Company registration number SC308961 (Scotland)
CORDATUS PARTNERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CORDATUS PARTNERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CORDATUS PARTNERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
524
1,602
Investments
4
300
300
824
1,902
Current assets
Debtors
6
253,019
325,035
Cash at bank and in hand
819,136
312,614
1,072,155
637,649
Creditors: amounts falling due within one year
7
(251,835)
(110,840)
Net current assets
820,320
526,809
Total assets less current liabilities
821,144
528,711
Deferred tax
-
0
(401)
Net assets
821,144
528,310
Capital and reserves
Called up share capital
8
6
6
Share premium account
89,999
89,999
Profit and loss reserves
731,139
438,305
Total equity
821,144
528,310

The directors of the company have elected not to include a copy of the profit and loss account 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 10 October 2024 and are signed on its behalf by:
M F A Channing
Director
Company Registration No. SC308961
CORDATUS PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Cordatus Partners Limited is a private company limited by shares incorporated in Scotland. The registered office is 26 Alva Street, Edinburgh, EH2 4PY.

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. The principal accounting policies adopted are set out below.

Cordatus Partners Limited is a wholly owned subsidiary of Cordatus Real Estate Limited, a company registered in Scotland, with their registered office being, 26 Alva Street, Edinburgh, EH2 4PY.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable in the ordinary course of business for services provided, excluding VAT.

 

In respect of contracts for on-going services, turnover represents the value of work done and includes estimates of amounts not yet invoiced.

1.4
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
3 years
Computer equipment
2 or 3 years

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.

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

CORDATUS PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

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.

1.6
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.

1.7
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 balance sheet 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.

Debtors

Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other operating expenses.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

 

All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable. After initial recognition they are measured at amortised cost.

1.8
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.

1.9
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 profit and loss account 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.

CORDATUS PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
10
CORDATUS PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
31,624
Disposals
(30,009)
At 31 March 2024
1,615
Depreciation and impairment
At 1 April 2023
30,022
Depreciation charged in the year
1,078
Eliminated in respect of disposals
(30,009)
At 31 March 2024
1,091
Carrying amount
At 31 March 2024
524
At 31 March 2023
1,602
4
Fixed asset investments
2024
2023
£
£
Investments
300
300

 

Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 & 31 March 2024
300
Carrying amount
At 31 March 2024
300
At 31 March 2023
300
CORDATUS PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Cordatus Real Estate (Jersey) GP Limited
1
General partner in a limited partnership
Ordinary
100
Cordatus Real Estate Trustee Company Limited
1
Trustee company
Ordinary
100
Cordatus Jersey Nominee 1 Limited
1
Nominee company
Ordinary
100
Registered Office addresses:
1
3rd Floor, Gaspe House, 66-72 Esplanade, St Helier, JE1 1BL
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,644
-
0
Other debtors
245,375
325,035
253,019
325,035
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,542
309
Amounts owed to group undertakings
1,549
1,494
Corporation tax
99,797
26,508
Other taxation and social security
78,573
51,258
Other creditors
39,374
31,271
251,835
110,840
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6
6
6
6
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £15,177 (2023 - £24,672).

CORDATUS PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Related party transactions

The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.

11
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:
Iain Binnie
Statutory Auditor:
MHA
Date of audit report:
10 October 2024
2024-03-312023-04-01false10 October 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedM F A ChanningT B LaidlawM CunninghamS GibsonP D BlythJ G A MunnS GibsonfalsefalseSC3089612023-04-012024-03-31SC3089612024-03-31SC3089612023-03-31SC308961core:OtherPropertyPlantEquipment2024-03-31SC308961core:OtherPropertyPlantEquipment2023-03-31SC308961core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC308961core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC308961core:CurrentFinancialInstruments2024-03-31SC308961core:CurrentFinancialInstruments2023-03-31SC308961core:ShareCapital2024-03-31SC308961core:ShareCapital2023-03-31SC308961core:SharePremium2024-03-31SC308961core:SharePremium2023-03-31SC308961core:RetainedEarningsAccumulatedLosses2024-03-31SC308961core:RetainedEarningsAccumulatedLosses2023-03-31SC308961bus:Director12023-04-012024-03-31SC308961core:FurnitureFittings2023-04-012024-03-31SC308961core:ComputerEquipment2023-04-012024-03-31SC3089612022-04-012023-03-31SC308961core:OtherPropertyPlantEquipment2023-03-31SC308961core:OtherPropertyPlantEquipment2023-04-012024-03-31SC308961core:WithinOneYear2024-03-31SC308961core:WithinOneYear2023-03-31SC308961bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC308961bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC308961bus:FRS1022023-04-012024-03-31SC308961bus:Audited2023-04-012024-03-31SC308961bus:Director22023-04-012024-03-31SC308961bus:Director32023-04-012024-03-31SC308961bus:Director42023-04-012024-03-31SC308961bus:Director52023-04-012024-03-31SC308961bus:Director62023-04-012024-03-31SC308961bus:CompanySecretary12023-04-012024-03-31SC308961bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP