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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
Page
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Coracle Online Limited Company Information for the year ended 31 March 2024
Director
James Tweed
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
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Coracle Online Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
104,401 
140,875 
Tangible assets
374,594 
412,313 
478,995 
553,188 
Current assets
Inventories
- 
99,362 
Debtors
670,559 
496,265 
Cash at bank and in hand
383,238 
1,166,611 
1,053,797 
1,762,238 
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 
Capital and reserves
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
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Coracle Online Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
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.
Tax
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.
Foreign exchange
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.
Presentation currency
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
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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
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
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.
Pension costs
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.
Financial instruments
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:
Liquidity risk
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.
Interest rate risk
The company's exposure to interest rate fluctuations on borrowings is managed with the use of fixed rate facilities.
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Coracle Online Limited Notes to the Accounts for the year ended 31 March 2024
Other economic risk
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Going concern
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 
£ 
Cost
At 1 April 2023
231,615 
Additions
443 
At 31 March 2024
232,058 
Amortisation
At 1 April 2023
90,740 
Charge for the year
36,917 
At 31 March 2024
127,657 
Net book value
At 31 March 2024
104,401 
At 31 March 2023
140,875 
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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 
Depreciation
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 
Net book value
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 
6
Debtors
2024 
2023 
£ 
£ 
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 
670,559 
496,265 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
6,802 
1,988 
VAT
62,615 
221,062 
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 
- 
Accruals
40,174 
62,059 
Deferred income
765,587 
1,677,597 
1,079,351 
2,090,293 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
22,425 
32,380 
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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 
157,014 
13,985 
10
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
James Tweed
Loan advanced to Director, interest charged at 0%. Balance due is repayable on demand
296,446 
72,075 
- 
368,521 
296,446 
72,075 
- 
368,521 
11
Average number of employees
During the year the average number of employees was 32 (2023: 15).
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