Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31No description of principal activity02022-06-01false0truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06872947 2022-06-01 2023-05-31 06872947 2021-06-01 2022-05-31 06872947 2023-05-31 06872947 2022-05-31 06872947 c:Director1 2022-06-01 2023-05-31 06872947 d:Buildings 2022-06-01 2023-05-31 06872947 d:Buildings 2023-05-31 06872947 d:Buildings 2022-05-31 06872947 d:Buildings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06872947 d:Buildings d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 06872947 d:PlantMachinery 2022-06-01 2023-05-31 06872947 d:PlantMachinery 2023-05-31 06872947 d:PlantMachinery 2022-05-31 06872947 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06872947 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 06872947 d:MotorVehicles 2022-06-01 2023-05-31 06872947 d:MotorVehicles 2023-05-31 06872947 d:MotorVehicles 2022-05-31 06872947 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06872947 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 06872947 d:FurnitureFittings 2022-06-01 2023-05-31 06872947 d:FurnitureFittings 2023-05-31 06872947 d:FurnitureFittings 2022-05-31 06872947 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06872947 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 06872947 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 06872947 d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 06872947 d:CurrentFinancialInstruments 2023-05-31 06872947 d:CurrentFinancialInstruments 2022-05-31 06872947 d:Non-currentFinancialInstruments 2023-05-31 06872947 d:Non-currentFinancialInstruments 2022-05-31 06872947 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 06872947 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 06872947 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 06872947 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 06872947 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 06872947 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 06872947 d:ShareCapital 2023-05-31 06872947 d:ShareCapital 2022-05-31 06872947 d:CapitalRedemptionReserve 2023-05-31 06872947 d:CapitalRedemptionReserve 2022-05-31 06872947 d:RetainedEarningsAccumulatedLosses 2023-05-31 06872947 d:RetainedEarningsAccumulatedLosses 2022-05-31 06872947 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 06872947 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 06872947 c:OrdinaryShareClass1 2022-06-01 2023-05-31 06872947 c:OrdinaryShareClass1 2023-05-31 06872947 c:OrdinaryShareClass1 2022-05-31 06872947 c:OrdinaryShareClass2 2022-06-01 2023-05-31 06872947 c:OrdinaryShareClass2 2023-05-31 06872947 c:OrdinaryShareClass2 2022-05-31 06872947 c:OrdinaryShareClass3 2022-06-01 2023-05-31 06872947 c:OrdinaryShareClass3 2023-05-31 06872947 c:OrdinaryShareClass3 2022-05-31 06872947 c:OrdinaryShareClass4 2022-06-01 2023-05-31 06872947 c:OrdinaryShareClass4 2023-05-31 06872947 c:OrdinaryShareClass4 2022-05-31 06872947 c:FRS102 2022-06-01 2023-05-31 06872947 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 06872947 c:FullAccounts 2022-06-01 2023-05-31 06872947 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 06872947 2 2022-06-01 2023-05-31 06872947 6 2022-06-01 2023-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06872947










COBRA SEATS HOLDING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
COBRA SEATS HOLDING LIMITED
REGISTERED NUMBER: 06872947

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
945,661
773,455

Investments
 5 
86
86

  
945,747
773,541

Current assets
  

Debtors: amounts falling due within one year
 6 
351
68,486

Cash at bank and in hand
 7 
769
-

  
1,120
68,486

Creditors: amounts falling due within one year
 8 
(173,715)
(200,724)

Net current liabilities
  
 
 
(172,595)
 
 
(132,238)

Total assets less current liabilities
  
773,152
641,303

Creditors: amounts falling due after more than one year
 9 
(392,271)
(320,884)

Provisions for liabilities
  

Deferred tax
  
(94,449)
(32,845)

  
 
 
(94,449)
 
 
(32,845)

Net assets
  
286,432
287,574


Capital and reserves
  

Called up share capital 
 12 
220
220

Capital redemption reserve
  
140
140

Profit and loss account
  
286,072
287,214

  
286,432
287,574


Page 1

 
COBRA SEATS HOLDING LIMITED
REGISTERED NUMBER: 06872947
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The director considers 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 director acknowledges his 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 profit and loss account 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 by: 




M J Dunsford
Director

Date: 29 February 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
COBRA SEATS HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Cobra Seats Holding Limited was incorporated on 7 April 2009. Cobra Seats Holding Limited have a registered office and principal place of business at Units D1 & D2, Halesfield 23, Telford, Shropshire, TF7 4NY.

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:

 
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

 
COBRA SEATS HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
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:

Plant and machinery
-
10% straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
10% straight line

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.

Page 4

 
COBRA SEATS HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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.

 
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

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
COBRA SEATS HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 June 2022
567,566
533,169
96,021
92,187
1,288,943


Additions
-
196,061
70,895
2,766
269,722


Disposals
-
(3,312)
(37,369)
-
(40,681)



At 31 May 2023

567,566
725,918
129,547
94,953
1,517,984



Depreciation


At 1 June 2022
-
416,478
45,257
53,753
515,488


Charge for the year on owned assets
-
31,215
-
7,304
38,519


Charge for the year on financed assets
-
10,892
21,275
1,096
33,263


Disposals
-
-
(14,947)
-
(14,947)



At 31 May 2023

-
458,585
51,585
62,153
572,323



Net book value



At 31 May 2023
567,566
267,333
77,962
32,800
945,661



At 31 May 2022
567,566
116,691
50,764
38,434
773,455

Page 6

 
COBRA SEATS HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2022
86



At 31 May 2023
86





6.


Debtors

2023
2022
£
£


Other debtors
351
68,486

351
68,486



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
769
-

Less: bank overdrafts
-
(1,291)

769
(1,291)


Page 7

 
COBRA SEATS HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
1,291

Bank loans
14,242
29,486

Amounts owed to group undertakings
81,679
95,544

Taxation and social security
13,016
37,072

Obligations under finance lease and hire purchase contracts
45,415
35,091

Other creditors
16,971
-

Accruals and deferred income
2,392
2,240

173,715
200,724



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
239,737
238,717

Net obligations under finance leases and hire purchase contracts
152,534
82,167

392,271
320,884


Page 8

 
COBRA SEATS HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
14,242
29,486


14,242
29,486

Amounts falling due 1-2 years

Bank loans
239,737
238,717


239,737
238,717



253,979
268,203



11.


Deferred taxation




2023


£






At beginning of year
(32,845)


Charged to profit or loss
(61,604)



At end of year
(94,449)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(94,449)
(32,845)

(94,449)
(32,845)

Page 9

 
COBRA SEATS HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



170 (2022 - 170) Ordinary shares of £1.00 each
170
170
10 (2022 - 10) Ordinary C shares of £1.00 each
10
10
20 (2022 - 20) Ordinary D shares of £1.00 each
20
20
20 (2022 - 20) Ordinary E shares of £1.00 each
20
20

220

220


 
Page 10