ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
For the Year Ended
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Cosatto Limited
Company Information
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Cosatto Limited
Contents
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Cosatto Limited
Strategic report
For the Year Ended 31 August 2020
The Directors present the Strategic Report for the year ended 31 August 2020.
As with most businesses, the trading landscape during this financial year has been dominated by the Covid global pandemic. Fortunately, our excellent products, availability and online offering, have meant the business has been unaffected by lock downs / ongoing restrictions and subsequently produced very strong trading results (See Covid analysis section below).
The business had already taken steps to reduce operational costs and this continued in 2020, with Administrative Expenses reducing from £4.210m to £4.112m. Net Sales in the year increased from £10.038m to £11.275m and Operating Profit increased from a £469k loss, to a £357k profit. The sales growth was initially driven by Cosatto’s own website, but as the initial lock down was lifted, bricks and mortar retail also responded strongly. The business operates in a market where demand is relatively consistent. When you add to this a Cosatto product offering that is incredibly well suited to online sales, the result is strong top and bottom-line growth. New product development continued with several new products coming to the market during 2020. These new products provided significant opportunities for the successful development of the business. Covid has driven a change in shopping habits, and the Directors are very confident that the business is in an excellent position to thrive in this new trading environment. Covid-19 At the start of 2020 the globe entered a period of uncertainty and concern with the outbreak of the COVID-19 pandemic. Management has performed full risk assessments and developed new procedures to ensure that premises are Covid-19 secure and a safe environment for our employees to work in. Following the UK Government's lockdown announcement on 23 March 2020, all non-essential retailers were closed although online retailers and channels remained open. Through a combination of excellent online marketing activity and the trading conditions created by Covid, the business has seen an unprecedented increase in online sales, with sales now +300% higher than previous peak levels. The strength of the brand and the offering has meant that sales volumes have remained strong throughout the easing of restrictions. During the lockdown period, the directors have carried out a variety of immediate actions, made appropriate use of Government support including the Furlough scheme and deferred, reduced or cancelled costs where appropriate. The Company’s sales performance has meant that it has had no difficulty meeting its working capital requirements and has generated cash during the crisis. The Company has also successfully applied for a loan through the Coronavirus Business Interruption Loan Scheme which will assist with headroom to allow the Company to meet its liabilities as they fall due. Detailed forecasts which cover the foreseeable future have been prepared. Online revenue has performed strongly during the lockdown period and the Company has seen an increase in revenue since the reopening of non-essential retailers. The forecasts prepared show that the Company will operate within its available facilities. The directors believe that there will be a continued increase in sales through the remainder of the 2020-21 financial year, exceeding levels prior years. Astute cash flow management and appropriate use of Government support will ensure that the Group remains a strong viable business. The UK Government announced a second period of lock down, commencing early November, it is anticipated that this will have no material impact on the trading position of the business as although all non-essential retailers will close for a period, online retailers and channels will remain open.
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Cosatto Limited
Strategic report (continued)
For the Year Ended 31 August 2020
The company finances its operations through a mixture of retained profits and where necessary through borrowings facilities to fund expansion and capital expenditure.
The management’s objectives are to: - Retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due whilst maximising returns on funds; and - minimise the company's exposure to fluctuating interest rates when seeking new borrowings; and - match the repayment schedule of any external borrowings with expected future cash flows expected to arise from the company's trading activities and - minimise the company exposure to fluctuating exchange rates by entering into forward foreign exchange contracts.
Other key performance indicators measured by the company are as follows:
- Product Return Rates. - Employee Engagement Scores. - Customer Feedback Scores. - Social Media Following.
This report was approved by the board and signed on its behalf.
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Cosatto Limited
Directors' report
For the Year Ended 31 August 2020
The directors present their report and the financial statements for the year ended 31 August 2020.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £367 thousand (2019 - loss £469 thousand).
The directors do not recommend the payment of a final dividend (2019 - £Nil).
The directors who served during the year were:
Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
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Cosatto Limited
Directors' report (continued)
For the Year Ended 31 August 2020
At the start of 2020 the globe entered a period of uncertainty and concern with the outbreak of the COVID-19 pandemic.
Management has performed full risk assessments and developed new procedures to ensure that premises are Covid-19 secure and a safe environment for our employees to work in. Following the UK Government's lockdown announcement on 23 March 2020, all non-essential retailers were closed although online retailers and channels remained open. Through a combination of excellent online marketing activity and the trading conditions created by Covid, the business has seen an unprecedent increase in online sales, with sales now +300% higher than previous peak levels. The strength of the brand and the offering has meant that sales volumes have remained strong throughout the easing of restrictions. During the lockdown period, the directors have carried out a variety of immediate actions, made appropriate use of Government support including the Furlough scheme and deferred, reduced or cancelled costs where appropriate. The Company’s sales performance has meant that it has had no difficulty meeting its working capital requirements and has generated cash during the crisis. The Company has also successfully applied for a loan through the Coronavirus Business Interruption Loan Scheme which will assist with headroom to allow the Company to meet its liabilities as they fall due. Detailed forecasts which cover the foreseeable future have been prepared. Online revenue has performed strongly during the lockdown period and the Company has seen an increase in revenue since the reopening of non-essential retailers. The forecasts prepared show that the Company will operate within its available facilities. The directors believe that there will be a continued increase in sales through the remainder of the 2020-21 financial year, exceeding levels prior years. Astute cash flow management and appropriate use of Government support will ensure that the Group remains a strong viable business. The UK Government announced a second period of lock down, commencing early November, it is anticipated that this will have no material impact on the trading position of the business as although all non-essential retailers will close for a period, online retailers and channels will remain open.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Cosatto Limited
Independent Auditors' Report to the Members of Cosatto Limited
We have audited the financial statements of Cosatto Limited (the 'Company') for the year ended 31 August 2020, which comprise the statement of comprehensive income, the statement of financial position, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
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Cosatto Limited
Independent Auditors' Report to the Members of Cosatto Limited (continued)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the directors' responsibilities statement on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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Cosatto Limited
Independent Auditors' Report to the Members of Cosatto Limited (continued)
This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Stockport
Cheshire
SK1 1TD
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Cosatto Limited
Statement of comprehensive income
For the Year Ended 31 August 2020
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Cosatto Limited
Registered number: 06529629
Statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 31 form part of these financial statements.
