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REGISTERED NUMBER: 07457082 (England and Wales)




















Financial Statements

for the Period 1 January 2023 to 31 March 2024

for

Coburn Technologies Limited

Coburn Technologies Limited (Registered number: 07457082)






Contents of the Financial Statements
for the Period 1 January 2023 to 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Coburn Technologies Limited

Company Information
for the Period 1 January 2023 to 31 March 2024







DIRECTORS: R Chang
A F Incera
J P White II





SECRETARY: D Valente





REGISTERED OFFICE: Unit 7
Avondale Industrial Estate
Pontrhydyrun
Cwmbran
NP44 1UG





REGISTERED NUMBER: 07457082 (England and Wales)

Coburn Technologies Limited (Registered number: 07457082)

Balance Sheet
31 March 2024

2024 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 257

CURRENT ASSETS
Stocks 6 149,424 238,118
Debtors 7 146,792 118,283
Cash at bank 158,290 121,839
454,506 478,240
CREDITORS
Amounts falling due within one year 8 1,590,035 1,474,237
NET CURRENT LIABILITIES (1,135,529 ) (995,997 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,135,529

)

(995,740

)

RESERVES
Share premium 634 634
Retained earnings (1,136,163 ) (996,374 )
SHAREHOLDERS' FUNDS (1,135,529 ) (995,740 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:





A F Incera - Director


Coburn Technologies Limited (Registered number: 07457082)

Notes to the Financial Statements
for the Period 1 January 2023 to 31 March 2024

1. GENERAL INFORMATION

Coburn Technologies Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.

The Company is a private Company Limited by shares and is registered in England and Wales. The address of the Company's registered offices is shown on the company information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements are prepared on a going concern basis, under the historical cost convention.

Functional and presentation currency
The company's functional and presentation currency is the pound sterling.

Going concern
The company is reporting a loss for the year of £139,789 (2022: £169,104) and had net current liabilities of £1,135,529 (2022: £995,740) at the year end. Furthermore, it has a total of £1,559,087 (2022: £1,432,386) due to its parent company. The company has prepared forecasts which show that it will need the continued support of its parent company to allow it to meet its financial liabilities as they fall due for a period of 12 months from the date of approval of these financial statements. The directors have received confirmation of the ongoing support of the parent company, and on the basis of this support, have prepared the financial statements on the going concern basis.

Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business. Turnover is shown net of Value Added Tax for goods and services provided to customers and, in the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable certainty.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation and residual values
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows:

Plant and Machinery - Straight line over 3 years

Repairs and maintenance costs are expensed as incurred.

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value. Costs of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.


Coburn Technologies Limited (Registered number: 07457082)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amount expected to be paid to the tax authorities.

Deferred tax
Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Foreign currencies
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses are shown within administrative expenses.

Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. The assets of the scheme are held separately from those of the company.

Coburn Technologies Limited (Registered number: 07457082)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are
recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders
Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 3 ) .

Coburn Technologies Limited (Registered number: 07457082)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023 298
Disposals (298 )
At 31 March 2024 -
DEPRECIATION
At 1 January 2023 41
Charge for period 151
Eliminated on disposal (192 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 December 2022 257

6. STOCKS
2024 2022
£    £   
Stocks 149,424 238,118

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 129,438 103,722
Other debtors 4,134 4,134
Prepayments and accrued income 13,220 10,427
146,792 118,283

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade creditors 2,051 24,078
Amounts owed to group undertakings 1,559,087 1,432,386
Social security and other taxes 1,966 2,589
VAT 8,890 5,294
Accruals and deferred income 18,041 9,890
1,590,035 1,474,237

Coburn Technologies Limited (Registered number: 07457082)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We were unable to observe the counting of physical inventory at the end of the year. We have been unable to satisfy ourselves by alternative means of the accuracy of the inventory quantities held at 31 March 2024 which are stated in the balance sheet at a value of £149,424. As a result, we were unable to determine whether any adjustments might have been necessary in respect of recorded or unrecorded inventory and the associated inventory entries within the Income Statement and thus confirm whether the loss for the financial year is not materially misstated.

We conducted our audit in accordance with, International Standards on Auditing (UK). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with FRC's Ethical Standards, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

David Iain Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

10. OTHER FINANCIAL COMMITMENTS

The company had total commitments at the year end of £15,915 (2022: £20,448).

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The company is controlled by SDC Technologies INC, an undertaking incorporated in the USA, by virtue of its 100% interest in the whole of the issued share capital of the company.

The smallest and the largest group in which the results of the company are consolidated is that headed by , SDC Technologies INC, the accounts of which can be obtained from 45 Parker, 100, Irvine, CA 92618, United States.