Cotterill Drainage Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05214478 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Cotterill Drainage Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M A Adams

A C Cotterill

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

72,094

76,245

CURRENT ASSETS

Stocks

152,258

100,820

Debtors

5

1,099,364

1,062,554

Cash at bank and in hand

16,978

10,260

1,268,600

1,173,634

CREDITORS

Amounts falling due within one year

6

725,289

1,019,594

NET CURRENT ASSETS

543,311

154,040

TOTAL ASSETS LESS CURRENT LIABILITIES

615,405

230,285

CREDITORS

Amounts falling due after more than one year

7

(228,555

)

(16,056

)

PROVISIONS FOR LIABILITIES

(14,234

)

(14,486

)

NET ASSETS

372,616

199,743

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

372,516

199,643

SHAREHOLDERS' FUNDS

372,616

199,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 20 July 2021 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

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.

Stocks

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

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 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2020

46,942

25,005

64,579

30,407

166,933

Additions

7,500

-

-

4,598

12,098

Disposals

(7,424

)

(150

)

-

(3,028

)

(10,602

)

At 31 December 2020

47,018

24,855

64,579

31,977

168,429

DEPRECIATION

At 1 January 2020

24,110

13,156

31,123

22,299

90,688

Charge for year

3,034

1,185

5,018

4,192

13,429

Eliminated on disposal

(4,786

)

(104

)

-

(2,892

)

(7,782

)

At 31 December 2020

22,358

14,237

36,141

23,599

96,335

NET BOOK VALUE

At 31 December 2020

24,660

10,618

28,438

8,378

72,094

At 31 December 2019

22,832

11,849

33,456

8,108

76,245

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

568,066

688,978

Other debtors

531,298

373,576

1,099,364

1,062,554

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

44,025

28,389

Hire purchase contracts

9,833

7,333

Trade creditors

560,334

607,504

Taxation and social security

23,409

99,610

Other creditors

87,688

276,758

725,289

1,019,594

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

216,666

-

Hire purchase contracts

11,889

16,056

228,555

16,056

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:

31.12.20

31.12.19

£

£

Bank loans

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

31.12.20

31.12.19

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 £2835.75 (2019 £5332.28) on the directors overdrawn loan account. This is included in the interest receivable and similar income in the financial statements.