Cofink Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC632987 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

COFINK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Professor T G Inns

REGISTERED OFFICE:

Troughstone Cottage

Campsie Road

Strathblane

Glasgow

G63 9AB

REGISTERED NUMBER:

SC632987 (Scotland)

ACCOUNTANTS:

Cornerstone Accountants

6th Floor

Gordon Chambers

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

FIXED ASSETS

Tangible assets

4

2,445

3,143

CURRENT ASSETS

Debtors

5

14,975

10,371

Cash at bank

20,563

20,339

35,538

30,710

CREDITORS

Amounts falling due within one year

6

35,136

40,194

NET CURRENT ASSETS/(LIABILITIES)

402

(9,484

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,847

(6,341

)

PROVISIONS FOR LIABILITIES

465

597

NET ASSETS/(LIABILITIES)

2,382

(6,938

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

2,381

(6,939

)

2,382

(6,938

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the director and authorised for issue on 3 April 2023 and were signed by:

Professor T G Inns - Director

1.	STATUTORY INFORMATION

Cofink Ltd is a private company, limited by shares , registered in Scotland. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

20% on a straight line basis and 20% on a reducing balance basis

Computer equipment

-

33% on a straight line basis

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2021

932

6,137

7,069

Additions

300

1,801

2,101

At 30 June 2022

1,232

7,938

9,170

DEPRECIATION

At 1 July 2021

336

3,590

3,926

Charge for year

179

2,620

2,799

At 30 June 2022

515

6,210

6,725

NET BOOK VALUE

At 30 June 2022

717

1,728

2,445

At 30 June 2021

596

2,547

3,143

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

5,475

10,238

Prepayments and accrued income

9,500

133

14,975

10,371

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

837

16

Tax

9,393

6,904

Social security and other taxes

25

-

Directors' current accounts

23,608

31,827

Accrued expenses

1,273

1,447

35,136

40,194