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Registration number: 11082371

Cogen Systems Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 December 2019 to 31 May 2021

 

Cogen Systems Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Cogen Systems Ltd

Company Information

Director

Mrs C L Read

Registered office

St Davids House
48 Free Street
Brecon
Powys
LD3 7BN

Accountants

Mitchell Meredith Limited
St Davids House
48 Free Street
Brecon
Powys
LD3 7BN

 

Cogen Systems Ltd

(Registration number: 11082371)
Balance Sheet as at 31 May 2021

Note

2021
£

2019
£

Fixed assets

 

Tangible assets

4

2,637

1,245

Current assets

 

Stocks

5

750

400

Debtors

6

35,017

13,275

Cash at bank and in hand

 

3,957

5,391

 

39,724

19,066

Creditors: Amounts falling due within one year

7

(42,022)

(20,292)

Net current liabilities

 

(2,298)

(1,226)

Total assets less current liabilities

 

339

19

Provisions for liabilities

(337)

(17)

Net assets

 

2

2

Capital and reserves

 

Called up share capital

2

2

Shareholders' funds

 

2

2

 

Cogen Systems Ltd

(Registration number: 11082371)
Balance Sheet as at 31 May 2021

For the financial period ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 August 2022
 

Mrs C L Read
Director

 

Cogen Systems Ltd

Notes to the Financial Statements for the Period from 1 December 2019 to 31 May 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
St Davids House
48 Free Street
Brecon
Powys
LD3 7BN
UK

These financial statements were authorised for issue by the director on 12 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

The accounting period covers a period greater than 12 months due to an extension to the year end date.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all
related conditions will be met, usually on submission of a valid claim for payment.

Government grants in respect of capital expenditure are credited to a deferred income account and are released
to profit over the expected useful lives of the relevant assets.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Cogen Systems Ltd

Notes to the Financial Statements for the Period from 1 December 2019 to 31 May 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Fixtures and Fittings

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price.

 

Cogen Systems Ltd

Notes to the Financial Statements for the Period from 1 December 2019 to 31 May 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2 (2019 - 2).

 

Cogen Systems Ltd

Notes to the Financial Statements for the Period from 1 December 2019 to 31 May 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2019

2,093

2,093

Additions

2,393

2,393

At 31 May 2021

4,486

4,486

Depreciation

At 1 December 2019

848

848

Charge for the period

1,001

1,001

At 31 May 2021

1,849

1,849

Carrying amount

At 31 May 2021

2,637

2,637

At 30 November 2019

1,245

1,245

5

Stocks

2021
£

2019
£

Stock

750

400

 

Cogen Systems Ltd

Notes to the Financial Statements for the Period from 1 December 2019 to 31 May 2021

6

Debtors

2021
£

2019
£

Trade debtors

14,514

13,029

Other debtors

14,558

-

PAYE and NIC

1,196

246

Directors loan

4,749

-

35,017

13,275

7

Creditors

Creditors: amounts falling due within one year

2021
£

2019
£

Due within one year

Trade creditors

5,107

9,819

Directors loan

-

3,339

Taxation and social security

26,584

3,101

Accruals and deferred income

1,540

964

Pension contributions unpaid

904

904

Corporation tax

7,887

2,165

42,022

20,292

8

Related party transactions

Transactions with directors

2021

At 1 December 2019
£

Advances to directors
£

At 31 May 2021
£

Mrs C L Read

Overdrawn Directors Loan Account - Interest Free

-

4,749

4,749