Company registration number 12122473 (England and Wales)
COURTFIELD PARTNERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COURTFIELD PARTNERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
COURTFIELD PARTNERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
294,563
294,563
Current assets
Debtors
6
229,048
660,418
Cash at bank and in hand
242,682
31,260
471,730
691,678
Creditors: amounts falling due within one year
7
(662,913)
(1,026,461)
Net current liabilities
(191,183)
(334,783)
Net assets/(liabilities)
103,380
(40,220)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
103,378
(40,222)
Total equity
103,380
(40,220)

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered 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 26 September 2024 and are signed on its behalf by:
Mr R Ghalibaf
Mr N Reimers
Director
Director
Company registration number 12122473 (England and Wales)
COURTFIELD PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Courtfield Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Archway, 74A Fulham Road, London, SW3 6HH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis not withstanding net current liabilities at 31 December 2023.

 

The directors and shareholders will continue to support the company and enable it to meet its liabilities as they fall due.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

COURTFIELD PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company 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.

1.7
Equity instruments

Equity instruments issued by the company 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 company.

1.8
Taxation

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

COURTFIELD PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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 company’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 when the company has 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.

1.9
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.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

COURTFIELD PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
766
-
0
Foreign current tax on profits for the current period
23,561
23,377
Total current tax
24,327
23,377

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
167,927
(3,942)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
39,496
(749)
Unutilised tax losses carried forward
(13,596)
5,191
Tax at marginal rate
(1,573)
-
0
Utilisation of foreign tax withheld
(23,561)
(4,442)
Foreign current tax on profit
23,561
23,377
Taxation charge for the year
24,327
23,377
5
Fixed asset investments
2023
2022
£
£
Loans
294,563
294,563

Fixed asset investments represent loans made to an unquoted trading company in the European Union

COURTFIELD PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
11,279
Other debtors
171,504
141,538
171,504
152,817
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
57,544
507,601
Total debtors
229,048
660,418
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
766
-
0
Other creditors
662,147
1,026,461
662,913
1,026,461
8
Related party transactions
COURTFIELD PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Related party transactions
(Continued)
- 7 -

During the year the company charged a participation fee of £157,933 to a company in which the shareholders and directors of the company have an interest.

 

At 31 December 2023 and 31 December 2022 the company was owed £249,563 (€350,000) by a company in which the shareholders and directors of the company have an interest, which is included within fixed asset investments. This loan is unsecured, interest free and has no fixed repayment date, the earliest repayment date is 31 December 2029.

 

At 31 December 2023 the company was owed £0 (€0) - (2022 - £223,560 (€260,000)) by a company in which the director and shareholder Mr R Ghalibaf has in interest. This amount is unsecured, was repaid in full during the year and is subject to interest at 2.50% per annum. During the year interest of £5,239 was charged by the company in respect of the amount owed. At 31 December 2023 the company was owed interest of £8,429 (€9,726) in respect of this transaction.

 

At 31 December 2023 the company was owed £0 (€0) - (2022 - £223,560 (€260,000)) by a company in which the director and shareholder Mr N Reimers has in interest. This amount is unsecured, was repaid in full during the year and is subject to interest at 2.50% per annum. During the year interest of £5,179 was charged by the company in respect of the amount owed. At 31 December 2023 the company was owed interest of £8,374 (€9,663) in respect of this transaction

 

At 31 December 2023 the company was owed £144,207 (€166,400) - (2022 - £146,466 (€170,340)) by a company in which the directors and shareholders of the company have an interest, which is included within other debtors. This amount is unsecured, repayable by June 2025 and is subject to interest at a rate of 4% per annum. During the year interest of £5,197 (€5,993) - (2022 - £8,891 (€10,340)) was charged by the company in respect of the amount owed.

 

At 31 December 2023 the company owed £0 (€0) - (2022 - £346,990 (€403,550)) to a company in which the directors and shareholders of the company have an interest, which is included within other creditors. This amount is unsecured, interest free and was repaid in full during the year.

9
Directors' transactions

Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.

Included within other creditors is £658,634 owed by the company to the two directors and shareholders, Mr R Ghalibaf and Mr N Reimers. This amount is unsecured, interest free and repayable on demand.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr R Ghalibaf - director
-
348,236
2,932
(21,851)
329,317
Mr N Reimers - director
-
326,740
2,577
-
329,317
674,976
5,509
(21,851)
658,634
10
Controlling party

The company is controlled by the two directors of the company Mr R Ghalibaf and Mr N Reimers by virtue of their holding 100% of the issued share capital of the company between them.

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