Community Owned Asset Management Ltd Accounts

COMMUNITY OWNED ASSET MANAGEMENT LIMITED - Company Information






Community Owned Asset Management Ltd

	Company No. 11681279
		Information for Filing with The Registrar
		31 December 2021

at	31 December 2021
Company No.		11681279	Notes	2021	2020
				£	£
Fixed assets
	Intangible assets		4	61,918	70,926



				61,918	70,926
Current assets

	Debtors		5	175,227	112,980

	Cash at bank and in hand			313,359	245,709
				488,586	358,689
Creditors: Amount falling due within one year			6	(203,821)	(166,521)
Net current assets				284,765	192,168
Total assets less current liabilities				346,683	263,094
Creditors: Amounts falling due after more than one year			7	(308,689)	(307,598)



Net assets/(liabilities)				37,994	(44,504)

Capital and reserves
	Called up share capital			1	1



	Profit and loss account		8	37,993	(44,505)

Total equity				37,994	(44,504)



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 December 2021 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 25 May 2022
And signed on its behalf by:
S. Vercellotti
Director
25 May 2022

for the year ended 31 December 2021

General information

Its registered number is: 11681279

Its registered office is:

W106 Vox Studios

1-45 Durham Street

London

SE11 5JH

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Going concern

The directors have considered the effects of COVID-19 on the results and activities of the company. To date the company has been able to continue its activities therefore no provisions or adjustments have been necessary.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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.

Trade and other creditors

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.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution pensions

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 payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Employees
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the year was:	12	8

4	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 January 2021	90,077	90,077


		At 31 December 2021	90,077	90,077
		Amortisation and impairment
		At 1 January 2021	19,151	19,151
		Charge for the year	9,008	9,008


		At 31 December 2021	28,159	28,159
		Net book values
		At 31 December 2021	61,918	61,918
		At 31 December 2020	70,926	70,926

		On 16 November 2018 the company acquired the trade of Mongoose Energy Limited for a consideration of £1. Goodwill represents professional costs in relation to that acquisition.

5	Debtors
			2021	2020
			£	£
		Trade debtors	118,561	40,707






		Prepayments and accrued income	56,666	72,273
			175,227	112,980

6	Creditors:
		amounts falling due within one year
			2021	2020
			£	£




		Trade creditors	13,265	16,526

		Corporation tax	11,527	-
		Other taxes and social security	27,165	17,032

		Other creditors	909	507
		Accruals and deferred income	150,955	132,456
			203,821	166,521

7	Creditors:
		amounts falling due after more than one year
			2021	2020
			£	£


		Other loans	308,689	307,598





			308,689	307,598

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Share capital

The company has one £1 Ordinary share in issue which is fully paid.

Related party disclosures

Name of related party

Environmental Finance Limited

Description of relationship between the parties

A company in which certain directors are interested

Description of transaction and general amounts involved

Rent and other recharges payable to the related party of £32,005 (2020 - £53,792).

Controlling Party

The name of the parent company and controlling party is:

COAM Members Limited

The parent's registered office address is:

W106 Vox Studios

1-45 Durham Street

London

SE11 5JH