Philip Cowan Interiors Limited - Accounts to registrar (filleted) - small 23.2.5
Philip Cowan Interiors Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| PHILIP COWAN INTERIORS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 7 |
| PHILIP COWAN INTERIORS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 5 Resolution Close |
| Endeavour Park |
| Boston |
| Lincolnshire |
| PE21 7TT |
| PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819) |
| STATEMENT OF FINANCIAL POSITION |
| 31 OCTOBER 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 OCTOBER 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| 1. | STATUTORY INFORMATION |
| Philip Cowan Interiors Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The company's trading address is: |
| Enterprise Park |
| Endeavour Way |
| Sutterton |
| Boston |
| Lincolnshire |
| PE20 2JA |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by the customer. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Tangible fixed assets are held at cost less accumulated depreciation. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. |
| Costs are calculated using a first-in, first-out method and include all purchase, transport and handling costs in bringing stocks to their present location and condition. |
| PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to adopt the FRS102 1A in respect of financial instruments. |
| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| 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 the income statement in the period to which they relate. |
| Investments |
| Fixed asset investments are stated at cost less provision for any permanent diminution in value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 November 2022 |
| Additions |
| Disposals | ( |
) |
| At 31 October 2023 |
| DEPRECIATION |
| At 1 November 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 October 2023 |
| NET BOOK VALUE |
| At 31 October 2023 |
| At 31 October 2022 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 November 2022 |
| and 31 October 2023 |
| NET BOOK VALUE |
| At 31 October 2023 |
| At 31 October 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| PHILIP COWAN INTERIORS LIMITED (REGISTERED NUMBER: 03656819) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| 8. | LEASING AGREEMENTS |
| At the year end, there were operating lease commitments of £180,000 (2022 - £210,000). |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 480 | 480 |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Cowan Holdings Limited, a company incorporated and registered in England and Wales. The registered office is: |
| 5 Resolution Close |
| Endeavour Park |
| Boston |
| Lincolnshire |
| PE21 7TT |
| and principal place of business is: |
| Enterprise Park |
| Endeavour Way |
| Sutterton |
| Boston |
| Lincolnshire |
| PE20 2JA |