REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
COGENT ELLIOTT INVESTMENTS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
COGENT ELLIOTT INVESTMENTS LIMITED |
COGENT ELLIOTT INVESTMENTS LIMITED (REGISTERED NUMBER: 01264469) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
COGENT ELLIOTT INVESTMENTS LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
One Eastwood |
Harry Weston Road |
Binley Business Park |
Coventry |
CV3 2UB |
COGENT ELLIOTT INVESTMENTS LIMITED (REGISTERED NUMBER: 01264469) |
BALANCE SHEET |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
COGENT ELLIOTT INVESTMENTS LIMITED (REGISTERED NUMBER: 01264469) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Cogent Elliott Investments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents property and administration recharges, excluding value added tax. |
Employment support income |
Grant income received from the UK's Coronavirus Job Retention Scheme has been recognised in the period in which the related staff expense was incurred. This income has been recognised in other operating income. |
Tangible fixed assets |
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred. |
Depreciation is provided on the cost of tangible assets in equal annual instalments over their estimated useful lives, which are as follows : |
Short leasehold property | - 10 years |
Fixtures and equipment | - Between 3 and 5 years |
Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income. |
The most recent valuation uses the investment method of valuation. It is based on an equivalent yield of 8% to 8.5% and market evidence for similar property transactions. |
Financial instruments |
Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses. |
COGENT ELLIOTT INVESTMENTS LIMITED (REGISTERED NUMBER: 01264469) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, 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. |
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 statement of comprehensive income in the period to which they relate. A defined contribution plan is a pension scheme under which the company pays fixed contributions into an independently administered fund and has no further obligations once the contributions have been paid. |
Leases |
Rentals payable under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
and 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 |
COGENT ELLIOTT INVESTMENTS LIMITED (REGISTERED NUMBER: 01264469) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Fair value at 31 December 2021 is represented by: |
£ |
Valuation in 2021 | 5,000,000 |
If Investment Property had not been revalued it would have been included at the following historical cost: |
2021 | 2020 |
£ | £ |
Cost | 3,193,596 | 3,193,596 |
The investment property was valued on an open market basis on 24 August 2017 by D & P Holt Property Consultants . |
The directors have adopted this valuation as appropriate at 31 December 2021. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
VAT | 45,240 | 52,884 |
Other creditors |
Directors' loan accounts | 25,194 | - |
Accruals |
COGENT ELLIOTT INVESTMENTS LIMITED (REGISTERED NUMBER: 01264469) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
VAT | 13,051 | 24,237 |
Other creditors |
Directors' loan accounts | - | 21,823 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CONTINGENT LIABILITIES |
The company has guaranteed borrowings of fellow subsidiaries amounting to £936,564 (2020: £1,160,115) and has entered into a group overdraft facility which is secured by a fixed and floating charge over all assets of the company. |
13. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments which are not included in the balance sheet, amount to £593,970 (2020: £665,526). |
14. | ULTIMATE PARENT COMPANY |
The Company is a wholly-owned subsidiary of Cogent Elliott Group Limited (CEGL), which is its ultimate parent company. |
The registered office and principal place of business of CEGL is Heath Farm, Hampton Lane, Meriden, West Midlands, CV7 7LL, from which group accounts can be obtained. |
15. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year the company had a loan with 20 (London) Limited, a company connected with Mr W E Husselby and Mr M S Husselby. The balance outstanding at the year end was £39,825 (2020: £39,825). |