Registered number
02443466
Cobra Precision Engineering Limited
Report and Accounts
for the year ended 30 November 2023
Cobra Precision Engineering Limited
Registered number: 02443466
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 325,078 314,330
Current assets
Stocks 50,000 53,727
Debtors 4 209,230 207,277
Cash at bank and in hand 107,942 78,259
367,172 339,263
Creditors: amounts falling due within one year 5 (315,697) (331,596)
Net current assets 51,475 7,667
Total assets less current liabilities 376,553 321,997
Creditors: amounts falling due after more than one year 6 (68,585) (111,606)
Provisions for liabilities (23,880) (23,880)
Net assets 284,088 186,511
Capital and reserves
Called up share capital 100 100
Profit and loss account 283,988 186,411
Shareholders' funds 284,088 186,511
The directors are 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 directors acknowledge their 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.
S Stevens
Director
Approved by the board on 25 August 2024
Cobra Precision Engineering Limited
Notes to the Accounts
for the year ended 30 November 2023
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.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 and machinery 10% reducing balance
Fixtures and fittings 15% reducing balance
IT equipment over 3 years
Motor vehicles 25% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
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). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Office equipment Fixtures and fittings IT equipment Motor vehicles Total
£ £ £
Cost
At 1 December 2022 345,336 70,574 15,221 140,306 571,437
Additions 25,500 - 3,507 37,974 66,981
At 30 November 2023 370,836 70,574 18,728 178,280 638,418
Depreciation
At 1 December 2022 109,002 53,419 10,122 84,564 257,107
Charge for the year 26,227 2,661 3,916 23,429 56,233
At 30 November 2023 135,229 56,080 14,038 107,993 313,340
Net book value
At 30 November 2023 235,607 14,494 4,690 70,287 325,078
At 30 November 2022 236,334 17,155 5,099 55,742 314,330
4 Debtors 2023 2022
£ £
Trade debtors 199,066 186,380
Prepayment 10,164 15,186
Other debtors - 5,711
209,230 207,277
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 24,000 24,000
Obligations under finance lease and hire purchase contracts 39,210 47,743
Trade creditors 28,420 41,696
Due to group undertakings 4,320 31,070
Net wages 18,510 32,509
Corporation tax 12,941 -
Other taxes and social security costs 105,360 77,399
Other creditors 82,936 77,179
315,697 331,596
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 52,000 76,000
Obligations under finance lease and hire purchase contracts 16,585 35,606
68,585 111,606
7 Pension schemes
The company operates a defined contribution pension scheme. The pension cost charge represents contributions paid by the company and amounted to £12,829 (2022- £12,099).
8 Controlling party
The company is controlled by Cobra Precision Engineering Holdings Limited who own 100% of the called up share capital.
Unit 26
Aston Road
Waterlooville
Hampshire
PO7 7XJ
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