Company registration number 01797570 (England and Wales)
COROB CONSOLIDATED LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COROB CONSOLIDATED LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
37,018
36,827
Investment properties
5
24,968,428
25,651,055
Investments
6
16,000,503
16,000,503
41,005,949
41,688,385
Current assets
Stocks
381,593
381,593
Debtors
7
48,216,199
45,820,614
Investments
8
1,031,236
862,647
Cash at bank and in hand
1,046,920
2,676,745
50,675,948
49,741,599
Creditors: amounts falling due within one year
9
(31,938,466)
(51,758,879)
Net current assets/(liabilities)
18,737,482
(2,017,280)
Total assets less current liabilities
59,743,431
39,671,105
Creditors: amounts falling due after more than one year
10
(20,000,000)
-
Provisions for liabilities
(459,347)
(689,992)
Net assets excluding pension surplus
39,284,084
38,981,113
Defined benefit pension surplus
439,000
1,391,000
Net assets
39,723,084
40,372,113
Capital and reserves
Called up share capital
5,000,000
5,000,000
Foreign exchange reserve
137,311
137,311
Non distributable reserve
12
19,717,769
20,258,874
Other reserves
29,155,695
29,155,695
Retained earnings
(14,287,691)
(14,179,767)
Total equity
39,723,084
40,372,113

The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

COROB CONSOLIDATED LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
2024-09-12
12 September 2024
F Cook
Director
COROB CONSOLIDATED LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
6
46,476,864
46,476,864
Current assets
Cash at bank and in hand
19
19
Creditors: amounts falling due within one year
9
(1,803,641)
(1,803,641)
Net current liabilities
(1,803,622)
(1,803,622)
Total assets less current liabilities
44,673,242
44,673,242
Capital and reserves
Called up share capital
5,000,000
5,000,000
Non distributable reserve
12
39,930,269
39,930,269
Retained earnings
(257,027)
(257,027)
Total equity
44,673,242
44,673,242

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2022: £0 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
12 September 2024
F Cook
Director
Company Registration No. 01797570
COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Corob Consolidated Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 62 Grosvenor Street, London, England, W1K 3JF.

1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Corob Consolidated Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Group turnover is represented by rental income, service charges, management commissions and dividends receivable on investments held.

 

Rental and service charge income is recognised on a receivable basis, exclusive of VAT. The cost of lease incentives is offset against the total rents due and the net income is then spread evenly over the duration of the lease.

 

Management commissions are recognised when, and to the extent that, the company obtains the right to consideration in exchange for performance of management services.

 

Dividend income is recognised in the income statement on a receivable basis.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5% to 20% on cost or written down value
Fixtures and fittings
5% to 20% on cost or written down value
Motor vehicles
25% on written down valule

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

2
Judgements and key sources of estimation uncertainty

Investment properties

 

The fair value of the group's investment property as at 31 December 2023 was determined by the Directors. The valuations are in accordance with the Royal Institution of Chartered Surveyors ('RICS') Valuation - Professional Standards ("The Red Book") and the International Valuation Standards and were arrived at by reference to market transactions for similar properties. Fair values for investment properties are calculated using the present value income approach. The main assumptions underlying the valuations are in relation to rent profile and yields. A key driver of the property valuations is the terms of the leases in place at the valuation date. These determine the cash flow profile of the property for a number of years. The valuation assumes adjustments from these rental values to current market rent at the time of the next rent review (where a typical lease allows only for upward adjustment) and as leases expire and are replaced by new leases.

 

The current market level of rent is assessed based on evidence provided by the most recent relevant leasing transactions and negotiations. The nominal equivalent yield is applied as a discount rate to the rental cash flows which, after taking into account other input assumptions such as vacancies and costs, generates the market value of the property. The equivalent yield applied is assessed by reference to market transactions for similar properties and takes into account, amongst other things, any risks associated with the rent uplift assumptions.

