COBALT_PARTNERS_LTD - Accounts


Company registration number 03504076 (England and Wales)
COBALT PARTNERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
COBALT PARTNERS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
COBALT PARTNERS LTD
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,430
6,860
Tangible assets
5
5,527
7,351
Investment property
6
750,000
750,000
Investments
7
70,000
70,000
828,957
834,211
Current assets
Debtors
8
1,067,533
1,167,490
Cash at bank and in hand
2,661,246
2,352,000
3,728,779
3,519,490
Creditors: amounts falling due within one year
9
(1,005,888)
(771,325)
Net current assets
2,722,891
2,748,165
Net assets
3,551,848
3,582,376
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
3,551,846
3,582,374
Total equity
3,551,848
3,582,376

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 28 December 2023
Mrs S Gardener
Director
Company registration number 03504076 (England and Wales)
COBALT PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Cobalt Partners Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 28 Austin Friars, London, EC2N 2QQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development
25% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

COBALT PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

COBALT PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

COBALT PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

COBALT PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Intangible fixed assets
Other
£
Cost
At 1 April 2022 and 31 March 2023
13,720
Amortisation and impairment
At 1 April 2022
6,860
Amortisation charged for the year
3,430
At 31 March 2023
10,290
Carrying amount
At 31 March 2023
3,430
At 31 March 2022
6,860
5
Tangible fixed assets
Office equipment
£
Cost
At 1 April 2022
8,977
Additions
602
Disposals
(1,500)
At 31 March 2023
8,079
Depreciation and impairment
At 1 April 2022
1,626
Depreciation charged in the year
1,526
Eliminated in respect of disposals
(600)
At 31 March 2023
2,552
Carrying amount
At 31 March 2023
5,527
At 31 March 2022
7,351
COBALT PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
750,000

The investment property was valued on an open market basis at the balance sheet date by the sole director and shareholder of the company, Mrs S Gardener.

 

The carrying amount that would have been included in the financial statements had the investment property been carried at historical cost is £803,820.

7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
70,000
70,000

Other investments other than loans represents investments in unquoted trading companies. The director is of the opinion that no impairment is required in respect of these investments.

 

At 31 March 2023, the company owned 0.15% of the issued share capital of Cognomie Ltd, incorporated in the United Kingdom. During the year ended 31 March 2023 Cognomie Ltd achieved a loss of £337,068 and had net assets of £91,468.

 

At 31 March 2023, the company owned 0.95% of the issued share capital of Phynova Group Ltd, incorporated in the United Kingdom. During the year ended 31 December 2021 Phynova Group Ltd achieved a loss of £1,954,146 and had net liabilities of £1,080,709.

8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
422,778
489,396
Other debtors
634,529
667,868
1,057,307
1,157,264
Deferred tax asset
10,226
10,226
1,067,533
1,167,490

Included within other debtors falling due within one year is £4,151 (2022 - £4,151) owed to the company by Cobalt SA, a company incorporated in France in which the director Mrs. S Gardener is also a director and shareholder. This amount is unsecured, interest free and repayable on demand.

COBALT PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
649,836
432,452
Corporation tax
270,814
156,833
Other taxation and social security
25,857
30,087
Other creditors
59,381
151,953
1,005,888
771,325
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
11
Related party transactions

During the year the company charged £239,593 for its services to Archimed SAS, a company incorporated in France in which the director and shareholder of the company, Mrs. S Gardener, is also a shareholder. At 31 March 2023 £73,292 was outstanding. This amount was settled in full in April 2023.

12
Directors' transactions

Dividends totalling £1,161,643 (2022 - £150,208) were paid in the year in respect of shares held by the company director.

Included within other debtors is £467,000 owed to the company by the sole director and shareholder, Mrs S Gardener. This amount is unsecured and repayable on demand. During the year interest of £9,340 was charged on this amount by the company at a rate of 2.00% per annum, the HMRC beneficial loan rate.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mrs S Gardener - Director
-
-
1,161,643
(1,161,643)
-
-
1,161,643
(1,161,643)
-
13
Controlling party

The company is controlled by the sole director and shareholder, Mrs S Gardener, by virtue of her holding 100% of the issued share capital of the company.

2023-03-312022-04-01false28 December 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMrs S Gardener2023-12-28035040762022-04-012023-03-31035040762023-03-31035040762022-03-3103504076core:IntangibleAssetsOtherThanGoodwill2023-03-3103504076core:IntangibleAssetsOtherThanGoodwill2022-03-3103504076core:FurnitureFittings2023-03-3103504076core:FurnitureFittings2022-03-3103504076core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103504076core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3103504076core:CurrentFinancialInstruments2023-03-3103504076core:CurrentFinancialInstruments2022-03-3103504076core:ShareCapital2023-03-3103504076core:ShareCapital2022-03-3103504076core:RetainedEarningsAccumulatedLosses2023-03-3103504076core:RetainedEarningsAccumulatedLosses2022-03-3103504076bus:Director12022-04-012023-03-3103504076core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3103504076core:ComputerSoftware2022-04-012023-03-3103504076core:FurnitureFittings2022-04-012023-03-31035040762021-04-012022-03-3103504076core:IntangibleAssetsOtherThanGoodwill2022-03-3103504076core:FurnitureFittings2022-03-31035040762022-03-3103504076core:WithinOneYear2023-03-3103504076core:WithinOneYear2022-03-3103504076bus:PrivateLimitedCompanyLtd2022-04-012023-03-3103504076bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3103504076bus:FRS1022022-04-012023-03-3103504076bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3103504076bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP