Company registration number 09639626 (England and Wales)
P. M. COHEN MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
P. M. COHEN MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
P. M. COHEN MANAGEMENT LIMITED
BALANCE SHEET
AS AT 5 APRIL 2023
05 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,340,000
1,340,000
Investments
4
1,353,446
1,299,912
2,693,446
2,639,912
Current assets
Debtors
5
270
258
Cash at bank and in hand
50,227
96,030
50,497
96,288
Creditors: amounts falling due within one year
6
(2,362,050)
(2,411,651)
Net current liabilities
(2,311,553)
(2,315,363)
Total assets less current liabilities
381,893
324,549
Provisions for liabilities
(4,961)
(4,961)
Net assets
376,932
319,588
Capital and reserves
Called up share capital
182
182
Fair value reserve
7
41,147
41,147
Profit and loss reserves
335,603
278,259
Total equity
376,932
319,588
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 5 April 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
P. M. COHEN MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2023
05 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2023 and are signed on its behalf by:
A Cohen
Director
Company registration number 09639626 (England and Wales)
P. M. COHEN MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 3 -
1
Accounting policies
Company information
P. M. Cohen Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Park Row, Nottingham, NG1 6GR.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income receivable on investment properties.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.5
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.
P. M. COHEN MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all 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.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Investment income is earned through holding assets for investment purposes such as shares. It includes interest received. Interest income is recognised using the effective interest rate method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 6 April 2022 and 5 April 2023
1,340,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out during the 2023 year by an external valuer. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
P. M. COHEN MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 5 -
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,353,446
1,299,912
Fixed asset investments revalued
The historical cost of listed investments totals £1,390,000 (2022 - £1,240,000).
Movements in fixed asset investments
Investments
£
Cost or valuation
At 6 April 2022
1,299,912
Additions
1,140,000
Valuation changes
(96,466)
Disposals
(990,000)
At 5 April 2023
1,353,446
Carrying amount
At 5 April 2023
1,353,446
At 5 April 2022
1,299,912
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
270
258
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
37,674
11,566
Other creditors
2,324,376
2,400,085
2,362,050
2,411,651
P. M. COHEN MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 6 -
7
Fair value reserve
2023
2022
£
£
At the beginning of the year
41,147
-
Non distributable profits in the year
-
41,147
At the end of the year
41,147
41,147