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Registration number: 02133653

Courts Design Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Courts Design Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Courts Design Ltd

(Registration number: 02133653)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,275,684

1,264,857

Current assets

 

Stocks

5

1,000

1,000

Debtors

6

846,197

857,598

Cash at bank and in hand

 

102,374

5,661

 

949,571

864,259

Creditors: Amounts falling due within one year

7

(470,232)

(389,399)

Net current assets

 

479,339

474,860

Total assets less current liabilities

 

1,755,023

1,739,717

Creditors: Amounts falling due after more than one year

7

(137,502)

(179,168)

Provisions for liabilities

(17,250)

(10,933)

Net assets

 

1,600,271

1,549,616

Capital and reserves

 

Called up share capital

101

101

Other reserves

1

1

Retained earnings

1,600,169

1,549,514

Shareholders' funds

 

1,600,271

1,549,616

 

Courts Design Ltd

(Registration number: 02133653)
Balance Sheet as at 31 December 2023

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

Directors' 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 directors acknowledge their 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 April 2024 and signed on its behalf by:
 

.........................................
Mrs KL McCafferty
Company secretary and director

 

Courts Design Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Oakleigh House
High Street
Hartley Wintney
Hampshire
RG27 8PE

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of exhibition contract services. Turnover is shown net of sales/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 rate on the date when the fair value is re-measured.

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

 

Courts Design Ltd

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

Tax

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

The current income 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Motor vehicles

25% straight line per annum

Other property, plant and equipment

15% straight line per annum

Furniture, fittings and equipment

15% - 33% straight line per annum

Land and buildings

not depreciated

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Courts Design Ltd

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

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.

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.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Courts Design Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 18).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,144,694

278,705

444,000

176,606

2,044,005

Additions

-

15,555

9,954

57,264

82,773

Disposals

-

(15,490)

-

-

(15,490)

At 31 December 2023

1,144,694

278,770

453,954

233,870

2,111,288

Depreciation

At 1 January 2023

-

269,406

375,575

134,167

779,148

Charge for the year

-

4,330

33,974

33,642

71,946

Eliminated on disposal

-

(15,490)

-

-

(15,490)

At 31 December 2023

-

258,246

409,549

167,809

835,604

Carrying amount

At 31 December 2023

1,144,694

20,524

44,405

66,061

1,275,684

At 31 December 2022

1,144,694

9,299

68,425

42,439

1,264,857

HSBC UK has a legal charge relating to Oakleigh House and Unit 17 Cufaude Business Park and a floating charge over the properties or undertakings of the company date 24 January 2012.

The directors have a legal charge relating to Oakleigh House and Unit 17 Cufaude Business Park and a floating charge over the properties or undertakings of the company date 24 January 2012.

Included within the net book value of land and buildings above is £1,144,694 (2022 - £1,144,694) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Inventories

1,000

1,000

 

Courts Design Ltd

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

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

218,129

249,530

Amounts owed by related parties

9

628,068

608,068

   

846,197

857,598

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

41,197

80,846

Trade creditors

11,004

41,756

Amounts owed to group undertakings and undertakings in which the company has a participating interest

14,906

-

Taxation and social security

129,613

70,940

Other creditors

273,512

195,857

470,232

389,399

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

137,502

179,168

 

Courts Design Ltd

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

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

16,821

67,729

Hire purchase contracts

24,376

13,117

41,197

80,846

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

110,000

164,619

Hire purchase contracts

27,502

14,549

137,502

179,168

9

Related party transactions

Summary of transactions with parent

During the year the company, Courts Design Limited, had a loan with Courts Design Group Limited. As at the balance sheet date £306 (2022: £NIL) remains due to Courts Design Group Limited, and is included within other creditors.

 

Summary of transactions with entities with joint control or significant interest

During the year the company, Courts Design Limited, had a loan with ALKR Holdings Limited. As at the balance sheet date £14,600 (2022: £NIL) remains due to ALKR Holdings Limited, and is included within other creditors.

During the year the company, Courts Design Limited, had a loan with ALKR Developments Limited. As at the balance sheet date £21,520 (2022: £21,520) remains due to Courts Design Limited, and is included within other debtors.

During the year the company, Courts Design Limited, had a loan with ALKR Investments Limited. As at the balance sheet date £606,548 (2022: £586,548) remains due to Courts Design Limited, and is included within other debtors.

 

10

Parent and ultimate parent undertaking

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33.1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” not to disclose transactions with entities that are wholly owned members of the group.

 The company's immediate parent is ALKR Holdings Limited, incorporated in England and Wales.