Cordial Investments and Consulting Limited 05453020 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is management consulting Digita Accounts Production Advanced 6.30.9574.0 true true 05453020 2023-04-01 2024-03-31 05453020 2024-03-31 05453020 bus:OrdinaryShareClass1 2024-03-31 05453020 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-03-31 05453020 core:CurrentFinancialInstruments 2024-03-31 05453020 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05453020 core:Non-currentFinancialInstruments 2024-03-31 05453020 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05453020 core:FurnitureFittingsToolsEquipment 2024-03-31 05453020 bus:SmallEntities 2023-04-01 2024-03-31 05453020 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05453020 bus:FilletedAccounts 2023-04-01 2024-03-31 05453020 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05453020 bus:RegisteredOffice 2023-04-01 2024-03-31 05453020 bus:CompanySecretary1 2023-04-01 2024-03-31 05453020 bus:Director1 2023-04-01 2024-03-31 05453020 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 05453020 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05453020 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05453020 countries:EnglandWales 2023-04-01 2024-03-31 05453020 2023-03-31 05453020 core:FurnitureFittingsToolsEquipment 2023-03-31 05453020 2022-04-01 2023-03-31 05453020 2023-03-31 05453020 bus:OrdinaryShareClass1 2023-03-31 05453020 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-03-31 05453020 core:CurrentFinancialInstruments 2023-03-31 05453020 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05453020 core:Non-currentFinancialInstruments 2023-03-31 05453020 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05453020 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05453020

Cordial Investments and Consulting Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Cordial Investments and Consulting Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Cordial Investments and Consulting Limited

Company Information

Director

Mr Pierre Danon

Company secretary

Mr David Kosky

Registered office

Flat 1
Lyndhurst Gardens
London
NW3 5NS

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Cordial Investments and Consulting Limited

(Registration number: 05453020)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

51,761

61,607

Investment property

5

4,931,033

4,201,487

Other financial assets

6

1,047,099

2,033,821

 

6,029,893

6,296,915

Current assets

 

Debtors

7

339,161

93,109

Cash at bank and in hand

 

82,686

43,871

 

421,847

136,980

Creditors: Amounts falling due within one year

8

(80,202)

(103,907)

Net current assets

 

341,645

33,073

Total assets less current liabilities

 

6,371,538

6,329,988

Creditors: Amounts falling due after more than one year

8

-

(24,908)

Net assets

 

6,371,538

6,305,080

Capital and reserves

 

Called up share capital

9

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 on 9 October 2024
 

.........................................

Mr Pierre Danon
Director

 

Cordial Investments and Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Flat 1
Lyndhurst Gardens
London
NW3 5NS
England

The principal place of business is:
Flat 1
Lyndhurst Gardens
London
NW3 5NS
England

These financial statements were authorised for issue by the director on 9 October 2024.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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

Investment property is carried at fair value as derived from the current market prices for comparable real estate and is determined annually. The valuation uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 Recognition and measurement
A financial instrument is recognised when the Company becomes a party to the contractual provisions of the instrument with initial measurement being at the transaction price.
 Impairment
Financial assets are assessed for indications of impairment at the end of each accounting period. They are considered to be impaired when there is evidence that the estimated future cash flows of the asset have been affected.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

 

Cordial Investments and Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

182,886

182,886

Additions

4,509

4,509

At 31 March 2024

187,395

187,395

Depreciation

At 1 April 2023

121,279

121,279

Charge for the year

14,355

14,355

At 31 March 2024

135,634

135,634

Carrying amount

At 31 March 2024

51,761

51,761

At 31 March 2023

61,607

61,607

5

Investment properties

2024
£

At 1 April

4,201,487

Additions

742,216

Disposals

(12,670)

At 31 March

4,931,033


 

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

6

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

1,047,099

At 31 March 2023

2,033,821

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).

7

Debtors

Current

2024
£

2023
£

Trade debtors

24,386

21,392

Prepayments

37,378

1,674

Other debtors

277,397

70,043

 

339,161

93,109

 

Cordial Investments and Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

25,071

56,938

Trade creditors

 

4,979

13,715

Taxation and social security

 

-

4,589

Accruals and deferred income

 

50,128

28,664

Other creditors

 

24

1

 

80,202

103,907

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

24,908

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £0.01 each

600

6

600

6

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

24,908

Current loans and borrowings

2024
£

2023
£

Bank borrowings

25,071

56,938

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).

11

Dividends

The director is proposing that no final dividend is declared. Accordingly no dividend has been accrued in the balance sheet.

12

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).