Cotterill Drainage Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05214478 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Cotterill Drainage Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M A Adams

A C Cotterill

Mrs C E 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

340,487

202,486

CURRENT ASSETS

Stocks

267,011

304,654

Debtors

5

1,829,101

1,817,628

Cash at bank and in hand

107,238

2,471

2,203,350

2,124,753

CREDITORS

Amounts falling due within one year

6

1,420,520

1,372,227

NET CURRENT ASSETS

782,830

752,526

TOTAL ASSETS LESS CURRENT LIABILITIES

1,123,317

955,012

CREDITORS

Amounts falling due after more than one year

7

(370,959

)

(425,812

)

PROVISIONS FOR LIABILITIES

(82,827

)

(36,510

)

NET ASSETS

669,531

492,690

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

669,431

492,590

SHAREHOLDERS' FUNDS

669,531

492,690

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 6 July 2023 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.

Going concern

The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at lease one year from the date of approval of the financial statements. The directors have concluded that there are no material uncertainties about the company's ability to continue as a going concern and they are satisfied that the company has adequate resources to continue to meet its liabilities as they fall due, and, therefore that it remains appropriate to continue to adopt the going concern basis of accounting in the financial statements.

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 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 20 (2021 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2022

11,475

125,722

40,436

Additions

-

86,697

12,416

At 31 December 2022

11,475

212,419

52,852

DEPRECIATION

At 1 January 2022

1,148

32,694

16,857

Charge for year

1,147

10,537

3,060

At 31 December 2022

2,295

43,231

19,917

NET BOOK VALUE

At 31 December 2022

9,180

169,188

32,935

At 31 December 2021

10,327

93,028

23,579

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

114,480

36,978

329,091

Additions

48,654

25,841

173,608

At 31 December 2022

163,134

62,819

502,699

DEPRECIATION

At 1 January 2022

47,892

28,014

126,605

Charge for year

10,563

10,300

35,607

At 31 December 2022

58,455

38,314

162,212

NET BOOK VALUE

At 31 December 2022

104,679

24,505

340,487

At 31 December 2021

66,588

8,964

202,486

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

1,027,154

1,088,648

Other debtors

801,947

728,980

1,829,101

1,817,628

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

108,568

122,942

Hire purchase contracts

45,199

32,643

Trade creditors

1,222,318

1,061,496

Taxation and social security

28,410

26,057

Other creditors

16,025

129,089

1,420,520

1,372,227

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

263,515

363,542

Hire purchase contracts

107,444

62,270

370,959

425,812

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank loans

372,083

470,834

Bank loans are secured by a fixed and floating charges over the company's property and undertakings.

In addition, other creditors in the prior year contains £120,488 secured by a fixed and floating charge over the company's property and undertakings.

The charges contain negative pledges.

Copies of the charges are filed at Companies House.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

100

Ordinary A

£1

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

A C Cotterill

Balance outstanding at start of year

204,443

105,478

Amounts advanced

101,278

99,277

Amounts repaid

(312

)

(312

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

305,409

204,443

Mrs C E Adams

Balance outstanding at start of year

2,688

-

Amounts advanced

4,207

3,000

Amounts repaid

(312

)

(312

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,583

2,688

Mrs M L James

Balance outstanding at start of year

-

-

Amounts advanced

6,581

-

Amounts repaid

(102

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,479

-

11.	RELATED PARTY DISCLOSURE

The business operates from a yard owned by the director for which rent of £12,000 (2021: £nil) was charged for the year.

During the period the company charged interest of £4,391.50 (2021: £1,986.50) on the directors' overdrawn loan accounts. This is included in other operating income within the financial statements.