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Registration number: 05902636

CCO Trading Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 January 2024

 

CCO Trading Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Consolidated Profit and Loss Account

11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15 to 16

Statement of Changes in Equity

17

Consolidated Statement of Cash Flows

18

Notes to the Financial Statements

19 to 39

 

CCO Trading Limited

Company Information

Directors

H E M Osmond

A P Bradshaw

Company secretary

A P Bradshaw

Registered office

First Floor
23 Beaumont Mews
London
W1G 6EN

Auditors

UHY Ross Brooke
Chartered Accountants and Registered Auditors
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

 

CCO Trading Limited

Strategic Report for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

Principal activity

The principal activity of the company is a holding company for a group of investments in several businesses. The underlying businesses are in a range of sectors including farming, property and advisory services as well as operating a school and ski academy. The group has a subsidiary with operations in France.

Review of the business

During the period under review the consolidated turnover was £6.9m (2023: £6.1m) and the Group generated a loss after taxation of £5.0m (2023: £3.3m).

Farming revenues decreased year on year from £737k to £592k. There was minimal shoot income during the period. Overall revenue is expected to be at similar or level in the year ending 31 January 2025.

The Apex2100 International Ski Academy now has in excess of 100 students in residence. Apex2100 is built upon a unique approach to performance centred around Learning, Training and Performance. Apex2100 has a state of the art training and rehabilitation centre and world leading academic facilities. In total, the academy is expected to welcome in excess of 140 students in the coming year. In June 2024, the company entered into a consultancy contract that will add significant revenue and profitability to the company.

CCO Cygnet Ltd, owner of The Swan at Streatley, performed in line with plans. The company generated rental income of £0.92m and this level is expected to continue for the year ending 31 January 2025. The Swan at Streatley is situated on the River Thames in the Chiltern Hills.

In the current year exchange movements resulted in a loss of £0.51m (2023: gain of £0.18m).

Principal risks and uncertainties

The Directors are responsible for the Group’s system of internal financial controls. Although no system of financial control can provide absolute assurance against material misstatement or loss, the Group’s system is designed to provide reasonable assurance that problems are identified on a timely basis and dealt with appropriately.

In carrying out their responsibility the Directors have put in place a framework of controls to ensure as far as possible that ongoing financial performance is monitored in a timely manner, that corrective action is taken and that risk is identified as early as possible.

Farming risks are principally in the area of crop production and pricing. The Directors work with a specialist to assist with the management of the farm to ensure that crop production is effective. In addition the Board seeks advice regarding crop prices and market conditions to ensure an appropriate understanding and appreciation of the timing of sale to ensure best prices are obtained.

The investment in Apex has also resulted in a foreign exchange risk as Apex has been completed the development of a building in France. This is monitored by the Board and suitable hedging strategies will be implemented if considered appropriate and necessary.

The recent impact of inflation is having a direct effect on trading conditions, however the Group has diverse businesses in a variety of sectors thereby providing a hedge against industry-specific risks, making the Group well positioned to handle these challenges.

 

CCO Trading Limited

Strategic Report for the Year Ended 31 January 2024

Financial key performance indicators

The Board monitors each business and the underlying investments on a monthly basis via the use of financial analysis, budgets and performance reviews. The Board monitors both through financial reports and discussions with management. Key financial performance indicators across all businesses are revenue, revenue growth and EBITDA which are implemented by each subsidiary.

The Board also ensures that where applicable suitable timescales and milestones are agreed and monitored. In particular these controls are used in property development and capital expenditure projects.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
A P Bradshaw
Company secretary and director

 

CCO Trading Limited

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the for the year ended 31 January 2024.

Directors of the group

The directors who held office during the year were as follows:

H E M Osmond

A P Bradshaw - Company secretary and director

Financial instruments

Objectives and policies

The Group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the Group's policies approved by the board of directors, which provide written principles on the use of the financial derivatives to manage these risks. The Group does not use derivative financial instruments for speculative purposes.

