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COMPANY REGISTRATION NUMBER: 04307344
C.O.I. Properties Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
C.O.I. Properties Limited
Financial Statements
Year ended 31 December 2021
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
C.O.I. Properties Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
D Griffin
Mrs S L Smith
COMPANY SECRETARY
D Griffin
REGISTERED OFFICE
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
ACCOUNTANTS
Streets
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
Barclays Bank Plc
41 High Street
St Neots
Cambs
PE19 1AS
C.O.I. Properties Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
4
735,496
736,442
Investments
5
187,029
131,648
---------
---------
922,525
868,090
Current assets
Debtors
6
137,247
73,909
Cash at bank and in hand
8
3,497
---------
--------
137,255
77,406
Creditors: amounts falling due within one year
7
253,040
211,428
---------
---------
Net current liabilities
115,785
134,022
---------
---------
Total assets less current liabilities
806,740
734,068
Creditors: amounts falling due after more than one year
8
323,047
343,022
Provisions
27,181
27,361
---------
---------
Net assets
456,512
363,685
---------
---------
Capital and reserves
Called up share capital
536
536
Revaluation reserve
102,368
102,368
Profit and loss account
353,608
260,781
---------
---------
Shareholders funds
456,512
363,685
---------
---------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
C.O.I. Properties Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 12 May 2022 , and are signed on behalf of the board by:
D Griffin
Director
Company registration number: 04307344
C.O.I. Properties Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business is Centree House, Unit 6-8, Bicton Industrial Park, Kimbolton, Huntingdon, Cambridgeshire, PE28 0LQ.
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.
Going concern
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. The UK has continued to experience a pandemic of the coronavirus throughout the year. Although the company has continued to trade profitably, the potential effects to the company and its future prospects cannot be fully quantified. The directors remain committed to the protection of the business and the situation is being regularly reviewed. The company is supported by a fixed term bank loan and has the continued financial support provided by other group and associated companies. The directors have therefore concluded that, with this ongoing support, the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the accounts have been prepared on a going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents rents receivable by the company accounted for on an accruals basis, net of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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. 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.
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.
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:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
14% straight line
Freehold land is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
4. Tangible assets
Plant and machinery
Fixtures and fittings
Investment property
Total
£
£
£
£
Cost
At 1 January 2021 and 31 December 2021
8,376
3,000
730,000
741,376
-------
-------
---------
---------
Depreciation
At 1 January 2021
2,042
2,892
4,934
Charge for the year
838
108
946
-------
-------
---------
---------
At 31 December 2021
2,880
3,000
5,880
-------
-------
---------
---------
Carrying amount
At 31 December 2021
5,496
730,000
735,496
-------
-------
---------
---------
At 31 December 2020
6,334
108
730,000
736,442
-------
-------
---------
---------
Tangible assets held at valuation
The company's investment property is included at its fair value. The directors have sought professional advice, and estimate that the open market value at the reporting date was £730,000 (2020 £730,000). The historic cost of the property was £598,755 (2020 £598,755) and a deferred tax provision of £236,138 (2020 £236,138) has been included for the tax charge which would be payable if the property was sold at open market value.
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2021
131,648
Additions
55,381
---------
At 31 December 2021
187,029
---------
Impairment
At 1 January 2021 and 31 December 2021
---------
Carrying amount
At 31 December 2021
187,029
---------
At 31 December 2020
131,648
---------
Group undertakings - at the reporting date the company owned:
a) 100% of the issued share capital (500 Ordinary 'A' shares, 26 Ordinary 'B' shares and 10 Ordinary 'C' shares) of Combined Office Interiors Limited, a company incorporated in England and Wales.
b) 100% of the issued share capital (100 Ordinary shares) of MACOI Limited, a company incorporated in England and Wales.
c) 100% of the issued share capital (12 Ordinary A shares) of DNK (UK) Limited, a company incorporated in England and Wales.
d) 100% of the issued share capital (100 Ordinary A shares) of Centree Installations Limited, a company incorporated in England and Wales.
e) 100% of the issued share capital (1 Ordinary share) of Malcolm Andrews Office Solutions Limited, a company incorporated in England and Wales.
Undertakings with a participating interest - at the reporting date the company owned:
a) 50% of the issued share capital (45 Ordinary shares) of FG Sentar Limited, a company incorporated in England and Wales.
b) 40% (2020 30%) of the issued share capital (1,530 Ordinary shares) of FG Library Products Limited, a company incorporated in England and Wales.
c) 40% of the issued share capital (16,000 Ordinary shares) of Showcase PSR Limited, a company incorporated in England and Wales.
6. Debtors
2021
2020
£
£
Trade debtors
26
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,900
7,900
Other debtors
134,321
66,009
---------
--------
137,247
73,909
---------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
25,172
23,757
Trade creditors
27,131
22,838
Amounts owed to group undertakings and undertakings in which the company has a participating interest
188,120
143,199
Social security and other taxes
11,825
16,839
Other creditors
792
4,795
---------
---------
253,040
211,428
---------
---------
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
323,047
343,022
---------
---------
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
Included within creditors: amounts falling due after more than one year is an amount of £219,439 (2020: £263,804) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Directors' advances, credits and guarantees
A director and his close family members maintain loan accounts with the company. At the beginning of the year the director and his close family owed the company £42,930 (2020 £77,130). During the year there were further advances of £77,399 (2020 £82,500), repayments of £12,096 (2020 £118,371) and interest charged of £1,729 (2020 £1,671). At the reporting date the director and his family owed the company £109,962 (2020 £42,930). No amounts were written off during the year and the loan had been repaid in in full by 30 April 2022.