Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3122022-01-01falsecontinues to be that of the construction of domestic buildings and the buying and selling of own real estate.2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04998792 2022-01-01 2022-12-31 04998792 2021-01-01 2021-12-31 04998792 2022-12-31 04998792 2021-12-31 04998792 c:Director1 2022-01-01 2022-12-31 04998792 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-31 04998792 d:Buildings d:LongLeaseholdAssets 2022-12-31 04998792 d:Buildings d:LongLeaseholdAssets 2021-12-31 04998792 d:FurnitureFittings 2022-01-01 2022-12-31 04998792 d:FurnitureFittings 2022-12-31 04998792 d:FurnitureFittings 2021-12-31 04998792 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04998792 d:ComputerEquipment 2022-01-01 2022-12-31 04998792 d:ComputerEquipment 2022-12-31 04998792 d:ComputerEquipment 2021-12-31 04998792 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04998792 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04998792 d:CurrentFinancialInstruments 2022-12-31 04998792 d:CurrentFinancialInstruments 2021-12-31 04998792 d:Non-currentFinancialInstruments 2022-12-31 04998792 d:Non-currentFinancialInstruments 2021-12-31 04998792 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04998792 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04998792 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04998792 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 04998792 d:ShareCapital 2022-12-31 04998792 d:ShareCapital 2021-12-31 04998792 d:RetainedEarningsAccumulatedLosses 2022-12-31 04998792 d:RetainedEarningsAccumulatedLosses 2021-12-31 04998792 c:OrdinaryShareClass1 2022-01-01 2022-12-31 04998792 c:OrdinaryShareClass1 2022-12-31 04998792 c:OrdinaryShareClass1 2021-12-31 04998792 c:FRS102 2022-01-01 2022-12-31 04998792 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 04998792 c:FullAccounts 2022-01-01 2022-12-31 04998792 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04998792 2 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04998792









COBALT DEVELOPMENTS LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
COBALT DEVELOPMENTS LIMITED
REGISTERED NUMBER: 04998792

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
46,320
36,544

  
46,320
36,544

Current assets
  

Stocks
  
1,034,419
1,106,317

Debtors: amounts falling due within one year
 5 
43,655
58,382

Cash at bank and in hand
  
23,460
14,399

  
1,101,534
1,179,098

Creditors: amounts falling due within one year
 6 
(937,848)
(692,148)

Net current assets
  
 
 
163,686
 
 
486,950

Total assets less current liabilities
  
210,006
523,494

Creditors: amounts falling due after more than one year
 7 
-
(348,220)

  

Net assets
  
210,006
175,274


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
210,004
175,272

  
210,006
175,274


Page 1

 
COBALT DEVELOPMENTS LIMITED
REGISTERED NUMBER: 04998792
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 October 2023.




Christopher Paul McKinley Swan
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
COBALT DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

The company is registered in England and Wales. The company's registered office is Stanley House, 27 Wellington Road, Bilston, West Midlands, WV14 6AH. The principal activity of the company continues to be that of the construction of domestic buildings and the buying and selling of own real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
COBALT DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10 Years Straight line basis
Fixtures and fittings
-
25% Straight line basis
Computer equipment
-
33.33% Straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
COBALT DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 5

 
COBALT DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
-
51,397
5,996
57,393


Additions
21,140
-
-
21,140



At 31 December 2022

21,140
51,397
5,996
78,533



Depreciation


At 1 January 2022
-
14,853
5,996
20,849


Charge for the year on owned assets
2,114
9,250
-
11,364



At 31 December 2022

2,114
24,103
5,996
32,213



Net book value



At 31 December 2022
19,026
27,294
-
46,320



At 31 December 2021
-
36,544
-
36,544


5.


Debtors

2022
2021
£
£


Trade debtors
14,429
2,368

Other debtors
29,226
56,014

43,655
58,382


Page 6

 
COBALT DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
345,500
4,080

Trade creditors
1,261
6,145

Corporation tax
9,452
-

Other taxation and social security
8,166
-

Other creditors
553,223
671,288

Accruals and deferred income
20,246
10,635

937,848
692,148



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
-
348,220

-
348,220


Page 7

 
COBALT DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



2 (2021 - 2) Ordinary shares of £1.00 each
2
2



9.


Controlling party

The controlling interest in the company is held by Christopher Paul McKinley Swan.
 
Page 8