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COMPANY REGISTRATION NUMBER: 12126294
CODAL LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
CODAL LTD
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
47,314
63,205
Current assets
Debtors
6
148,591
43,947
Cash at bank and in hand
51,142
72,212
-----------
-----------
199,733
116,159
Creditors: amounts falling due within one year
7
69,564
45,983
-----------
-----------
Net current assets
130,169
70,176
-----------
-----------
Total assets less current liabilities
177,483
133,381
Provisions
11,829
15,801
-----------
-----------
Net assets
165,654
117,580
-----------
-----------
CODAL LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
165,653
117,579
-----------
-----------
Shareholders funds
165,654
117,580
-----------
-----------
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 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have 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 .
These financial statements were approved by the board of directors and authorised for issue on 1 July 2025 , and are signed on behalf of the board by:
E J Moore
M Gierut
Director
Director
Company registration number: 12126294
CODAL LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 Mosaic, Silver Street, Codal, Lincoln, LN2 1DY, England.
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax (where applicable).
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
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:
Fixtures and fittings
-
20% straight line
Equipment
-
25% straight line
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 13 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2024
51,271
33,999
85,270
Additions
4,216
4,216
Disposals
( 2,003)
( 2,003)
---------
---------
---------
At 31 December 2024
49,268
38,215
87,483
---------
---------
---------
Depreciation
At 1 January 2024
6,582
15,483
22,065
Charge for the year
9,853
9,430
19,283
Disposals
( 1,179)
( 1,179)
---------
---------
---------
At 31 December 2024
15,256
24,913
40,169
---------
---------
---------
Carrying amount
At 31 December 2024
34,012
13,302
47,314
---------
---------
---------
At 31 December 2023
44,689
18,516
63,205
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
62,214
3,293
Other debtors
86,377
40,654
-----------
---------
148,591
43,947
-----------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,408
696
Corporation tax
16,528
20,423
Social security and other taxes
49,183
17,975
Other creditors
445
6,889
---------
---------
69,564
45,983
---------
---------
8. Related party transactions
No other transactions with related parties subsisted during the year, such as are required to be disclosed under FRS102.
9. Controlling party
The company is a 100% subsidiary of Codal Holdings LLC, an entity registered in the US State of Illinois. The ultimate controlling party is Codal Inc, a company registered in the US State of Illinois.