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Registration number: 11080281

Prepared for the registrar

Coetus Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Coetus Limited

(Registration number: 11080281)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

116

116

Current assets

 

Debtors

5

-

8,977,702

Investments

6

-

8,389,579

Cash at bank and in hand

 

43,826

603,217

 

43,826

17,970,498

Creditors: Amounts falling due within one year

7

(37,108)

(11,828)

Net current assets

 

6,718

17,958,670

Net assets

 

6,834

17,958,786

Capital and reserves

 

Called up share capital

217

217

Profit and loss account

6,617

17,958,569

Shareholders' funds

 

6,834

17,958,786

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

R Belcher
Director

   
     
 

Coetus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Ch Hausmann & Co
5 De Walden Court
85 New Cavendish Street
London
W1W 6XD

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 operates and generates taxable income.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Coetus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Coetus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

4

Investments

2023
£

2022
£

Investments in subsidiaries

116

116

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Infinitum Group Ltd

Co Ch Hausmann & Co,
5 De Walden Court,
85 New Cavendish Street,
London, W1W 6XD

Ordinary

100%

100%

The aggregate amount of capital and reserves of Infinitum Group Ltd at the end of the period was £5,068,229.
 

 

5

Debtors

Note

2023
 £

2022
 £

Director's loan

8

-

2,880,000

Other debtors

8

-

6,097,702

   

-

8,977,702

 

6

Current asset investments

2023
£

2022
£

Other investments

-

8,389,579

Current asset investments represents investment funds held at market rate. The cost of the investments was £8,500,000. The investments were redeemed in full in the year ended 31 December 2023.

 

 

7

Creditors

2023
 £

2022
 £

Due within one year

Other creditors

13

-

Accrued expenses

2,400

2,413

Corporation tax liability

34,695

9,415

37,108

11,828

 

Coetus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

8

Related party transactions

Transactions with directors

At 31 December 2022, the director N C Bampton owed the company £2,880,000 in the form of a director's loan account. The loan was repaid in full in the year to 31 December 2023 and interest was charged on the loan.

Transactions with other parties

At 31 December 2022, the company was owed £1,734,753 by Genus Assets Limited and £4,362,949 by Abiete Ltd, in the form of loans. Both loans were repaid in full in the year ended 31 December 2023 and no interest was charged on the loans. The companies are related by virtue of the director N C Bampton.

During the year the company made distributions to the Infinitum Group Employee Ownership Trust, of £23,011,388.

 

9

Control

On 18 September 2023, 100% of the company's share capital was acquired by the Infinitum Group Employee Ownership Trust. Prior to that date the company was controlled by the directors.