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REGISTERED NUMBER: 03403982 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 December 2024

for

Cobalt Systems Ltd

Cobalt Systems Ltd (Registered number: 03403982)






Contents of the Financial Statements
for the year ended 30 December 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Cobalt Systems Ltd

Company Information
for the year ended 30 December 2024







DIRECTORS: Mr A R Hunt
Mr C Hunt
Mr O Cummins
Mrs K Brazenall





REGISTERED OFFICE: Spitfire Road
Cheshire Green Industrial Park
Wardle
Cheshire
CW5 6HT





REGISTERED NUMBER: 03403982 (England and Wales)





ACCOUNTANTS: Banks Sheridan
Datum House
Electra Way
Crewe
Cheshire
CW1 6ZF

Cobalt Systems Ltd (Registered number: 03403982)

Statement of Financial Position
30 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 7,037
Tangible assets 5 824,908 654,414
824,908 661,451

CURRENT ASSETS
Stocks 294,644 275,791
Debtors 6 773,848 610,539
Cash at bank and in hand 81,880 79,559
1,150,372 965,889
CREDITORS
Amounts falling due within one year 7 (1,243,207 ) (923,017 )
NET CURRENT (LIABILITIES)/ASSETS (92,835 ) 42,872
TOTAL ASSETS LESS CURRENT
LIABILITIES

732,073

704,323

CREDITORS
Amounts falling due after more than one
year

8

(254,406

)

(246,522

)

PROVISIONS FOR LIABILITIES 11 (39,436 ) (686 )
NET ASSETS 438,231 457,115

CAPITAL AND RESERVES
Called up share capital 16,500 16,500
Share premium 6,500 6,500
Other reserves 1,500 1,500
Retained earnings 413,731 432,615
438,231 457,115

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cobalt Systems Ltd (Registered number: 03403982)

Statement of Financial Position - continued
30 December 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





Mr A R Hunt - Director


Cobalt Systems Ltd (Registered number: 03403982)

Notes to the Financial Statements
for the year ended 30 December 2024

1. STATUTORY INFORMATION

Cobalt Systems Limited ('The Company') is primarily engaged in the manufacturing of barcode labelling automation systems, supply of associated print and vision hardware, software solutions, media and service contracts.

The company is a private company limited by shares and is incorporated in England and Wales. The address of the registered office and principal place of business is Spitfire Road, Cheshire Green Industrial Park, Wardle, Cheshire, CW5 6HT. The registered number can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Summary of signifcant accounting policies
The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition
The turnover shown in the statement of comprehensive income, represents the value of machines, media and servicing sold during the period, less returns received at selling price exclusive of Value Added Tax. Due to the length of time involved in building a machine, turnover is charged in stages when as assessment of the contract shows that the company has gained a right to that consideration. At each stage the final machine contract performance is assessed and if future losses are likely the related costs are recognised in full.

Turnover generated from the sale of media and servicing is recognised at the point at which goods are despatched to the customer or when services are provided.

Intangible assets
Intangible assets including development costs, are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised over five years.

Cobalt Systems Ltd (Registered number: 03403982)

Notes to the Financial Statements - continued
for the year ended 30 December 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their estimated useful economic lives. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.

Plant & machinery- Straight line over 3 years
Fixtures & fittings- Straight line over 8 years
Motor vehicles- Straight line over 3 years
Computer equipment- Straight line over 3 years
Corporate software- Straight line over 3 years
Short Leasehold- Straight line over 10 years

The residual values and useful lives of assets are reviewed and adjusted if appropriate at each statement of financial position date.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value).

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the discounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Cobalt Systems Ltd (Registered number: 03403982)

Notes to the Financial Statements - continued
for the year ended 30 December 2024

2. ACCOUNTING POLICIES - continued

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairments of assets
Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date.Gains and losses arising on translation in the period are included in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 19 ) .

Cobalt Systems Ltd (Registered number: 03403982)

Notes to the Financial Statements - continued
for the year ended 30 December 2024

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 31 December 2023
and 30 December 2024 141,702
AMORTISATION
At 31 December 2023 134,665
Amortisation for year 7,037
At 30 December 2024 141,702
NET BOOK VALUE
At 30 December 2024 -
At 30 December 2023 7,037

5. TANGIBLE FIXED ASSETS
Corporate Short Plant and
software leasehold machinery
£    £    £   
COST
At 31 December 2023 27,000 520,893 96,300
Additions - 84,842 174,637
Disposals - - -
At 30 December 2024 27,000 605,735 270,937
DEPRECIATION
At 31 December 2023 27,000 - 24,276
Charge for year - 52,089 24,068
Eliminated on disposal - - -
At 30 December 2024 27,000 52,089 48,344
NET BOOK VALUE
At 30 December 2024 - 553,646 222,593
At 30 December 2023 - 520,893 72,024

Cobalt Systems Ltd (Registered number: 03403982)

Notes to the Financial Statements - continued
for the year ended 30 December 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 31 December 2023 40,200 43,932 728,325
Additions 2,491 1,409 263,379
Disposals (2,615 ) - (2,615 )
At 30 December 2024 40,076 45,341 989,089
DEPRECIATION
At 31 December 2023 7,552 15,083 73,911
Charge for year 4,556 10,538 91,251
Eliminated on disposal (981 ) - (981 )
At 30 December 2024 11,127 25,621 164,181
NET BOOK VALUE
At 30 December 2024 28,949 19,720 824,908
At 30 December 2023 32,648 28,849 654,414

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 31 December 2023 15,280
Additions 128,400
At 30 December 2024 143,680
DEPRECIATION
Charge for year 5,093
At 30 December 2024 5,093
NET BOOK VALUE
At 30 December 2024 138,587
At 30 December 2023 15,280

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 709,239 546,639
Other debtors 64,609 63,900
773,848 610,539

Cobalt Systems Ltd (Registered number: 03403982)

Notes to the Financial Statements - continued
for the year ended 30 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 69,972 66,582
Hire purchase contracts (see note 9) 25,102 2,602
Trade creditors 380,170 303,526
Taxation and social security 162,289 27,918
Other creditors 605,674 522,389
1,243,207 923,017

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 164,184 234,156
Hire purchase contracts (see note 9) 90,222 12,366
254,406 246,522

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 25,102 2,602
Between one and five years 90,222 12,366
115,324 14,968

Non-cancellable operating leases
2024 2023
£    £   
Within one year 138,000 11,500
Between one and five years 552,000 552,000
In more than five years 1,242,000 1,506,500
1,932,000 2,070,000

Cobalt Systems Ltd (Registered number: 03403982)

Notes to the Financial Statements - continued
for the year ended 30 December 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 234,156 300,738
Hire purchase contracts 115,324 -
349,480 300,738

Banks hold debentures dated 17 March 2021, 15 May 2013 and 22 March 2018 including fixed and floating charges over all of the assets held by the company.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 39,436 686

Deferred
tax
£   
Balance at 31 December 2023 686
Charge to Income Statement during year 38,750
Balance at 30 December 2024 39,436