Cobal (Cranes) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01261011 (England and Wales)

Cobal (Cranes) Ltd

Financial Statements For The Year Ended 31 March 2021

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Simpson

D Murphy

D T Sowerby

REGISTERED OFFICE:

Cobal

Callywhite Lane

Dronfield

Derbyshire

S18 2XR

REGISTERED NUMBER:

01261011 (England and Wales)

AUDITORS:

Allotts Business Services Ltd, Statutory Auditor

Chartered Accountants

The Old Grammar School

13 Moorgate Road

Rotherham

South Yorkshire

S60 2EN

FIXED ASSETS

Tangible assets

4

27,350

36,267

CURRENT ASSETS

Stocks

6,295

-

Debtors

580,349

524,988

Cash at bank and in hand

84,966

52,473

671,610

577,461

CREDITORS

Amounts falling due within one year

244,456

182,490

NET CURRENT ASSETS

427,154

394,971

TOTAL ASSETS LESS CURRENT LIABILITIES

454,504

431,238

CREDITORS

Amounts falling due after more than one year

5

83,412

27,132

NET ASSETS

371,092

404,106

CAPITAL AND RESERVES

Called up share capital

7

400

400

Share premium

900

900

Other reserves

789

789

Retained earnings

369,003

402,017

SHAREHOLDERS' FUNDS

371,092

404,106

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2022 and were signed on its behalf by:

J Simpson - Director

1.	STATUTORY INFORMATION

Cobal (Cranes) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Government grants

During the year, the company received a Covid-related government grant in the form of funding under the Coronavirus Job Retention Scheme as shown in note 4.

The company has adopted the accrual model so government grants are recognised in the same period as the expenditure they are intended to contribute to.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

146,079

Additions

11,495

Disposals

(16,424

)

At 31 March 2021

141,150

DEPRECIATION

At 1 April 2020

109,812

Charge for year

9,129

Eliminated on disposal

(5,141

)

At 31 March 2021

113,800

NET BOOK VALUE

At 31 March 2021

27,350

At 31 March 2020

36,267

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans more 5 yr by instal

1,334

-

6.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

35,132

48,028

Hire purchase is secured on the related assets.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

400

Ordinary

£1

400

400

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Highfield FCA (Senior Statutory Auditor)

for and on behalf of Allotts Business Services Ltd, Statutory Auditor

9.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £60,904 (2020: £97,206).

10.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed a net balance of £361,575 (2020: £216,234) by owners with a participating interest.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Technical Cranes Limited.

A & B Crane and Electrical Services Limited is the parent undertaking of Cobal (Cranes) Ltd. The address of the parent undertaking is Harrison Street, Rotherham, South Yorkshire S61 1EE.