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Company Registration No. 05718599 (England and Wales)
Coracle Online Limited Unaudited accounts for the year ended 31 March 2022
Coracle Online Limited Unaudited accounts Contents
Page
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Coracle Online Limited Company Information for the year ended 31 March 2022
Directors
James Tweed Neville Wright
Company Number
05718599 (England and Wales)
Registered Office
Bank House Rear Of 58 High Street Newmarket CB8 8LB England
Accountants
Caseron Cloud Accounting Ltd 7 Swallow Drive Stowmarket Suffolk IP14 5BY
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Coracle Online Limited Statement of financial position as at 31 March 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Intangible assets
71,248 
- 
Tangible assets
123,282 
9,141 
194,530 
9,141 
Current assets
Inventories
99,362 
97,462 
Debtors
233,037 
235,457 
Cash at bank and in hand
241,516 
11,991 
573,915 
344,910 
Creditors: amounts falling due within one year
(554,034)
(123,472)
Net current assets
19,881 
221,438 
Total assets less current liabilities
214,411 
230,579 
Creditors: amounts falling due after more than one year
(42,091)
(67,226)
Net assets
172,320 
163,353 
Capital and reserves
Called up share capital
133 
133 
Share premium
234,967 
234,967 
Profit and loss account
(62,780)
(71,747)
Shareholders' funds
172,320 
163,353 
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2022 and were signed on its behalf by
James Tweed Director Company Registration No. 05718599
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Coracle Online Limited Notes to the Accounts for the year ended 31 March 2022
1
Statutory information
Coracle Online Limited is a private company, limited by shares, registered in England and Wales, registration number 05718599. The registered office is Bank House, Rear Of 58 High Street, Newmarket, CB8 8LB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tax
The tax expense for the period comprises current 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. 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.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight Line Basis
Motor vehicles
20% Straight Line Basis
Computer equipment
25% Straight Line Basis
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Coracle Online Limited Notes to the Accounts for the year ended 31 March 2022
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
The company uses various financial instruments, including bank loans, revolving credit facilities, cash and various items such as trade debtors and creditors that arise from operations. The primary function of these instruments is to ensure sufficient cashflow to support the company?s operations. The existence of these instruments exposes the company to a number of financial risks, as described below:
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity and working capital is available to meet the need of the company. Short term flexibility is available through revolving credit facilities. The maturity of borrowings is set out in note 7 to the financial statements.
Interest rate risk
The company?s exposure to interest rate fluctuations on borrowings is managed with the use of fixed rate facilities.
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Coracle Online Limited Notes to the Accounts for the year ended 31 March 2022
Other economic risk
The company is predominantly a B2B operation, with shared upside from consumer spending. Contracted floor rates for the provision of the company?s platform reduce the impact of potential reduction in spending patterns from end users. The company has considered the potential impact of Brexit on the business: Labour mobility: the company does not employ any non-UK nationals and does not compete in hiring staff against low skilled labour employers. The company does expect to find skilled software development staff increasingly difficult to find and manages this risk by developing its own internal training programme. Supply chain friction: the company sources hardware (notably Chromebooks) from outside of the EU. Regulatory and policy: the company does not consider there to be any regulatory or policy impact on the business. Tax: the company does not consider there to be any significant tax implications impacting the business. Macroeconomic: a fall in the value of sterling would increase the cost of importing goods from outside of the UK and this could have an impact the cost of supply of Chromebooks. Global demand for Chromebooks has grown year-on-year in excess of 65% and ongoing global chip shortages are impacting availability of stock. The number of orders that the company places are relatively few in any one year so delays are not expected to have a material impact on the trading performance on the business.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 April 2021
- 
Additions
84,615 
At 31 March 2022
84,615 
Amortisation
At 1 April 2021
- 
Charge for the year
13,367 
At 31 March 2022
13,367 
Net book value
At 31 March 2022
71,248 
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Coracle Online Limited Notes to the Accounts for the year ended 31 March 2022
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2021
17,003 
- 
7,112 
24,115 
Additions
3,823 
10,850 
108,151 
122,824 
At 31 March 2022
20,826 
10,850 
115,263 
146,939 
Depreciation
At 1 April 2021
13,957 
- 
1,017 
14,974 
Charge for the year
1,314 
301 
7,068 
8,683 
At 31 March 2022
15,271 
301 
8,085 
23,657 
Net book value
At 31 March 2022
5,555 
10,549 
107,178 
123,282 
At 31 March 2021
3,046 
- 
6,095 
9,141 
6
Debtors: amounts falling due within one year
2022 
2021 
£ 
£ 
VAT
6 
1,726 
Trade debtors
36,280 
91,021 
Accrued income and prepayments
- 
21,413 
Other debtors
196,751 
121,297 
233,037 
235,457 
7
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
- 
41,041 
VAT
50,879 
- 
Trade creditors
89,644 
16,022 
Taxes and social security
44,759 
25,790 
Other creditors
7,665 
21,197 
Accruals
33,189 
19,422 
Deferred income
327,898 
- 
554,034 
123,472 
8
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
42,091 
67,226 
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Coracle Online Limited Notes to the Accounts for the year ended 31 March 2022
9
Operating lease commitments
2022 
2021 
£ 
£ 
At 31 March 2022 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
26,258 
26,681 
Within two to five years
5,775 
25,271 
32,033 
51,952 
10
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
James Tweed
Loan advanced to Director, interest charged at 0%. Balance due is repayable on demand
89,216 
56,767 
- 
145,983 
89,216 
56,767 
- 
145,983 
11
Average number of employees
During the year the average number of employees was 9 (2021: 7).
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