Company Registration No. 05718599 (England and Wales)
Coracle Online Limited
Unaudited accounts
for the year ended 31 March 2024
Coracle Online Limited
Unaudited accounts
Contents
Coracle Online Limited
Company Information
for the year ended 31 March 2024
Company Number
05718599 (England and Wales)
Registered Office
The Windmill
10 Chesterton Mill
Frenchs Road
Cambridge
Cambridgeshire
CB4 3NP
England
Accountants
Caseron Cloud Accounting Ltd
7 Swallow Drive
Stowmarket
Suffolk
IP14 5BY
Coracle Online Limited
Statement of financial position
as at 31 March 2024
Intangible assets
104,401
140,875
Tangible assets
374,594
412,313
Cash at bank and in hand
383,238
1,166,611
Creditors: amounts falling due within one year
(1,079,351)
(2,090,293)
Net current liabilities
(25,554)
(328,055)
Total assets less current liabilities
453,441
225,133
Creditors: amounts falling due after more than one year
(22,425)
(32,380)
Net assets
431,016
192,753
Called up share capital
133
133
Share premium
234,967
234,967
Profit and loss account
195,916
(42,347)
Shareholders' funds
431,016
192,753
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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 October 2024 and were signed on its behalf by
James Tweed
Director
Company Registration No. 05718599
Coracle Online Limited
Notes to the Accounts
for the year ended 31 March 2024
Coracle Online Limited is a private company, limited by shares, registered in England and Wales, registration number 05718599. The registered office is The Windmill, 10 Chesterton Mill, Frenchs Road, Cambridge, Cambridgeshire, CB4 3NP, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Land & buildings relates to leasehold improvements. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% Straight Line Basis
Plant & machinery
25% Straight Line Basis
Motor vehicles
20% Straight Line Basis
Computer equipment
25% Straight Line Basis
Coracle Online Limited
Notes to the Accounts
for the year ended 31 March 2024
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company uses various financial instruments, including bank loans, revolving credit facilities, cash and various items such as trade debtors and creditors that arise from operations. The primary function of these instruments is to ensure sufficient cashflow to support the company?s operations. The existence of these instruments exposes the company to a number of financial risks, as described below:
The company seeks to manage financial risk by ensuring sufficient liquidity and working capital is available to meet the need of the company. Short term flexibility is available through revolving credit facilities. The maturity of borrowings is set out in note 7 to the financial statements.
The company's exposure to interest rate fluctuations on borrowings is managed with the use of fixed rate facilities.
Coracle Online Limited
Notes to the Accounts
for the year ended 31 March 2024
The company is predominantly a B2B operation, with shared upside from consumer spending. Contracted floor rates for the provision of the company?s platform reduce the impact of potential reduction in spending patterns from end users.
The company has considered the potential impact of Brexit on the business:
Labour mobility: the company does not employ any non-UK nationals and does not compete in hiring staff against low skilled labour employers. The company does expect to find skilled software development staff increasingly difficult to find and manages this risk by developing its own internal training programme.
Supply chain friction: the company sources hardware (notably Chromebooks) from outside of the EU.
Regulatory and policy: the company does not consider there to be any regulatory or policy impact on the business.
Tax: the company does not consider there to be any significant tax implications impacting the business.
Macroeconomic: a fall in the value of sterling would increase the cost of importing goods from outside of the UK and this could have an impact the cost of supply of Chromebooks. Global demand for Chromebooks has grown year-on-year in excess of 65% and ongoing global chip shortages are impacting availability of stock. The number of orders that the company places are relatively few in any one year so delays are not expected to have a material impact on the trading performance on the business.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The financial statements have been prepared on a going concern basis. At the reporting date the company’s net current liabilities amounted to £25,554 (2023 £328,055). The directors have assessed the company’s financial position, management accounts, and available resources. They are confident that the company has the necessary resources to continue its operations and meet its financial obligations as they fall due.
4
Intangible fixed assets
Other
Charge for the year
36,917
Coracle Online Limited
Notes to the Accounts
for the year ended 31 March 2024
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
-
21,011
24,388
449,481
494,880
Additions
1,960
2,367
52,354
47,715
104,396
Disposals
-
-
(10,850)
-
(10,850)
At 31 March 2024
1,960
23,378
65,892
497,196
588,426
At 1 April 2023
-
17,142
8,054
57,371
82,567
Charge for the year
294
2,239
20,372
112,881
135,786
On disposals
-
-
(4,521)
-
(4,521)
At 31 March 2024
294
19,381
23,905
170,252
213,832
At 31 March 2024
1,666
3,997
41,987
326,944
374,594
At 31 March 2023
-
3,869
16,334
392,110
412,313
Amounts falling due within one year
Trade debtors
144,803
80,635
Accrued income and prepayments
31,191
15,968
Other debtors
494,565
399,662
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
6,802
1,988
Obligations under finance leases and hire purchase contracts
9,537
13,283
Trade creditors
63,749
13,763
Taxes and social security
34,613
23,013
Other creditors
95,648
77,528
Loans from directors
626
-
Deferred income
765,587
1,677,597
8
Creditors: amounts falling due after more than one year
2024
2023
Coracle Online Limited
Notes to the Accounts
for the year ended 31 March 2024
9
Operating lease commitments
2024
2023
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
75,459
11,510
Later than one year and not later than five years
81,555
2,475
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan advanced to Director, interest charged at 0%. Balance due is repayable on demand
296,446
72,075
-
368,521
11
Average number of employees
During the year the average number of employees was 32 (2023: 15).