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Registration number: 07646757

Cobnut Tree Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 October 2023

 

Cobnut Tree Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 16

 

Cobnut Tree Limited

Company Information

Director

L Karimi

Registered office

6 Jiniwin Road
Rochester
Kent
ME1 2DJ

Accountants

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

 

Cobnut Tree Limited

Director's Report for the Year Ended 31 October 2023

The director presents her report and the abridged financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

J Mount (ceased 7 September 2023)

L Karimi

Principal activity

The principal activity of the company is that of cafe restaurant and catering services.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 9 March 2024
 

.........................................
L Karimi
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cobnut Tree Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cobnut Tree Limited for the year ended 31 October 2023 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cobnut Tree Limited, as a body, in accordance with the terms of our engagement letter dated 15 November 2012. Our work has been undertaken solely to prepare for your approval the accounts of Cobnut Tree Limited and state those matters that we have agreed to state to the Board of Directors of Cobnut Tree Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cobnut Tree Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cobnut Tree Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cobnut Tree Limited. You consider that Cobnut Tree Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cobnut Tree Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

9 March 2024

 

Cobnut Tree Limited

Abridged Profit and Loss Account for the Year Ended 31 October 2023

Note

2023
£

2022
£

Gross profit

 

843,161

676,572

Administrative expenses

 

(541,069)

(470,861)

Other interest receivable and similar income

 

1,498

33

Interest payable and similar expenses

 

(1,213)

(734)

Profit before tax

4

302,377

205,010

Tax on profit

 

(69,631)

(39,265)

Profit for the financial year

 

232,746

165,745

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Cobnut Tree Limited

Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Profit for the year

232,746

165,745

Total comprehensive income for the year

232,746

165,745

 

Cobnut Tree Limited

(Registration number: 07646757)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

6

31,620

32,383

Current assets

 

Stocks

7

7,000

9,000

Debtors

8

107,750

104,750

Cash at bank and in hand

 

584,943

340,178

 

699,693

453,928

Prepayments and accrued income

 

6,667

6,667

Creditors: Amounts falling due within one year

(136,413)

(105,892)

Net current assets

 

569,947

354,703

Total assets less current liabilities

 

601,567

387,086

Creditors: Amounts falling due after more than one year

(32,800)

(42,400)

Provisions for liabilities

(4,227)

(2,892)

Net assets

 

564,540

341,794

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

564,539

341,793

Shareholders' funds

 

564,540

341,794

For the financial year ending 31 October 2023 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 year 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 9 March 2024
 

 

Cobnut Tree Limited

(Registration number: 07646757)
Abridged Balance Sheet as at 31 October 2023

.........................................
L Karimi
Director

 

Cobnut Tree Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

1

341,793

341,794

Profit for the year

-

232,746

232,746

Dividends

-

(10,000)

(10,000)

At 31 October 2023

1

564,539

564,540

Share capital
£

Retained earnings
£

Total
£

At 1 November 2021

1

176,048

176,049

Profit for the year

-

165,745

165,745

At 31 October 2022

1

341,793

341,794

 

Cobnut Tree Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
6 Jiniwin Road
Rochester
Kent
ME1 2DJ
England

These financial statements were authorised for issue by the director on 9 March 2024.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or on completion of the designated services;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Cobnut Tree Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

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

Furniture, fittings and equipment

25% reducing balance

Leasehold properties

Straight line over 15 years

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Cobnut Tree Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Cobnut Tree Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 year, was 26 (2022 - 28).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,087

7,524

 

Cobnut Tree Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 November 2022

23,000

At 31 October 2023

23,000

Amortisation

At 1 November 2022

23,000

At 31 October 2023

23,000

Carrying amount

At 31 October 2023

-

6

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

36,772

90,110

126,882

Additions

-

7,324

7,324

At 31 October 2023

36,772

97,434

134,206

Depreciation

At 1 November 2022

19,609

74,890

94,499

Charge for the year

2,451

5,636

8,087

At 31 October 2023

22,060

80,526

102,586

Carrying amount

At 31 October 2023

14,712

16,908

31,620

At 31 October 2022

17,163

15,220

32,383

Included within the net book value of land and buildings above is £14,712 (2022 - £17,163) in respect of short leasehold land and buildings.
 

 

Cobnut Tree Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

7,000

9,000

8

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of 10,000.00 (2022 - Nil) per each Ordinary Dividend

 

10,000

 

-

         

11

Related party transactions

 

Cobnut Tree Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Transactions with the director

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

L Karimi

L Karimi

(16,783)

3,107

(13,676)

       
     

 

2022

At 1 November 2021
£

Repayments by director
£

At 31 October 2022
£

L Karimi

L Karimi

(78,783)

62,000

(16,783)

       
     

 

 

Cobnut Tree Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,382

24,674

12

Parent and ultimate parent undertaking

The ultimate controlling party is Leila Karimi.