Company No:
Contents
DIRECTOR | Mr T Khashoggi |
REGISTERED OFFICE | Flat 19 66 Chiltern Street |
London | |
W1U 4EJ | |
United Kingdom |
COMPANY NUMBER | 10136750 (England and Wales) |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investments | 5 |
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3,055,506 | 16,959 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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23,606,634 | 11,928,973 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (3,188,342) | (1,159,454) | ||
Total assets less current liabilities | (132,836) | (1,142,495) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of Cogemad Limited (registered number:
Mr T Khashoggi
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.
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 £.
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 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.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Plant and machinery etc. |
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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 are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
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.
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 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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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 |
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France | Development of property for sale |
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Direct |
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Italy | Development of property for sale |
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Direct |
2023 | 2022 | ||
£ | £ | ||
Amounts owed by Group undertakings (note 9) |
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Amounts owed by related parties (note 9) |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to Group undertakings (note 9) |
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Amounts owed to related parties (note 9) |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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.