Price risk, credit risk, liquidity risk and cash flow risk

Cash flow risk

The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group does not use derivatives to hedge the risk of movements in exchange rates but monitors the position and if considered appropriate will implement suitable hedging strategies. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The Group's principal financial assets are bank balances and cash, trade and other receivables, listed investments and related party and external loans.

The Group's credit risk is primarily attributable to its trade receivables and related party loans. The amounts presented in the balance sheet are net of allowances for doubtful receivables, where appropriate. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds is limited because the counterparties are with reputable banks with high credit-ratings assigned by international credit-rating agencies.

The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group uses a mixture of long-term and short-term debt finance.

Foreign currency exchange rate risk

The Group is exposed to foreign currency exchange rate risk as a result of its foreign operations and Euro denominated preference shares. The Group does not use hedging to manage its foreign exchange risk.

 

CCO Trading Limited

Directors' Report for the Year Ended 31 January 2024

Going concern

The financial statements have been prepared on a going concern basis.

The directors have a reasonable expectation that the group will see an improvement in results in the current year and has adequate resources to continue in operational existence for the foreseeable future. Consequently the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
A P Bradshaw
Company secretary and director

 

CCO Trading Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

CCO Trading Limited

Independent Auditor's Report to the Members of CCO Trading Limited

Opinion

We have audited the financial statements of CCO Trading Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2024 and of the group's loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

CCO Trading Limited

Independent Auditor's Report to the Members of CCO Trading Limited

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

CCO Trading Limited

Independent Auditor's Report to the Members of CCO Trading Limited

Detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. As such, we have considered:

• the nature of the industry and sector, control environment and business performance including the group's remuneration policies, bonus levels, and performance targets;
• the group's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

• the matters discussed amongst the audit engagement team.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

CCO Trading Limited

Independent Auditor's Report to the Members of CCO Trading Limited

......................................
Dean Blunden BFP FCA (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke, Statutory Auditor

2 Old Bath Road
Newbury
Berkshire
RG14 1QL

30 October 2024

 

CCO Trading Limited

Consolidated Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

3

6,915,560

6,137,278

Cost of sales

 

(2,059,217)

(1,361,409)

Gross profit

 

4,856,343

4,775,869

Administrative expenses

 

(9,894,533)

(7,901,388)

Other operating income

4

15,480

2,948

Operating loss

6

(5,022,710)

(3,122,571)

Gain on financial assets at fair value through profit and loss

 

439,391

1,157,999

Other interest receivable and similar income

7

159,519

123

Interest payable and similar expenses

8

(586,404)

(1,342,391)

   

12,506

(184,269)

Loss before tax

 

(5,010,204)

(3,306,840)

Tax on loss

12

(3,071)

-

Loss for the financial year

 

(5,013,275)

(3,306,840)

Profit/(loss) attributable to:

 

Owners of the company

 

(3,071,638)

(1,836,944)

Minority interests

 

(1,941,637)

(1,469,896)

 

(5,013,275)

(3,306,840)

 

CCO Trading Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 January 2024

2024
£

2023
£

Loss for the year

(5,013,275)

(3,306,840)

Foreign currency translation gains/(losses)

72,780

(100,486)

Total comprehensive income for the year

(4,940,495)

(3,407,326)

Total comprehensive income attributable to:

Owners of the company

(2,998,858)

(1,937,430)

Minority interests

(1,941,637)

(1,469,896)

(4,940,495)

(3,407,326)

 

CCO Trading Limited

(Registration number: 05902636)
Consolidated Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

13

39,807

139,007

Tangible assets

14

29,110,118

30,799,295

Investment property

15

18,627,036

17,986,956

Other financial assets

17

14

14

 

47,776,975

48,925,272

Current assets

 

Stocks

18

410,378

400,373

Debtors

19

3,900,507

11,133,519

Cash at bank and in hand

 

8,188,137

16,375,509

 

12,499,022

27,909,401

Creditors: Amounts falling due within one year

21

(12,503,357)

