Company Registration No. 02428557 (England and Wales)
Colville Estate Properties Limited
Financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Colville Estate Properties Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
Colville Estate Properties Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
150,640
142,244
Investment properties
7
31,266,000
34,075,000
Investments
8
80,748
110,160
31,497,388
34,327,404
Current assets
Debtors falling due within one year
10
948,505
1,027,841
Investments
9
1,025,205
Cash at bank and in hand
13,636,362
13,559,147
15,610,072
14,586,988
Creditors: amounts falling due within one year
11
(2,878,624)
(2,833,234)
Net current assets
12,731,448
11,753,754
Total assets less current liabilities
44,228,836
46,081,158
Provisions for liabilities
(1,973,089)
(2,684,116)
Net assets
42,255,747
43,397,042
Capital and reserves
Called up share capital
13
10,000
10,000
Fair value reserve
5,452,495
6,271,006
Other reserves
12,454,350
12,454,350
Profit and loss reserves
24,338,902
24,661,686
Total equity
42,255,747
43,397,042
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 18 June 2024 and are signed on its behalf by:
M P Nottingham
Director
Company Registration No. 02428557
Colville Estate Properties Limited
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Company information
Colville Estate Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises the total value of rents receivable under operating leases.
In accordance with FRS 102 where new leases have been granted which have significant rent free periods, rental income is allocated evenly over the period from the date of the commencement of the lease to the date of the lease expiry.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Fixtures, fittings & equipment
Straight line to June 2028, the end of the relevant service agreement
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
1.5
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
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.
Colville Estate Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
1.8
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 statement of financial position 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, 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.
Colville Estate Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
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.
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
Colville Estate Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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
Critical accounting 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.
Revaluation of investment property and deferred tax thereon
FRS 102 Section 16 requires investment property to be stated at its fair value at each reporting year end. As such, independent advisers, Ingleby Trice LLP, carry out valuations for the properties held within the company for each reporting date.
FRS 102 Section 29 requires deferred tax to be recognised on any future gains made by the sale of investment property in the future and as such this has been recognised at the substantively enacted rate at each reporting year end.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
10
Colville Estate Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
4
Fair value movement
2024
2023
£
£
Fair value gains/(losses)
Change in value of financial assets held at fair value through profit or loss
(29,412)
Gain on disposal of fixed asset investments
106,865
Changes in the fair value of investment properties
(3,050,014)
(8,503,000)
(3,079,426)
(8,396,135)
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
600,262
416,060
Adjustments in respect of prior periods
(514)
Total current tax
599,748
416,060
Deferred tax
Origination and reversal of timing differences
51,476
11,747
On Investment property fair value movements
(762,503)
(750,055)
Total tax credit
(111,279)
(322,248)
6
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023
183,164
Additions
43,840
At 31 March 2024
227,004
Depreciation and impairment
At 1 April 2023
40,920
Depreciation charged in the year
35,444
At 31 March 2024
76,364
Carrying amount
At 31 March 2024
150,640
At 31 March 2023
142,244
Colville Estate Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
7
Investment property
2024
£
Fair value
At 1 April 2023
34,075,000
Additions
241,014
Revaluations
(3,050,014)
At 31 March 2024
31,266,000
Investment property comprises properties in London that are held for rental income purposes. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by Ingleby Trice, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
At 1 April 2023
25,799,057
25,799,057
Additions in the period
241,014
-
Accumulated depreciation
-
-
At 31 March 2024
26,040,071
25,799,057
8
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Other investments other than loans
80,648
110,060
80,748
110,160
Colville Estate Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
Fixed asset investments (continued)
8
Movements in fixed asset investments
Shares in group undertakings
Unlisted investments
Total
£
£
£
Cost or valuation
At 1 April 2023 & 31 March 2024
100
110,060
110,160
Impairment
At 1 April 2022
-
-
-
Impairment losses
-
(29,412)
(29,412)
At 31 March 2024
-
(29,412)
(29,412)
Carrying amount
At 31 March 2024
100
80,648
80,748
At 31 March 2023
100
110,060
110,160
9
Current asset investments
2024
2023
£
£
Other investments
1,025,205
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
138,519
205,590
Amounts owed by group undertakings
43,081
42,581
Other debtors
766,905
779,670
948,505
1,027,841
Colville Estate Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
216,180
117,284
Amounts owed to group undertakings
1,466,195
1,633,902
Corporation tax
316,233
187,367
Other taxation and social security
87,310
147,737
Other creditors
792,706
746,944
2,878,624
2,833,234
On 3 May 2018, a loan was taken out by wholly owned subsidiary, Colville Estate Properties 2 Limited with Canada Life of £10,000,000. The loan is in part secured on the properties held within this company.
The amounts owed to group undertakings are non-interest bearing and repayable on demand.
12
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,973,089
2,684,116
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
14
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Michael Di Leto
Statutory Auditors:
Saffery LLP
Colville Estate Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
15
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
All leases
15,869,619
17,795,109
16
Related party transactions
During the year, a loan was made to Cabira Ltd for £340,000 which is outstanding at the year end. The controlling director of Cabira Ltd is a close family member of a director of Colville Estate Properties Limited.
The loan was made on an arms length basis and accrues interest. Repayment is due in July 2024 and is personally guaranteed by a director of the company.
17
Parent company
The ultimate parent undertaking is The Colville Estate Limited, a company registered in England and Wales.
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