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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020 |
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B. COOKSON LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020 |
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B. COOKSON LIMITED |
B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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B. COOKSON LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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BALANCE SHEET |
31 MAY 2020 |
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31/5/20 | 31/5/19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | 13 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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BALANCE SHEET - continued |
31 MAY 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
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1. | STATUTORY INFORMATION |
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B. Cookson Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The principal trading address of the company is considered to be the same as the Registered Office. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and provision for impairment in value. |
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The non depreciation of freehold property is a departure from the requirements of the Companies Act 2006 that all tangible fixed assets should be depreciated. Freehold property is held under the revaluation model as applicable under the provisions of Section 17 of FRS 102. The directors consider that the carrying value of freehold property is not materially different to fair value. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
A basic financial instrument is a contract that gives rise to a financial asset in one entity and a financial liability or equity instrument of another entity. |
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The following assets and liabilities are classified as financial instruments: listed investments, trade debtors, amounts owed by group undertakings, other debtors, trade creditors, hire purchase contracts and other creditors. |
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Listed investments are measured at cost less impairment. |
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Hire purchase contracts and loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
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Trade debtors, trade creditors and amounts owed by group undertakings are measured at the undiscounted amount of cash or other consideration expected to be paid or received. |
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Financial assets are assessed at the end of the reporting period for objective evidence of impairment and if applicable is recognised as appropriate. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account as they are incurred over the period of the lease. |
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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. |
B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The directors have considered the effects of the COVID 19 restrictions on the company. The company has taken advantage of government assistance where the directors have considered it appropriate. Whilst there is still uncertainty as to the length of time the restrictions will continue, at the time of approval, the directors believe that the company has sufficient trade and financial resources to continue in operational existence for the foreseeable future. Thus the going concern basis of accounting in preparing the financial statements has been adopted. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2019 |
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Additions |
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Disposals |
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At 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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Cost or valuation at 31 May 2020 is represented by: |
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Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2009 | 140,254 | - | - | - | 140,254 |
Valuation in 2018 | 550,000 | - | - | - | 550,000 |
Cost | 809,746 | 81,897 | 91,975 | 775,763 | 1,759,381 |
1,500,000 | 81,897 | 91,975 | 775,763 | 2,449,635 |
B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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4. | TANGIBLE FIXED ASSETS - continued |
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If Freehold property had not been revalued they would have been included at the following historical cost: |
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31/5/20 | 31/5/19 |
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Cost | 809,746 | 809,746 |
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Freehold property were valued on an open market basis on 31 May 2018 by Charles D Bell MRICS of Morgan Martin . |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST OR VALUATION |
At 1 June 2019 |
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Additions |
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At 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 June 2019 |
and 31 May 2020 |
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PROVISIONS |
At 1 June 2019 |
and 31 May 2020 | 80,811 |
NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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6. | STOCKS |
31/5/20 | 31/5/19 |
£ | £ |
Stocks |
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B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/5/20 | 31/5/19 |
£ | £ |
Trade debtors |
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Other debtors |
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Amounts due from group |
undertakings | 485,536 | 536,042 |
VAT |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/5/20 | 31/5/19 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Hire purchase contracts (see note 11) |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Sales credit note provision | - | 1,166 |
Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/5/20 | 31/5/19 |
£ | £ |
Bank loans (see note 10) |
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Hire purchase contracts (see note 11) |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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31/5/20 | 31/5/19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loan |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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11. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31/5/20 | 31/5/19 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
31/5/20 | 31/5/19 |
£ | £ |
Within one year |
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Between one and five years |
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12. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/5/20 | 31/5/19 |
£ | £ |
Bank loans |
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Hire purchase contracts | 255,439 | 182,963 |
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13. | PROVISIONS FOR LIABILITIES |
31/5/20 | 31/5/19 |
£ | £ |
Deferred taxation | 92,675 | 70,027 |
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Deferred |
tax |
£ |
Balance at 1 June 2019 |
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Charge to Income Statement during year |
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Balance at 31 May 2020 |
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B. COOKSON LIMITED (REGISTERED NUMBER: 01864616) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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14. | RELATED PARTY DISCLOSURES |
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The directors, C Cookson and B Cookson, are also designated members of CMB Parking LLP. |
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During the year, the company recharged expenses to CMB Parking LLP amounting to £4,805 (2019: £5,010). |
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Included in administrative expenses in the Profit and Loss account is a charge of £10,000 (2019: £10,000) in respect of the rent of a property from Mrs Margaret Cookson, the mother of directors C Cookson and B Cookson. |
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The company is a wholly owned subsidiary of BC Cookson Holdings Limited. As at the year end the balance owing from BC Cookson Holdings Limited was £485,536 (2019: £536,042). |
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15. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is BC Cookson Holdings Limited. |