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Company No: 06771958 (England and Wales)

THE COURTENAY GROUP LIMITED

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

THE COURTENAY GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

THE COURTENAY GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
THE COURTENAY GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,183,619 2,597,556
Investment property 4 2,818,158 2,388,740
Investments 5 35,393 1
6,037,170 4,986,297
Current assets
Debtors 6 16,380 3,080
Cash at bank and in hand 53,102 4,288
69,482 7,368
Creditors: amounts falling due within one year 7 ( 164,923) ( 71,471)
Net current liabilities (95,441) (64,103)
Total assets less current liabilities 5,941,729 4,922,194
Creditors: amounts falling due after more than one year 8 ( 1,651,311) ( 1,113,000)
Provision for liabilities ( 401,197) ( 299,933)
Net assets 3,889,221 3,509,261
Capital and reserves
Called-up share capital 9 83 83
Revaluation reserve 12 1,515,534 1,070,674
Profit and loss account 11 2,373,604 2,438,504
Total shareholder's funds 3,889,221 3,509,261

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 financial statements of The Courtenay Group Limited (registered number: 06771958) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

N Davies
Director
THE COURTENAY GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THE COURTENAY GROUP 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

The Courtenay Group 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 C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is The Pool House, Manor Park, Nailsea Wall Lane, BS48 4DD.

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 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Vehicles 3 years straight line
Office equipment 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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Vehicles Office equipment Total
£ £ £ £
Cost
At 01 January 2023 2,515,140 92,000 61,942 2,669,082
Additions 150,000 79,345 0 229,345
Revaluations 444,860 0 0 444,860
Disposals 0 ( 92,000) 0 ( 92,000)
At 31 December 2023 3,110,000 79,345 61,942 3,251,287
Accumulated depreciation
At 01 January 2023 0 12,778 58,748 71,526
Charge for the financial year 0 29,612 2,308 31,920
Disposals 0 ( 35,778) 0 ( 35,778)
At 31 December 2023 0 6,612 61,056 67,668
Net book value
At 31 December 2023 3,110,000 72,733 886 3,183,619
At 31 December 2022 2,515,140 79,222 3,194 2,597,556

Revaluation of tangible assets

The land and buildings were professionally valued by Carter Jonas, an independent valuer, to fair value at 28th February 2022. This has since been reviewed by the directors and determined it represents the fair value of the property, on an open market value for existing use basis.

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 2,388,740
Additions 403,158
Fair value movement 26,260
As at 31 December 2023 2,818,158

Valuation

At each reporting date, investment property is measured at fair value, with changes in fair value recognised in profit or loss. Deferred taxation is provided on gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

5. 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

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 0 0
Additions 35,392 35,392
At 31 December 2023 35,392 35,392
Carrying value at 31 December 2023 35,392 35,392
Carrying value at 31 December 2022 0 0

6. Debtors

2023 2022
£ £
Trade debtors 1,546 360
VAT recoverable 14,834 2,720
16,380 3,080

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 9,626 15,812
Amounts owed to own subsidiaries 19,490 20,490
Accruals 2,000 2,000
Other taxation and social security 5,942 741
Obligations under finance leases and hire purchase contracts 4,048 12,892
Other creditors 123,817 19,536
164,923 71,471

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 1,563,158 1,050,000
Obligations under finance leases and hire purchase contracts 88,153 63,000
1,651,311 1,113,000

The bank loans are secured on all properties held by the Company by fixed and floating charges containing negative pledges.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
83 Ordinary shares of £ 1.00 each 83 83

10. Related party transactions

At the year end, the company owed the director £111,345 (2022: £13,827). This amount is included within other creditors. This amount is interest free and repayable on demand.

11. Profit and loss account

Within the profit and loss account balance of £2,373,604 at 31 December 2023 £1,409,570 (2022: £1,383,310) represents non-distributable reserves as a result of the fair value gains on investment property and land and buildings. Deferred tax of £441,454 has been recognised in this balance.

As a parent company of wholly owned subsidiary undertakings, the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.

12. Revaluation reserve

During the year the land and buildings held within fixed assets were revalued by £444,860 increasing the revaluation reserve to £1,515,534 (2022: £1,070,674).