Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 4 |
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2,874,783 | 2,874,783 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand | 6 |
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15,485 | 32,667 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (61,315) | (40,478) | ||
Total assets less current liabilities | 2,813,468 | 2,834,305 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | 9, 10 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Cottesmore Limited (registered number:
Mrs N Flynn
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Cottesmore Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Kedlock House, Cupar, KY15 4PY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £61,315. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Rental income is recognised on a straight line basis over the term of the lease.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery |
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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.
The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
The fair value is determined annually by the directors on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments 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. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2022 |
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At 31 January 2023 |
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Accumulated depreciation | |||
At 01 February 2022 |
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At 31 January 2023 |
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Net book value | |||
At 31 January 2023 |
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At 31 January 2022 |
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Investment property | |
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Valuation | |
As at 01 February 2022 |
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As at 31 January 2023 |
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Valuation
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2023 by the directors. The valuation was made on an open market basis. The directors consider there has been no material change in value since that date.
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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£ | £ | ||
Cash at bank and in hand |
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£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account |
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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220 | 220 |
Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Loans from directors | 1,746,414 | 1,803,054 |
Included within amounts due to directors is £1,726,414 (2022 - £1,783,054) classified as due over 1 year. £225,000 of these loans apply interest at a rate of 4% with the remainder of the loans being interest free. All of these loans are unsecured.
Other related party transactions
2023 | 2022 | ||
£ | £ | ||
Loans from other related parties | 66,417 | 101,750 |
Included within amounts due to other related parties is £30,417 (2022 - £65,750) classified as due over 1 year. These loans are interest free and unsecured.