REGISTERED NUMBER: 08148681 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
COLVILLE CAPITAL PARTNERS LIMITED |
REGISTERED NUMBER: 08148681 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
COLVILLE CAPITAL PARTNERS LIMITED |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
COLVILLE CAPITAL PARTNERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
SOLICITORS: |
20 Cursitor Street |
London |
EC4A 1LT |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
The directors present their strategic report of the company and the group for the year ended 31 December 2021. |
In the course of 2021 Colville Capital Partners has become a holding company. For the period 15 January 2021 to 14 July 2021 the company operated as an investment advisor to its subsidiary Colville Capital Partners France regarding investments in publicly listed equities. Until the end of July 2021 Colville Capital Partners also finalised a mission of non-regulated monitoring work for an external client. |
REVIEW OF BUSINESS |
In the current year, the group reported a profit before tax of £5,517,243 (2020 - £3,193,690). |
Total turnover for the group in 2021 was £ 7,127,780 (2020 - £4,002,512). |
The results for the year and the financial position at the year end were considered satisfactory by the directors who |
expect a continued healthy financial position going forward |
The Coronavirus COVID 19 pandemic continues to date and reminds us of how complex and interdependent the world's economy has become. The company is well structured and resilient. "Management decision-making and control mechanisms" are robust and continued to function without interruption. The Group has considered the inherent risks and evaluated the potential impact. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Colville Capital Partners has become in 2021 a holding company except during the period from 15 January 2021 until 14 July 2021 during which the company operated as an investment advisor to its subsidiary Colville Capital Partners France regarding investments in publicly listed equities.Until the end of July 2021 Colville Capital Partners also finalised a mission of non-regulated monitoring work for an external client. |
The main risks facing the company are operational risk, market risk and regulatory risk. The main operational risk involves Mathieu Philippe and JAMAC the two directors of CCP LTD being incapacitated to perform their functions. CCP faces market risk as adverse market conditions would undermine the search of investors for new funds managed by the Company's subsidiary Colville Capital Partners France. The Company faces regulatory risk as it was previously regulated by the Financial Conduct Authority and as the Company's subsidiary Colville Capital Partners France is regulated by the Autorités des Marchés Financiers in France. |
RISK MANAGEMENT |
Due to the size, nature, scale and complexity of the Firm, there is no independent risk management function. The Directors of the Firm determine the business strategy and risk appetite along with the risk management policies and procedures. The directors are responsible for the oversight of the firm's compliance and financial arrangements. They meet periodically with a set agenda and key decisions are documented. |
The firm has commissioned accounting support from AGK Partners, 1 Kings Avenue, London, N21 3NA. Monthly management accounts are used to monitor and project its capital resources and to facilitate risk management in the firm. |
Given the nature and activities of the firm, its risk appetite is low. It does not securitize assets or deal as principal and therefore does not have a trading book. |
ON BEHALF OF THE BOARD: |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2021. |
DIVIDENDS |
During the period to 31 December 2021 a total of £3,237,858 was paid as interim dividends as below:- |
- An interim dividend of £430,708 on 07th January 2021. |
- An interim dividend of £268,172 on the 13th April 2021 |
- An interim dividend of £1,688,110 on the 14th April 2021 |
- An Interim dividend of £850,868 on the 06th December 2021. |
FUTURE DEVELOPMENTS |
There are no plans which will significantly change the activities and risks of the company. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
ENGAGEMENT WITH EMPLOYEES |
There are no employees within the Company. |
Engagement with suppliers, customers and others |
The Group does not confirm to any code or standard regarding payment practice. However, it is the Group's |
policy to settle the terms of payment with suppliers when business is agreed, to ensure that suppliers are made |
aware of them and to pay invoices in accordance with these terms. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
AUDITORS |
The auditors, AGK Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COLVILLE CAPITAL PARTNERS LIMITED |
Opinion |
We have audited the financial statements of Colville Capital Partners Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2021 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COLVILLE CAPITAL PARTNERS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COLVILLE CAPITAL PARTNERS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the Investment advisory sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- obtaining an understanding of the policies and procedures including internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations in order to design audit procedures that are appropriate in the circumstances (but not not for the purpose of expressing an opinion on the effectiveness of the company's internal control) |
To address the risk of fraud through management bias and override of controls, we: |
- identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, design and performed audit procedures responsive to those risks, and obtained audit evidence that is sufficient and appropriate to provide a basis for our opinion |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates in relation to income recognition were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors; |
- evaluating the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view); |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; |
- reviewing correspondence with HMRC and the company's legal advisors; and |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COLVILLE CAPITAL PARTNERS LIMITED |
- Concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve collusion, forgery, deliberate concealment and omissions, misrepresentations, or the override of internal control. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
TURNOVER | 3 | 7,127,780 | 4,002,512 |
Cost of sales | 234,943 | 63,183 |
GROSS PROFIT | 6,892,837 | 3,939,329 |
Administrative expenses | 1,375,564 | 749,251 |
OPERATING PROFIT | 5 | 5,517,273 | 3,190,078 |
Interest receivable and similar income | - | 3,612 |
PROFIT BEFORE TAXATION | 5,517,273 | 3,193,690 |
Tax on profit | 6 | 1,320,105 | 664,946 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 4,197,168 | 2,528,744 |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 4,197,168 | 2,528,744 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,197,168 | 2,528,744 |
Total comprehensive income attributable to: |
Owners of the parent | 4,197,168 | 2,528,744 |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 26,635 | 9,525 |
Investments | 10 | - | - |
26,635 | 9,525 |
CURRENT ASSETS |
Debtors | 11 | 3,376,912 | 1,575,435 |
Cash at bank | 1,808,183 | 1,764,307 |
5,185,095 | 3,339,742 |
CREDITORS |
Amounts falling due within one year | 12 | 1,354,374 | 451,164 |
NET CURRENT ASSETS | 3,830,721 | 2,888,578 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 3,857,356 | 2,898,103 |
CAPITAL AND RESERVES |
Called up share capital | 13 | 200 | 60,100 |
Capital redemption reserve | 14 | 59,900 | - |
Other reserves | 14 | (59,900 | ) | (59,900 | ) |
Other reserves | 14 | (60 | ) | - |
Retained earnings | 14 | 3,857,216 | 2,897,903 |
SHAREHOLDERS' FUNDS | 3,857,356 | 2,898,103 |
The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2022 and were signed on its behalf by: |
M A L Philippe - Director |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
COMPANY BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Capital redemption reserve | 14 |
Other reserves | 14 | ( | ) | ( | ) |
Other reserves | 14 | ( | ) |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,916,579 | 2,192,766 |
The financial statements were approved by the Board of Directors and authorised for issue on |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Called up | Capital |
share | Retained | redemption |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 January 2020 | 60,100 | 1,378,021 | - |
Changes in equity |
Dividends | - | (1,008,862 | ) | - |
Total comprehensive income | - | 2,528,744 | - |
Balance at 31 December 2020 | 60,100 | 2,897,903 | - |
Changes in equity |
Issue of share capital | (59,900 | ) | - | - |
Dividends | - | (3,237,855 | ) | - |
Total comprehensive income | - | 4,197,168 | 59,900 |
Balance at 31 December 2021 | 200 | 3,857,216 | 59,900 |
Other | Other | Total |
reserves | reserves | equity |
£ | £ | £ |
Balance at 1 January 2020 | (59,900 | ) | - | 1,378,221 |
Changes in equity |
Dividends | - | - | (1,008,862 | ) |
Total comprehensive income | - | - | 2,528,744 |
Balance at 31 December 2020 | (59,900 | ) | - | 2,898,103 |
Changes in equity |
Issue of share capital | - | - | (59,900 | ) |
Dividends | - | - | (3,237,855 | ) |
Total comprehensive income | - | (60 | ) | 4,257,008 |
Balance at 31 December 2021 | (59,900 | ) | (60 | ) | 3,857,356 |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Called up | Capital |
share | Retained | redemption |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 January 2020 |
Dividends | - | ( | ) | - |
Total comprehensive income | - |
Balance at 31 December 2020 |
Issue of share capital | ( | ) | - | - |
Dividends | - | ( | ) | - |
Total comprehensive income | - |
Balance at 31 December 2021 |
Other | Other | Total |
reserves | reserves | equity |
£ | £ | £ |
Balance at 1 January 2020 | ( | ) |
Dividends | - | - | ( | ) |
Total comprehensive income |
Balance at 31 December 2020 | ( | ) |
Issue of share capital | - | - | ( | ) |
Dividends | - | - | ( | ) |
Total comprehensive income | ( | ) |
Balance at 31 December 2021 | ( | ) | ( | ) |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,046,008 | 2,937,996 |
Tax paid | (737,078 | ) | (521,275 | ) |
Net cash from operating activities | 3,308,930 | 2,416,721 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (20,991 | ) | (6,297 | ) |
Sale of fixed asset investments | (6,292 | ) | - |
Interest received | - | 3,612 |
Net cash from investing activities | (27,283 | ) | (2,685 | ) |
Cash flows from financing activities |
Amount introduced by directors | - | 117 |
Amount withdrawn by directors | (734 | ) | - |
Share buyback | (60 | ) | - |
Equity dividends paid | (3,237,855 | ) | (1,008,862 | ) |
Net cash from financing activities | (3,238,649 | ) | (1,008,745 | ) |
Increase in cash and cash equivalents | 42,998 | 1,405,291 |
Cash and cash equivalents at beginning of year | 2 | 1,764,307 | 359,016 |
Effect of foreign exchange rate changes | 878 | - |
Cash and cash equivalents at end of year | 2 | 1,808,183 | 1,764,307 |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2021 | 2020 |
£ | £ |
Profit before taxation | 5,517,273 | 3,193,690 |
Depreciation charges | 3,802 | 3,123 |
Loss on disposal of fixed assets | 6,292 | - |
Finance income | - | (3,612 | ) |
5,527,367 | 3,193,201 |
Increase in trade and other debtors | (1,801,477 | ) | (32,055 | ) |
Increase/(decrease) in trade and other creditors | 320,118 | (223,150 | ) |
Cash generated from operations | 4,046,008 | 2,937,996 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 1,808,183 | 1,764,307 |
Year ended 31 December 2020 |
31.12.20 | 1.1.20 |
£ | £ |
Cash and cash equivalents | 1,764,307 | 359,016 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.21 | Cash flow | At 31.12.21 |
£ | £ | £ |
Net cash |
Cash at bank | 1,764,307 | 43,876 | 1,808,183 |
1,764,307 | 43,876 | 1,808,183 |
Total | 1,764,307 | 43,876 | 1,808,183 |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Colville Capital Partners Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of |
transition to FRS 102, being 01 January 2015. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is measured at the fair value of amounts receivable in respect of services provided in the year, net of trade discounts and excluding value added tax. |
Revenue is recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts. |
Revenue is recognised in the period in which the services are rendered. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as stated below. |
The estimated useful lives range as follows:- |
Fixtures and fittings | -3 years straight line |
Office equipment | -3 years straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income. |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Functional and presentation currency |
The company's functional and presentational currency is £ sterling. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. |
Dividends |
Equity dividends are recognised when they become legally payable. |
Pensions |
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. |
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds. |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Basic financial instruments |
The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties. |
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. |
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method. |
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management. |
Judgments in applying accounting policies and key sources of estimation uncertainty |
In the process of applying the Company's accounting policies, which are described in Note 1, management has made some judgments that have significant effect on the amounts recognised in the financial statements. These also include key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Information about key assumptions concerning the future and other key sources of estimation uncertainty |
are disclosed in the notes to the financial statements where applicable. These include discount rates, the |
best estimates of the useful lives and residual values of plant and equipment, the classification of leases |
as either operational or financial. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2021 | 2020 |
£ | £ |
Fees received | 7,127,780 | 4,002,512 |
7,127,780 | 4,002,512 |
All turnover arose within the European Union excluding the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2021 | 2020 |
£ | £ |
Wages and salaries | 502,169 | 348,449 |
The average number of employees during the year was as follows: |
2021 | 2020 |
Directors and senior management | 2 | 2 |
Back office,sales and admin staff | 3 | 3 |