 

The net initial yield is calculated as the current net income over the gross market value of the asset and is used as a sense check and to compare against market transactions for similar properties. The valuation output, along with inputs and assumptions, are reviewed to ensure these are in line with what a market participant would use when pricing each asset.

 

There are inter relationships between all inputs as they are determined by market conditions. The existence of an increase in more than one input would be to magnify the input on the valuation. The impact on the valuation will be migrated by the interrelationship of two inputs in opposite directions.

COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
3
Employees

The average monthly number of persons employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
16
16
-
0
-
0
4
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
155,320
84,508
40,472
280,300
Additions
6,890
-
0
-
0
6,890
At 31 December 2023
162,210
84,508
40,472
287,190
Depreciation and impairment
At 1 January 2023
123,209
84,508
35,756
243,473
Depreciation charged in the year
5,520
-
0
1,179
6,699
At 31 December 2023
128,729
84,508
36,935
250,172
Carrying amount
At 31 December 2023
33,481
-
0
3,537
37,018
At 31 December 2022
32,112
-
0
4,715
36,827
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
5
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023
25,651,055
-
Disposals
(2,627)
-
Net gains or losses through fair value adjustments
(680,000)
-
At 31 December 2023
24,968,428
-

The 2023 valuations were made by W Gear, a member of RICS, an employee of the group.

 

Security is held over the group’s freehold investment property in respect of the bank loan.

 

The historical cost value of the investment property is £19,943,229 (2022: £19,943,907).

COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
6
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
-
0
-
0
46,476,864
46,476,864
Investments in associates
15,985,503
15,985,503
-
0
-
0
Loans to associates and participating interests
15,000
15,000
-
0
-
0
16,000,503
16,000,503
46,476,864
46,476,864
Movements in fixed asset investments
Group
Investments in associates
Loans to associates and participating interests
Total
£
£
£
Cost or valuation
At 1 January 2023 and 31 December 2023
29,791,287
892,044
30,683,331
Impairment
At 1 January 2023 and 31 December 2023
(13,805,784)
(277,044)
(14,082,828)
Carrying amount
At 31 December 2023
15,985,503
15,000
16,000,503
At 31 December 2022
15,985,503
15,000
16,000,503
Investments in associates
The investment in associates comprise of a 47.7% shareholding in Corob (West One) Limited, a company incorporated in England and Wales.
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 and 31 December 2023
46,476,864
Carrying amount
At 31 December 2023
46,476,864
At 31 December 2022
46,476,864
COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
7
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
292,986
273,220
-
0
-
0
Amounts owed by associates
44,099,085
43,323,078
-
-
Deferred tax
1,225,405
1,079,155
-
-
Other debtors
2,598,723
1,145,161
-
0
-
0
48,216,199
45,820,614
-
-
8
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Listed investments
1,031,236
862,647
-
-
9
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
11
60,392
20,000,000
-
0
-
0
Other loans
11
-
0
359,639
-
0
-
0
Trade creditors
77,033
66,917
-
0
-
0
Amounts owed to group undertakings
-
-
1,803,641
1,803,641
Amounts owed to related parties
29,925,555
29,795,245
-
0
-
0
Other taxation and social security
584,287
475,624
-
-
Other creditors
1,291,199
1,061,454
-
0
-
0
31,938,466
51,758,879
1,803,641
1,803,641
10
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
11
20,000,000
-
0
-
0
-
0
COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
11
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
20,000,000
20,000,000
-
0
-
0
Bank overdrafts
60,392
-
-
0
-
0
Other loans
-
0
359,639
-
0
-
0
20,060,392
20,359,637
-
-
Payable within one year
60,392
20,359,637
-
0
-
0
Payable after one year
20,000,000
-
0
-
0
-
0

Corob Holdings Limited has a loan facility with National Westminster Bank plc for £20 million. The amount drawn down at 31 December 2023 was £20 million (2022: £20 million). This loan is repayable on 1 November 2028.

 

Security is held over the Group’s investment property is respect of the bank loan from National Westminster Bank plc.

