REGISTERED NUMBER:
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COGENT STAFFING LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019 |
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REGISTERED NUMBER:
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COGENT STAFFING LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019 |
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COGENT STAFFING LIMITED (REGISTERED NUMBER: 10826268) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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COGENT STAFFING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
COGENT STAFFING LIMITED (REGISTERED NUMBER: 10826268) |
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STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
PROPERTY, PLANT AND EQUIPMENT |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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COGENT STAFFING LIMITED (REGISTERED NUMBER: 10826268) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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1. | STATUTORY INFORMATION |
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Cogent Staffing Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10826268. The company's registered address is Military House, 24 Castle Street, Chester, Cheshire, CH1 2DS. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors have considered the impact of the global Covid-19 pandemic on the company and recognise that the future cannot be predicted with certainty. However, the directors expect the company to continue trading as all staff are able to work in a safe environment, including remotely, and the principal activity of the company can continue. The directors continue to monitor and where possible reduce costs and review the ongoing working capital to ensure that they can continue trading within the available facilities. The directors have considered the existing sources of business funding, and have no reason to believe that they will not continue to be available on similar terms for the next 12 months, and are satisfied that they will be able to operate within these facilities. |
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The directors will make use of any government financial assistance available during this period. The directors believe that the company is well placed to face the risks at these challenging times and therefore continues to adopt a going concern basis in preparing these financial statements. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
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The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
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The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
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The directors use judgement to provide against bad debts using knowledge of customers and experience. These provisions are revisited after the statement of financial position date to ensure they are appropriate. |
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Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts. rebates, value added tax and other sales taxes. Revenue is recognised when the services have been provided to the customer. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Property, plant and equipment |
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Plant and machinery etc | - |
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COGENT STAFFING LIMITED (REGISTERED NUMBER: 10826268) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Inventories |
Work in progress is valued at the cost of the service provided. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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Financial assets that are measured at cost and 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 income statement. |
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Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 date of the statement of financial position. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
date of the statement of financial position. |
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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. |
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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. |
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Research and development |
Expenditure on research and development is capitalised as development costs in the year in which it is incurred and is amortised over it's estimated useful life. |
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Leasing commitments |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
COGENT STAFFING LIMITED (REGISTERED NUMBER: 10826268) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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 the income statement in the period to which they relate. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Dividends |
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
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At 31 October 2019 |
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DEPRECIATION |
Charge for year |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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COGENT STAFFING LIMITED (REGISTERED NUMBER: 10826268) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to other related parties |
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Taxation and social security |
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Other creditors |
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8. | SECURED DEBTS |
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Bibby Financial Services Limited have a fixed and floating charge on all company assets. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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Group undertakings |
During the course of the year, the company received recharged costs totalling £259,965 (2018: £56,206) from group undertakings. |
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Included within debtors at the year end is an amount due from group undertakings of £695,435 (2018 - £nil). |
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Included within creditors at the year end is an amount due to group undertakings of £315,276 (2018 - £200,783). |
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Other related parties |
At the year end, included within creditors is an amount due to other related parties of £14,624 (2018 - £nil). |
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11. | POST BALANCE SHEET EVENTS |
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Post year end saw the outbreak of Covid-19 in China which has become a global pandemic. The directors expect the company to continue trading through this pandemic, and although the future impact is uncertain, the directors have been taking and will continue to take all possible steps to mitigate the risks of it to the business. |
COGENT STAFFING LIMITED (REGISTERED NUMBER: 10826268) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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12. | ULTIMATE CONTROLLING PARTY |
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At the year end the immediate parent company was Bluestones Investment Group - Professional Services Limited, a company registered in England and Wales. |
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At the year end the ultimate parent company and controlling party was Bluestones Investment Group Limited, a company registered in England and Wales. The results of the company are included within the consolidated financial statements of Bluestones Investment Group Limited, copies of which can be obtained from Companies House. The company's registered office is Military House, 24 Castle Street, Chester, Cheshire, CH1 2DS. |