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REGISTERED NUMBER: 02201006 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

COBALT SKY LIMITED

COBALT SKY LIMITED (REGISTERED NUMBER: 02201006)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

COBALT SKY LIMITED

COMPANY INFORMATION
for the year ended 30 November 2023







DIRECTORS: Raz Khan
Lee Khan
Rebecca Marie Cole





SECRETARY: Lee Khan





REGISTERED OFFICE: 314-316 Upper Richmond Road
London
SW15 6TL





REGISTERED NUMBER: 02201006 (England and Wales)





ACCOUNTANTS: de Freitas & Co.
Chartered Accountants
39 Berwyn Road
Richmond
Surrey
TW10 5BU

COBALT SKY LIMITED (REGISTERED NUMBER: 02201006)

STATEMENT OF FINANCIAL POSITION
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 41,172 64,332
41,172 64,332

CURRENT ASSETS
Debtors 6 461,493 507,513
Cash at bank 606,127 564,848
1,067,620 1,072,361
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

413,188

451,948
NET CURRENT ASSETS 654,432 620,413
TOTAL ASSETS LESS CURRENT
LIABILITIES

695,604

684,745

PROVISIONS FOR LIABILITIES 8 7,827 9,061
NET ASSETS 687,777 675,684

CAPITAL AND RESERVES
Called up share capital 9 50 50
Capital redemption reserve 50 50
Retained earnings 687,677 675,584
SHAREHOLDERS' FUNDS 687,777 675,684

COBALT SKY LIMITED (REGISTERED NUMBER: 02201006)

STATEMENT OF FINANCIAL POSITION - continued
30 November 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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 1 July 2024 and were signed on its behalf by:





Raz Khan - Director


COBALT SKY LIMITED (REGISTERED NUMBER: 02201006)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2023


1. Statutory information

Cobalt Sky Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The directors have not been required to make any material critical judgements in the process of applying the company's accounting policies.

Turnover
Turnover represents sales of computer consultancy and software development and installation services. Where the outcome of a transaction can be estimated reliably turnover is recognised by reference to the stage of completion of the transaction at the end of the reporting period.

Goodwill
Goodwill represents the excess of the cost of acquisition over the fair value of the separable net assets of businesses acquired. It is initially measured at cost. After initial recognition, it is measured at cost less any accumulated amortisation and any accumulated impairment losses.

The goodwill on the acquisition of a business on 31 December 2010 has been amortised through the profit and loss account in equal instalments over its estimated useful life of 5 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.
Short leasehold - over the unexpired term of the lease
Fixtures and fittings - 20% on cost
Computer equipment - 25% - 33% on cost

COBALT SKY LIMITED (REGISTERED NUMBER: 02201006)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


2. Accounting policies - continued

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments, which comprise cash at bank, trade and other debtors and trade creditors.

Cash and cash equivalents - these include deposits held with banks.

Trade and other debtors - these are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment.

Trade creditors - these are initially measured at the transaction price and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable.

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

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

COBALT SKY LIMITED (REGISTERED NUMBER: 02201006)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


2. Accounting policies - continued

Employee benefits
Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received. An accrual is recognised for short term compensated absences where entitlement has accumulated, but has not been taken, at the reporting date.

Defined contribution pension schemes
The company operates defined contribution pension schemes, the assets of which are held separately from those of the company in independently administered funds. Contributions payable are recognised in profit or loss in the year to which the contributions relate.

Operating leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the lease.

Going concern
The company has considerable financial resources together with established business relationships with a number of customers across different geographic areas and industries. As a consequence the directors believe that the company is well placed to manage its business risks successfully.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3. Employees and directors

The average number of employees during the year was 19 (2022 - 18 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 December 2022
and 30 November 2023 40,000
Amortisation
At 1 December 2022
and 30 November 2023 40,000
Net book value
At 30 November 2023 -
At 30 November 2022 -

Goodwill on the acquisition of a business on 31 December 2010 has been amortised over 5 years. In the opinion of the directors this represented a prudent estimate of the period over which the group would derive economic benefits.

COBALT SKY LIMITED (REGISTERED NUMBER: 02201006)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


5. Tangible fixed assets
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
Cost
At 1 December 2022 59,717 47,046 36,688 143,451
Additions - 705 2,872 3,577
At 30 November 2023 59,717 47,751 39,560 147,028
Depreciation
At 1 December 2022 27,552 17,664 33,903 79,119
Charge for year 13,776 9,945 3,016 26,737
At 30 November 2023 41,328 27,609 36,919 105,856
Net book value
At 30 November 2023 18,389 20,142 2,641 41,172
At 30 November 2022 32,165 29,382 2,785 64,332

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 437,119 491,015
Prepayments and accrued income 24,374 16,498
461,493 507,513

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 123,264 111,227
Corporation tax 88,440 87,782
Social security and other taxes 154,009 184,301
Accruals and deferred income 47,475 68,638
413,188 451,948

8. Provisions for liabilities
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 7,827 9,061

COBALT SKY LIMITED (REGISTERED NUMBER: 02201006)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


8. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 December 2022 9,061
Credit to Income Statement during year (1,234 )
Balance at 30 November 2023 7,827

9. Called up share capital


Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary £0.01 50 50

10. Operating lease commitments

At 30 November 2023 the company had future minimum lease commitments under non-cancellable operating leases as follows:

20232022
£   £   

Not later than 1 year28,10756,214
Later than 1 year and not later than 5 years-28,107
28,10784,321

11. Related party disclosures

During the year, total dividends of £132,600 (2022 - £126,633) were paid to the directors .

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
COBALT SKY LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cobalt Sky Limited for the year ended 30 November 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Cobalt Sky Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cobalt Sky Limited. You consider that Cobalt Sky 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 financial statements of Cobalt Sky 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 financial statements.






de Freitas & Co.
Chartered Accountants
39 Berwyn Road
Richmond
Surrey
TW10 5BU


1 July 2024