Company Registration No. 10595085 (England and Wales)
Cosi Living Ltd
Unaudited accounts
for the year ended 31 May 2024
Cosi Living Ltd
Unaudited accounts
Contents
Cosi Living Ltd
Statement of financial position
as at 31 May 2024
Tangible assets
159,544
198,417
Inventories
196,200
181,500
Debtors
1,614,322
1,300,310
Cash at bank and in hand
45,514
26,778
Creditors: amounts falling due within one year
(1,046,573)
(910,421)
Net current assets
809,463
598,167
Total assets less current liabilities
969,007
796,584
Creditors: amounts falling due after more than one year
(574,462)
(431,255)
Provisions for liabilities
Deferred tax
(39,453)
(36,885)
Net assets
355,092
328,444
Called up share capital
150
150
Profit and loss account
354,942
328,294
Shareholders' funds
355,092
328,444
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2025 and were signed on its behalf by
Amol Khullar
Director
Company Registration No. 10595085
Cosi Living Ltd
Notes to the Accounts
for the year ended 31 May 2024
Cosi Living Ltd is a private company, limited by shares, registered in England and Wales, registration number 10595085. The registered office is 343 Bath Road, Slough, SL1 5PR.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance basis
Motor vehicles
10% reducing balance basis
Fixtures & fittings
25% reducing balance basis
Computer equipment
33.3% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Cosi Living Ltd
Notes to the Accounts
for the year ended 31 May 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 June 2023
73,823
81,630
47,948
234,024
25,711
463,136
Additions
-
-
-
-
3,490
3,490
At 31 May 2024
73,823
81,630
47,948
234,024
29,201
466,626
At 1 June 2023
25,039
26,953
16,414
177,794
18,519
264,719
Charge for the year
4,922
13,669
7,044
14,057
2,671
42,363
At 31 May 2024
29,961
40,622
23,458
191,851
21,190
307,082
At 31 May 2024
43,862
41,008
24,490
42,173
8,011
159,544
At 31 May 2023
48,784
54,677
31,534
56,230
7,192
198,417
Amounts falling due within one year
Trade debtors
392,759
363,121
Other debtors
1,173,802
923,873
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Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
6,638
6,638
Trade creditors
378,050
352,534
Taxes and social security
50,253
54,649
Other creditors
44,582
32,540
Loans from directors
558,203
460,560
Cosi Living Ltd
Notes to the Accounts
for the year ended 31 May 2024
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Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
55,289
63,863
Other creditors
329,802
314,802
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Transactions with related parties
During the year Mr Amol Khullar, a director loaned the Company £65,000 (2022: £68,629). This loan is interest free and repayable on demand. At the balance sheet date, the Company owed him £245,674 (2022: £180,674).
During the year, the Company loaned, Ashley Wood Interiors Ltd, £232,450 (2022: Nil) a Company connected by virtue of its shareholders. This loan is interest free and repayable on demand. At the balance sheet date, Ashley Wood Interiors Ltd, owed £232,450 (2022: Nil)
During the year, the Company loaned, Cosi Interiors Ltd, £350 (2022: Nil) a Company connected by virtue of its shareholders. This loan is interest free and repayable on demand. At the balance sheet date, Cosi Interiors Ltd, owed £350 (2022: Nil)
During the year, Cosi Carpets Ltd, loaned Cosi Living Ltd £24,838 (2022: £Nil), ) a Company connected by virtue of its shareholders. The loan received is interest free and repayable on demand. At the balance sheet date £314,802 (2022: £289,96), was owed to Cosi Carpets Ltd.
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Average number of employees
During the year the average number of employees was 10 (2023: 10).