(23,786,538)

Net current (liabilities)/assets

 

(4,335)

4,122,863

Total assets less current liabilities

 

47,772,640

53,048,135

Creditors: Amounts falling due after more than one year

21

(4,470,000)

(4,805,000)

Net assets

 

43,302,640

48,243,135

Capital and reserves

 

Called up share capital

24

3,228,633

3,228,633

Share premium reserve

25

13,508,155

13,508,155

Foreign currency translation reserve

25

27,851

(44,929)

Merger reserve

25

19,019,406

19,019,406

Investment property revaluation reserve

25

1,719,201

1,279,810

Profit and loss account

25

(14,466,830)

(10,955,801)

Equity attributable to owners of the company

 

23,036,416

26,035,274

Minority interests

25

20,266,224

22,207,861

Shareholders' funds

 

43,302,640

48,243,135

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
A P Bradshaw
Company secretary and director

 

CCO Trading Limited

(Registration number: 05902636)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

16

9,266,788

9,266,788

Current assets

 

Debtors

19

18,991,337

18,991,337

Cash at bank and in hand

 

40,683

63,903

 

19,032,020

19,055,240

Creditors: Amounts falling due within one year

21

(8,424,982)

(8,438,782)

Net current assets

 

10,607,038

10,616,458

Net assets

 

19,873,826

19,883,246

Capital and reserves

 

Called up share capital

24

3,228,633

3,228,633

Share premium reserve

13,508,155

13,508,155

Retained earnings

3,137,038

3,146,458

Shareholders' funds

 

19,873,826

19,883,246

The company made a loss after tax for the financial year of £9,420 (2023 - loss of £8,820).

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
A P Bradshaw
Company secretary and director

 

CCO Trading Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 January 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Foreign currency translation reserve
£

Merger reserve
£

Investment property revaluation reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 February 2022

3,228,633

13,508,155

55,557

19,019,406

1,132,452

(8,971,499)

27,972,704

(1,875,669)

26,097,035

Loss for the year

-

-

-

-

-

(1,836,944)

(1,836,944)

(1,469,896)

(3,306,840)

Other comprehensive income

-

-

(100,486)

-

-

-

(100,486)

-

(100,486)

Total comprehensive income

-

-

(100,486)

-

-

(1,836,944)

(1,937,430)

(1,469,896)

(3,407,326)

New share capital subscribed

-

-

-

-

-

-

-

4,597,683

4,597,683

Purchase of own share capital

-

-

-

-

-

-

-

20,955,743

20,955,743

Transfers

-

-

-

-

147,358

(147,358)

-

-

-

At 31 January 2023

3,228,633

13,508,155

(44,929)

19,019,406

1,279,810

(10,955,801)

26,035,274

22,207,861

48,243,135

 

CCO Trading Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 January 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Foreign currency translation
£

Merger reserve
£

Investment property revaluation reserve
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 February 2023

3,228,633

13,508,155

(44,929)

19,019,406

1,279,810

(10,955,801)

26,035,274

22,207,861

48,243,135

Loss for the year

-

-

-

-

-

(3,071,638)

(3,071,638)

(1,941,637)

(5,013,275)

Other comprehensive income

-

-

72,780

-

-

-

72,780

-

72,780

Total comprehensive income

-

-

72,780

-

-

(3,071,638)

(2,998,858)

(1,941,637)

(4,940,495)

Transfers

-

-

-

-

439,391

(439,391)

-

-

-

At 31 January 2024

3,228,633

13,508,155

27,851

19,019,406

1,719,201

(14,466,830)

23,036,416

20,266,224

43,302,640

 

CCO Trading Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 February 2022

3,228,633

13,508,155

3,155,278

19,892,066

Loss for the year

-

-

(8,820)

(8,820)

At 31 January 2023

3,228,633

13,508,155

3,146,458

19,883,246

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 February 2023

3,228,633

13,508,155

3,146,458

19,883,246

Loss for the year

-

-

(9,420)

