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Registered number: 02559319
Cobol Limited
Financial Statements
For The Year Ended 31 March 2024
Cound & Co LLP
Chartered Accountants
1 Princes Court Royal Way
Loughborough
LE11 5XR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02559319
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 88,157 120,292
Investment Properties 5 703,910 703,910
792,067 824,202
CURRENT ASSETS
Stocks 6 200 200
Debtors 7 1,138,115 1,113,960
Cash at bank and in hand 144,918 66,754
1,283,233 1,180,914
Creditors: Amounts Falling Due Within One Year 8 (165,140 ) (206,603 )
NET CURRENT ASSETS (LIABILITIES) 1,118,093 974,311
TOTAL ASSETS LESS CURRENT LIABILITIES 1,910,160 1,798,513
Creditors: Amounts Falling Due After More Than One Year 9 (77,154 ) (92,133 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (35,374 ) (41,065 )
NET ASSETS 1,797,632 1,665,315
CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair Value Reserve 11 110,780 110,780
Profit and Loss Account 1,686,752 1,554,435
SHAREHOLDERS' FUNDS 1,797,632 1,665,315
Page 1
Page 2
For the year ending 31 March 2024 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 S J Walker
Director
10th October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cobol Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02559319 . The registered office is 1 Princes Court, Royal Way, Loughborough, Leicestershire, LE11 5XR.
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.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Leasehold No depreciation
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. 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.
2.7. Taxation
Taxation expense represents the sum of the tax currently payable and deferred tax.
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered a net liability may crystallise.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 17)
13 17
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 3,364 5,379 168,770 59,023 236,536
Additions - - - 1,082 1,082
Disposals - - (27,107 ) - (27,107 )
As at 31 March 2024 3,364 5,379 141,663 60,105 210,511
...CONTINUED
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Depreciation
As at 1 April 2023 3,363 5,345 51,691 55,845 116,244
Provided during the period - 9 28,312 1,065 29,386
Disposals - - (23,276 ) - (23,276 )
As at 31 March 2024 3,363 5,354 56,727 56,910 122,354
Net Book Value
As at 31 March 2024 1 25 84,936 3,195 88,157
As at 1 April 2023 1 34 117,079 3,178 120,292
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 703,910
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 734,681 734,681
Accumulated depreciation and impairment 162,711 162,711
Carrying amount 571,970 571,970
6. Stocks
2024 2023
£ £
Stock 200 200
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 96,678 200,535
Prepayments and accrued income 8,336 8,404
Other debtors 19,254 196
VAT - 8,853
Intercompany Loan - Cobol Property Investments Ltd 1,013,847 895,972
1,138,115 1,113,960
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 26,409 21,688
Trade creditors 18,844 80,989
Bank loans and overdrafts 5,553 5,553
Corporation tax 82,100 67,673
Other taxes and social security 8,832 12,355
VAT 5,508 -
Accruals and deferred income 17,887 18,201
Directors' loan accounts 7 144
165,140 206,603
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 47,522 56,945
Bank loans 29,632 35,188
77,154 92,133
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Reserves
Fair Value Reserve
£
As at 1 April 2023 110,780
As at 31 March 2024 110,780
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