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Registered Number:11804009










COSINOVA LIMITED 
(PREVIOUSLY KNOWN AS LIVING VOUCHERS LIMITED)










UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 29 FEBRUARY 2024


 
COSINOVA LIMITED (PREVIOUSLY KNOWN AS LIVING VOUCHERS LIMITED)
REGISTERED NUMBER: 11804009

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Current assets
  

Debtors: amounts falling due within one year
 4 
5,566
47,419

Cash at bank and in hand
 5 
4,848
-

  
10,414
47,419

Creditors: amounts falling due within one year
 6 
(5,408)
(31,629)

Net current assets
  
 
 
5,006
 
 
15,790

Total assets less current liabilities
  
5,006
15,790

Net assets
  
5,006
15,790


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
5,005
15,789

  
5,006
15,790


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




O D Serin
Director

Date: 5 March 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
COSINOVA LIMITED (PREVIOUSLY KNOWN AS LIVING VOUCHERS LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Cosinova Limited (previously known as Living Vouchers Limited) is a private company, limited by share capital and incorporated in England and Wales.
During the period the Company did not trade between 11 July 2023 and 6 February 2024.
The company's registered office address is 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
COSINOVA LIMITED (PREVIOUSLY KNOWN AS LIVING VOUCHERS LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 3

 
COSINOVA LIMITED (PREVIOUSLY KNOWN AS LIVING VOUCHERS LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Debtors

29 February
28 February
2024
2023
£
£

Trade debtors
-
42,867

Other debtors
3,232
2,675

Prepayments and accrued income
739
1,877

Tax recoverable
1,595
-

5,566
47,419



5.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
4,848
-

Less: bank overdrafts
-
(2,472)

4,848
(2,472)



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank overdrafts
-
2,472

Trade creditors
3,342
24,234

Corporation tax
-
1,821

Other creditors
66
1,947

Accruals and deferred income
2,000
1,155

5,408
31,629



7.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1


Page 4

 
COSINOVA LIMITED (PREVIOUSLY KNOWN AS LIVING VOUCHERS LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Related party transactions

As at the year end date the Company owed £66 to its director (2023 - £1,947). These amounts are interest free, without security and repayable upon demand.


9.


Controlling party

The Company is controlled by its director, by virtue of their 100% shareholding.


Page 5