0
false
false
false
false
false
false
false
false
false
true
false
false
false
false
true
false
No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
45,741
67,207
6,772
900
300
1,200
5,572
5,872
xbrli:pure
xbrli:shares
iso4217:GBP
5678546
2021-01-01
2021-12-31
5678546
2021-12-31
5678546
2020-12-31
5678546
2020-01-01
2020-12-31
5678546
2020-12-31
5678546
core:FurnitureFittings
2021-01-01
2021-12-31
5678546
bus:RegisteredOffice
2021-01-01
2021-12-31
5678546
bus:OrdinaryShareClass1
2021-01-01
2021-12-31
5678546
bus:LeadAgentIfApplicable
2021-01-01
2021-12-31
5678546
bus:Director1
2021-01-01
2021-12-31
5678546
bus:Director4
2021-01-01
2021-12-31
5678546
bus:Director5
2021-01-01
2021-12-31
5678546
core:WithinOneYear
2021-12-31
5678546
core:WithinOneYear
2020-12-31
5678546
core:FurnitureFittings
2020-12-31
5678546
core:MotorVehicles
2020-12-31
5678546
core:FurnitureFittings
2021-12-31
5678546
core:MotorVehicles
2021-12-31
5678546
core:MotorVehicles
2021-01-01
2021-12-31
5678546
core:AfterOneYear
2021-12-31
5678546
core:AfterOneYear
2020-12-31
5678546
core:RetainedEarningsAccumulatedLosses
2020-12-31
5678546
core:RetainedEarningsAccumulatedLosses
2019-12-31
5678546
core:RetainedEarningsAccumulatedLosses
2021-12-31
5678546
core:RetainedEarningsAccumulatedLosses
2020-12-31
5678546
core:ShareCapital
2021-12-31
5678546
core:ShareCapital
2020-12-31
5678546
core:FurnitureFittings
2020-12-31
5678546
core:MotorVehicles
2020-12-31
5678546
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2021-12-31
5678546
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2020-12-31
5678546
bus:LeadAgentIfApplicable
2020-01-01
2020-12-31
5678546
bus:SmallEntities
2021-01-01
2021-12-31
5678546
bus:Audited
2021-01-01
2021-12-31
5678546
bus:FullAccounts
2021-01-01
2021-12-31
5678546
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
5678546
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
5678546
bus:OrdinaryShareClass1
2021-12-31
5678546
bus:OrdinaryShareClass1
2020-12-31
5678546
core:IntangibleAssetsOtherThanGoodwill
2021-01-01
2021-12-31
5678546
core:IntangibleAssetsOtherThanGoodwill
2021-12-31
5678546
core:IntangibleAssetsOtherThanGoodwill
2020-12-31
5678546
core:UltimateParent
2021-01-01
2021-12-31
COMPANY REGISTRATION NUMBER:
5678546
Year ended 31 December 2021
Independent auditor's report to the members
|
3
|
|
|
Statement of income and retained earnings
|
7
|
|
|
Statement of financial position
|
8
|
|
|
Notes to the financial statements
|
9
|
|
|
Year ended 31 December 2021
The directors present their report and the financial statements of the company for the year ended
31 December 2021
.
Directors
The directors who served the company during the year were as follows:
Mr M J Fitzpatrick
|
|
Mr L R McKidd
|
|
Mrs C M Pryce
|
|
|
|
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. After making enquiries and despite the effects on the economy due to the Covid-19 pandemic, the directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and the accounts. The directors consider the state of affairs to be satisfactory at 31 December 2021.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
26 September 2022
and signed on behalf of the board by:
Registered office:
|
Cardinal House
|
Bury Street
|
Ruislip
|
HA4 7GD
|
|
Independent Auditor's Report to the Members of
Cole Services Limited
|
|
Year ended 31 December 2021
Opinion
We have audited the financial statements of Cole Services Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, FRS102, health and safety laws, employment law, contract law, General Data Protection Regulations and UK tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to fraudulent transactions that may lead to an overstatement of profits such as understatement of expenses, in order to increase the value of the company. Audit procedures performed by the audit team included: - Audit testing in different sections in order to check the compliance with applicable regulations and discussions with management including consideration of known or suspected instances of non-compliance with laws, regulations and fraud. - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, significant one-off amounts or posted by senior management. - Challenging and validating the reasonableness and judgement of any key management assumptions with particular focus on work in progress, depreciation and accruals as these are the key accounting estimates. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. There are inherent limitations on the audit procedure described above. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our reportThis report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Gary Till
|
(Senior Statutory Auditor)
|
|
For and on behalf of
|
Abbots
|
Chartered Certified Accountants & Statutory Auditor
|
Printing House
|
66 Lower Road
|
Harrow
|
HA2 0DH
|
|
26 September 2022
Statement of Income and Retained Earnings
|
|
Year ended 31 December 2021
|
2021
|
2020
|
Note
|
£
|
£
|
Turnover
|
1,158,936
|
826,530
|
|
|
|
Cost of sales
|
695,773
|
582,130
|
|
------------
|
----------
|
Gross profit
|
463,163
|
244,400
|
|
|
|
Administrative expenses
|
404,179
|
297,186
|
|
----------
|
----------
|
Operating profit/(loss)
|
58,984
|
(
52,786)
|
|
|
|
Interest payable and similar expenses
|
4,975
|
5,170
|
|
|
----------
|
----------
|
Profit/(loss) before taxation
|
5
|
54,009
|
(
57,956)
|
|
|
|
|
Tax on profit/(loss)
|
8,268
|
9,251
|
|
--------
|
--------
|
Profit/(loss) for the financial year and total comprehensive income
|
45,741
|
(
67,207)
|
|
--------
|
--------
|
|
|
|
Retained earnings at the start of the year
|
1,455,903
|
1,523,110
|
|
------------
|
------------
|
Retained earnings at the end of the year
|
1,501,644
|
1,455,903
|
|
------------
|
------------
|
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position
|
|
31 December 2021
Fixed assets
Intangible assets
|
6
|
|
5,572
|
|
5,872
|
Tangible assets
|
7
|
|
391,525
|
|
470,426
|
|
|
----------
|
|
----------
|
|
|
397,097
|
|
476,298
|
|
|
|
|
|
|
Current assets
Debtors
|
8
|
1,071,600
|
|
1,227,084
|
|
Cash at bank and in hand
|
271,254
|
|
210,398
|
|
|
------------
|
|
------------
|
|
|
1,342,854
|
|
1,437,482
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
9
|
173,515
|
|
363,968
|
|
|
------------
|
|
------------
|
|
Net current assets
|
|
1,169,339
|
|
1,073,514
|
|
|
------------
|
|
------------
|
Total assets less current liabilities
|
|
1,566,436
|
|
1,549,812
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
10
|
|
4,745
|
|
20,007
|
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
59,947
|
|
73,802
|
|
|
------------
|
|
------------
|
Net assets
|
|
1,501,744
|
|
1,456,003
|
|
|
------------
|
|
------------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
11
|
|
100
|
|
100
|
Profit and loss account
|
|
1,501,644
|
|
1,455,903
|
|
|
------------
|
|
------------
|
Shareholders funds
|
|
1,501,744
|
|
1,456,003
|
|
|
------------
|
|
------------
|
|
|
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
26 September 2022
, and are signed on behalf of the board by:
Company registration number:
5678546
Notes to the Financial Statements
|
|
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cardinal House, Bury Street, Ruislip HA4 7GD.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity meets the conditions of being defined as a small company under Companies Act 2006. In accordance with the small companies' regime, the company is exempt from the requirements to prepare a strategic report and cash flow statement.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Intangibles
|
-
|
25% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures, Fittings and Equipment
|
-
|
25% reducing balance
|
|
Motor vehicles
|
-
|
15% - 35% Straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Auditor's remuneration
|
2021
|
2020
|
|
£
|
£
|
Fees payable for the audit of the financial statements
|
12,000
|
11,000
|
|
--------
|
--------
|
|
|
|
5.
