

-

-

950,211

Cost

349,789

1,229,913

9,000

15,370

1,604,072

1,300,000

1,229,913

9,000

15,370

2,554,283

If freehold property had not been revalued it would have been included at the following historical cost:

31.5.21

31.5.20

£

£

Cost

349,789

349,789

Aggregate depreciation

160,905

153,909

Freehold property was valued on an open market basis on 29 May 2018 by Timothy A Brown Estate Agents .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade debtors

233,958

276,121

Prepayments

4,236

4,949

238,194

281,070

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans and overdrafts

12,282

-

Trade creditors

77,089

70,830

Social security and other taxes

81,735

91,960

Accrued expenses

28,717

28,058

199,823

190,848

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.5.21

31.5.20

£

£

Within one year

63,540

38,332

Between one and five years

177,547

23,427

241,087

61,759

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.21

31.5.20

value:

£

£

62,812

Ordinary

£1

62,812

62,812

9.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 June 2020

348,032

912,203

21,188

1,281,423

Deficit for the year

(88,814

)

(88,814

)

Transfer from revaluation reserve

19,004

(19,004

)

-

-

At 31 May 2021

278,222

893,199

21,188

1,192,609

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, who own the majority of the company's issued share capital.