Cobalt Systems Ltd - Accounts to registrar (filleted) - small 23.2.5
Cobalt Systems Ltd - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 December 2023 |
| for |
| Cobalt Systems Ltd |
| Cobalt Systems Ltd (Registered number: 03403982) |
| Contents of the Financial Statements |
| for the year ended 30 December 2023 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Cobalt Systems Ltd |
| Company Information |
| for the year ended 30 December 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Datum House |
| Electra Way |
| Crewe |
| Cheshire |
| CW1 6ZF |
| Cobalt Systems Ltd (Registered number: 03403982) |
| Statement of Financial Position |
| 30 December 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Other reserves |
| Retained earnings |
| The directors acknowledge their 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. |
| Cobalt Systems Ltd (Registered number: 03403982) |
| Statement of Financial Position - continued |
| 30 December 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Cobalt Systems Ltd (Registered number: 03403982) |
| Notes to the Financial Statements |
| for the year ended 30 December 2023 |
| 1. | STATUTORY INFORMATION |
| Cobalt Systems Limited ('The Company') is primarily engaged in the manufacturing of Barcode Labelling Automation Systems, supply of associated Print and Vision hardware, Software solutions, Media and Service contracts. |
| The company is a private company limited by shares and is incorporated in England and Wales. The address of the registered office and principal place of business is Spitfire Road, Cheshire Green Industrial Park, Wardle, Cheshire, CW5 6HT. The registered number can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | ACCOUNTING POLICIES |
| Summary of signifcant accounting policies |
| The principle accounting policies applied in the preparation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented, unless otherwise stated. |
| Basis of preparation |
| The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
| Going concern |
| No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. |
| On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. |
| Revenue recognition |
| The turnover shown in the statement of comprehensive income, represents the value of machines, media and servicing sold during the period, less returns received at selling price exclusive of Value Added Tax. Due to the length of time involved in building a machine, turnover is charged in stages when as assessment of the contract shows that the company has gained a right to that consideration. At each stage the final machine contract performance is assessed and if future losses are likely the related costs are recognised in full. |
| Turnover generated from the sale of media and servicing is recognised at the point at which goods are despatched to the customer or when services are provided. |
| Intangible assets |
| Intangible assets including development costs, are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Development costs are being amortised over five years. |
| Cobalt Systems Ltd (Registered number: 03403982) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their estimated useful economic lives. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. |
| Plant & machinery | - Straight line over 3 years |
| Fixtures & fittings | - Straight line over 8 years |
| Motor vehicles | - Straight line over 3 years |
| Computer equipment | - Straight line over 3 years |
| Corporate software | - Straight line over 3 years |
| Short Leasehold | - Straight line over 10 years |
| The residual values and useful lives of assets are reviewed and adjusted if appropriate at each statement of financial position date. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). |
| Financial instruments |
| The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans. |
| Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
| Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the discounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
| 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 statement of financial position date. |
| Cobalt Systems Ltd (Registered number: 03403982) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Research and development |
| Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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. |
| Impairments of assets |
| Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Cobalt Systems Ltd (Registered number: 03403982) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2023 |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| costs |
| £ |
| COST |
| At 31 December 2022 |
| and 30 December 2023 |
| AMORTISATION |
| At 31 December 2022 |
| Amortisation for year |
| At 30 December 2023 |
| NET BOOK VALUE |
| At 30 December 2023 |
| At 30 December 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Corporate | Short | Plant and |
| software | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 31 December 2022 |
| Additions |
| Disposals | ( |
) |
| At 30 December 2023 |
| DEPRECIATION |
| At 31 December 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 December 2023 |
| NET BOOK VALUE |
| At 30 December 2023 |
| At 30 December 2022 |
| Cobalt Systems Ltd (Registered number: 03403982) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2023 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 31 December 2022 |
| Additions |
| Disposals | ( |
) |
| At 30 December 2023 |
| DEPRECIATION |
| At 31 December 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 December 2023 |
| NET BOOK VALUE |
| At 30 December 2023 |
| At 30 December 2022 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| Additions |
| At 30 December 2023 |
| NET BOOK VALUE |
| At 30 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Cobalt Systems Ltd (Registered number: 03403982) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2023 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2023 | 2022 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2023 | 2022 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Cobalt Systems Ltd (Registered number: 03403982) |
| Notes to the Financial Statements - continued |
| for the year ended 30 December 2023 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| The bank hold a debenture dated 18 March 2021 including a fixed and floating charge over all of the assets held in the company. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2023 | 2022 |
| £ | £ |
| Deferred tax | 686 | 9,715 |
| Deferred |
| tax |
| £ |
| Balance at 31 December 2022 |
| Utilised during year | ( |
) |
| Balance at 30 December 2023 |