Company Registration No. 06822486 (England and Wales)
COX WORKSHOPS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
COX WORKSHOPS LIMITED
COMPANY INFORMATION
Directors
C B Cox
N C Cox
Company number
06822486
Registered office
47 Millmead Industrial Estate
Mill Mead Road
London
N17 9QU
Accountants
Barcant Beardon Limited
8 Blackstock Mews
Islington
London
N4 2BT
Business address
47 Millmead Industrial Estate
Mill Mead Road
London
N17 9QU
COX WORKSHOPS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
COX WORKSHOPS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
249,481
210,138
Current assets
Stocks
178,418
104,142
Debtors
5
461,878
273,297
Cash at bank and in hand
301,786
101,986
942,082
479,425
Creditors: amounts falling due within one year
6
(566,837)
(311,143)
Net current assets
375,245
168,282
Total assets less current liabilities
624,726
378,420
Creditors: amounts falling due after more than one year
7
(7,680)
(19,200)
Provisions for liabilities
(27,330)
(22,966)
Deferred income
(201,004)
(71,853)
Net assets
388,712
264,401
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
388,710
264,399
Total equity
388,712
264,401
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
COX WORKSHOPS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 November 2017 and are signed on its behalf by:
N C Cox
Director
Company Registration No. 06822486
COX WORKSHOPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Cox Workshops Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
47 Millmead Industrial Estate, Mill Mead Road, London, N17 9QU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Cox Workshops Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 10.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
either evenly over remaining lease term or 10% per annum on a straight line basis
Plant and machinery
25% per annum on a reducing balance basis
Fixtures, fittings & equipment
25% per annum on a reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
COX WORKSHOPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
COX WORKSHOPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2016 - 17).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2016 and 31 March 2017
84,000
Amortisation and impairment
At 1 April 2016 and 31 March 2017
84,000
Carrying amount
At 31 March 2017
-
At 31 March 2016
-
COX WORKSHOPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
169,882
127,649
297,531
Additions
57,461
21,403
78,864
At 31 March 2017
227,343
149,052
376,395
Depreciation and impairment
At 1 April 2016
16,988
70,405
87,393
Depreciation charged in the year
19,861
19,660
39,521
At 31 March 2017
36,849
90,065
126,914
Carrying amount
At 31 March 2017
190,494
58,987
249,481
At 31 March 2016
152,894
57,244
210,138
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
395,226
237,689
Other debtors
66,652
35,608
461,878
273,297
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
57,253
27,079
Corporation tax
65,234
39,167
Other taxation and social security
77,559
60,865
Other creditors
366,791
184,032
566,837
311,143
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
7,680
19,200
COX WORKSHOPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
439,879
183,031
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
277,174
264,401
Notes to reconciliations on adoption of FRS 102
Deferred income
Prior to the adoption of FRS 102 deferred income was included in other creditors and disclosed in creditors: amounts falling due within one year.
Under FRS 102 the deferred income is now shown on the face of the balance sheet. Therefore deferred income of £71,481 as at the date of transition on 1 April 2015 and £71,853 as at 31 March 2016 have been reclassified. The reported financial performance and closing equity position for the previous year remain unchanged.