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Registrar

Registration number: 01470428

Coda Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Coda Systems Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Coda Systems Limited

Company Information

Directors

H S Davis

H N Davis

I G Carne

Company secretary

H N Davis

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Lloyds Bank plc
2-4 Bank Street
Braintree
Essex
CM7 7UN

Accountants

Lambert Chapman LLP
Chartered Accountants3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Coda Systems Limited

(Registration number: 01470428)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

401,750

419,554

Current assets

 

Stocks

5

568,450

583,381

Debtors

6

208,903

249,796

Cash at bank and in hand

 

587,087

577,304

 

1,364,440

1,410,481

Creditors: Amounts falling due within one year

7

(365,053)

(310,461)

Net current assets

 

999,387

1,100,020

Total assets less current liabilities

 

1,401,137

1,519,574

Provisions for liabilities

(10,750)

(13,022)

Net assets

 

1,390,387

1,506,552

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

1,389,387

1,505,552

Shareholders' funds

 

1,390,387

1,506,552

For the financial year ending 31 January 2025 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 May 2025 and signed on its behalf by:
 

H N Davis
Company secretary and director

 

Coda Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: Oak Road, Little Maplestead, Halstead, Essex, CO9 2RT, Essex.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of electronic and electrical materials and equipment in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised using the accrual model and are shown within other operating income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Coda Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on Cost or Valuation (excluding land)

Office equipment

20% Reducing Balance Method

Motor vehicles

25% Reducing Balance Method

Tooling

25% Reducing Balance Method

Computer equipment

25% Reducing Balance Method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost, after making due allowances for obsolete and slow moving items and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Coda Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2024 - 8).

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
£

Tooling
£

Computer equipment
£

Total
£

Cost or valuation

At 1 February 2024

471,075

30,002

57,835

16,069

43,876

618,857

Additions

-

1,730

-

1,330

1,176

4,236

At 31 January 2025

471,075

31,732

57,835

17,399

45,052

623,093

Depreciation

At 1 February 2024

108,501

20,242

18,977

15,071

36,512

199,303

Charge for the year

7,422

2,274

9,715

582

2,047

22,040

At 31 January 2025

115,923

22,516

28,692

15,653

38,559

221,343

Carrying amount

At 31 January 2025

355,152

9,216

29,143

1,746

6,493

401,750

At 31 January 2024

362,574

9,760

38,858

998

7,364

419,554

Included within the net book value of land and buildings above is £355,152 (2024 - £362,574) in respect of freehold land and buildings.
 

 

Coda Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

5

Stocks

2025
£

2024
£

Stocks and work in progress

568,450

583,381

6

Debtors

Note

2025
£

2024
£

Trade debtors

 

193,584

235,334

Directors loan account

9

19

77

Prepayments

 

15,293

13,859

Other debtors

 

7

526

 

208,903

249,796

7

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Trade creditors

281,492

179,051

Taxation and social security

74,986

123,565

Accruals and deferred income

6,195

5,985

Other creditors

2,380

1,860

365,053

310,461

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

       
 

Coda Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

9

Related party transactions

Transactions with directors

2025

At 1 February 2024
£

Advances to director
£

Repayments by director
£

At 31 January 2025
£

Directors loan accounts

77

1,271

(1,329)

19

 

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Directors loan accounts

-

280

(203)

77

 

The directors loan account is unsecured, interest free and repayable on demand.