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Cosatto Limited
Statement of changes in equity
For the Year Ended 31 August 2020
Statement of changes in equity
For the Year Ended 31 August 2019
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Cosatto Limited
Statement of cash flows
For the Year Ended 31 August 2020
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Cosatto Limited
Analysis of Net Debt
For the Year Ended 31 August 2020
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
Cosatto Limited is a private Company limited by members capital incorporated in England, number 06529629. The address of the registered office and principal place of business is Bentinck Mill, Bentinck Street, Farnworth, Bolton, BL4 7EP.
The nature of the Company's operation and its principal activity is that of development, marketing and distribution of children's nursery related products.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
The Company has total assets less current liabilities of £3,202,000 (2019: £2,172,000) and net current assets of £1,817,000 (2019: £627,000). At the start of 2020 the globe entered a period of uncertainty and concern with the outbreak of the COVID-19 pandemic. Following the UK Government's lockdown announcement on 23 March 2020, all non-essential retailers were closed although online retailers and channels remained open. Through a combination of excellent online marketing activity and the trading conditions created by Covid, the business has seen an unprecedent increase in online sales, with sales now more than 300% higher than previous peak levels. The strength of the brand and the offering has meant that sales volumes have remained strong throughout the easing of restrictions. During the lockdown period, the directors have carried out a variety of immediate actions, made appropriate use of Government support including the Furlough scheme and deferred, reduced or cancelled costs where appropriate. The Company’s sales performance has meant that it has had no difficulty meeting its working capital requirements and has generated cash during the crisis. The Company has also successfully applied for a loan through the Coronavirus Business Interruption Loan Scheme which will assist with headroom to allow the Company to meet its liabilities as they fall due. Detailed forecasts which cover the foreseeable future have been prepared. Online revenue has performed strongly during the lockdown period and the Company has seen an increase in revenue since the reopening of non-essential retailers. The forecasts prepared show that the Company will operate within its available facilities. The directors believe that there will be a continued increase in sales through the remainder of the 2020-21 financial year, exceeding levels prior years. Astute cash flow management and appropriate use of Government support will ensure that the Group remains a strong viable business. The UK Government announced a second period of lock down, commencing early November, it is anticipated that this will have no material impact on the trading position of the business as although all non-essential retailers will close for a period, online retailers and channels will remain open. The directors believe it is appropriate to prepare the accounts to 31 August 2020 on a going concern basis.
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
2.Accounting policies (continued)
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Rentals income from operating leases is credited to profit or loss on a straight line basis over the term of the relevant lease.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of comprehensive income over its useful economic life which is 20 years.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the statement of financial position.
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
2.Accounting policies (continued)
The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The Company has applied hedge accounting for interest rate and foreign exchange derivatives.
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
The preparation of the financial statements requires the Directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimates means that actual outcomes could differ from those estimates. The following material judgements have had the most significant effect on amounts recognised in the financial statements.
Derivatives The Company has entered into forward currency contracts to manage its exposure to foreign exchange cash flow risk on its overseas purchases. These derivatives are measured at fair value at each balance sheet date, and where material, these are recognised in the financial statements. The fair value is measured as the mark to market value, being the difference between the change in value of the hedged item and the change in value of the hedging instrument. To the extent the hedge is effective, movements in fair value are recognised in comprehensive income and presented within a fair value hedging reserve. Any ineffective portions of these movements are also recognised in profit or loss for the period. As at 31 August 2020, the fair value of such derivatives is immaterial. Warranty provision The Company offers customers purchasing goods a 4 year guarantee if they register the guarantee within 28 days of the purchase. The Company reviews its warranty provision on a regular basis. A warranty provision is made based on historical data regarding credit notes raised by the Company. At the year end, the warranty provision totalled £70,000 (2019: £52,000). Provision for impairment loss on trade debtors The Directors of the Company exercises significant judgement in providing for impairment loss on trade debtors. At the year end, the value of trade debtors totalled £1,151,000 (2019: £1,287,000). Provision for obsolete and slow moving stocks The Company reviews its stock to assess loss on account of obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in the profit or loss, the company makes judgements as to whether there is any observable data indicating that there is any future salability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by the management. The provision for obsolescence of stock is based on the ageing and historical sales pattern. At the year end, the value of stock totalled £2,162,000 (2019: £2,078,000). Property Valuation The Directors of the Company exercise significant judgement in assessing that the property valuation has not changed from the date it was valued to the balance sheet date. The value of the property at the year end totalled £734,000 (2019: £752,000). Other estimates and judgements The Directors of the Company also exercise significant judgement in estimating the useful life of tangible and intangible fixed assets. Should these estimates vary, the profit or loss and balance sheet of the following years could be impacted.
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
Analysis of turnover by country of destination:
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
11.Taxation (continued)
There are no factors that may affect the future tax charge.
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
Capital redemption reserve
Profit and loss account
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Cosatto Limited
Notes to the financial statements
For the Year Ended 31 August 2020
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £45,000 (2019 - £40,000). Contributions totalling £7,000 (2019 - £6,000) were payable to the fund at the reporting date.
The Company is controlled by A S Kluge, by way of his 100% interest in the voting share capital of the Company.
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