REGISTERED NUMBER: |
Financial Statements |
for the Period |
15 June 2023 to 31 December 2023 |
for |
COHORT LENDCO II LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Period |
15 June 2023 to 31 December 2023 |
for |
COHORT LENDCO II LIMITED |
COHORT LENDCO II LIMITED (REGISTERED NUMBER: 14939540) |
Contents of the Financial Statements |
for the Period 15 June 2023 to 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
COHORT LENDCO II LIMITED |
Company Information |
for the Period 15 June 2023 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
2 Wheeleys Road |
Edgbaston |
Birmingham |
West Midlands |
B15 2LD |
COHORT LENDCO II LIMITED (REGISTERED NUMBER: 14939540) |
Statement of Financial Position |
31 December 2023 |
Notes | £ |
CURRENT ASSETS |
Debtors | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Other Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
COHORT LENDCO II LIMITED (REGISTERED NUMBER: 14939540) |
Notes to the Financial Statements |
for the Period 15 June 2023 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Cohort Lendco II Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
Impairment of trade receivables |
The group makes an estimate of the recoverable amount of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience. |
Revenue recognition |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing agreement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Other Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
COHORT LENDCO II LIMITED (REGISTERED NUMBER: 14939540) |
Notes to the Financial Statements - continued |
for the Period 15 June 2023 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Basic financial instruments |
Trade and Other Debtors/Creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
Interest bearing borrowings classified as basic financial instruments |
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
4. | DEBTORS |
£ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Bridge loan interest receivable |
Prepayments |
Amounts falling due after more than one year: |
Bridge loan | 65,000,000 |
Aggregate amounts |
COHORT LENDCO II LIMITED (REGISTERED NUMBER: 14939540) |
Notes to the Financial Statements - continued |
for the Period 15 June 2023 to 31 December 2023 |
4. | DEBTORS - continued |
The debtors are secured by a first legal mortgage registered at the land registry on the property for which the bridge loan was obtained. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed to group undertakings |
Tax |
Bridge loan interest payable | 355,240 |
Accrued expenses |
The outstanding loan amounts are secured by fixed and floating charge against the bridge loan debtor of the business. |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Loan amounts due |
The outstanding loan amounts are secured by fixed and floating charges against the bridge loan debtor of the business. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary A | 1 | 100 |
At incorporation the company issued 100 ordinary A shares for £1 at par. |
8. | RESERVES |
Retained |
earnings |
£ |
Profit for the period |
At 31 December 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
COHORT LENDCO II LIMITED (REGISTERED NUMBER: 14939540) |
Notes to the Financial Statements - continued |
for the Period 15 June 2023 to 31 December 2023 |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between wholly owned subsidiaries and parent company within the group. |
11. | AUDITOR LIABILITY LIMITATION AGREEMENT |
We have agreed that our aggregate liability, whether to you or any other party, of whatever nature, whether in contract, tort or otherwise, for any losses whatsoever and howsoever caused arising from or in any way |
connected with this engagement shall in no circumstances exceed ten times our agreed fee. |
12. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Cohort Capital Holdings Ltd. |
The consolidated group accounts can be found at the registered office of the parent company Cohort Capital Holdings Ltd at 97 Park Lane, Mayfair, London W1K 7TG. |
The ultimate controlling party is Avanter Holdings Limited registered in British Virgin Islands. |