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Company No: 10587462 (England and Wales)

COLEBROOKE PARTNERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

COLEBROOKE PARTNERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

COLEBROOKE PARTNERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
COLEBROOKE PARTNERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investments 4 1,707,077 1,381,617
1,707,077 1,381,617
Current assets
Debtors 5 912 5,871
Cash at bank and in hand 7,497 16,904
8,409 22,775
Creditors: amounts falling due within one year 6 ( 2,472,313) ( 2,429,703)
Net current liabilities (2,463,904) (2,406,928)
Total assets less current liabilities (756,827) (1,025,311)
Net liabilities ( 756,827) ( 1,025,311)
Capital and reserves
Called-up share capital 7 157,687 157,687
Profit and loss account ( 914,514 ) ( 1,182,998 )
Total shareholders' deficit ( 756,827) ( 1,025,311)

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.

Director's responsibilities:

The financial statements of Colebrooke Partners Limited (registered number: 10587462) were approved and authorised for issue by the Director. They were signed on its behalf by:

J A Pailing
Director

26 September 2024

COLEBROOKE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
COLEBROOKE PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Colebrooke Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 2 Kensington Place, London, N10 3BY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £756,827. The Company is supported through loans from the shareholders. The director has received assurances that the shareholders will not recall their loans for at least 12 months from the date of signing these financial statements and the shareholders will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period.

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 creditors: amounts falling due within one year. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The Company only enters into basic financial instruments and 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 and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 1,350 1,350
At 31 December 2023 1,350 1,350
Accumulated depreciation
At 01 January 2023 1,350 1,350
At 31 December 2023 1,350 1,350
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 1
At 31 December 2023 1
Carrying value at 31 December 2023 1
Carrying value at 31 December 2022 1

In February 2019, the Company invested in a subsidiary entity, Colebrooke Partners Management Limited.

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 January 2023 1,331,616 50,000 1,381,616
Additions 1,916,501 0 1,916,501
Disposals ( 1,992,619) 0 ( 1,992,619)
Revaluations 401,578 0 401,578
At 31 December 2023 1,657,076 50,000 1,707,076
Carrying value at 31 December 2023 1,657,076 50,000 1,707,076
Carrying value at 31 December 2022 1,331,616 50,000 1,381,616

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares currently held in the portfolio on acquisition was £1,722,538. Other investments are held at cost less impairment because their fair value cannot be measured reliably.

5. Debtors

2023 2022
£ £
Other debtors 912 5,871

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 30,889 8,278
Other creditors 2,441,424 2,421,425
2,472,313 2,429,703

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
157,687 Ordinary shares of £ 1.00 each 157,687 157,687