Registration number:
Cordial Investments and Consulting Limited
for the Year Ended 31 March 2024
Cordial Investments and Consulting Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Cordial Investments and Consulting Limited
Company Information
Director |
Mr Pierre Danon |
Company secretary |
Mr David Kosky |
Registered office |
|
Accountants |
|
Cordial Investments and Consulting Limited
(Registration number: 05453020)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
1,047,099 |
2,033,821 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
6 |
6 |
|
Share premium reserve |
1,309,685 |
1,309,685 |
|
Revaluation reserve |
(136) |
(97,954) |
|
Profit and loss account |
5,061,983 |
5,093,343 |
|
Shareholders' funds |
6,371,538 |
6,305,080 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Cordial Investments and Consulting Limited
(Registration number: 05453020)
Balance Sheet as at 31 March 2024
Approved and authorised by the
.........................................
Director
Cordial Investments and Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Flat 1
Lyndhurst Gardens
London
NW3 5NS
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.
Going concern
The financial statements have been prepared on a going concern basis.
Cordial Investments and Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Judgements
In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from these estimates. |
Estimates and any underlying assumptions used are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current period and subsequent periods. |
Key sources of estimation uncertainty
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Valuation of freehold and leasehold land and buildings held as investment properties
As discussed in the notes to the financial statements, freehold and leasehold land and buildings held as investment property are stated at fair value on an open market existing use basis. This policy requires that a reasonable assessment of fair value is capable of being made and that market value reflects fair value. The carrying amount is £4,931,033 (2023 - £4,201,487).
Valuation of investments held as fixed assets
As discussed in the notes to the financial statements, investments held as fixed assets are stated at fair value. This policy requires that a reasonable assessment of fair value is capable of being made and that market value reflects fair value. The carrying amount is £1,047,099 (2023 - £2,033,821).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Cordial Investments and Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% reducing balance |
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cordial Investments and Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Cordial Investments and Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Cordial Investments and Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
Additions |
|
|
At 31 March 2024 |
|
|
Depreciation |
||
At 1 April 2023 |
|
|
Charge for the year |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
|
|
At 31 March 2023 |
|
|
Investment properties |
2024 |
|
At 1 April |
|
Additions |
|
Disposals |
( |
At 31 March |
|
There has been no valuation of investment property by an independent valuer.
Had the freehold and leasehold land and buildings held as investment properties been measured on a historical cost basis, the carrying amount would have been £4,931,033 (2023 - £4,201,487).
Cordial Investments and Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 April 2023 |
2,033,821 |
2,033,821 |
Fair value adjustments |
78,892 |
78,892 |
Additions |
211,796 |
211,796 |
Disposals |
(1,277,410) |
(1,277,410) |
At 31 March 2024 |
1,047,099 |
1,047,099 |
Carrying amount |
||
At 31 March 2024 |
|
1,047,099 |
At 31 March 2023 |
|
2,033,821 |
Had the investments held as fixed assets been measured on a historical cost basis, the carrying amount would have been £1,047,235 (2023 - £2,131,775).
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Cordial Investments and Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
- |
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
6 |
|
6 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
- |
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Bank borrowings
Cordial Investments and Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
The bank loan as at year end is denominated in Pounds Sterling with a nominal interest rate of 3.25% above Metro Bank Base Rate, and the final instalment is due in August 2024. The carrying amount at year end is £25,071 (2023 - £81,846).
The bank loan is secured by a mortgage dated 26 February 2018 and fixed and floating charges over the assets of the company.
The bank loan is repayable by monthly instalments over the period of the loan.
The aggregate amount of creditors for which security has been given amounted to £25,071 (2023 - £81,846).
Dividends |
The director is proposing that no final dividend is declared. Accordingly no dividend has been accrued in the balance sheet.
Related party transactions |
Mr Pierre Danon
During the year the director had a loan account with the company. No interest was applicable to this loan account. At the balance sheet date the amount due to Mr Pierre Danon was £5,907 owed by Mr Danon (2023 - £7,513 owed by Mr Danon).