Cobb (GB) Limited - Period Ending 2016-06-30

Registration number: 06272047

Cobb (GB) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2016
 

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 Ms L D Pope Mr M R 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 2016

The directors present their report and the unaudited financial statements for the year ended 30 June 2016.

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

Ms L D Pope (appointed 1 July 2015)

Mr M R Pope (appointed 1 July 2015)

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 7 March 2017 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 2016

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 2016 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

7 March 2017

Page 3

Cobb (GB) Limited
Profit and Loss Account for the Year Ended 30 June 2016

		Note			2016 £			2015 £
Turnover					556,027			613,119
Cost of sales					(336,376)			(345,359)
Gross profit					219,651			267,760
Distribution costs					(332)			(50,704)
Administrative expenses					(109,641)			(86,783)
Operating profit		2			109,678			130,273
Interest payable and similar charges					(52)			(67)
Profit on ordinary activities before taxation					109,626			130,206
Tax on profit on ordinary activities		4			(20,833)			(29,066)
Profit for the financial year		12			88,793			101,140

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 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		5			4,342			5,597
Current assets
Stocks					121,466			108,944
Debtors		6			55,617			92,084
Cash at bank and in hand					133,653			93,561
					310,736			294,589
Creditors: Amounts falling due within one year		7			(164,352)			(155,257)
Net current assets					146,384			139,332
Total assets less current liabilities					150,726			144,929
Creditors: Amounts falling due after more than one year		8			(20,000)			(20,000)
Provisions for liabilities		9			(461)			(1,459)
Net assets					130,265			123,470
Capital and reserves
Called up share capital		10			100			100
Profit and loss account		12			130,165			123,370
Shareholders' funds					130,265			123,470

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 2015).

For the year ending 30 June 2016 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 7 March 2017 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 2016
......... 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 January 2015).

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.

Page 6

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2016
......... continued

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.

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:

		2016 £			2015 £
Foreign currency (gains)/losses		(223)			754
Depreciation of tangible fixed assets		1,530			19,495

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2016 £			2015 £
Remuneration (including money purchase pension scheme contributions)		37,020			32,100

Page 7

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2016
......... continued

4

Taxation

Tax on profit on ordinary activities

		2016 £			2015 £
Current tax
Corporation tax charge		21,831			27,666
Deferred tax
Origination and reversal of timing differences		(998)			1,400
Total tax on profit on ordinary activities		20,833			29,066

5	Tangible fixed assets

		Motor vehicles £			Office equipment £			Total £
Cost or valuation
At 1 July 2015		114,912			20,523			135,435
Additions		-			275			275
At 30 June 2016		114,912			20,798			135,710
Depreciation
At 1 July 2015		112,214			17,624			129,838
Charge for the year		264			1,266			1,530
At 30 June 2016		112,478			18,890			131,368
Net book value
At 30 June 2016		2,434			1,908			4,342
At 30 June 2015		2,698			2,899			5,597

6

Debtors

		2016 £			2015 £
Trade debtors		55,617			92,084

Page 8

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2016
......... continued

7	Creditors: Amounts falling due within one year

		2016 £			2015 £
Trade creditors		15,842			8,435
Corporation tax		22,000			27,750
Other taxes and social security		13,868			2,015
Other creditors		112,642			117,057
		164,352			155,257

8	Creditors: Amounts falling due after more than one year

		2016 £			2015 £
Other creditors		20,000			20,000

9	Provisions

		Deferred tax £			Total £
At 1 July 2015		1,459			1,459
Utilised during the year		(998)			(998)
At 30 June 2016		461			461

Analysis of deferred tax

		2016 £			2015 £
Difference between accumulated depreciation and amortisation and capital allowances		461			1,459

Page 9

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2016
......... continued

10	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

11

Dividends

		2016 £			2015 £
Dividends paid
Current year interim dividend paid		82,000			60,000

12

Reserves

		Profit and loss account £			Total £
At 1 July 2015		123,372			123,372
Profit for the year		88,793			88,793
Dividends		(82,000)			(82,000)
At 30 June 2016		130,165			130,165

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 (2015 - £7,800).

Page 10

Cobb (GB) Limited
Notes to the Financial Statements for the Year Ended 30 June 2016
......... continued

14	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr R G Pope
Directors current account	33,569	-	37,447	-
Directors loan account	10,000	-	10,000	-
	43,569	-	47,447	-
Mrs R D Pope
Directors current account	23,076	-	28,396	-
Directors loan account	10,000	-	10,000	-
	33,076	-	38,396	-
Mr M C Pope
Directors current account	1,322	-	18,762	-
Ms L D Pope
Directors Current Account	21,953	-	-	-
Mr M R Pope
Short Term Loan Account	31,020	-	-	-

15

Control

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

Page 11