Cotterill Drainage Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05214478 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Cotterill Drainage Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M A Adams

A C Cotterill

Ms C Adams

Mrs M L James

REGISTERED OFFICE:

Hermitage Farm

Grove Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QJ

REGISTERED NUMBER:

05214478 (England and Wales)

ACCOUNTANTS:

Gopsall Services Limited

4 HRFC Business Centre

Leicester Road

Hinckley

Leicestershire

LE10 3DR

FIXED ASSETS

Tangible assets

4

202,486

72,094

CURRENT ASSETS

Stocks

304,654

152,258

Debtors

5

1,817,628

1,099,364

Cash at bank and in hand

2,471

16,978

2,124,753

1,268,600

CREDITORS

Amounts falling due within one year

6

1,372,227

725,289

NET CURRENT ASSETS

752,526

543,311

TOTAL ASSETS LESS CURRENT LIABILITIES

955,012

615,405

CREDITORS

Amounts falling due after more than one year

7

(425,812

)

(228,555

)

PROVISIONS FOR LIABILITIES

(36,510

)

(14,234

)

NET ASSETS

492,690

372,616

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

492,590

372,516

SHAREHOLDERS' FUNDS

492,690

372,616

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2022 and were signed on its behalf by:

A C Cotterill - Director

1.	STATUTORY INFORMATION

Cotterill Drainage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance, 15% on reducing balance and 10% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2020 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2021

-

47,018

24,855

Additions

11,475

78,704

15,581

At 31 December 2021

11,475

125,722

40,436

DEPRECIATION

At 1 January 2021

-

22,358

14,237

Charge for year

1,148

10,336

2,620

At 31 December 2021

1,148

32,694

16,857

NET BOOK VALUE

At 31 December 2021

10,327

93,028

23,579

At 31 December 2020

-

24,660

10,618

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2021

64,579

31,977

168,429

Additions

49,901

5,001

160,662

At 31 December 2021

114,480

36,978

329,091

DEPRECIATION

At 1 January 2021

36,141

23,599

96,335

Charge for year

11,751

4,415

30,270

At 31 December 2021

47,892

28,014

126,605

NET BOOK VALUE

At 31 December 2021

66,588

8,964

202,486

At 31 December 2020

28,438

8,378

72,094

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

1,088,648

568,066

Other debtors

728,980

531,298

1,817,628

1,099,364

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

122,942

44,025

Hire purchase contracts

32,643

9,833

Trade creditors

1,061,496

560,334

Taxation and social security

26,057

23,409

Other creditors

129,089

87,688

1,372,227

725,289

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

363,542

216,666

Hire purchase contracts

62,270

11,889

425,812

228,555

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

16,666

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank loans

470,834

249,999

The bank loans are secured by a fixed and floating charge over the company assets.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

100

Ordinary A

£1

100

100

10.	RELATED PARTY DISCLOSURE

The business operates from a yard owned by the director which is provided free of rent.

During the period the company charged interest of £1,986.50 (2020 £2,835.75) on the directors overdrawn loan account. This is included in the interest receivable and similar income in the financial statements.