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COMPANY REGISTRATION NUMBER: 14572050
COIN-OP Limited
Filleted Unaudited Financial Statements
31 December 2023
COIN-OP Limited
Financial Statements
Period from 5 January 2023 to 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
COIN-OP Limited
Statement of Financial Position
31 December 2023
31 Dec 23
Note
£
Fixed assets
Intangible assets
6
6,667
Current assets
Debtors
7
1,478
Cash at bank and in hand
45,836
--------
47,314
Creditors: amounts falling due within one year
8
12,723
--------
Net current assets
34,591
--------
Total assets less current liabilities
41,258
--------
Net assets
41,258
--------
Capital and reserves
Called up share capital
1
Capital redemption reserve
1
Profit and loss account
41,256
--------
Shareholders funds
41,258
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
COIN-OP Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 3 August 2024 , and are signed on behalf of the board by:
Mr M Vallone
Director
Company registration number: 14572050
COIN-OP Limited
Notes to the Financial Statements
Period from 5 January 2023 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred taxrecognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Website assets
Websites are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website costs
-
5 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 .
5. Share capital
Within share capital, there are 115 1p shares in issue, however as the accounts have been prepared in pounds, these have been subject to rounding.
6. Intangible assets
Website
£
Cost
Additions
Additions from internal developments
8,000
-------
At 31 December 2023
8,000
-------
Amortisation
Charge for the period
1,333
-------
At 31 December 2023
1,333
-------
Carrying amount
At 31 December 2023
6,667
-------
7. Debtors
31 Dec 23
£
Other debtors
1,478
-------
8. Creditors: amounts falling due within one year
31 Dec 23
£
Corporation tax
9,913
Other creditors
2,810
--------
12,723
--------
9. Related party transactions
At the year end the company owed the directors £60.