 

The group had purchase interest rate swaps to manage interest rate risk volatility in previous years. The estimate of the fair value of derivatives held as at the statement of financial position date was a liability of £Nil (2022: £359,639) as it ended during the current year. This amount has been included in the company's balance sheet in line with its accounting policy.

12
Reserves

Non distributable reserve

The non distributable reserve represents the cumulative unrealised valuation movement on investments which is transferred from Retained earnings.

 

Other reserves

Other reserves represents the net surplus arising from realised capital profits which, under the company’s Articles of Association, is not distributable.

 

Retained Earnings

Includes all current and prior year retained realised profits and losses.

 

Foreign exchange reserve

Includes all foreign exchange movements on translation of overseas subsidiaries.

13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was David Green MA (Cantab) ACA.
The auditor was Azets Audit Services.
COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
14
Employee benefit obligations

The company operates a defined benefit pension scheme, which is based on final salary. The assets of the scheme are held apart from those of the undertaking in a separately administered fund.

 

The pension cost and provision for the year ended 31 December 2023 are based on FRS102 calculations provided by FarrSight Solutions Limited.

 

The scheme is now closed to new members and the age profile of the active members is rising and under the projected unit method the current service costs will increase as the members of the scheme reach retirement.

 

The directors have decided that the company will make annual contributions of at least the minimum funding requirement certified by the scheme's actuary.

 

Changes in the present value of the defined benefit obligation are as follows:

Reconciliation of present value of plan liabilities:
2023
2022
£
£
At the beginning of the year
3,146,000
5,425,000
Current service cost
8,000
37,000
Interest cost
144,000
97,000
Actuarial (gains) / losses
1,095,000
(2,265,000)
Benefits paid
(417,000)
(148,000)
At the end of the year
3,976,000
3,146,000
Changes in the fair value of Scheme assets are analysed as follows:
2023
2022
£
£
At the beginning of the year
4,537,000
4,551,000
Interest income
216,000
83,000
Scheme expenses
(8,000)
(26,000)
Actuarial losses
(86,000)
(170,000)
Contributions by employer
173,000
247,000
Benefits paid
(417,000)
(148,000)
At the end of the year
4,415,000
4,537,000
Composition of plan assets:
2023
2022
£
£
Fixed interest
206,000
192,000
Property
-
-
Equities and managed funds
926,000
918,000
Cash
3,283,000
3,427,000
Total plan assets
4,415,000
4,537,000
COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Employee benefit obligations
(Continued)
- 16 -
2023
2022
£
£
Fair value of plan assets
4,415,000
4,537,000
Present value of plan liabilities
(3,976,000)
(3,146,000)
Pension scheme liability
439,000
1,391,000
Related deferred tax asset
109,750
347,750
The amounts recognised in profit and loss are as follows:
2023
2022
£
£
Current service cost
(8,000)
(37,000)
Interest on obligation
72,000
(14,000)
Scheme expenses
(8,000)
(26,000)
Total
56,000
(77,000)
Reconciliation of scheme obligations were as follows:
2023
2022
£
£
Opening defined benefit obligation
1,391,000
(874,000)
Current service cost
(8,000)
(37,000)
Scheme expenses
(8,000)
(26,000)
Contributions by scheme participants
173,000
247,000
Interest cost
72,000
(14,000)
Actuarial gains / (losses)
(1,181,000)
2,095,000
Closing defined benefit obligation
439,000
1,391,000
Principal actuarial assumptions at the Statement of financial position date (expressed as weighted averages):
2023
2022
Discount rate
4.4% pa
4.9% pa
Salary growth
3.0% pa
3.0% pa
Retail price inflation
3.2% pa
3.6% pa
Mortality rates
- for a male aged 65 now
21
22
- future male pensioners at 65
22
23
- for a female aged 65 now
23
24
- future female pensioners at 65
24
25
COROB CONSOLIDATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
15
Related party transactions

Transactions with group companies

 

The group 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 with wholly owned subsidiaries within the group.

16
Controlling party

In the view of the directors, the group does not have a controlling party.

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