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Unaudited Financial Statements |
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for the Year Ended 31 May 2022 |
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for |
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CoTech Trading (GB) Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 May 2022 |
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for |
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CoTech Trading (GB) Limited |
CoTech Trading (GB) Limited (Registered number: 02671718) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2022 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 6 |
CoTech Trading (GB) Limited |
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Company Information |
for the Year Ended 31 May 2022 |
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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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The Granary |
Crowhill Farm |
Ravensden Road |
Wilden |
Bedfordshire |
MK44 2QS |
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BANKERS: |
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81 High Street |
Bedford |
MK40 1YN |
CoTech Trading (GB) Limited (Registered number: 02671718) |
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Statement of Financial Position |
31 May 2022 |
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31.5.22 | 31.5.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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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. |
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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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CoTech Trading (GB) Limited (Registered number: 02671718) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2022 |
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1. | STATUTORY INFORMATION |
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CoTech Trading (GB) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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There were no material departures from that standard. |
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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.The following criteria must also be met before revenue is recognised: |
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Sale of goods |
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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 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 measure reliably. |
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Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows: |
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Freehold property - 2% on cost |
Improvement to property - 10% on cost |
Plant and machinery - 20% on reducing balance |
Fixtures and fittings - 15% on cost |
Motor vehicles - 25% on reducing balance |
Computer equipment - 33.33% on cost |
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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. |
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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 statement of financial position date. |
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Deferred tax |
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. |
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Tax deferred or accelerated is accounted for in respect of all material timing differences. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged to profit and loss in the period to which they relate. |
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Financial instruments |
Basic financial instruments are recognised at discounted value, with changes recognised in profit or loss. |
CoTech Trading (GB) Limited (Registered number: 02671718) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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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 |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 June 2021 |
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Additions |
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Disposals |
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At 31 May 2022 |
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DEPRECIATION |
At 1 June 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2021 |
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Additions |
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Disposals | ( |
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( |
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At 31 May 2022 |
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DEPRECIATION |
At 1 June 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts |
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VAT |
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Prepayments |
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CoTech Trading (GB) Limited (Registered number: 02671718) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Due to associated company |
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Social security and other taxes |
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VAT | - | 3,755 |
Other creditors |
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Directors' current accounts |
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Accrued expenses |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.5.22 | 31.5.21 |
£ | £ |
Within one year |
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Between one and five years |
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8. | SECURED DEBTS |
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There is a fixed and floating charge to National Westminster dated 05/04/17 over the undertaking and all the property and assets present and future. |
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Mortgage debenture dated 31 May 2018 over all property and assets present and future including goodwill, bookdebts, uncalled capital, buildings fixtures and fixed plant and machinery given by the company to George & Caroline Bhatti. |
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There is a fixed and floating charge to Synergy In Trade Ltd dated 12/01/2021 over the undertaking and all the property and assets present and future. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.22 | 31.5.21 |
value: | £ | £ |
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Ordinary | £1 | 1,180 | 1,180 |
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10. | RELATED PARTY DISCLOSURES |
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The amount outstanding at the year end to Mrs C Bhatti is £1,141 (2021 - £1,141). |
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The amount outstanding at the year end from Mr G Bhatti is £24,274 (2021 - Due to - £726). |
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The amount outstanding at the year end to Mr D Bhatti is £25,000 (2021 - £NIL). |
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The amount outstanding at the year due to an associated company was £7,130 (2021 - £8,040). |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
CoTech Trading (GB) Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CoTech Trading (GB) Limited for the year ended 31 May 2022 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of CoTech Trading (GB) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CoTech Trading (GB) Limited and state those matters that we have agreed to state to the Board of Directors of CoTech Trading (GB) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CoTech Trading (GB) Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that CoTech Trading (GB) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CoTech Trading (GB) Limited. You consider that CoTech Trading (GB) Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of CoTech Trading (GB) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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The Granary |
Crowhill Farm |
Ravensden Road |
Wilden |
Bedfordshire |
MK44 2QS |
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