Registered number
06711978
Cobalt Interactive Holdings Ltd
Filleted Accounts
30 June 2024
Cobalt Interactive Holdings Ltd
Registered number: 06711978
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 394 6,523
Current assets
Stocks - 527
Debtors 4 126,204 66,103
Cash at bank and in hand 573,575 529,584
699,779 596,214
Creditors: amounts falling due within one year 5 (59,125) (113,639)
Net current assets 640,654 482,575
Net assets 641,048 489,098
Capital and reserves
Called up share capital 100 100
Profit and loss account 640,948 488,998
Shareholders' funds 641,048 489,098
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Iain McGhee
Director
Approved by the board on 31 July 2024
Cobalt Interactive Holdings Ltd
Notes to the Accounts
for the period from 1 April 2023 to 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery and equipment 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 23,863 20,950 44,813
Additions 1,449 - 1,449
Disposals (25,312) - (25,312)
At 30 June 2024 - 20,950 20,950
Depreciation
At 1 April 2023 17,913 20,377 38,290
Charge for the period - 179 179
On disposals (17,913) - (17,913)
At 30 June 2024 - 20,556 20,556
Net book value
At 30 June 2024 - 394 394
At 31 March 2023 5,950 573 6,523
4 Debtors 2024 2023
£ £
Trade debtors - 53,430
Asset Sale Debtor 41,400 -
Loan to New Cobalt 35,000 -
Other debtors 49,804 12,673
126,204 66,103
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 13,300
Taxation and social security costs 54,370 14,985
Other creditors 4,755 85,354
59,125 113,639
6 Events during the year
The company was formally known as Cobalt Interactive Ltd and changed its name on the 19th July 2023. During the year the majority of the assets of the company were sold to Cobalt Interactive Ltd.
7 Other information
Cobalt Interactive Holdings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Barn
173 Church Road
Northfiled
Birmingham
B31 2LX
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