Cobal (Cranes) Ltd Filleted accounts for Companies House (small and micro)

COBAL (CRANES) LTD - Company Information

13 17 November 2022 false false false false false false false false false true false false true false true true No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01261011 2021-04-01 2022-03-31 01261011 2022-03-31 01261011 2021-03-31 01261011 2020-04-01 2021-03-31 01261011 2021-03-31 01261011 core:PlantMachinery 2021-04-01 2022-03-31 01261011 core:MotorVehicles 2021-04-01 2022-03-31 01261011 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 01261011 bus:Director2 2021-04-01 2022-03-31 01261011 core:WithinOneYear 2022-03-31 01261011 core:WithinOneYear 2021-03-31 01261011 core:AfterOneYear 2022-03-31 01261011 core:AfterOneYear 2021-03-31 01261011 core:ShareCapital 2022-03-31 01261011 core:ShareCapital 2021-03-31 01261011 core:SharePremium 2022-03-31 01261011 core:SharePremium 2021-03-31 01261011 core:OtherReservesSubtotal 2022-03-31 01261011 core:OtherReservesSubtotal 2021-03-31 01261011 core:RetainedEarningsAccumulatedLosses 2022-03-31 01261011 core:RetainedEarningsAccumulatedLosses 2021-03-31 01261011 bus:SmallEntities 2021-04-01 2022-03-31 01261011 bus:Audited 2021-04-01 2022-03-31 01261011 bus:AbridgedAccounts 2021-04-01 2022-03-31 01261011 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 01261011 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 01261011 bus:OrdinaryShareClass1 2022-03-31 01261011 bus:OrdinaryShareClass1 2021-03-31 01261011 core:OfficeEquipment 2021-04-01 2022-03-31

COMPANY REGISTRATION NUMBER: 01261011

Cobal (Cranes) Ltd

Filleted Abridged Financial Statements

31 March 2022

Cobal (Cranes) Ltd

Abridged Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	399,160	27,350

Current assets

Stocks	23,902	6,295
Debtors	621,463	580,349
Cash at bank and in hand	54,323	84,966
	---------	---------
	699,688	671,610

Creditors: amounts falling due within one year	282,136	244,456
	---------	---------
Net current assets	417,552	427,154
	---------	---------
Total assets less current liabilities	816,712	454,504

Creditors: amounts falling due after more than one year	324,579	83,412
	---------	---------
Net assets	492,133	371,092
	---------	---------

Capital and reserves

Called up share capital	6	400	400
Share premium account		900	900
Other reserves		789	789
Profit and loss account		490,044	369,003
		---------	---------
Shareholders funds		492,133	371,092
		---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 17 November 2022 , and are signed on behalf of the board by:

J Simpson

Director

Company registration number: 01261011

Cobal (Cranes) Ltd

Notes to the Abridged Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Roman Ridge Road, Sheffield, England, S9 1GB, England.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Technical Cranes Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of financial instruments have not been presented. (b) No disclosure has been given for the aggregate remuneration of key management personnel.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	33% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is measured at the lower of cost and net realisable value.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2021: 11 ).

5. Tangible assets

	£
Cost
At 1 April 2021	141,150
Additions	383,453
Disposals	( 21,540)
	---------
At 31 March 2022	503,063
	---------
Depreciation
At 1 April 2021	113,800
Charge for the year	6,795
Disposals	( 16,692)
	---------
At 31 March 2022	103,903
	---------
Carrying amount
At 31 March 2022	399,160
	---------
At 31 March 2021	27,350
	---------

6. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	400	400	400	400
	----	----	----	----

7. Other financial commitments

The company had total guarantees and commitments at the balance sheet date of £603 (2021: £60,904).

8. Summary audit opinion

The auditor's report for the year dated 17 November 2022 was unqualified .

The senior statutory auditor was Stephen Allen ACA FCCA , for and on behalf of Allen, West and Foster .

9. Related party transactions

At the balance sheet date the company was owed a net balance of £269,394 (2021: £216,234) by owners with a participating interest. All other transactions were under normal market conditions.

10. Controlling party

Cobal (Cranes) Limited is a wholly owned subsidiary of A & B Crane and Electrical Services Limited which is a 70% subsidiary of Technical Cranes Limited (the ultimate controlling party) whose registered office address is: Technical Cranes Ltd Meadowbank Industrial Estate Harrison Street Rotherham England S61 1EE The company is consolidated within the accounts of Technical Cranes Limited which are available from Companies House.