0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 250,754 9,300 260,054 260,054 250,754 40,276 159 40,117 xbrli:pure xbrli:shares iso4217:GBP 04307344 2023-01-01 2023-12-31 04307344 2023-12-31 04307344 2022-12-31 04307344 2022-01-01 2022-12-31 04307344 2022-12-31 04307344 2021-12-31 04307344 core:PlantMachinery 2023-01-01 2023-12-31 04307344 core:FurnitureFittings 2023-01-01 2023-12-31 04307344 bus:Director1 2023-01-01 2023-12-31 04307344 core:PlantMachinery 2022-12-31 04307344 core:FurnitureFittings 2022-12-31 04307344 core:PlantMachinery 2023-12-31 04307344 core:FurnitureFittings 2023-12-31 04307344 core:DeferredTaxation 2023-01-01 2023-12-31 04307344 core:WithinOneYear 2023-12-31 04307344 core:WithinOneYear 2022-12-31 04307344 core:AfterOneYear 2023-12-31 04307344 core:AfterOneYear 2022-12-31 04307344 core:ShareCapital 2023-12-31 04307344 core:ShareCapital 2022-12-31 04307344 core:RevaluationReserve 2023-12-31 04307344 core:RevaluationReserve 2022-12-31 04307344 core:RetainedEarningsAccumulatedLosses 2023-12-31 04307344 core:RetainedEarningsAccumulatedLosses 2022-12-31 04307344 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 04307344 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 04307344 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 04307344 core:Non-currentFinancialInstruments 2023-12-31 04307344 core:Non-currentFinancialInstruments 2022-12-31 04307344 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04307344 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04307344 core:RevaluationInvestmentPropertyDeferredTax 2023-12-31 04307344 core:RevaluationInvestmentPropertyDeferredTax 2022-12-31 04307344 core:PlantMachinery 2022-12-31 04307344 core:DeferredTaxation 2022-12-31 04307344 core:DeferredTaxation 2023-12-31 04307344 bus:SmallEntities 2023-01-01 2023-12-31 04307344 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04307344 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04307344 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04307344 bus:FullAccounts 2023-01-01 2023-12-31 04307344 core:Buildings 2023-12-31 04307344 core:Buildings 2022-12-31
COMPANY REGISTRATION NUMBER: 04307344
C.O.I. Properties Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
C.O.I. Properties Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
C.O.I. Properties Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
753,821
754,658
Investments
5
260,054
250,754
------------
------------
1,013,875
1,005,412
Current assets
Debtors
6
93,251
87,730
Cash at bank and in hand
42,636
8
---------
--------
135,887
87,738
Creditors: amounts falling due within one year
7
228,635
316,494
---------
---------
Net current liabilities
92,748
228,756
------------
------------
Total assets less current liabilities
921,127
776,656
Creditors: amounts falling due after more than one year
8
281,362
311,376
Provisions
9
40,117
40,276
---------
---------
Net assets
599,648
425,004
---------
---------
Capital and reserves
Called up share capital
536
536
Revaluation reserve
106,363
106,363
Profit and loss account
492,749
318,105
---------
---------
Shareholders funds
599,648
425,004
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
C.O.I. Properties Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
D Griffin
Director
Company registration number: 04307344
C.O.I. Properties Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business is Centree House, Unit 6-8, Bicton Industrial Park, Kimbolton, Huntingdon, Cambridgeshire, PE28 0LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. The company is supported by a fixed term bank loan and has the continued financial support provided by other group and associated companies. The directors have therefore concluded that, with this ongoing support, the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the accounts have been prepared on a going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents rents receivable by the company accounted for on an accruals basis, net of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets other than investment properties are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss reserve.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
14% straight line
Freehold land is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
4. Tangible assets
Plant and machinery
Fixtures and fittings
Investment property
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
8,376
3,000
750,000
761,376
-------
-------
---------
---------
Depreciation
At 1 January 2023
3,718
3,000
6,718
Charge for the year
837
837
-------
-------
---------
---------
At 31 December 2023
4,555
3,000
7,555
-------
-------
---------
---------
Carrying amount
At 31 December 2023
3,821
750,000
753,821
-------
-------
---------
---------
At 31 December 2022
4,658
750,000
754,658
-------
-------
---------
---------
Tangible assets held at valuation
The company's investment property is included at its fair value. The directors estimate that the open market value at the reporting date was £750,000 (2022 £750,000). The historic cost of the property was £598,755 (2022 £598,755) and a deferred tax provision of £39,392 (2022 £39,392) has been included for the tax charge which would be payable if the property was sold at open market value.
5. Investments
Shares in group undertakings and participating interests
£
Cost
At 1 January 2023
250,754
Additions
9,300
---------
At 31 December 2023
260,054
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
260,054
---------
At 31 December 2022
250,754
---------
Group undertakings - at the reporting date the company owned:
a) 100% of the issued share capital (500 Ordinary 'A' shares, 26 Ordinary 'B' shares and 10 Ordinary 'C' shares) of Combined Office Interiors Limited, a company incorporated in England and Wales.
b) 100% of the issued share capital (100 Ordinary shares) of MACOI Limited, a company incorporated in England and Wales.
c) 100% of the issued share capital (12 Ordinary A shares) of DNK (UK) Limited, a company incorporated in England and Wales.
d) 100% of the issued share capital (100 Ordinary A shares) of Centree Installations Limited, a company incorporated in England and Wales.
e) 100% of the issued share capital (1 Ordinary share) of Malcolm Andrews Office Solutions Limited, a company incorporated in England and Wales.
Undertakings with a participating interest - at the reporting date the company owned:
a) 50% of the issued share capital (45 Ordinary shares) of FG Sentar Limited, a company incorporated in England and Wales.
b) 50% of the issued share capital (2,550 Ordinary shares) of FG Library Products Limited, a company incorporated in England and Wales.
c) 14.67% (2022 40%) of the issued share capital (18,868 Ordinary shares, 2022 16,000) of Showcase PSR Limited, a company incorporated in England and Wales.
6. Debtors
2023
2022
£
£
Trade debtors
2,500
Amounts owed by group undertakings and undertakings in which the company has a participating interest
43,751
13,454
Other debtors
49,500
71,776
--------
--------
93,251
87,730
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,345
18,709
Trade creditors
29,911
25,229
Amounts owed to group undertakings and undertakings in which the company has a participating interest
137,509
218,257
Social security and other taxes
29,550
13,833
Other creditors
5,320
40,466
---------
---------
228,635
316,494
---------
---------
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
281,362
311,376
---------
---------
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
Included within creditors: amounts falling due after more than one year is an amount of £165,008 (2022 £246,176) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Provisions
Deferred tax (note 10)
£
At 1 January 2023
40,276
Additions
( 159)
--------
At 31 December 2023
40,117
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
40,117
40,276
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
725
884
Fair value adjustment of investment property
39,392
39,392
--------
--------
40,117
40,276
--------
--------
11. Directors' advances, credits and guarantees
A director and his close family members maintain loan accounts with the company. At the beginning of the year the director and his close family owed the company £44,194 (2022 £109,962). During the year there were further advances of £28,632 (2022 £55,351), repayments of £54,596 (2022 £122,096) and interest charged of £366 (2022 £977). At the reporting date the director and his family owed the company £18,596 (2022 £44,194). No amounts were written off during the year.