Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29No description of principal activitytrue2023-03-01false1113trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04137637 2023-03-01 2024-02-29 04137637 2022-03-01 2023-02-28 04137637 2024-02-29 04137637 2023-02-28 04137637 c:Director1 2023-03-01 2024-02-29 04137637 c:RegisteredOffice 2023-03-01 2024-02-29 04137637 c:Agent1 2023-03-01 2024-02-29 04137637 d:PlantMachinery 2023-03-01 2024-02-29 04137637 d:PlantMachinery 2024-02-29 04137637 d:PlantMachinery 2023-02-28 04137637 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04137637 d:FurnitureFittings 2023-03-01 2024-02-29 04137637 d:FurnitureFittings 2024-02-29 04137637 d:FurnitureFittings 2023-02-28 04137637 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04137637 d:OfficeEquipment 2023-03-01 2024-02-29 04137637 d:OfficeEquipment 2024-02-29 04137637 d:OfficeEquipment 2023-02-28 04137637 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04137637 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04137637 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-01 2024-02-29 04137637 d:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 04137637 d:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 04137637 d:CurrentFinancialInstruments 2024-02-29 04137637 d:CurrentFinancialInstruments 2023-02-28 04137637 d:Non-currentFinancialInstruments 2024-02-29 04137637 d:Non-currentFinancialInstruments 2023-02-28 04137637 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 04137637 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 04137637 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 04137637 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 04137637 d:ShareCapital 2024-02-29 04137637 d:ShareCapital 2023-02-28 04137637 d:SharePremium 2024-02-29 04137637 d:SharePremium 2023-02-28 04137637 d:OtherMiscellaneousReserve 2024-02-29 04137637 d:OtherMiscellaneousReserve 2023-02-28 04137637 d:RetainedEarningsAccumulatedLosses 2024-02-29 04137637 d:RetainedEarningsAccumulatedLosses 2023-02-28 04137637 c:FRS102 2023-03-01 2024-02-29 04137637 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04137637 c:FullAccounts 2023-03-01 2024-02-29 04137637 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04137637 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 04137637 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 04137637 d:TaxLossesCarry-forwardsDeferredTax 2024-02-29 04137637 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 04137637 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-03-01 2024-02-29 04137637 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 04137637









COCO DE MER LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
COCO DE MER LIMITED
 
 
COMPANY INFORMATION


Director
Lucy Litwack 




Registered number
04137637



Registered office
Unit 2 Gloucester Studios
122a Gloucester Avenue

London

NW1 8HX




Accountants
Ashon
Chartered Accountants

125 Knoll Crescent

Northwood

Middlesex

HA6 1HX




Bankers
Barclays Bank Plc
Bath Milsom Street 2

Leicester

Leicestershire

LE87 2BB





 
COCO DE MER LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COCO DE MER LIMITED
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of COCO DE MER LIMITED for the year ended 29 February 2024 which comprise  the Statement of Financial Position 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 at https://www.icaew.com /regulation.

This report is made solely to the director of COCO DE MER LIMITED in accordance with the terms of our engagement letter dated 11 April 2018Our work has been undertaken solely to prepare for your approval the financial statements of COCO DE MER LIMITED and state those matters that we have agreed to state to the director of COCO DE MER LIMITED in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than COCO DE MER LIMITED and its director for our work or for this report. 

It is your duty to ensure that COCO DE MER 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 loss of COCO DE MER LIMITED. You consider that COCO DE MER LIMITED is exempt from the statutory audit requirement for the year.

  



Ashon
Chartered Accountants
125 Knoll Crescent
Northwood
Middlesex
HA6 1HX
9 September 2024
Page 1

 
COCO DE MER LIMITED
REGISTERED NUMBER: 04137637

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
480,000
560,000

Tangible assets
 5 
89,036
72,315

  
569,036
632,315

Current assets
  

Stocks
  
163,832
181,936

Debtors: amounts falling due within one year
 6 
526,536
725,349

Cash at bank and in hand
  
6,330
195,357

  
696,698
1,102,642

Creditors: amounts falling due within one year
 7 
(461,863)
(598,345)

Net current assets
  
 
 
234,835
 
 
504,297

Total assets less current liabilities
  
803,871
1,136,612

Creditors: amounts falling due after more than one year
 8 
(30,000)
(190,000)

  

Net assets
  
773,871
946,612


Capital and reserves
  

Called up share capital 
  
923,613
923,613

Share premium account
  
724,387
724,387

Other reserves
  
1,168,951
1,168,951

Profit and loss account
  
(2,043,080)
(1,870,339)

  
773,871
946,612


Page 2

 
COCO DE MER LIMITED
REGISTERED NUMBER: 04137637
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Lucy Litwack
Director

Date: 9 September 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
COCO DE MER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The company is registered in England & Wales and its registered number is 04137637. The company is a private company limited by shares. Its registered office is Unit 2 Gloucester Studios, 122a Gloucester Avenue, London, England, NW1 8HX. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
COCO DE MER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
COCO DE MER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Patents
-
10%
straight line

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Fixtures and fittings
-
25%
or 33% straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
COCO DE MER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 13).

Page 7

 
COCO DE MER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Intangible assets






Patents

£



Cost


At 1 March 2023
800,000



At 29 February 2024

800,000



Amortisation


At 1 March 2023
240,000


Charge for the year on owned assets
80,000



At 29 February 2024

320,000



Net book value



At 29 February 2024
480,000



At 28 February 2023
560,000



Page 8

 
COCO DE MER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
34,958
62,307
1,659
98,924


Additions
-
61,803
405
62,208



At 29 February 2024

34,958
124,110
2,064
161,132



Depreciation


At 1 March 2023
13,983
12,261
365
26,609


Charge for the year on owned assets
6,992
37,957
538
45,487



At 29 February 2024

20,975
50,218
903
72,096



Net book value



At 29 February 2024
13,983
73,892
1,161
89,036



At 28 February 2023
20,975
50,046
1,294
72,315


6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
168,203
522,392

Other debtors
21,000
21,026

Prepayments and accrued income
37,511
9,851

Deferred taxation
299,822
172,080

526,536
725,349


Page 9

 
COCO DE MER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Loans
107,356
82,500

Trade creditors
148,884
281,298

Corporation tax
-
25,808

Other taxation and social security
40,945
44,684

Other creditors
148,798
129,055

Accruals and deferred income
15,880
35,000

461,863
598,345


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Other creditors
100,000
100,000

100,000
100,000

Details of security provided:

This amount due for intelectual property is secured via a charge over the asset concerned.

Page 10

 
COCO DE MER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Loans
5,000
65,000

Other creditors
25,000
125,000

30,000
190,000


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Other creditors
25,000
125,000

25,000
125,000

Details of security provided:

This amount due for intelectual property is secured via a charge over the asset concerned.

Page 11

 
COCO DE MER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Deferred taxation






2024


£






At beginning of year
172,080


Charged to profit or loss
127,742



At end of year
299,822

The deferred tax asset is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(21,111)
(12,676)

Tax losses carried forward
320,933
184,756

299,822
172,080


10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £18,785  (2023 - £16,188).
Contributions totalling £1,689 (2023 - £2,511) were payable to the fund at the balance sheet date and are included in creditors.


11.


Controlling party

The immediate and ultimate parent undertaking is DM 66 Limited, which is incorporated in England & Wales.

 
Page 12