Registered number
02443466
Cobra Precision Engineering Limited
Report and Accounts
For the year ended 30 November 2024
Cobra Precision Engineering Limited
Registered number: 02443466
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 490,109 325,078
Current assets
Stocks 50,000 50,000
Debtors 4 231,928 209,230
Cash at bank and in hand 23,184 107,942
305,112 367,172
Creditors: amounts falling due within one year 5 (327,156) (315,697)
Net current (liabilities)/assets (22,044) 51,475
Total assets less current liabilities 468,065 376,553
Creditors: amounts falling due after more than one year 6 (158,753) (68,585)
Provisions for liabilities (23,880) (23,880)
Net assets 285,432 284,088
Capital and reserves
Called up share capital 100 100
Profit and loss account 285,332 283,988
Shareholders' funds 285,432 284,088
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Stevens
Director
Approved by the board on 29 August 2025
Cobra Precision Engineering Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Fixtures and fittings 15% reducing balance
IT equipment over 3 years
Motor vehicles 25% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 13
3 Tangible fixed assets
Office equipment Fixtures and fittings IT equipment Motor vehicles Total
£ £ £
Cost
At 1 December 2023 370,836 70,574 18,728 178,280 638,418
Additions 233,750 1,340 520 - 235,610
At 30 November 2024 604,586 71,914 19,248 178,280 874,028
Depreciation
At 1 December 2023 135,229 56,080 14,038 107,993 313,340
Charge for the year 46,936 2,375 3,696 17,572 70,579
At 30 November 2024 182,165 58,455 17,734 125,565 383,919
Net book value
At 30 November 2024 422,421 13,459 1,514 52,715 490,109
At 30 November 2023 235,607 14,494 4,690 70,287 325,078
4 Debtors 2024 2023
£ £
Trade debtors 216,650 199,066
Prepayment 6,648 10,164
Other debtors 8,630 -
231,928 209,230
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 24,000 24,000
Obligations under finance lease and hire purchase contracts 55,832 39,210
Trade creditors 20,267 28,420
Due to group undertakings - 4,320
Net wages 19,860 18,510
Corporation tax - 12,941
Other taxes and social security costs 99,406 105,360
Other creditors 107,791 82,936
327,156 315,697
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 28,000 52,000
Obligations under finance lease and hire purchase contracts 130,753 16,585
158,753 68,585
7 Pension schemes
The company operates a defined contribution pension scheme. The pension cost charge represents contributions paid by the company and amounted to £13,382 (2023- £12,829).
8 Controlling party
The company is controlled by Cobra Precision Engineering Holdings Limited who own 100% of the called up share capital.
Unit 26
Aston Road
Waterlooville
Hampshire
PO7 7XJ
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