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REGISTERED NUMBER: 03413834 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

FOR

COSSACK ASSET MANAGEMENT LIMITED

COSSACK ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 03413834)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


COSSACK ASSET MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2022







DIRECTOR: R M Kingston





SECRETARY: R M Kingston





REGISTERED OFFICE: 70 Woodland Rise
Muswell Hill
London
N10 3UJ





REGISTERED NUMBER: 03413834 (England and Wales)






COSSACK ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 03413834)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2022

31.8.22 31.8.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 128,149 97,926
Investments 5 35,000 -
Investment property 6 560,000 560,000
723,149 657,926

CURRENT ASSETS
Debtors 7 297,163 313,663
Cash at bank and in hand 104,958 85,999
402,121 399,662
CREDITORS
Amounts falling due within one year 8 210,326 193,454
NET CURRENT ASSETS 191,795 206,208
TOTAL ASSETS LESS CURRENT
LIABILITIES

914,944

864,134

CREDITORS
Amounts falling due after more than one
year

9

(319,000

)

(366,317

)

PROVISIONS FOR LIABILITIES (29,450 ) (29,450 )
NET ASSETS 566,494 468,367

CAPITAL AND RESERVES
Called up share capital 100 100
Undistributable reserve 10 125,550 125,550
Retained earnings 10 440,844 342,717
SHAREHOLDERS' FUNDS 566,494 468,367

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

COSSACK ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 03413834)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2022


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 November 2023 and were signed by:





R M Kingston - Director


COSSACK ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 03413834)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022

1. STATUTORY INFORMATION

Cossack Asset Management 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.

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 as modified by the revaluation of certain 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.

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 - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficits arising from changes in fair value is recognised in profit or loss.

This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of the directors, property is held primarily for their investment potential and so fair value is of more significance as a measure of consumption. They therefore have applied a true and fair override with respect to investment properties.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

COSSACK ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 03413834)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2021 139,998
Additions 47,524
At 31 August 2022 187,522
DEPRECIATION
At 1 September 2021 42,072
Charge for year 17,301
At 31 August 2022 59,373
NET BOOK VALUE
At 31 August 2022 128,149
At 31 August 2021 97,926

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.8.22 31.8.21
£    £   
Fixed asset investments 35,000 -

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2021
and 31 August 2022 560,000
NET BOOK VALUE
At 31 August 2022 560,000
At 31 August 2021 560,000

Fair value at 31 August 2022 is represented by:
£   
Valuation in 2016 95,000
Valuation in 2017 60,000
Cost 405,000
560,000

The investment property has been shown at fair value basis by the director.

COSSACK ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 03413834)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.22 31.8.21
£    £   
Other debtors 297,163 313,663

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.22 31.8.21
£    £   
Bank loans and overdrafts 58,727 64,165
Taxation and social security 123,838 90,060
Other creditors 27,761 39,229
210,326 193,454

Included in other creditors due within one year are accrued expenses of £1,080 (2018: £1,080)

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.22 31.8.21
£    £   
Bank loans 319,000 366,317

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 319,000 319,000

10. RESERVES
Retained Undistributable
earnings reserve Totals
£    £    £   

At 1 September 2021 342,717 125,550 468,267
Profit for the year 178,127 178,127
Dividends (80,000 ) (80,000 )
At 31 August 2022 440,844 125,550 566,394

Within the reserves is an amount of £125,550. This represents the fair value adjustment of the investment properties and the deferred tax. FRS 102 requires that the changes in fair value be recognised in the profit and loss, but that the fair value gains cannot be distributed to the shareholders as a dividend.

Deferred tax of £29,450 has been provided on the investment property in accordance with the requirements of FRS 102 section 1A based on the potential capital gains tax payable if the properties were to be disposed of at a fair value.

COSSACK ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 03413834)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2022 and 31 August 2021:

31.8.22 31.8.21
£    £   
R M Kingston
Balance outstanding at start of year (7,146 ) (63,331 )
Amounts advanced 285,039 251,122
Amounts repaid (264,747 ) (194,937 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13,146 (7,146 )