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REGISTERED NUMBER: 09175575 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

COSCA LIMITED

COSCA LIMITED (REGISTERED NUMBER: 09175575)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 29 FEBRUARY 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


COSCA LIMITED (REGISTERED NUMBER: 09175575)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,796 2,395
Investment property 5 11,000,000 4,145,602
11,001,796 4,147,997

CURRENT ASSETS
Debtors 6 442,413 1,374,549
Cash at bank and in hand 110 100
442,523 1,374,649
CREDITORS
Amounts falling due within one year 7 369,799 398,516
NET CURRENT ASSETS 72,724 976,133
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,074,520

5,124,130

CREDITORS
Amounts falling due after more than one
year

8

(3,296,926

)

(4,300,386

)

PROVISIONS FOR LIABILITIES 10 (1,713,599 ) -
NET ASSETS 6,063,995 823,744

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 5,140,797 -
Retained earnings 923,098 823,644
6,063,995 823,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

COSCA LIMITED (REGISTERED NUMBER: 09175575)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


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 14 August 2024 and were signed on its behalf by:





Mr M Gec - Director


COSCA LIMITED (REGISTERED NUMBER: 09175575)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Cosca Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09175575

Registered office: 22 Eastbury Road
Beckton
London
E6 6LP

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 as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Property, plant & equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives, on the following basis:

Plant and machinery 25% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investment property
Investment property, which property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

COSCA LIMITED (REGISTERED NUMBER: 09175575)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all material 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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 March 2023
and 29 February 2024 10,480
DEPRECIATION
At 1 March 2023 8,085
Charge for year 599
At 29 February 2024 8,684
NET BOOK VALUE
At 29 February 2024 1,796
At 28 February 2023 2,395

COSCA LIMITED (REGISTERED NUMBER: 09175575)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 FEBRUARY 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 4,145,602
Revaluations 6,854,398
At 29 February 2024 11,000,000
NET BOOK VALUE
At 29 February 2024 11,000,000
At 28 February 2023 4,145,602

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2024 6,854,398
Cost 4,145,602
11,000,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 4,145,602 4,145,602

Investment property was valued on an open market basis on 29 February 2024 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 442,413 1,374,549

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 63,091 79,184
Trade creditors 11,680 4,230
Taxation and social security 166,400 146,021
Other creditors 128,628 169,081
369,799 398,516

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 3,296,926 4,300,386

COSCA LIMITED (REGISTERED NUMBER: 09175575)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 29 FEBRUARY 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,360,017 4,372,391

Bank loan is secured by way of fixed and floating charge on the properties and other assets of the company and contains a negative pledge.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,713,599 -

Deferred
tax
£   
Provided during year 1,713,599
Balance at 29 February 2024 1,713,599

11. RESERVES
Fair
value
reserve
£   
Revaluation reserve 5,140,797

At 29 February 2024 5,140,797

12. RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £435,842 (2023: £1,367,530) due from connected companies under common directorship and shareholding. The amount is interest free and repayable on demand.

Included in other creditors less than one year is an amount of £97,398 (2023: £91,679) due to connected
companies under common directorship and shareholding. The amount is interest free and repayable on demand.