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REGISTERED NUMBER: SC563956 (Scotland)




















Cote Matin Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Cote Matin Limited (Registered number: SC563956)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cote Matin Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: M G J J Poutrel



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC563956 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Banque Internationale a Luxembourg
69, route d'Esch
L-2953 Luxembourg
France

Cote Matin Limited (Registered number: SC563956)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 9,150,000 9,150,000

CURRENT ASSETS
Debtors 5 45,003 47,616
Cash at bank 207,414 124,384
252,417 172,000
CREDITORS
Amounts falling due within one year 6 977,998 512,255
NET CURRENT LIABILITIES (725,581 ) (340,255 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,424,419 8,809,745

CREDITORS
Amounts falling due after more than one
year

7

7,968,993

8,512,874
NET ASSETS 455,426 296,871

Cote Matin Limited (Registered number: SC563956)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 9 (564,716 ) (564,716 )
Retained earnings 9 1,020,141 861,586
SHAREHOLDERS' FUNDS 455,426 296,871

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





M G J J Poutrel - Director


Cote Matin Limited (Registered number: SC563956)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Cote Matin Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
Turnover represents rental income relating to the period, exclusive of value added tax. Rental income is recognised in accordance with the lease agreement.

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Cote Matin Limited (Registered number: SC563956)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade in the foreseeable future. In order to do so the company will require the continued support of its director. The director will continue to support the company and is confident of the continued support of the bank and other creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 9,150,000
NET BOOK VALUE
At 31 December 2023 9,150,000
At 31 December 2022 9,150,000

Cote Matin Limited (Registered number: SC563956)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 (564,716 )
Cost 9,714,716
9,150,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 9,714,716 9,714,716

The investment property was valued on a market value basis on 31 December 2023 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 43,828 47,328
Other debtors 1,175 288
45,003 47,616

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,000 -
Taxation and social security 87,024 21,263
Other creditors 888,974 490,992
977,998 512,255

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 7,968,993 8,512,874

Cote Matin Limited (Registered number: SC563956)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. SECURED DEBTS

Banque Internationale a Luxembourg holds a charge over the investment property at 212-216 Morningside Road, Edinburgh.

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 861,586 (564,716 ) 296,870
Profit for the year 158,555 158,555
At 31 December 2023 1,020,141 (564,716 ) 455,425

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.

10. CONTINGENT LIABILITIES

At 31 December 2023 the company had a loan from a foreign related party of £6.13m (2022: £6.27m), on which interest is charged at commercial rates.

Should the company fail to make payments sufficient to clear interest charged within 12 months of the charge, that interest would no longer be allowable as a deductible expense against corporation tax.