2 false false false false false false false false false true false false false false false true No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,024,811 449,599 3,474,410 3,474,410 3,024,811 202,669 xbrli:pure xbrli:shares iso4217:GBP 03622731 2023-01-01 2023-12-31 03622731 2023-12-31 03622731 2022-12-31 03622731 2022-01-01 2022-12-31 03622731 2022-12-31 03622731 bus:Director1 2023-01-01 2023-12-31 03622731 core:FurnitureFittings 2022-12-31 03622731 core:MotorVehicles 2022-12-31 03622731 core:FurnitureFittings 2023-12-31 03622731 core:MotorVehicles 2023-12-31 03622731 core:AfterOneYear 2023-12-31 03622731 core:AfterOneYear 2022-12-31 03622731 core:WithinOneYear 2023-12-31 03622731 core:WithinOneYear 2022-12-31 03622731 core:ShareCapital 2023-12-31 03622731 core:ShareCapital 2022-12-31 03622731 core:RetainedEarningsAccumulatedLosses 2023-12-31 03622731 core:RetainedEarningsAccumulatedLosses 2022-12-31 03622731 core:FurnitureFittings 2023-01-01 2023-12-31 03622731 core:MotorVehicles 2023-01-01 2023-12-31 03622731 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 03622731 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 03622731 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 03622731 core:Non-currentFinancialInstruments 2023-12-31 03622731 core:Non-currentFinancialInstruments 2022-12-31 03622731 core:RevaluationInvestmentPropertyDeferredTax 2023-12-31 03622731 core:RevaluationInvestmentPropertyDeferredTax 2022-12-31 03622731 core:MotorVehicles 2022-12-31 03622731 core:DeferredTaxation 2023-12-31 03622731 bus:SmallEntities 2023-01-01 2023-12-31 03622731 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03622731 bus:FullAccounts 2023-01-01 2023-12-31 03622731 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03622731 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03622731 core:AfterOneYear 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 03622731
Cotmandene Ltd
Filleted Unaudited Financial Statements
31 December 2023
Cotmandene Ltd
Balance Sheet
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
32,927
39,983
Investments
6
3,474,410
3,024,811
------------
------------
3,507,337
3,064,794
Current assets
Debtors
7
3,453,747
3,632,451
Cash at bank and in hand
32,493
615,091
------------
------------
3,486,240
4,247,542
Creditors: amounts falling due within one year
8
81,062
39,994
------------
------------
Net current assets
3,405,178
4,207,548
------------
------------
Total assets less current liabilities
6,912,515
7,272,342
Creditors: amounts falling due after more than one year
9
3,853,484
4,371,847
Provisions
Taxation including deferred tax
10
202,669
202,669
------------
------------
Net assets
2,856,362
2,697,826
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
12
2,856,360
2,697,824
------------
------------
Shareholders funds
2,856,362
2,697,826
------------
------------
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 income and retained earnings 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cotmandene Ltd
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr H Shah
Director
Company registration number: 03622731
Cotmandene Ltd
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 50 London Road, Stanmore, Middlesex, HA7 4NU, UK.
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.
Revenue recognition
The turnover shown in the profit and loss account represents rent receivable during the period.
Deferred tax
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.
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:
Fixtures & fittings
-
Straight over three years
Motor vehicles
-
15% straight line
Investments
Investment properties are revalued annually to their fair value and any surplus or deficit is dealt with through profit and loss.
No depreciation or amortisation is provided in respect of investment properties.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 2 (2022: Nil).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
3,224
47,039
50,263
-------
--------
--------
Depreciation
At 1 January 2023
3,224
7,056
10,280
Charge for the year
7,056
7,056
-------
--------
--------
At 31 December 2023
3,224
14,112
17,336
-------
--------
--------
Carrying amount
At 31 December 2023
32,927
32,927
-------
--------
--------
At 31 December 2022
39,983
39,983
-------
--------
--------
6. Investments
Investment properties
£
Cost
At 1 January 2023
3,024,811
Additions
449,599
------------
At 31 December 2023
3,474,410
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
3,474,410
------------
At 31 December 2022
3,024,811
------------
The valuation of investment properties was carried out as at the balance sheet date by the directors on an open market basis. No depreciation or amortisation is provided in respect of these properties.
On a historical cost basis the investment properties would have been included at a cost of £2,407,730 (2022: £1,958,131).
7. Debtors
2023
2022
£
£
Other debtors
3,453,747
3,632,451
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
50,434
39,994
Other creditors
30,628
--------
--------
81,062
39,994
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,706,448
1,706,448
Directors loan accounts
2,146,436
2,664,799
Other creditors
600
600
------------
------------
3,853,484
4,371,847
------------
------------
The aggregate amount of creditors which are secured by a first legal charge over the company's investment properties amounted to £1,706,448 (2022: £1,706,448) From above amount £1,706,448 is due after 5 years.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023 and 31 December 2023
202,669
---------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 10)
202,669
202,669
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
202,669
202,669
---------
---------
12. Profit and loss
2023 2022
£ £
Distributable reserves 1,992,349 1,833,813
Fair value gain on investment properties 864,011 864,011
------------ ------------
2,856,360 2,697,824
------------ ------------