(9,420)

At 31 January 2024

3,228,633

13,508,155

3,137,038

19,873,826

 

CCO Trading Limited

Consolidated Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(5,013,275)

(3,306,840)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

1,480,582

1,429,519

Changes in fair value of investment property

15

(439,391)

(1,157,999)

Profit on disposal of tangible assets

5

(5,098)

-

Profit on disposal of intangible assets

5

-

(24,026)

Finance income

(159,279)

(123)

Finance costs

586,164

1,342,391

Stock provision and bad debt

 

18,772

-

Income tax expense

12

3,071

-

 

(3,528,454)

(1,717,078)

Working capital adjustments

 

(Increase)/decrease in stocks

18

(21,169)

22,799

Decrease/(increase) in trade debtors

19

7,031,223

(9,138,143)

(Decrease)/increase in trade creditors

21

(4,345,913)

11,181,804

Cash generated from operations

 

(864,313)

349,382

Income taxes paid

12

(242)

-

Net cash flow from operating activities

 

(864,555)

349,382

Cash flows from investing activities

 

Interest received

159,279

123

Acquisitions of tangible assets

(473,836)

(118,400)

Proceeds from sale of tangible assets

 

10,315

-

Acquisition of intangible assets

13

-

(1,800)

Proceeds from sale of intangible assets

 

-

25,747

Acquisition and improvement of investment properties

(15,080)

(1,000)

Proceeds from sale of investment properties

 

-

21,223,167

Net cash flows from investing activities

 

(319,322)

21,127,837

Cash flows from financing activities

 

Interest paid

(360,686)

(185,391)

Repayment of bank borrowing

 

(320,000)

(300,000)

Proceeds from other borrowing draw downs

 

-

1,281,193

Repayment of other borrowing

 

(6,864,421)

(6,123,414)

Net cash flows from financing activities

 

(7,545,107)

(5,327,612)

Net (decrease)/increase in cash and cash equivalents

 

(8,728,984)

16,149,607

Cash and cash equivalents at 1 February

 

16,359,406

1,453,115

Effect of exchange rate fluctuations on cash held

 

528,762

(1,243,316)

Cash and cash equivalents at 31 January

 

8,159,184

16,359,406

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 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 and principal place of business is:
First Floor
23 Beaumont Mews
London
W1G 6EN
England

These financial statements were authorised for issue by the Board on 31 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 January 2024. Where subsidiaries do not have a 31 January 2024 year end, interim figures have been prepared to this date for the purposes of the consolidation.

No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to direct the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have a reasonable expectation that the group will see an improvement in results in the current year and has adequate resources to continue in operational existence for the foreseeable future. Consequently the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Judgements

Financial instruments classification - The classification of financial instruments as 'basic' or 'other' requires judgment as to whether all the applicable conditions for classification as basic are met. This includes consideration of the form of the instrument and its return.

Impairment of goodwill - Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units (CGU) to which goodwill has been allocated. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the CGU and apply a suitable discount rate in order to calculate the present value. The carrying amount of £116 (2023: £44,754) is shown in the intangible assets note.

Impairment of investments - Determining whether investments in the parent company are impaired requires an estimation of the value in use of cash generating units (CGU) to which the investments are allocated. The value in use calculation requires the Company to estimate future cash flows expected to arise from the CGU and apply a suitable discount rate in order to calculate the present value. The carrying amount of £9,266,788 (2023: £9,266,788) is shown in the investments note.

Impairment of tangible fixed assets - Determining whether tangible fixed assets are impaired requires an estimation of the value in use of cash generating units (CGU) to which the investments are allocated. The value in use calculation requires the Company to estimate future cash flows expected to arise from the CGU and apply a suitable discount rate in order to calculate the present value. The carrying amount of £29,110,118 (2023: £30,799,295) is shown in the tangible assets note.

