Cordial Investments and Consulting Limited 05453020 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is management consulting Digita Accounts Production Advanced 6.30.9574.0 true true 05453020 2022-04-01 2023-03-31 05453020 2023-03-31 05453020 bus:OrdinaryShareClass1 2023-03-31 05453020 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-03-31 05453020 core:CurrentFinancialInstruments 2023-03-31 05453020 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05453020 core:Non-currentFinancialInstruments 2023-03-31 05453020 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05453020 core:FurnitureFittingsToolsEquipment 2023-03-31 05453020 bus:SmallEntities 2022-04-01 2023-03-31 05453020 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05453020 bus:FullAccounts 2022-04-01 2023-03-31 05453020 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05453020 bus:RegisteredOffice 2022-04-01 2023-03-31 05453020 bus:CompanySecretary1 2022-04-01 2023-03-31 05453020 bus:Director1 2022-04-01 2023-03-31 05453020 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05453020 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05453020 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05453020 countries:EnglandWales 2022-04-01 2023-03-31 05453020 2022-03-31 05453020 core:FurnitureFittingsToolsEquipment 2022-03-31 05453020 2021-04-01 2022-03-31 05453020 2022-03-31 05453020 bus:OrdinaryShareClass1 2022-03-31 05453020 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2022-03-31 05453020 core:CurrentFinancialInstruments 2022-03-31 05453020 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05453020 core:Non-currentFinancialInstruments 2022-03-31 05453020 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05453020 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05453020

Cordial Investments and Consulting Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Cordial Investments and Consulting Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Cordial Investments and Consulting Limited

Company Information

Director

Mr Pierre Danon

Company secretary

Mr David Kosky

Registered office

Flat 1
Lyndhurst Gardens
London
NW3 5NS

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Cordial Investments and Consulting Limited

(Registration number: 05453020)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

61,607

63,337

Investment property

5

4,201,487

4,127,651

Other financial assets

6

2,033,821

2,697,624

 

6,296,915

6,888,612

Current assets

 

Debtors

7

93,109

53,078

Cash at bank and in hand

 

43,871

95,767

 

136,980

148,845

Creditors: Amounts falling due within one year

8

(103,907)

(408,162)

Net current assets/(liabilities)

 

33,073

(259,317)

Total assets less current liabilities

 

6,329,988

6,629,295

Creditors: Amounts falling due after more than one year

8

(24,908)

(81,163)

Net assets

 

6,305,080

6,548,132

Capital and reserves

 

Called up share capital

9

6

6

Share premium reserve

1,309,685

1,309,685

Revaluation reserve

(97,954)

(16,567)

Profit and loss account

5,093,343

5,255,008

Shareholders' funds

 

6,305,080

6,548,132

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.

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.

 

 

Cordial Investments and Consulting Limited

(Registration number: 05453020)
Balance Sheet as at 31 March 2023

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 11 October 2023
 

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

Mr Pierre Danon
Director

 

Cordial Investments and Consulting 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:
Flat 1
Lyndhurst Gardens
London
NW3 5NS
England

The principal place of business is:
Flat 1
Lyndhurst Gardens
London
NW3 5NS
England

These financial statements were authorised for issue by the director on 11 October 2023.

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.

The financial statements are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.

Going concern

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

 

Cordial Investments and Consulting Limited

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

Judgements

In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from these estimates.

Estimates and any underlying assumptions used are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current period and subsequent periods.

Key sources of estimation uncertainty

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Valuation of freehold and leasehold land and buildings held as investment properties

As discussed in the notes to the financial statements, freehold and leasehold land and buildings held as investment property are stated at fair value on an open market existing use basis. This policy requires that a reasonable assessment of fair value is capable of being made and that market value reflects fair value. The carrying amount is £4,201,487 (2022 - £4,127,651).


Valuation of investments held as fixed assets

As discussed in the notes to the financial statements, investments held as fixed assets are stated at fair value. This policy requires that a reasonable assessment of fair value is capable of being made and that market value reflects fair value. The carrying amount is £2,033,821 (2022 - £2,697,624).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Cordial Investments and Consulting Limited

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

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 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

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value as derived from the current market prices for comparable real estate and is determined annually. The valuation uses 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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Cordial Investments and Consulting Limited

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

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Cordial Investments and Consulting Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 Recognition and measurement
A financial instrument is recognised when the Company becomes a party to the contractual provisions of the instrument with initial measurement being at the transaction price.
 Impairment
Financial assets are assessed for indications of impairment at the end of each accounting period. They are considered to be impaired when there is evidence that the estimated future cash flows of the asset have been affected.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Cordial Investments and Consulting Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

166,758

166,758

Additions

16,128

16,128

At 31 March 2023

182,886

182,886

Depreciation

At 1 April 2022

103,421

103,421

Charge for the year

17,858

17,858

At 31 March 2023

121,279

121,279

Carrying amount

At 31 March 2023

61,607

61,607

At 31 March 2022

63,337

63,337

5

Investment properties

2023
£

At 1 April

4,127,651

Additions

73,836

At 31 March

4,201,487


 

There has been no valuation of investment property by an independent valuer.

Had the freehold and leasehold land and buildings held as investment properties been measured on a historical cost basis, the carrying amount would have been £4,201,487 (2022 - £4,127,651).

 

Cordial Investments and Consulting 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

2,697,624

2,697,624

Fair value adjustments

(3,441)

(3,441)

Additions

106,447

106,447

Disposals

(766,809)

(766,809)

At 31 March 2023

2,033,821

2,033,821

Carrying amount

At 31 March 2023

2,033,821

2,033,821

At 31 March 2022

2,697,624

2,697,624

Had the investments held as fixed assets been measured on a historical cost basis, the carrying amount would have been £2,131,775 (2022 - £2,714,l91).

7

Debtors

Current

2023
£

2022
£

Trade debtors

21,392

9,498

Prepayments

1,674

1,772

Other debtors

70,043

41,808

 

93,109

53,078

 

Cordial Investments and Consulting Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

56,938

54,887

Trade creditors

 

13,715

19,324

Taxation and social security

 

4,589

286,369

Accruals and deferred income

 

28,664

40,635

Other creditors

 

1

6,947

 

103,907

408,162

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

24,908

81,163

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0.01 each

600

6

600

6

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,908

81,163

 

Cordial Investments and Consulting Limited

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

56,938

54,887

Bank borrowings

The bank loan as at year end is denominated in Pounds Sterling with a nominal interest rate of 3.25% above Metro Bank Base Rate, and the final instalment is due in August 2024. The carrying amount at year end is £81,846 (2022 - £136,050).

The bank loan is secured by a mortgage dated 26 February 2018 and fixed and floating charges over the assets of the company.

The bank loan is repayable by monthly instalments over the period of the loan.

The aggregate amount of creditors for which security has been given amounted to £81,846 (2022 - £136,050).

11

Dividends

The director is proposing that no final dividend is declared. Accordingly no dividend has been accrued in the balance sheet.

12

Related party transactions

Mr Pierre Danon

During the year the director had a loan account with the company. No interest was applicable to this loan account. At the balance sheet date the amount due to Mr Pierre Danon was £7,513 owed by Mr Danon (2022 - £4,117 owed to Mr Danon).