Cobb (GB) Limited - Period Ending 2015-06-30

Registration number: 06272047

Cobb (GB) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2015
 

A D Betley, FCA
AIMS - Accountants for Business
27 Redwood Glade
Leighton Buzzard
Bedfordshire
LU7 3JT

Cobb (GB) Limited
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 11

Cobb (GB) Limited
Company Information

Chairman

Mr R G Pope

Directors

Mrs R D Pope Mr M C Pope

Company secretary

Mrs R D Pope

Registered office

27 Redwood Glade Leighton Buzzard Bedfordshire LU7 3JT

Bankers

Barclays Bank Branch 200318 34 Market Square Aylesbury HP20 1TT

Accountants

A D Betley, FCA AIMS - Accountants for Business 27 Redwood Glade Leighton Buzzard Bedfordshire LU7 3JT

Page 1

Cobb (GB) Limited
Directors' Report for the Year Ended 30 June 2015

The directors present their report and the unaudited financial statements for the year ended 30 June 2015.

Directors of the company

The directors who held office during the year were as follows:

Mr R G Pope - Chairman

Mrs R D Pope

Mr M C Pope

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 28 October 2015 and signed on its behalf by:

.........................................
Mr M C Pope
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cobb (GB) Limited
for the Year Ended 30 June 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cobb (GB) Limited for the year ended 30 June 2015 set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Cobb (GB) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cobb (GB) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cobb (GB) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cobb (GB) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cobb (GB) Limited. You consider that Cobb (GB) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cobb (GB) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

A D Betley, FCA
AIMS - Accountants for Business
27 Redwood Glade
Leighton Buzzard
Bedfordshire
LU7 3JT

28 October 2015

Page 3

Cobb (GB) Limited
Profit and Loss Account for the Year Ended 30 June 2015

		Note			2015 £			2014 £
Turnover					613,119			440,085
Cost of sales					(345,359)			(253,169)
Gross profit					267,760			186,916
Distribution costs					(50,704)			(40,648)
Administrative expenses					(86,783)			(75,628)
Operating profit		2			130,273			70,640
Interest payable and similar charges					(67)			(75)
Profit on ordinary activities before taxation					130,206			70,565
Tax on profit on ordinary activities		4			(29,066)			(14,123)
Profit for the financial year		12			101,140			56,442

The notes on pages 6 to 11 form an integral part of these financial statements.
Page 4

Cobb (GB) Limited
(Registration number: 06272047)
Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		5			5,597			18,934
Current assets
Stocks					108,944			56,607
Debtors		6			92,084			99,508
Cash at bank and in hand					93,561			63,151
					294,589			219,266
Creditors: Amounts falling due within one year		7			(155,257)			(135,812)
Net current assets					139,332			83,454
Total assets less current liabilities					144,929			102,388
Creditors: Amounts falling due after more than one year		8			(20,000)			(20,000)
Provisions for liabilities		9			(1,459)			(59)
Net assets					123,470			82,329
Capital and reserves
Called up share capital		10			100			100
Profit and loss account		12			123,370			82,229
Shareholders' funds					123,470			82,329

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 30 June 2015 the company was entitled to exemption 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 Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the Board on 28 October 2015 and signed on its behalf by:

.........................................
 Mr R G Pope
 Chairman

The notes on pages 6 to 11 form an integral part of these financial statements.
Page 5

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2015
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% straight line basis
Office equipment	25% straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Foreign currencies are translated at the rate of exchange when the transaction occurs and any exchange difference is charged/credited to the profit & loss account at that date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 6

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2015
......... continued

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Operating profit

Operating profit is stated after charging:

		2015 £			2014 £
Foreign currency losses		754			13
Depreciation of tangible fixed assets		19,495			18,650

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2015 £			2014 £
Remuneration (including money purchase pension scheme contributions)		32,100			31,155

4

Taxation

Tax on profit on ordinary activities

		2015 £			2014 £
Current tax
Corporation tax charge		27,666			16,381
Deferred tax
Origination and reversal of timing differences		1,400			(2,258)
Total tax on profit on ordinary activities		29,066			14,123

Page 7

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2015
......... continued

5	Tangible fixed assets

		Motor vehicles £			Office equipment £			Total £
Cost or valuation
At 1 July 2014		111,954			17,323			129,277
Additions		2,958			3,200			6,158
At 30 June 2015		114,912			20,523			135,435
Depreciation
At 1 July 2014		93,966			16,377			110,343
Charge for the year		18,248			1,247			19,495
At 30 June 2015		112,214			17,624			129,838
Net book value
At 30 June 2015		2,698			2,899			5,597
At 30 June 2014		17,988			946			18,934

6

Debtors

		2015 £			2014 £
Trade debtors		92,084			22,571
Other debtors		-			76,937
		92,084			99,508

7	Creditors: Amounts falling due within one year

		2015 £			2014 £
Trade creditors		8,435			4,629
Corporation tax		27,750			16,500
Other taxes and social security		2,015			13,551
Other creditors		117,057			101,132
		155,257			135,812

Page 8

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2015
......... continued

8	Creditors: Amounts falling due after more than one year

		2015 £			2014 £
Other creditors		20,000			20,000

9	Provisions

		Deferred tax £			Total £
At 1 July 2014		59			59
Charged to the profit and loss account		1,400			1,400
At 30 June 2015		1,459			1,459

Analysis of deferred tax

		2015 £			2014 £
Difference between accumulated depreciation and amortisation and capital allowances		1,459			59

10	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

11

Dividends

		2015 £			2014 £
Dividends paid
Current year interim dividend paid		60,000			59,800

Page 9

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2015
......... continued

12

Reserves

		Profit and loss account £			Total £
At 1 July 2014		82,230			82,230
Profit for the year		101,140			101,140
Dividends		(60,000)			(60,000)
At 30 June 2015		123,370			123,370

13	Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £7,800 (2014 - £7,800).

14	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr R G Pope
Directors current account	37,447	-	25,315	-
Directors loan account	10,000	-	10,000	-
	47,447	-	35,315	-
Mrs R D Pope
Directors current account	28,396	-	39,713	-
Directors loan account	10,000	-	10,000	-
	38,396	-	49,713	-
Mr M C Pope
Directors current account	18,762	-	4,298	-

Page 10

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2015
......... continued

15

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 11