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Registered number: 12746681
Cosmic Monkey Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
BOA Accountancy Limited t/a Berkeley Hall
Unit D2 Southgate
Commerce Park
Frome
BA11 2RY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12746681
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,602 30,123
17,602 30,123
CURRENT ASSETS
Stocks 5 33,951 19,175
Debtors 6 8,648 2,968
Cash at bank and in hand 3,375 7,351
45,974 29,494
Creditors: Amounts Falling Due Within One Year 7 (18,559 ) (47,382 )
NET CURRENT ASSETS (LIABILITIES) 27,415 (17,888 )
TOTAL ASSETS LESS CURRENT LIABILITIES 45,017 12,235
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,320 ) (1,320 )
NET ASSETS 43,697 10,915
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 43,597 10,815
SHAREHOLDERS' FUNDS 43,697 10,915
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L Stickley
Director
30/06/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Cosmic Monkey Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12746681 . The registered office is Unit D2, Southgate, Frome, Somerset, BA11 2RY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15%/ 25% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 39,084
Additions 5,530
Disposals (17,495 )
As at 31 December 2023 27,119
Depreciation
As at 1 January 2023 8,961
Provided during the period 9,304
Disposals (8,748 )
As at 31 December 2023 9,517
Net Book Value
As at 31 December 2023 17,602
As at 1 January 2023 30,123
5. Stocks
31 December 2023 31 December 2022
£ £
Stock 33,951 19,175
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6. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 8,395 1,910
Prepayments and accrued income 150 -
VAT 103 58
Directors' loan accounts - 1,000
8,648 2,968
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 5,367 4,770
Other taxes and social security 1,163 2,751
Other creditors - 3,507
Other creditors (2) 2,100 2,100
Other creditors (3) 5,000 5,000
Other creditors (4) 597 -
Accruals and deferred income 4,030 750
Directors' loan accounts 302 -
Amounts owed to associates - 28,504
18,559 47,382
8. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 100 100
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