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Company No: 10136750 (England and Wales)

COGEMAD LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

COGEMAD LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

COGEMAD LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
COGEMAD LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Mr T Khashoggi
REGISTERED OFFICE Flat 19 66 Chiltern Street
London
W1U 4EJ
United Kingdom
COMPANY NUMBER 10136750 (England and Wales)
COGEMAD LIMITED

BALANCE SHEET

As at 31 December 2023
COGEMAD LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Investments 5 3,055,506 16,959
3,055,506 16,959
Current assets
Debtors 6 23,485,469 11,708,525
Cash at bank and in hand 121,165 220,448
23,606,634 11,928,973
Creditors: amounts falling due within one year 7 ( 26,794,976) ( 13,088,427)
Net current liabilities (3,188,342) (1,159,454)
Total assets less current liabilities (132,836) (1,142,495)
Net liabilities ( 132,836) ( 1,142,495)
Capital and reserves
Called-up share capital 8 1 1
Share premium account 400,000 400,000
Profit and loss account ( 532,837 ) ( 1,542,496 )
Total shareholders' deficit ( 132,836) ( 1,142,495)

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.

Director's responsibilities:

The financial statements of Cogemad Limited (registered number: 10136750) were approved and authorised for issue by the Director on 14 August 2024. They were signed on its behalf by:

Mr T Khashoggi
Director
COGEMAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
COGEMAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Cogemad Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Flat 19 66 Chiltern Street, London, W1U 4EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items 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 controlling shareholder has undertaken not to seek repayment of the loan made to the company in the 12 months from the date of signing the accounts, unless the company has resources to do so, and will continue to offer support to the company. Accordingly the financial statements are prepared on a going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Tangible fixed assets

Tangible fixed assets are stated 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.

Plant and machinery etc. 3 years straight line

Depreciation is charged so as to write off the cost of assets over their estimated useful lives.

Fixed asset investments

Investments in subsidiaries are measured at cost less impairment. Where a capital contribution is made to a subsidiary, this is recorded as an addition to the cost of its investment in the subsidiary.

Dividends received are recognised in income when receivable.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.

Ordinary share capital

Ordinary shares are classified as equity.

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.

2. Prior year adjustment

In 2022 a write off of an amount owed by a group company was omitted in error, resulting in an understatement of the loss for the year.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Loan written off 0 (1,090,584) (1,090,584)
Amounts owed by group undertakings 12,799,110 (1,090,584) 11,708,526

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 8,756 8,756
At 31 December 2023 8,756 8,756
Accumulated depreciation
At 01 January 2023 8,756 8,756
At 31 December 2023 8,756 8,756
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 16,959
Additions 3,038,547
At 31 December 2023 3,055,506
Carrying value at 31 December 2023 3,055,506
Carrying value at 31 December 2022 16,959

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Held
SAS Cogemad France Development of property for sale Ordinary Shares 100.00% 100.00% Direct
Cogemad Italia SRL Italy Development of property for sale Ordinary Shares 100.00% 100.00% Direct

6. Debtors

2023 2022
£ £
Amounts owed by Group undertakings (note 9) 17,486,254 11,708,525
Amounts owed by related parties (note 9) 5,908,489 0
Other debtors 90,726 0
23,485,469 11,708,525

7. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings (note 9) 26,781,220 0
Amounts owed to related parties (note 9) 9,000 13,082,103
Other taxation and social security 540 476
Other creditors 4,216 5,848
26,794,976 13,088,427

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
111 Ordinary shares of £ 0.01 each 1 1

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amount owed to shareholders 9,000 13,082,103
Amount owed by shareholders 5,908,489 0

During the year, a shareholder, loaned the company £112,295 (2022 - £2,241,333) and was repaid £13,185,398 (2022 - £nil). The loan is interest free and repayable on demand.

During the year a shareholder, received a loan of £23,485,647 from the company (2022 - £nil) and repaid £17,577,158. The loan is interest bearing at the EURIBOR 3 month rate and repayable within 9 months of the end of the financial year.

Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions with other undertakings wholly owned within the group.