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Company No: 11285254 (England and Wales)

COVERSTONE INVESTMENTS LIMITED

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

COVERSTONE INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

COVERSTONE INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
COVERSTONE INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,166 3,725
Investment property 4 2,415,585 2,415,585
Investments 5 3,473,466 2,330,796
5,892,217 4,750,106
Current assets
Stocks 6 281,358 244,709
Debtors 7 765,871 618,991
Investments 8 215,000 215,000
Cash at bank and in hand 8,188 170,233
1,270,417 1,248,933
Creditors: amounts falling due within one year 9 ( 4,053,107) ( 2,759,678)
Net current liabilities (2,782,690) (1,510,745)
Total assets less current liabilities 3,109,527 3,239,361
Creditors: amounts falling due after more than one year 10 ( 4,385,912) ( 4,385,912)
Net liabilities ( 1,276,385) ( 1,146,551)
Capital and reserves
Called-up share capital 11 100 100
Profit and loss account ( 1,276,485 ) ( 1,146,651 )
Total shareholder's deficit ( 1,276,385) ( 1,146,551)

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 Coverstone Investments Limited (registered number: 11285254) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S G Cozens
Director

09 October 2024

COVERSTONE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
COVERSTONE INVESTMENTS 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

Coverstone Investments 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 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

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 financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The Company made a loss for the period and had net current liabilities of £2,782,690 and net liabilities of £1,276,385. The directors confirm that they will continue to support the Company for the foreseeable future and that the director and group loans totalling £3,019,155 will not be recalled until such time that the Company can afford to repay them. On this basis they consider it appropriate to prepare the financial statements on a going concern basis.

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.

Turnover

Turnover comprises of rental income received on the Company's investment properties. Revenue is recognised in the period in which it relates.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 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:

Office equipment 15 % reducing balance

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.

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 in subsidiaries are measured at cost less accumulated impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and direct costs.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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 to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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 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 directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2023 4,197 4,197
At 31 December 2023 4,197 4,197
Accumulated depreciation
At 01 January 2023 472 472
Charge for the financial year 559 559
At 31 December 2023 1,031 1,031
Net book value
At 31 December 2023 3,166 3,166
At 31 December 2022 3,725 3,725

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 2,415,585
As at 31 December 2023 2,415,585

The 2023 valuations were made by the directors, on an open market value for existing use basis.

5. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 1 1
Other investments and loans 3,473,465 2,330,795
3,473,466 2,330,796

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

Loans Total
£ £
Cost or valuation before impairment
At 01 January 2023 2,330,795 2,330,795
Additions 1,142,670 1,142,670
At 31 December 2023 3,473,465 3,473,465
Carrying value at 31 December 2023 3,473,465 3,473,465
Carrying value at 31 December 2022 2,330,795 2,330,795

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Zaid Alothman Holding Ltd 35 Ballards Lane, London, N3 1XW Property Investment Ordinary 100.00% 100.00%

6. Stocks

2023 2022
£ £
Work in progress 281,358 244,709

7. Debtors

2023 2022
£ £
Trade debtors 1,088 6,390
Amounts owed by group undertakings 685,485 521,748
Prepayments 10,871 10,871
VAT recoverable 590 35,982
Other debtors 67,837 44,000
765,871 618,991

8. Current asset investments

2023 2022
£ £
Advances against property investments 215,000 215,000

9. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,542 0
Amounts owed to group undertakings 2,376,469 1,340,921
Accruals and deferred income 1,028,035 774,721
Other creditors 645,061 644,036
4,053,107 2,759,678

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

2023 2022
£ £
Other creditors 4,385,912 4,385,912

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

12. Related party transactions

Where possible, the company has taken advantage of the exemption conferred by FRS 102 Section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.

13. Ultimate controlling party

The ultimate parent undertaking is Eden Global Investments Ltd, a company registered in the United Arab Emirates.