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Company Registration No. 05718599 (England and Wales)
Coracle Online Limited Unaudited accounts for the year ended 31 March 2025
Coracle Online Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
- 2 -
Coracle Online Limited Company Information for the year ended 31 March 2025
Directors
James Tweed Richard Harris
Company Number
05718599 (England and Wales)
Registered Office
The Windmill 10 Chesterton Mill Frenchs Road Cambridge Cambridgeshire CB4 3NP England
Accountants
Caseron Cloud Accounting Ltd 7 Swallow Drive Stowmarket Suffolk IP14 5BY
- 3 -
Coracle Online Limited Statement of financial position as at 31 March 2025
2025
2024
Notes
£
£
Fixed assets
Intangible assets
4
323,029
104,401
Tangible assets
5
257,523
374,594
580,552
478,995
Current assets
Debtors
6
700,421
670,559
Cash at bank and in hand
412,179
383,238
1,112,600
1,053,797
Creditors: amounts falling due within one year
7
(248,350)
(1,079,351)
Net current assets/(liabilities)
864,250
(25,554)
Total assets less current liabilities
1,444,802
453,441
Creditors: amounts falling due after more than one year
8
(665,554)
(22,425)
Provisions for liabilities
Deferred tax
(53,178)
-
Net assets
726,070
431,016
Capital and reserves
Called up share capital
133
133
Share premium
234,967
234,967
Profit and loss account
490,970
195,916
Shareholders' funds
726,070
431,016
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by
James Tweed Director Company Registration No. 05718599
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Coracle Online Limited Notes to the Accounts for the year ended 31 March 2025
1
Statutory information
Coracle Online Limited is a private company, limited by shares, registered in England and Wales, registration number 05718599. The registered office is The Windmill, 10 Chesterton Mill, Frenchs Road, Cambridge, Cambridgeshire, CB4 3NP, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Land & buildings relates to leasehold improvements. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% Straight Line Basis
Plant & machinery
25% Straight Line Basis
Motor vehicles
20% Straight Line Basis
Computer equipment
25% Straight Line Basis
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Coracle Online Limited Notes to the Accounts for the year ended 31 March 2025
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 are largely independent of the cash inflows from other assets or groups of assets.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
The company uses various financial instruments, including bank loans, revolving credit facilities, cash and various items such as trade debtors and creditors that arise from operations. The primary function of these instruments is to ensure sufficient cashflow to support the company?s operations. The existence of these instruments exposes the company to a number of financial risks, as described below:
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity and working capital is available to meet the need of the company. Short term flexibility is available through revolving credit facilities. The maturity of borrowings is set out in note 7 to the financial statements.
Interest rate risk
The company's exposure to interest rate fluctuations on borrowings is managed with the use of fixed rate facilities.
- 6 -
Coracle Online Limited Notes to the Accounts for the year ended 31 March 2025
Other economic risk
The company is predominantly a B2B operation, with shared upside from consumer spending. Contracted floor rates for the provision of the company?s platform reduce the impact of potential reduction in spending patterns from end users. The company has considered the potential impact of Brexit on the business: Labour mobility: the company does not employ any non-UK nationals and does not compete in hiring staff against low skilled labour employers. The company does expect to find skilled software development staff increasingly difficult to find and manages this risk by developing its own internal training programme. Supply chain friction: the company sources hardware (notably Chromebooks) from outside of the EU. Regulatory and policy: the company does not consider there to be any regulatory or policy impact on the business. Tax: the company does not consider there to be any significant tax implications impacting the business. Macroeconomic: a fall in the value of sterling would increase the cost of importing goods from outside of the UK and this could have an impact the cost of supply of Chromebooks. Global demand for Chromebooks has grown year-on-year in excess of 65% and ongoing global chip shortages are impacting availability of stock. The number of orders that the company places are relatively few in any one year so delays are not expected to have a material impact on the trading performance on the business.
Intangible fixed assets
Intangible fixed assets are stated at cost less accumulated amortisation. Effective from 1 April 2024, the Company revised its accounting policy to capitalise directly attributable staff costs relating to qualifying software development projects. Under the previous policy, all such staff costs were recognised as an expense when incurred. Capitalised costs are amortised on a straight-line basis over three years, commencing immediately from the date of capitalisation. This change in accounting policy has been applied prospectively to expenditure incurred on or after 1 April 2024. For the year ended 31 March 2025, the impact of the change was as follows: - An increase in intangible fixed assets of £305,911 - Recognition of amortisation on capitalised costs of £50,796 - An increase in profit before tax of £255,115
4
Intangible fixed assets
Other
£
Cost
At 1 April 2024
232,058
Additions
306,899
At 31 March 2025
538,957
Amortisation
At 1 April 2024
127,657
Charge for the year
88,271
At 31 March 2025
215,928
Net book value
At 31 March 2025
323,029
At 31 March 2024
104,401
- 7 -
Coracle Online Limited Notes to the Accounts for the year ended 31 March 2025
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2024
1,960
23,378
65,892
497,196
588,426
Additions
-
9,888
-
21,265
31,153
At 31 March 2025
1,960
33,266
65,892
518,461
619,579
Depreciation
At 1 April 2024
294
19,381
23,905
170,252
213,832
Charge for the year
392
3,579
21,964
122,289
148,224
At 31 March 2025
686
22,960
45,869
292,541
362,056
Net book value
At 31 March 2025
1,274
10,306
20,023
225,920
257,523
At 31 March 2024
1,666
3,997
41,987
326,944
374,594
6
Debtors
2025
2024
£
£
Amounts falling due within one year
Trade debtors
178,074
144,803
Accrued income and prepayments
31,493
31,191
Other debtors
490,854
494,565
700,421
670,559
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
189
6,802
VAT
57,506
62,615
Obligations under finance leases and hire purchase contracts
5,109
9,537
Trade creditors
41,756
63,749
Taxes and social security
108,684
34,613
Other creditors
16,701
95,648
Loans from directors
(3,110)
626
Accruals
800
40,174
Deferred income
20,715
765,587
248,350
1,079,351
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
665,554
22,425
- 8 -
Coracle Online Limited Notes to the Accounts for the year ended 31 March 2025
9
Operating lease commitments
2025
2024
£
£
At 31 March 2025 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
74,862
75,459
Later than one year and not later than five years
6,693
81,555
81,555
157,014
10
Loans to directors
Brought Forward
Advance/ credit
Repaid
Carried Forward
£
£
£
£
James Tweed
Loan advanced to Director, interest charged at 0%. Balance due is repayable on demand
368,521
-
191
368,330
368,521
-
191
368,330
11
Average number of employees
During the year the average number of employees was 34 (2024: 32).
- 9 -