The average number of employees by undertakings that were proportionately consolidated during the year was 3 (2020 - 5 ) . |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
4. | EMPLOYEES AND DIRECTORS - continued |
2021 | 2020 |
£ | £ |
Directors' remuneration | - | - |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2021 | 2020 |
£ | £ |
Depreciation - owned assets | 3,881 | 3,123 |
Loss on disposal of fixed assets | 6,292 | - |
Auditors' remuneration | 6,250 | 6,250 |
Foreign exchange differences | 99,487 | (53,947 | ) |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2021 | 2020 |
£ | £ |
Current tax: |
UK corporation tax | 392,660 | 469,938 |
Foreign tax | 927,445 | 195,008 |
Tax on profit | 1,320,105 | 664,946 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2021 | 2020 |
£ | £ |
Profit before tax | 5,517,273 | 3,193,690 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2020 - 19 %) | 1,048,282 | 606,801 |
Effects of: |
Expenses not deductible for tax purposes | 801 | 713 |
Income not taxable for tax purposes | - | (46,240 | ) |
Capital allowances in excess of depreciation | (3,266 | ) | - |
Higher/(lower) rate taxes on overseas earnings | 261,606 | 103,672 |
Changes in Forex gain | 12,682 | - |
Total tax charge | 1,320,105 | 664,946 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
8. | DIVIDENDS |
2021 | 2020 |
£ | £ |
Ordinary shares shares of 1 each |
Interim | 1,845,534 | 504,431 |
"A" Ordinary shares shares of 1 each |
Interim | 994,669 | 504,431 |
"M" Ordinary shares shares of 1 each |
Interim | 397,652 | - |
3,237,855 | 1,008,862 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2021 | 3,670 | 12,592 | 16,262 |
Additions | 1,621 | 19,370 | 20,991 |
At 31 December 2021 | 5,291 | 31,962 | 37,253 |
DEPRECIATION |
At 1 January 2021 | 2,173 | 4,564 | 6,737 |
Charge for year | 155 | 3,726 | 3,881 |
At 31 December 2021 | 2,328 | 8,290 | 10,618 |
NET BOOK VALUE |
At 31 December 2021 | 2,963 | 23,672 | 26,635 |
At 31 December 2020 | 1,497 | 8,028 | 9,525 |
Company |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: France |
Nature of business: |
% |
Class of shares: | holding |
2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2021 | 2020 | 2021 | 2020 |
£ | £ | £ | £ |
Trade debtors | 3,300,653 | 420,310 |
Other debtors | 25,213 | 12,884 |
VAT | 3,373 | 9,588 |
Prepayments and accrued income | 47,673 | 1,132,653 |
3,376,912 | 1,575,435 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2021 | 2020 | 2021 | 2020 |
£ | £ | £ | £ |
Trade creditors | 39,331 | 37,231 |
Amounts owed to group undertakings | 799 | - |
Tax | 970,579 | 387,552 |
Other creditors | 5,947 | 2,606 |
Directors' current accounts | 4,356 | 5,090 | 4,356 | 5,090 |
Accrued expenses | 333,362 | 18,685 |
1,354,374 | 451,164 |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary shares | 1 | 200 | 100 |
NIL | "A" Ordinary shares | 1 | - | 100 |
NIL | "M" Ordinary shares | 1 | - | 59,900 |
200 | 60,100 |
On the 15th September 2021, the company redeemed 59,900 "M" Ordinary shares of £1 each at a total value of £59.90. |
On the 16th September 2021, the company also redesignated 100 "A" Ordinary shares of £1 each to 100 Ordinary shares of £1 each. |
As a result of the above restructuring of the share capital the company's share capital as at 31 December 2021 comprise of 200 Ordinary shares of £1each. |
14. | RESERVES |
Group |
Capital |
Retained | redemption | Other | Other |
earnings | reserve | reserves | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 January 2021 | 2,897,903 | - | (59,900 | ) | - | 2,838,003 |
Profit for the year | 4,197,168 | 4,197,168 |
Dividends | (3,237,855 | ) | (3,237,855 | ) |
Purchase of own shares | - | 59,900 | - | (60 | ) | 59,840 |
At 31 December 2021 | 3,857,216 | 59,900 | (59,900 | ) | (60 | ) | 3,857,156 |
Company |
Capital |
Retained | redemption | Other | Other |
earnings | reserve | reserves | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 January 2021 | ( | ) | 2,222,004 |
Profit for the year |
Dividends | ( | ) | ( | ) |
Purchase of own shares | - | 59,900 | - | (60 | ) | 59,840 |
At 31 December 2021 | ( | ) | ( | ) | 1,960,565 |
Other reserves |
59,900 M shares which only carry voting rights in relation to the M Contractual Arrangements. |
Profit and loss account |
The profit and loss reserve contains the cumulative balance of retained profit and losses since the |
company started trading. It is a distributable reserve. |
COLVILLE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 08148681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
15. | RELATED PARTY DISCLOSURES |
At the year end, the company owed NIL (2020 - £1,309) to Powis Capital Limited. M A L Philippe is a director of the company. |
The company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. |
16. | ULTIMATE CONTROLLING PARTY |
The company is controlled jointly by Powis Capital Limited, a company incorporated in the United Kingdom |
and JAMAC, a company incorporated in France. |