Company registration number SC419676 (Scotland)
CORDATUS REAL ESTATE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CORDATUS REAL ESTATE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CORDATUS REAL ESTATE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
950,411
952,218
Investments
4
1,059,658
1,449,500
2,010,069
2,401,718
Current assets
Debtors
6
14,086
18,786
Cash at bank and in hand
472,490
61,721
486,576
80,507
Creditors: amounts falling due within one year
7
(33,031)
(21,428)
Net current assets
453,545
59,079
Total assets less current liabilities
2,463,614
2,460,797
Deferred tax
(13,459)
(22,998)
Net assets
2,450,155
2,437,799
Capital and reserves
Called up share capital
8
8,723
8,723
Share premium account
1,174,530
1,174,530
Revaluation reserve
9
208,555
208,555
Capital redemption reserve
1,147
1,147
Profit and loss reserves
1,057,200
1,044,844
Total equity
2,450,155
2,437,799

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. SC419676
CORDATUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Cordatus Real Estate 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, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

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.

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:

Land and buildings freehold
nil
Fixtures, fittings & equipment
3 years straight line

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount. No depreciation has been charged in the year as the directors are of the opinion that the revalued amount represents its current fair value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

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

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.

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 or receivable within one year are recorded at transactions 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 REAL ESTATE 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.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
950,000
5,420
955,420
Disposals
-
0
(810)
(810)
At 31 March 2024
950,000
4,610
954,610
Depreciation and impairment
At 1 April 2023
-
0
3,202
3,202
Depreciation charged in the year
-
0
1,807
1,807
Eliminated in respect of disposals
-
0
(810)
(810)
At 31 March 2024
-
0
4,199
4,199
Carrying amount
At 31 March 2024
950,000
411
950,411
At 31 March 2023
950,000
2,218
952,218
CORDATUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Tangible fixed assets
(Continued)
- 5 -

Land and buildings with a carrying amount of £950,000 were revalued at 17 November 2021 by J&E Shepherd Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The revaluation surplus is disclosed in note 9.

Land and buildings are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Cost
703,106
703,106
Accumulated depreciation
(167,040)
(152,978)
Carrying value
536,066
550,128
4
Fixed asset investments
2024
2023
£
£
Investments
1,059,658
1,449,500

 

Movements in fixed asset investments
Shares in group undertakings
Unlisted investments
Total
£
£
£
Cost or valuation
At 1 April 2023
584,804
864,696
1,449,500
Valuation changes
-
(24,718)
(24,718)
Disposals
-
(365,124)
(365,124)
At 31 March 2024
584,804
474,854
1,059,658
Carrying amount
At 31 March 2024
584,804
474,854
1,059,658
At 31 March 2023
584,804
864,696
1,449,500
CORDATUS REAL ESTATE 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
Indirect
Cordatus Partners Limited
1
Real estate management
Ordinary
100.00
-
Cordatus Real Estate (Jersey) GP Limited
2
General partner in a limited partnership
Ordinary
-
100.00
Cordatus Real Estate Trustee Company Limited
2
Trustee company
Ordinary
-
100.00
Cordatus Jersey Nominee 1 Limited
2
Nominee company
Ordinary
-
100.00
Registered Office addresses:
1
26 Alva Street, Edinburgh, EH2 4PY
2
3rd Floor Gaspe House, 66-72 Esplanade, St Helier, Jersey, JE1 2LH
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,549
1,494
Other debtors
12,537
17,292
14,086
18,786
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,280
2,293
Corporation tax
20,700
11,641
Other taxation and social security
1,397
793
Other creditors
8,654
6,701
33,031
21,428
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,723
8,723
8,723
8,723
CORDATUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
208,555
208,555
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.

The senior statutory auditor was Iain Binnie.
The auditor was MHA.
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 GibsonfalsefalseSC4196762023-04-012024-03-31SC4196762024-03-31SC4196762023-03-31SC419676core:LandBuildings2024-03-31SC419676core:OtherPropertyPlantEquipment2024-03-31SC419676core:LandBuildings2023-03-31SC419676core:OtherPropertyPlantEquipment2023-03-31SC419676core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC419676core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC419676core:CurrentFinancialInstruments2024-03-31SC419676core:CurrentFinancialInstruments2023-03-31SC419676core:ShareCapital2024-03-31SC419676core:ShareCapital2023-03-31SC419676core:SharePremium2024-03-31SC419676core:SharePremium2023-03-31SC419676core:RevaluationReserve2024-03-31SC419676core:RevaluationReserve2023-03-31SC419676core:CapitalRedemptionReserve2024-03-31SC419676core:CapitalRedemptionReserve2023-03-31SC419676core:RetainedEarningsAccumulatedLosses2024-03-31SC419676core:RetainedEarningsAccumulatedLosses2023-03-31SC419676bus:Director12023-04-012024-03-31SC419676core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-31SC419676core:FurnitureFittings2023-04-012024-03-31SC4196762022-04-012023-03-31SC419676core:LandBuildings2023-03-31SC419676core:OtherPropertyPlantEquipment2023-03-31SC4196762023-03-31SC419676core:LandBuildings2023-04-012024-03-31SC419676core:OtherPropertyPlantEquipment2023-04-012024-03-31SC419676core:WithinOneYear2024-03-31SC419676core:WithinOneYear2023-03-31SC419676bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC419676bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC419676bus:FRS1022023-04-012024-03-31SC419676bus:Audited2023-04-012024-03-31SC419676bus:Director22023-04-012024-03-31SC419676bus:Director32023-04-012024-03-31SC419676bus:Director42023-04-012024-03-31SC419676bus:Director52023-04-012024-03-31SC419676bus:Director62023-04-012024-03-31SC419676bus:CompanySecretary12023-04-012024-03-31SC419676bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP