Cobalt Partners Ltd Filleted accounts for Companies House (small and micro)

COBALT PARTNERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03504076

Cobalt Partners Ltd

Filleted Unaudited Financial Statements

31 March 2018

Cobalt Partners Ltd

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	7	1,100,576	1,105,358
Investments	8	261,269	261,269
		------------	------------
		1,361,845	1,366,627

Current assets

Debtors	9	789,762	272,472
Cash at bank and in hand		721,924	1,021,794
		------------	------------
		1,511,686	1,294,266

Creditors: amounts falling due within one year	10	577,868		605,228
		------------		------------
Net current assets			933,818	689,038
			------------	------------
Total assets less current liabilities			2,295,663	2,055,665
			------------	------------
Net assets			2,295,663	2,055,665
			------------	------------

Cobalt Partners Ltd

Statement of Financial Position (continued)

31 March 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	11	2	2
Profit and loss account		2,295,661	2,055,663
		------------	------------
Shareholders funds		2,295,663	2,055,665
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 20 December 2018 , and are signed on behalf of the board by:

Mrs S Gardener
Director

Company registration number: 03504076

Cobalt Partners Ltd

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35B Parliament Hill, London, NW3 2TA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings	-	2% straight line
Office equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax expense	75,064	196,789
	--------	---------
Tax on profit	75,064	196,789
	--------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2017: higher than) the standard rate of corporation tax in the UK of 19 % (2017: 20 %).

	2018	2017
	£	£
Profit on ordinary activities before taxation	333,562	974,216
	---------	---------
Profit on ordinary activities by rate of tax	63,377	194,843
Effect of expenses not deductible for tax purposes	10,670	892
Effect of capital allowances and depreciation	1,017	1,054
	---------	---------
Tax on profit	75,064	196,789
	---------	---------

6. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2018	2017
	£	£
Equity dividends on ordinary shares	18,500	90,450
	--------	--------

7. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 April 2017	306,048	803,820	45,323	1,155,191
Additions	672	–	1,435	2,107
	---------	---------	--------	------------
At 31 March 2018	306,720	803,820	46,758	1,157,298
	---------	---------	--------	------------
Depreciation
At 1 April 2017	6,121	–	43,712	49,833
Charge for the year	6,134	–	755	6,889
	---------	---------	--------	------------
At 31 March 2018	12,255	–	44,467	56,722
	---------	---------	--------	------------
Carrying amount
At 31 March 2018	294,465	803,820	2,291	1,100,576
	---------	---------	--------	------------
At 31 March 2017	299,927	803,820	1,611	1,105,358
	---------	---------	--------	------------

8. Investments

	Loans to participating interests
	£
Cost
At 1 April 2017 and 31 March 2018	261,269
	---------
Impairment
At 1 April 2017 and 31 March 2018	–
	---------

Carrying amount
At 31 March 2018	261,269
	---------
At 31 March 2017	261,269
	---------

9. Debtors

	2018	2017
	£	£
Trade debtors	62,154	131,833
Other debtors	727,608	140,639
	---------	---------
	789,762	272,472
	---------	---------

10. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	295,626	335,798
Corporation tax	226,839	196,789
Social security and other taxes	17,751	26,589
Other creditors	37,652	46,052
	---------	---------
	577,868	605,228
	---------	---------

11. Called up share capital

Authorised share capital

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

12. Related party transactions

During the year, the company made a loan of £467,000 to Sabine Gardener. The company has charged interests on this loan using HMRC beneficial loan rate.

13. Controlling party

The company is controlled by S Gardener, a sole shareholder of the company, by virtue of her holding of 100% of the company's issued share capital. S Gardener was appointed as director in May 2018 and A Gammon resigned as director in the same time.