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REGISTERED NUMBER: SC420574 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Cobra Simulation Limited

Cobra Simulation Limited (Registered number: SC420574)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cobra Simulation Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: A G Bradley
S Westwood





REGISTERED OFFICE: The Capital Building
12/13 St. Andrew Square
Edinburgh
EH2 2AF





REGISTERED NUMBER: SC420574 (Scotland)





ACCOUNTANTS: Bell Barr & Company
Chartered Accountants
2 Stewart Street
Milngavie
Glasgow
G62 6BW

Cobra Simulation Limited (Registered number: SC420574)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 212,862 249,763
Tangible assets 5 11,836 14,881
224,698 264,644

CURRENT ASSETS
Stocks 215,747 43,305
Debtors 6 16,499 36,990
Cash at bank and in hand 17,673 35,980
249,919 116,275
CREDITORS
Amounts falling due within one year 7 221,739 118,274
NET CURRENT ASSETS/(LIABILITIES) 28,180 (1,999 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

252,878

262,645

CREDITORS
Amounts falling due after more than one
year

8

45,940

56,805
NET ASSETS 206,938 205,840

CAPITAL AND RESERVES
Called up share capital 107 107
Share premium 108,405 108,405
Retained earnings 98,426 97,328
206,938 205,840

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

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

Cobra Simulation Limited (Registered number: SC420574)

Balance Sheet - continued
31 March 2023


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 Board of Directors and authorised for issue on 26 June 2023 and were signed on its behalf by:





A G Bradley - Director


Cobra Simulation Limited (Registered number: SC420574)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Cobra Simulation Limited is a private company, limited by shares , registered in Scotland. 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.

The directors have reviewed the company's operating costs for the next twelve months, and the sources of funds available, and are satisfied that the company is a going concern.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of eight years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Cobra Simulation Limited (Registered number: SC420574)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Cash at bank
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 331,139
AMORTISATION
At 1 April 2022 81,376
Charge for year 36,901
At 31 March 2023 118,277
NET BOOK VALUE
At 31 March 2023 212,862
At 31 March 2022 249,763

Cobra Simulation Limited (Registered number: SC420574)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 47,384 13,280 30,239 90,903
Additions 661 - 1,046 1,707
Disposals (1,564 ) - - (1,564 )
At 31 March 2023 46,481 13,280 31,285 91,046
DEPRECIATION
At 1 April 2022 40,619 10,850 24,553 76,022
Charge for year 1,661 608 2,483 4,752
Eliminated on disposal (1,564 ) - - (1,564 )
At 31 March 2023 40,716 11,458 27,036 79,210
NET BOOK VALUE
At 31 March 2023 5,765 1,822 4,249 11,836
At 31 March 2022 6,765 2,430 5,686 14,881

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 7,133 5,669
Tax - 19,888
VAT 7,871 9,505
Prepayments 1,495 1,928
16,499 36,990

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 16,480 12,105
Trade creditors 18,870 16,174
Taxation and social security 23,884 28,417
Other creditors 162,505 61,578
221,739 118,274

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 45,940 56,805