Company registration number: 04402088
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FOR THE YEAR ENDED
31 DECEMBER 2023
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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CUFFE HOLDINGS LIMITED
REGISTERED NUMBER:04402088
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Capital redemption reserve
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Comprehensive income for the year
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Comprehensive income for the year
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cuffe Holdings Limited is a private company limited by shares and incorporated in England and Wales. Details of the company's registered office can be found on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated
impairment losses.
The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company and the group operate and generate income.
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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
∙Valuations attributed to investment properties - The company carries its properties at fair value, with changes in fair value being recognised in either the profit or loss or other comprehensive income for the period in which they arise. The director reviews the valuation of the properties on an annual basis and, taking market conditions into account and on occasion third party valuations, considers the values included in the accounts to be the fair value of the properties.
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The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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An external valuation was carried out by Bonsors Chartered Surveyors on one of the company's properties at Chiswick High Road on 17 May 2024. Whilst post year-end, the director believed this valuation reasonably reflected the value at the year ended December 2023. The property was valued at £1,850,000 and resulted in a reduction of £650,000 from the previous year. The revaluation was carried out on an open market basis.
Included in the above valuation of the company's investment properties is an amount of £1,200,000 relating to a property which was valued by an independent valuer as defined by the RICS. The revaluation was carried out on an open market basis on 1 April 2022. The remaining valuations of £7,975,000 were made by A C Cowdery on an open market value for existing use basis, taking into consideration informal 3rd party reviews of the properties conditions and estimated values.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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Investment in joint ventures
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Transfer through dividends in specie
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During the year, the Cuffe group underwent a restructuring exercise and the following steps had an impact on the company.
The company reduced its share capital from £11,325 to £100 on 29 March 2023.
A new company was formed on 23 December 2022, Cuffe Holdings No 1 Limited which acquired all of the shares in Cuffe Holdings Ltd on 17 April 2023 in exchange for an issue of its own shares to the former shareholder.
On 19 September 2023, the company transferred its shareholding of £37,500 in its subsidiary, Cuffe Plc, by way of a dividend in specie to Cuffe Holdings No 1 Limited.
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Due after more than one year
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Amounts owed by group undertakings
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Credit to the profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Capital redemption reserves
This reserve records the nominal value of shares repurchased by the company.
Profit and loss account
This reserve records retained earnings and accumulated losses.
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During the year, the company made a loan to its director for £300,000 (2022: £nil) which was settled after the year-end. Interest accrued at 2.25% on the loan and at the year-end was £4,105.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 19 September 2024 by Sophie Said FCA (Senior Statutory Auditor) on behalf of Menzies LLP.
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