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2023-07-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
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09659166
2023-07-01
2024-06-30
09659166
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09659166
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09659166
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09659166
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09659166
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09659166
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09659166
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2024-06-30
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2024-06-30
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2024-06-30
09659166
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09659166
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09659166
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09659166
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09659166
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09659166
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09659166
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09659166
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09659166
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09659166
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2024-06-30
COMPANY REGISTRATION NUMBER:
09659166
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 30th JUNE 2024
Officers and professional advisers |
1 |
|
|
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
The board of directors |
N R Gold |
|
M E Finney |
|
|
Registered office |
Avocets Quay Street |
|
Orford |
|
England |
|
IP12 2NU |
|
|
Accountants |
Colne Valley Business Services LLP t/a Cloke & Co |
|
Chartered Certified Accountants |
|
106-107 Dowgate Hill House |
|
14-16 Dowgate Hill |
|
London |
|
EC4R 2SU |
|
|
Solicitors |
Farrer & Co LLP |
|
66 Lincoln's Inn Fields |
|
London |
|
WC2A 3LH |
|
|
CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF
COBRA MIST LIMITED |
|
YEAR ENDED 30th JUNE 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cobra Mist Limited for the year ended 30th June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Cobra Mist Limited, as a body, in accordance with the terms of our engagement letter dated 28th June 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Cobra Mist Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cobra Mist Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Cobra Mist Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cobra Mist Limited. You consider that Cobra Mist 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 financial statements of Cobra Mist 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 financial statements.
Colne Valley Business Services LLP t/a Cloke & Co
Chartered Certified Accountants
106-107 Dowgate Hill House
14-16 Dowgate Hill
London
EC4R 2SU
STATEMENT OF FINANCIAL POSITION |
|
30 June 2024
FIXED ASSETS
Tangible assets |
4 |
|
68,676 |
78,999 |
|
|
|
|
|
CURRENT ASSETS
Debtors |
5 |
34,178 |
|
24,092 |
Cash at bank and in hand |
1,780,910 |
|
1,872,764 |
|
------------ |
|
------------ |
|
1,815,088 |
|
1,896,856 |
|
|
|
|
|
CREDITORS: amounts falling due within one year |
6 |
114,994 |
|
330,005 |
|
------------ |
|
------------ |
NET CURRENT ASSETS |
|
1,700,094 |
1,566,851 |
|
|
------------ |
------------ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
1,768,770 |
1,645,850 |
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
7 |
|
277,360 |
277,360 |
|
|
|
|
|
PROVISIONS
Taxation including deferred tax |
|
465 |
2,283 |
|
|
------------ |
------------ |
NET ASSETS |
|
1,490,945 |
1,366,207 |
|
|
------------ |
------------ |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
1,490,845 |
1,366,107 |
|
|
------------ |
------------ |
SHAREHOLDER FUNDS |
|
1,490,945 |
1,366,207 |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
STATEMENT OF FINANCIAL POSITION (continued) |
|
30 June 2024
These financial statements were approved by the
board of directors
and authorised for issue on
17 June 2025
, and are signed on behalf of the board by:
Company registration number:
09659166
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30th JUNE 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Avocets Quay Street, Orford, England, IP12 2NU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents amounts receivable from licence fees in relation to mineral rights, ferry transportation and communications exclusive of VAT.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Buildings |
- |
2% straight line |
|
Plant & Machinery |
- |
25% straight line |
|
Motor Vehicles |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Tangible assets
|
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1st July 2023 |
54,800 |
71,272 |
15,600 |
141,672 |
Additions |
– |
679 |
– |
679 |
|
-------- |
-------- |
-------- |
--------- |
At 30th June 2024 |
54,800 |
71,951 |
15,600 |
142,351 |
|
-------- |
-------- |
-------- |
--------- |
Depreciation |
|
|
|
|
At 1st July 2023 |
1,600 |
60,236 |
837 |
62,673 |
Charge for the year |
200 |
7,849 |
2,953 |
11,002 |
|
-------- |
-------- |
-------- |
--------- |
At 30th June 2024 |
1,800 |
68,085 |
3,790 |
73,675 |
|
-------- |
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
At 30th June 2024 |
53,000 |
3,866 |
11,810 |
68,676 |
|
-------- |
-------- |
-------- |
--------- |
At 30th June 2023 |
53,200 |
11,036 |
14,763 |
78,999 |
|
-------- |
-------- |
-------- |
--------- |
|
|
|
|
|
During the 2016 financial year, the Company acquired buildings and land on Orford Ness on the Suffolk coast, south of Aldeburgh. There are potential costs associated with the removal of asbestos and beryllium from the building and toxic materials and unexploded ordnance from the land. No provision in the accounts has been made for these costs.
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
34,178 |
24,092 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
43,702 |
273,543 |
Social security and other taxes |
– |
200 |
Other creditors |
71,292 |
56,262 |
|
--------- |
--------- |
|
114,994 |
330,005 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
277,360 |
277,360 |
|
--------- |
--------- |
|
|
|
8.
Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
100,000 |
100,000 |
Later than 1 year and not later than 5 years |
281,000 |
354,000 |
Later than 5 years |
864,000 |
891,000 |
|
------------ |
------------ |
|
1,245,000 |
1,345,000 |
|
------------ |
------------ |
|
|
|
During the year to 30th June 2023, the Company granted a lease of 40 years. The amounts receivable shown above do not include the annual increases in accordance with the lease agreement. Lease income is recognised on a straight line basis over the lease term.
9.
Directors' advances, credits and guarantees
Other debtors includes £839 (2023 - £845) due from the Directors.
10.
Related party transactions
The company was under the control of
N R Gold
during the period. N R Gold
holds the entire share capital of the Company. During the year, director's fees of £30,856 (2023 - £32,500) were paid to a Director.