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Cobalt Computer Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

Registration number: 04429401

 

Cobalt Computer Solutions Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Cobalt Computer Solutions Limited

Company Information

Directors

I A Dunstan

K L Dunstan

Company secretary

K L Dunstan

Registered office

Spitfire House
27 Dakota Way
Sky Park
EXETER
EX5 2GE

Accountants

Bick Accountants Ltd
Chartered Accountants
52 Longbrook Street
EXETER
Devon
EX4 6AH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cobalt Computer Solutions Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cobalt Computer Solutions Limited for the year ended 31 May 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cobalt Computer Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cobalt Computer Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Cobalt Computer Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cobalt Computer Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cobalt Computer Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cobalt Computer Solutions Limited. You consider that Cobalt Computer Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cobalt Computer Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.







Bick Accountants Ltd
Chartered Accountants
52 Longbrook Street
EXETER
Devon
EX4 6AH

26 February 2025

 

Cobalt Computer Solutions Limited

(Registration number: 04429401)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

5

 

-

 

-

Tangible assets

6

 

42,407

 

50,773

   

42,407

 

50,773

Current assets

   

 

Stocks

7

5,837

 

5,103

 

Debtors

8

81,573

 

61,694

 

Cash at bank and in hand

 

17,807

 

30,521

 

 

105,217

 

97,318

 

Creditors: Amounts falling due within one year

9

(85,409)

 

(64,379)

 

Net current assets

   

19,808

 

32,939

Total assets less current liabilities

   

62,215

 

83,712

Creditors: Amounts falling due after more than one year

9

 

(10,000)

 

(20,000)

Provisions for liabilities

10

 

(7,977)

 

(9,647)

Net assets

   

44,238

 

54,065

Capital and reserves

   

 

Called up share capital

11

100

 

100

 

Profit and loss account

44,138

 

53,965

 

Shareholders' funds

   

44,238

 

54,065

 

Cobalt Computer Solutions Limited

(Registration number: 04429401)
Balance Sheet as at 31 May 2024 (continued)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

I A Dunstan
Director

   
     
 

Cobalt Computer Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in pound sterling, the functional currency of the company, and are rounded to the nearest pound (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Cobalt Computer Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

1

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

10% per annum net book value

Fixtures, fittings and equipment

20% per annum net book value

Motor vehicles

20-33% per annum net book value

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.

Intangible assets

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cobalt Computer Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

1

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cobalt Computer Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

3

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £1,140 (2023 - £834).

4

Taxation

Tax charged/(credited) in the income statement

2024
 £

2023
 £

Current taxation

UK corporation tax

-

2,642

Deferred taxation

Arising from origination and reversal of timing differences

(1,670)

(2,321)

Tax (receipt)/expense in the income statement

(1,670)

321

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

10,000

10,000

At 31 May 2024

10,000

10,000

Amortisation

At 1 June 2023

10,000

10,000

At 31 May 2024

10,000

10,000

Carrying amount

At 31 May 2024

-

-

 

Cobalt Computer Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

10,762

112,623

123,385

Additions

2,237

-

2,237

At 31 May 2024

12,999

112,623

125,622

Depreciation

At 1 June 2023

3,330

69,282

72,612

Charge for the year

1,934

8,669

10,603

At 31 May 2024

5,264

77,951

83,215

Carrying amount

At 31 May 2024

7,735

34,672

42,407

At 31 May 2023

7,432

43,341

50,773

7

Stocks

2024
£

2023
£

Raw materials and consumables

5,837

5,103

8

Debtors

Current

2024
£

2023
£

Trade debtors

67,947

54,396

Prepayments

7,900

3,830

Other debtors

5,726

3,468

 

81,573

61,694

 

Cobalt Computer Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Bank loans and overdrafts

10,000

10,000

Trade creditors

32,918

14,573

Corporation tax

22

2,642

Taxation and social security

10,413

4,047

Directors' accounts

27,997

30,309

Other creditors

284

208

Accruals

3,775

2,600

85,409

64,379

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

10,000

20,000

10

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 June 2023

9,647

9,647

Provisions used

(1,670)

(1,670)

At 31 May 2024

7,977

7,977

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Called up share capital of £1 each

100

100

100

100