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Company No: 01839766 (England and Wales)

# COBOLT SYSTEMS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

COBOLT SYSTEMS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

COBOLT SYSTEMS LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
COBOLT SYSTEMS LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 86,015 |  | 91,523
|  | 86,015 |  | 91,523
Current assets |  |  |  |
Stocks |  | 922,394 |  | 920,215
Debtors |  |  |  |
- due within one year | 4 | 120,916 |  | 102,889
- due after more than one year | 4 | 0 |  | 14,150
Cash at bank and in hand |  | 514,517 |  | 452,143
|  | 1,557,827 |  | 1,489,397
Creditors: amounts falling due within one year | 5 | ( 80,937) |  | ( 57,359)
Net current assets |  | 1,476,890 |  | 1,432,038
Total assets less current liabilities |  | 1,562,905 |  | 1,523,561
Provision for liabilities | 6 | ( 2,687) |  | ( 3,032)
Net assets |  | 1,560,218 |  | 1,520,529
Capital and reserves |  |  |  |
Called-up share capital |  | 5,002 |  | 5,002
Profit and loss account |  | 1,555,216 |  | 1,515,527
Total shareholders' funds |  | 1,560,218 |  | 1,520,529

For the financial year ending 31 March 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 financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Cobolt Systems Limited (registered number: 01839766) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R Carey Director |  | V R Carey Director

10 November 2025

COBOLT SYSTEMS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
COBOLT SYSTEMS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Cobolt Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Mill House, Mill Road, Reedham, NR13 3TL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
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 financial statements. 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 50 years straight line
Plant and machinery | 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the averaging method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 13 |  | 12

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 April 2024 | 101,144 |  | 311,185 |  | 412,329
Disposals | 0 |  | ( 5,445) |  | ( 5,445)
At 31 March 2025 | 101,144 |  | 305,740 |  | 406,884
Accumulated depreciation |  |  |  |  |
At 01 April 2024 | 16,666 |  | 304,140 |  | 320,806
Charge for the financial year | 2,023 |  | 1,780 |  | 3,803
Disposals | 0 |  | ( 3,740) |  | ( 3,740)
At 31 March 2025 | 18,689 |  | 302,180 |  | 320,869
Net book value |  |  |  |  |
At 31 March 2025 | 82,455 |  | 3,560 |  | 86,015
At 31 March 2024 | 84,478 |  | 7,045 |  | 91,523

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Debtors: amounts falling due within one year |  |  |
Trade debtors | 96,931 |  | 78,216
Prepayments | 4,357 |  | 4,268
VAT recoverable | 19,628 |  | 17,634
Other debtors | 0 |  | 2,771
| 120,916 |  | 102,889
Debtors: amounts falling due after more than one year |  |  |
Corporation tax | 0 |  | 14,150

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 15,681 |  | 20,809
Accruals | 16,116 |  | 10,386
Corporation tax | 19,393 |  | 0
Other taxation and social security | 5,870 |  | 5,225
Other creditors | 23,877 |  | 20,939
| 80,937 |  | 57,359

#### 6. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 3,032) |  | ( 4,209)
Credited to the Income Statement | 345 |  | 1,177
At the end of financial year | ( 2,687) |  | ( 3,032)

The deferred taxation balance is made up as follows:

| 2025 |  | 2024
| £ |  | £
Accelerated capital allowances | ( 2,810) |  | ( 3,119)
Other timing differences | 123 |  | 87
| ( 2,687) |  | ( 3,032)

#### 7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

| 2025 |  | 2024
| £ |  | £
Unpaid contributions due to the fund (inc. in other creditors) | 491 |  | 461
Company pension costs | 5,425 |  | 5,247
| 5,916 |  | 5,708

#### 8. Related party transactions

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Amounts owed by directors | 0 |  | 2,770