Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mrs L C Anderson 31/01/2011 Mr D J Flynn 31/01/2011 Mrs N Flynn 31/01/2011 Miss V L Flynn 31/01/2011 25 October 2023 The principal activity of the Company during the financial year was property rental. SC392573 2023-01-31 SC392573 bus:Director1 2023-01-31 SC392573 bus:Director2 2023-01-31 SC392573 bus:Director3 2023-01-31 SC392573 bus:Director4 2023-01-31 SC392573 2022-01-31 SC392573 core:CurrentFinancialInstruments 2023-01-31 SC392573 core:CurrentFinancialInstruments 2022-01-31 SC392573 core:Non-currentFinancialInstruments 2023-01-31 SC392573 core:Non-currentFinancialInstruments 2022-01-31 SC392573 core:ShareCapital 2023-01-31 SC392573 core:ShareCapital 2022-01-31 SC392573 core:RevaluationReserve 2023-01-31 SC392573 core:RevaluationReserve 2022-01-31 SC392573 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC392573 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC392573 core:PlantMachinery 2022-01-31 SC392573 core:PlantMachinery 2023-01-31 SC392573 2021-01-31 SC392573 bus:OrdinaryShareClass1 2023-01-31 SC392573 bus:OrdinaryShareClass2 2023-01-31 SC392573 bus:OrdinaryShareClass3 2023-01-31 SC392573 bus:OrdinaryShareClass4 2023-01-31 SC392573 bus:OrdinaryShareClass5 2023-01-31 SC392573 bus:OtherShareClass1 2023-01-31 SC392573 bus:OtherShareClass2 2023-01-31 SC392573 2022-02-01 2023-01-31 SC392573 bus:FullAccounts 2022-02-01 2023-01-31 SC392573 bus:SmallEntities 2022-02-01 2023-01-31 SC392573 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC392573 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC392573 bus:Director1 2022-02-01 2023-01-31 SC392573 bus:Director2 2022-02-01 2023-01-31 SC392573 bus:Director3 2022-02-01 2023-01-31 SC392573 bus:Director4 2022-02-01 2023-01-31 SC392573 core:PlantMachinery core:TopRangeValue 2022-02-01 2023-01-31 SC392573 2021-02-01 2022-01-31 SC392573 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC392573 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 SC392573 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 SC392573 bus:OrdinaryShareClass2 2021-02-01 2022-01-31 SC392573 bus:OrdinaryShareClass3 2022-02-01 2023-01-31 SC392573 bus:OrdinaryShareClass3 2021-02-01 2022-01-31 SC392573 bus:OrdinaryShareClass4 2022-02-01 2023-01-31 SC392573 bus:OrdinaryShareClass4 2021-02-01 2022-01-31 SC392573 bus:OrdinaryShareClass5 2022-02-01 2023-01-31 SC392573 bus:OrdinaryShareClass5 2021-02-01 2022-01-31 SC392573 bus:OtherShareClass1 2022-02-01 2023-01-31 SC392573 bus:OtherShareClass1 2021-02-01 2022-01-31 SC392573 bus:OtherShareClass2 2022-02-01 2023-01-31 SC392573 bus:OtherShareClass2 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC392573 (Scotland)

COTTESMORE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

COTTESMORE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023

Contents

COTTESMORE LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2023
COTTESMORE LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2023
Note 2023 2022
£ £
Fixed assets
Investment property 4 2,874,783 2,874,783
2,874,783 2,874,783
Current assets
Debtors 5 9,821 7,409
Cash at bank and in hand 6 5,664 25,258
15,485 32,667
Creditors: amounts falling due within one year 7 ( 76,800) ( 73,145)
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 ( 1,756,831) ( 1,848,804)
Provision for liabilities 9, 10 ( 11,607) ( 11,607)
Net assets 1,045,030 973,894
Capital and reserves
Called-up share capital 11 220 220
Revaluation reserve 317,933 317,933
Profit and loss account 726,877 655,741
Total shareholders' funds 1,045,030 973,894

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

Directors' responsibilities:

The financial statements of Cottesmore Limited (registered number: SC392573) were approved and authorised for issue by the Director on 25 October 2023. They were signed on its behalf by:

Mrs N Flynn
Director
COTTESMORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
COTTESMORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Turnover

Turnover represents amounts receivable for property rental.

Rental income is recognised on a straight line basis over the term of the lease.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases


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.

Impairment of assets

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
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 February 2022 28,790 28,790
At 31 January 2023 28,790 28,790
Accumulated depreciation
At 01 February 2022 28,790 28,790
At 31 January 2023 28,790 28,790
Net book value
At 31 January 2023 0 0
At 31 January 2022 0 0

4. Investment property

Investment property
£
Valuation
As at 01 February 2022 2,874,783
As at 31 January 2023 2,874,783

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.

5. Debtors

2023 2022
£ £
Trade debtors 9,821 7,409

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 5,664 25,258

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,445 976
Taxation and social security 16,686 14,497
Other creditors 58,669 57,672
76,800 73,145

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 1,756,831 1,848,804

9. Provision for liabilities

2023 2022
£ £
Deferred tax 11,607 11,607

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 11,607) ( 8,821)
Charged to the Profit and Loss Account 0 ( 2,786)
At the end of financial year ( 11,607) ( 11,607)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
55 A Ordinary shares of £ 1.00 each 55 55
55 B Ordinary shares of £ 1.00 each 55 55
55 C Ordinary shares of £ 1.00 each 55 55
40 D Ordinary shares of £ 1.00 each 40 40
5 E Ordinary shares of £ 1.00 each 5 5
5 F Ordinary shares of £ 1.00 each 5 5
5 G Ordinary shares of £ 1.00 each 5 5
220 220

12. Related party transactions

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.