Profit before taxation
Profit before taxation is stated after charging:
|
2021
|
2020
|
|
£
|
£
|
Amortisation of intangible assets
|
300
|
300
|
Depreciation of tangible assets
|
145,368
|
164,083
|
|
----------
|
----------
|
|
|
|
6.
Intangible assets
|
Intangibles
|
|
£
|
Cost
|
|
At 1 January 2021 and 31 December 2021
|
6,772
|
|
-------
|
Amortisation
|
|
At 1 January 2021
|
900
|
Charge for the year
|
300
|
|
-------
|
At 31 December 2021
|
1,200
|
|
-------
|
Carrying amount
|
|
At 31 December 2021
|
5,572
|
|
-------
|
At 31 December 2020
|
5,872
|
|
-------
|
|
|
7.
Tangible assets
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 January 2021
|
14,029
|
1,304,272
|
1,318,301
|
Additions
|
–
|
66,466
|
66,466
|
Disposals
|
–
|
(
183,809)
|
(
183,809)
|
|
--------
|
------------
|
------------
|
At 31 December 2021
|
14,029
|
1,186,929
|
1,200,958
|
|
--------
|
------------
|
------------
|
Depreciation
|
|
|
|
At 1 January 2021
|
9,301
|
838,574
|
847,875
|
Charge for the year
|
1,264
|
144,104
|
145,368
|
Disposals
|
–
|
(
183,810)
|
(
183,810)
|
|
--------
|
------------
|
------------
|
At 31 December 2021
|
10,565
|
798,868
|
809,433
|
|
--------
|
------------
|
------------
|
Carrying amount
|
|
|
|
At 31 December 2021
|
3,464
|
388,061
|
391,525
|
|
--------
|
------------
|
------------
|
At 31 December 2020
|
4,728
|
465,698
|
470,426
|
|
--------
|
------------
|
------------
|
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles
|
|
£
|
At 31 December 2021
|
158,662
|
|
----------
|
At 31 December 2020
|
118,788
|
|
----------
|
|
|
8.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
202,095
|
128,866
|
Amounts owed by group undertakings
|
787,452
|
1,062,576
|
Prepayments and accrued income
|
4,699
|
5,900
|
Corporation tax repayable
|
67,838
|
15,674
|
Other debtors
|
9,516
|
14,068
|
|
------------
|
------------
|
|
1,071,600
|
1,227,084
|
|
------------
|
------------
|
|
|
|
9.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
65,025
|
61,906
|
Amounts owed to group undertakings
|
–
|
219,799
|
Accruals and deferred income
|
60,898
|
23,525
|
Social security and other taxes
|
1
|
–
|
Obligations under finance leases and hire purchase contracts
|
47,591
|
52,738
|
Other creditors
|
–
|
6,000
|
|
----------
|
----------
|
|
173,515
|
363,968
|
|
----------
|
----------
|
|
|
|
The hire purchase agreements are secured on the assets to which they relate.
10.
Creditors:
amounts falling due after more than one year
|
2021
|
2020
|
|
£
|
£
|
Obligations under finance leases and hire purchase contracts
|
4,745
|
20,007
|
|
-------
|
--------
|
|
|
|
The hire purchase agreements are secured on the assets to which they relate.
11.
Called up share capital
Issued, called up and fully paid
|
2021
|
2020
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
12.
Contingencies
There is a guarantee between
Cole Services Limited
and Ashley Industrial Properties Limited of £2,281,200 payable on demand in favour of National Westminster Bank Plc.
13.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
2021 |
2020 |
|
|
£ |
£ |
|
Balance owed by/(owed to): |
|
|
|
Other related parties |
9,516 |
9,516 |
|
|
------- |
------- |
|
|
|
|
The above related party is connected through common control with a director of the parent company. The transactions entered during the year were under normal commercial terms and are in respect of short term interest free loans. VGC Group Limited intends to prepare consolidated accounts and therefore Cole Services Limited has taken advantage of the exemption within paragraph 33.1A of FRS 102 which eliminates the requirement to report related party balances.
14.
Controlling party
100% of the share capital is owned by VGC Group Limited. The directors consider this to be the ultimate parent company. The group consolidated accounts can be obtained from the company's registered office; the address is stated on page 2 of these accounts.