Silverfin false false 31/03/2024 01/04/2023 31/03/2024 R Carey V R Carey S Cox 23/10/2017 27 November 2024 no description of principal activity 01839766 2024-03-31 01839766 bus:Director3 2024-03-31 01839766 2023-03-31 01839766 core:CurrentFinancialInstruments 2024-03-31 01839766 core:CurrentFinancialInstruments 2023-03-31 01839766 core:Non-currentFinancialInstruments 2024-03-31 01839766 core:Non-currentFinancialInstruments 2023-03-31 01839766 core:ShareCapital 2024-03-31 01839766 core:ShareCapital 2023-03-31 01839766 core:RetainedEarningsAccumulatedLosses 2024-03-31 01839766 core:RetainedEarningsAccumulatedLosses 2023-03-31 01839766 core:LandBuildings 2023-03-31 01839766 core:PlantMachinery 2023-03-31 01839766 core:LandBuildings 2024-03-31 01839766 core:PlantMachinery 2024-03-31 01839766 2022-03-31 01839766 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01839766 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01839766 core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 01839766 core:TaxLossesCarry-forwardsDeferredTax 2023-03-31 01839766 core:OtherDeferredTax 2024-03-31 01839766 core:OtherDeferredTax 2023-03-31 01839766 2023-04-01 2024-03-31 01839766 bus:FilletedAccounts 2023-04-01 2024-03-31 01839766 bus:SmallEntities 2023-04-01 2024-03-31 01839766 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01839766 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01839766 bus:Director1 2023-04-01 2024-03-31 01839766 bus:Director2 2023-04-01 2024-03-31 01839766 bus:Director3 2023-04-01 2024-03-31 01839766 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 01839766 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 01839766 2022-04-01 2023-03-31 01839766 core:LandBuildings 2023-04-01 2024-03-31 01839766 core:PlantMachinery 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 01839766 (England and Wales)

COBOLT SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

COBOLT SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

COBOLT SYSTEMS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
COBOLT SYSTEMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 91,523 98,352
91,523 98,352
Current assets
Stocks 920,215 964,221
Debtors
- due within one year 4 102,889 51,312
- due after more than one year 4 14,150 0
Cash at bank and in hand 452,143 443,178
1,489,397 1,458,711
Creditors: amounts falling due within one year 5 ( 57,359) ( 55,827)
Net current assets 1,432,038 1,402,884
Total assets less current liabilities 1,523,561 1,501,236
Provision for liabilities 6 ( 3,032) ( 4,209)
Net assets 1,520,529 1,497,027
Capital and reserves
Called-up share capital 5,002 5,002
Profit and loss account 1,515,527 1,492,025
Total shareholders' funds 1,520,529 1,497,027

For the financial 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.

Directors' responsibilities:

The financial statements of Cobolt Systems Limited (registered number: 01839766) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R Carey
Director
V R Carey
Director

27 November 2024

COBOLT SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
COBOLT SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cobolt Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Mill House, Mill Road, Reedham, NR13 3TL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the averaging method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 April 2023 101,144 311,185 412,329
At 31 March 2024 101,144 311,185 412,329
Accumulated depreciation
At 01 April 2023 14,643 299,334 313,977
Charge for the financial year 2,023 4,806 6,829
At 31 March 2024 16,666 304,140 320,806
Net book value
At 31 March 2024 84,478 7,045 91,523
At 31 March 2023 86,501 11,851 98,352

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 78,216 38,394
Prepayments and accrued income 4,268 6,518
VAT recoverable 17,634 6,400
Other debtors 2,771 0
102,889 51,312
Debtors: amounts falling due after more than one year
Corporation tax 14,150 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 20,809 17,611
Accruals 10,386 9,514
Other taxation and social security 5,225 5,198
Other creditors 20,939 23,504
57,359 55,827

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 4,209) ( 6,321)
Credited to the Income Statement 1,177 2,112
At the end of financial year ( 3,032) ( 4,209)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 3,119) ( 5,711)
Tax losses carry forward 0 1,402
Other timing differences 87 100
( 3,032) ( 4,209)

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 461 402
Company pension costs 5,247 4,714
5,708 5,116

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by directors 2,770 0

The amount outstanding at the year end is repayable on demand, interest has been charged at 3% and has been repaid in full within 9 months of the end of the year.