CODCO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
Company Registration Number: 11151410
CODCO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
CODCO LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024
DIRECTORS
Sir C G W Codrington
H J Codrington
B Codrington
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Springfield House
Fordwells
Witney
Oxon
OX29 9PP
COMPANY REGISTRATION NUMBER
11151410 England and Wales
CODCO LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Investments 5 1,000,000 1,000,000
CURRENT ASSETS
Cash at bank and in hand 19,378 10,781
CREDITORS: Amounts falling due within one year 6 969,732 967,817
NET CURRENT LIABILITIES (950,354) (957,036)
TOTAL ASSETS LESS CURRENT LIABILITIES 49,646 42,964
Provisions for liabilities and charges 7,806 7,806
NET ASSETS 41,840 35,158
CAPITAL AND RESERVES
Called up share capital 200 200
Distributable profit and loss account 8,090 1,679
Non distributable profit and loss account 33,550 33,279
SHAREHOLDERS' FUNDS 41,840 35,158
CODCO LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Sir C G W Codrington B Codrington
Director Director
Date approved by the board: 13 October 2024
CODCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
1 GENERAL INFORMATION
Codco Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Springfield House
Fordwells
Witney
Oxon
OX29 9PP
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes the directors £964,134, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the directors. The directors do not consider their own support likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the rent receivable.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
CODCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
CODCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors have made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 3 3
CODCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
5 FIXED ASSET INVESTMENTS
Investment property
£
Cost
At 1 February 2023 1,000,000
Additions (270)
Revaluation 270
At 31 January 2024 1,000,000
Net book value
At 1 February 2023 1,000,000
At 31 January 2024 1,000,000
In the opinion of the directors, the investment property has been stated at fair value.
2024 2023
£ £
Historical cost 958,644 958,914
The investment property has been revalued as follows:
£
Original cost 958,644
Revaluation in 2022 26,426
Revaluation in 2023 14,660
Revaluation in 2024 270
1,000,000
6 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 1,620 59
Taxation and social security 2,478 2,124
Accruals and deferred income 1,500 1,500
Other creditors 964,134 964,134
969,732 967,817
CODCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
7 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Advances from directors:
2024 2023
£ £
Sir C G W Codrington The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount:
Director 318,124 318,124
B Codrington The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount:
Director 502,802 502,802
H J Codrington The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount:
Director 143,208 143,208
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