Company registration number 08100414 (England and Wales)
COPENHILL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
COPENHILL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
COPENHILL LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
2,470,417
2,500,577
2,470,418
2,500,578
Current assets
Debtors
6
1,384,228
1,547,109
Cash at bank and in hand
347
347
1,384,575
1,547,456
Creditors: amounts falling due within one year
7
(422,128)
(457,070)
Net current assets
962,447
1,090,386
Total assets less current liabilities
3,432,865
3,590,964
Creditors: amounts falling due after more than one year
8
(512,722)
(606,096)
Net assets
2,920,143
2,984,868
Capital and reserves
Called up share capital
311,530
311,530
Share premium account
2,030,328
2,030,328
Profit and loss reserves
578,285
643,010
Total equity
2,920,143
2,984,868

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 28 February 2023 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.

COPENHILL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2023 and are signed on its behalf by:
Mrs N A Smallridge
Mr C J Smallridge
Director
Director
Company Registration No. 08100414
COPENHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Copenhill Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lewhill Barn, Ashford, Kingsbridge, Devon, United Kingdom, TQ7 4NB.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents gross income from residents and sundry services. The company is not VAT registered.

1.3
Intangible fixed assets - goodwill

Intangible assets a re initially measured at cost and are subsequently measured at cost less any accumulated amortisation and any accumulated impairment losses.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Freehold land and buildings
Not provided
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation is charged on the company's properties as depreciation is deemed to be immaterial. The buildings are expected to have long economic lives and very high residual values.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

COPENHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

COPENHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
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.

Deferred tax

Deferred tax liabilities are generally recognised for all material 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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

COPENHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
75
68
COPENHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
1
Amortisation and impairment
At 1 March 2022 and 28 February 2023
-
0
Carrying amount
At 28 February 2023
1
At 28 February 2022
1
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
2,299,999
407,230
2,707,229
Additions
-
0
20,773
20,773
At 28 February 2023
2,299,999
428,003
2,728,002
Depreciation and impairment
At 1 March 2022
-
0
206,652
206,652
Depreciation charged in the year
-
0
50,933
50,933
At 28 February 2023
-
0
257,585
257,585
Carrying amount
At 28 February 2023
2,299,999
170,418
2,470,417
At 28 February 2022
2,299,999
200,578
2,500,577
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
33,697
53,126
Other debtors
1,350,531
1,493,983
1,384,228
1,547,109
COPENHILL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
208,928
145,504
Trade creditors
42,047
73,448
Taxation and social security
103,027
169,676
Other creditors
68,126
68,442
422,128
457,070
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
429,729
509,462
Other creditors
82,993
96,634
512,722
606,096
9
Secured Debts

The bank overdraft and loans with Lloyds Bank is secured by a fixed and floating charge dated 15th April 2013 over all the assets of the company. There is a fixed charge dated 18th April 2023 over the freehold property known as Pendruccombe house.

Also included with creditors are liabilities under finance leases totalling £96,636 (2022 - £113,756) which is secured over vehicles held in fixed assets.

10
Directors' transactions

The following advances and credits to directors subsisted during the year ended 28 February 2022. The loans are interest free and repayable on demand.

Description
Opening balance
Amounts advanced
Amounts repaid
Transferred
Closing balance
£
£
£
£
£
Roger Smallridge (dec'd) - Director loan
535,682
-
(129,012)
-
406,670
Mrs N A Smallridge - Director loan
465,623
-
(122,550)
-
343,073
Mr C J Smallridge - Director loan
239,716
250,974
(225,204)
-
265,486
1,241,021
250,974
(476,766)
-
1,015,229

£205,000 of the closing balance of the loan to Mrs N A Smallridge (£102,500 of each of the opening balances to Mr R W Smallridge and to Mrs N A Smallridge) relate to loans to Coast Bar & Nightclub, a business run in Partnership with their daughter, Miss L Smallridge.

2023-02-28 2022-03-01 false 03 October 2023 CCH Software CCH Accounts Production 2023.100 No description of principal activity Mrs N A Smallridge Mr C J Smallridge Mr R W Smallridge Mrs N A Smallridge 08100414 2022-03-01 2023-02-28 08100414 2023-02-28 08100414 2022-02-28 08100414 core:NetGoodwill 2023-02-28 08100414 core:NetGoodwill 2022-02-28 08100414 core:LandBuildings 2023-02-28 08100414 core:OtherPropertyPlantEquipment 2023-02-28 08100414 core:LandBuildings 2022-02-28 08100414 core:OtherPropertyPlantEquipment 2022-02-28 08100414 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 08100414 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 08100414 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 08100414 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 08100414 core:CurrentFinancialInstruments 2023-02-28 08100414 core:CurrentFinancialInstruments 2022-02-28 08100414 core:Non-currentFinancialInstruments 2023-02-28 08100414 core:Non-currentFinancialInstruments 2022-02-28 08100414 core:ShareCapital 2023-02-28 08100414 core:ShareCapital 2022-02-28 08100414 core:SharePremium 2023-02-28 08100414 core:SharePremium 2022-02-28 08100414 core:RetainedEarningsAccumulatedLosses 2023-02-28 08100414 core:RetainedEarningsAccumulatedLosses 2022-02-28 08100414 bus:CompanySecretaryDirector1 2022-03-01 2023-02-28 08100414 bus:Director1 2022-03-01 2023-02-28 08100414 core:Goodwill 2022-03-01 2023-02-28 08100414 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08100414 core:FurnitureFittings 2022-03-01 2023-02-28 08100414 core:MotorVehicles 2022-03-01 2023-02-28 08100414 2021-03-01 2022-02-28 08100414 core:NetGoodwill 2022-02-28 08100414 core:LandBuildings 2022-02-28 08100414 core:OtherPropertyPlantEquipment 2022-02-28 08100414 2022-02-28 08100414 core:LandBuildings 2022-03-01 2023-02-28 08100414 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 08100414 core:WithinOneYear 2023-02-28 08100414 core:WithinOneYear 2022-02-28 08100414 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08100414 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 08100414 bus:FRS102 2022-03-01 2023-02-28 08100414 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08100414 bus:Director2 2022-03-01 2023-02-28 08100414 bus:Director3 2022-03-01 2023-02-28 08100414 bus:CompanySecretary1 2022-03-01 2023-02-28 08100414 bus:FullAccounts 2022-03-01 2023-02-28 xbrli:pure xbrli:shares iso4217:GBP