Company Registration No. SC273814 (Scotland)
COCOON ENVIRONMENTAL SAFETY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
PAGES FOR FILING WITH REGISTRAR
COCOON ENVIRONMENTAL SAFETY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
COCOON ENVIRONMENTAL SAFETY LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2018
30 November 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
71,855
33,791
Cash at bank and in hand
29,057
11,768
100,912
45,559
Creditors: amounts falling due within one year
4
(51,765)
(44,885)
Net current assets
49,147
674
Capital and reserves
Called up share capital
5
50
50
Profit and loss reserves
49,097
624
Total equity
49,147
674
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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 by the board of directors and authorised for issue on 20 August 2019 and are signed on its behalf by:
Mr E Martin
Director
Company Registration No. SC273814
COCOON ENVIRONMENTAL SAFETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 2 -
1
Accounting policies
Company information
Cocoon Environmental Safety Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
1 Floors Street, Johnstone, PA5 8PE.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
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:
Plant and equipment
25% on cost
Computers
25% on cost
1.4
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.
1.5
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.
COCOON ENVIRONMENTAL SAFETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 3 -
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.
2
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 December 2017 and 30 November 2018
169
1,168
1,337
Depreciation and impairment
At 1 December 2017 and 30 November 2018
169
1,168
1,337
Carrying amount
At 30 November 2018
-
-
-
At 30 November 2017
-
-
-
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
183
-
Other debtors
71,672
33,791
71,855
33,791
4
Creditors: amounts falling due within one year
2018
2017
£
£
Taxation and social security
11,415
4,534
Other creditors
40,350
40,351
51,765
44,885
COCOON ENVIRONMENTAL SAFETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 4 -
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary of £1 each
50
50
50
50
6
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts due from related parties
£
£
Other related parties
10,989
22,603
7
Directors' transactions
These loans are unsecured, interest free with no fixed date for repayment.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors Loans
-
2,474
47,272
(6,000)
43,746
2,474
47,272
(6,000)
43,746