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Registration number: 07761014

Cortes Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Cortes Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cortes Investments Limited

Company Information

Director

Mr Callen Barton

Registered office

25 Silverton Road
London
W6 9NY

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Cortes Investments Limited

(Registration number: 07761014)
Balance Sheet as at 31 March 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

7,157

10,282

Investment property

5

1,668,750

1,668,750

Other financial assets

6

1,333,252

616,226

 

3,009,159

2,295,258

Current assets

 

Debtors

-

3,152

Cash at bank and in hand

 

114,724

329,189

 

114,724

332,341

Creditors: Amounts falling due within one year

7

(1,545,345)

(1,571,531)

Net current liabilities

 

(1,430,621)

(1,239,190)

Total assets less current liabilities

 

1,578,538

1,056,068

Creditors: Amounts falling due after more than one year

7

(479,102)

(37,359)

Provisions for liabilities

(4,448)

-

Net assets

 

1,094,988

1,018,709

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

166,802

166,802

Retained earnings

928,086

851,807

Shareholders' funds

 

1,094,988

1,018,709

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Cortes Investments Limited

(Registration number: 07761014)
Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 October 2023

.........................................

Mr Callen Barton Company Director

 

Cortes Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
25 Silverton Road
London
W6 9NY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for property rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cortes Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of 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 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% Straight Line method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Cortes Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Recognition and measurement
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Cortes Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

31,253

31,253

At 31 March 2023

31,253

31,253

Depreciation

At 1 April 2022

20,971

20,971

Charge for the year

3,125

3,125

At 31 March 2023

24,096

24,096

Carrying amount

At 31 March 2023

7,157

7,157

At 31 March 2022

10,282

10,282

5

Investment properties

2023
£

At 1 April

1,668,750

At 31 March

1,668,750

The historical cost of the investment properties at the year end was £1,497,500 (2022: £1,497,500) and the fair value was £1,668,750 (2022: £1,668,750).

The director considered there was no change in the revaluation of the investment properites at the year end. The properties were previously valued independently by Lloyds Bank Plc, during the year to 31 March 2016.

 

Cortes Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

516,226

516,226

Additions

817,026

817,026

At 31 March 2023

1,333,252

1,333,252

Carrying amount

At 31 March 2023

1,333,252

1,333,252

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

36,600

10,440

Taxation and social security

 

11,377

33,125

Accruals and deferred income

 

1,800

41,800

Other creditors

 

1,495,568

1,486,166

 

1,545,345

1,571,531

The bank loans are secured on the investment properties by way of mortgages.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

479,102

37,359

The loans and borrowings are bank loans secured on the investment properties by way of mortgages.

 

Cortes Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

At the year end the company owed to the director £1,486,468 (2022: £1,477,326).