Company registration number 07335572 (England and Wales)
COOLINK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
30-31 St. James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
COOLINK LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
COOLINK LIMITED
BALANCE SHEET
AS AT
30 AUGUST 2024
30 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
49,528
75,106
Current assets
Debtors
4
297,615
363,577
Cash at bank and in hand
63,349
59,712
360,964
423,289
Creditors: amounts falling due within one year
5
(42,082)
(102,580)
Net current assets
318,882
320,709
Total assets less current liabilities
368,410
395,815
Creditors: amounts falling due after more than one year
6
(7,498)
(17,498)
Provisions for liabilities
(12,382)
(18,776)
Net assets
348,530
359,541
Capital and reserves
Called up share capital
80
80
Capital redemption reserve
50
50
Profit and loss reserves
348,400
359,411
Total equity
348,530
359,541
COOLINK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 AUGUST 2024
30 August 2024
- 3 -
For the financial year ended 30 August 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
Mr R J Mullins
Director
Company registration number 07335572 (England and Wales)
COOLINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2024
- 4 -
1
Accounting policies
Company information
Coolink Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 - 31 St James Place, Mangotsfield, Bristol, BS16 9JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Motor vehicles
25% on cost
COOLINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Hire purchase and leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
4
COOLINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 31 August 2023
29,588
93,676
123,264
Additions
1,731
1,731
At 30 August 2024
31,319
93,676
124,995
Depreciation and impairment
At 31 August 2023
20,740
27,418
48,158
Depreciation charged in the year
3,890
23,419
27,309
At 30 August 2024
24,630
50,837
75,467
Carrying amount
At 30 August 2024
6,689
42,839
49,528
At 30 August 2023
8,848
66,258
75,106
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
44,309
152,445
Other debtors
253,306
211,132
297,615
363,577
Within other debtors is £212,201 (2023: 210,637) due from Quad Properties (Bristol) Limited on an interest free basis. The loan is repayable on demand.
Mr R Mullins and Mrs T Mullins, the directors of Coolink Limited, are also directors of Quad Properties (Bristol) Limited.
Mr R Mullins and Mrs T Mullins are also shareholders of both Coolink Limited and Quad Properties (Bristol) Limited.
COOLINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Taxation and social security
27,721
48,025
Other creditors
4,361
44,555
42,082
102,580
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,498
17,498
7
Ultimate controlling party
The controlling party is R J Mullins.
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors' Loan
-
(36,223)
76,797
40,574
(36,223)
76,797
40,574
The outstanding loan balance was repaid within 9 months of the year end.