Impairment of amounts owed by related undertakings - Determining whether amounts owed by related undertakings to the group and by group undertakings to the parent company requires judgment to be made by the directors in respect of the recoverability of those amounts. An assessment is made by the Group of the ability of these undertakings to repay the amounts due and a provision is made where appropriate. The carrying amount of these debtors is disclosed in note 19. An impairment provision of £nil (2023: £nil) has been made against these debtors.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.

Revenue comprises sales recognised by the Group in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. In respect of the different trades undertaken by the Group, this includes:

Revenue in relation to goods and services supplied in the normal course of operations of a hotel business (excluding Value Added Tax). Income from the ownership and operation of hotels is recognised at the point at which the accomodation and related services are provided.

Revenue from farming activities is recognised when the sale of produce occurs.

Revenue from school fees and consultancy are recognised at the point at which services are provided.

Revenue additionally comprises sales recognised by the Group in respect of the sale of completed property development.

Rental income, exclusive of Value Added Tax, is recognised on a receivable basis.

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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 rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated but stated at the exchange rate prevailing at the date of teh transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period ended exchange rates in relation to monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprensive income and accumulated in equity.

Tax

The tax expense for the period comprises current tax payable.

The current income 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 group operates and generates taxable income.

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

Freehold property

2% straight line

Leasehold improvements

Over 15 years

Plant & machinery

20% straight line

Motor vehicles

25% reducing balance

Fixtures & fittings

20% reducing balance

Office equipment

25% reducing balance

Computer equipment

20-25% reducing balance

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Internally generated software development costs

20% straight line

Other intangible assets

20% straight line

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 merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

Stocks which are agricultural assets are valued at the lower of cost and net realisable value after due allowances for obsolete and slow-moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 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.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Financial instruments

Classification

The Group's financial instruments comprise trade and other debtors, cash and cash equivalents, bank overdrafts, trade and other creditors, loans from banks and other third parties, loans to and from related parties, investments in non-puttable ordinary shares and preference shares classified as debt.

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.

 Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value, unless the arrangement constitutes a financing transaction. A financing transaction may arise where payment is deferred beyond normal business terms or financed at a rate of interest that is not a market rate. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments

Debt instruments which meet the conditions of being 'basic' financial instruments as defined in FRS 102.11.9 are subsequently measured at amortised cost using the effective interest method.

Debt instruments that have no stated interest rate (and do not constitute a financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Financial assets are derecognised when, and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the Group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the Group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

3

Revenue

The analysis of the group's revenue for the year is as follows:

2024
£

2023
£

Farming

591,842

736,774

Rental income

1,735,998

2,060,239

School fees and sponsorship

4,133,161

2,875,018

Consultancy

454,559

465,247

6,915,560

6,137,278

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Other operating income

15,480

2,948

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain (loss) on disposal of tangible fixed assets

5,098

-

Gain (loss) on disposal of intangible assets

-

24,026

Investment properties fair value adjustments

439,391

1,157,999

444,489

1,182,025

6

Operating loss

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,381,382

1,323,051

Amortisation expense

99,200

106,468

Foreign exchange losses/(gains)

506,219

(184,303)

Profit on disposal of tangible fixed assets

(5,098)

-

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

146,311

3

Other finance income

13,208

120

159,519

123

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

362,472

205,019

Interest expense on other finance liabilities

223,932

1,137,372

586,404

1,342,391

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,162,966

1,967,142

Social security costs

659,615

602,909

Private health insurance

14,061

11,666

Pension costs, defined contribution scheme

67,493

90,151

Other employee expense

217,853

92,371

3,121,988

2,764,239

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

13

13

Other departments

53

50

66

63

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

110,500

105,833

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

11

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

7,850

7,350

Audit of the financial statements of subsidiaries of the company pursuant to legislation

50,570

57,170

58,420

64,520

Other fees to auditors

All other assurance services

1,250

1,250


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Foreign tax

3,071

-

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 19% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(5,010,204)

(3,306,840)

Corporation tax at standard rate

(951,939)

(628,300)

Tax increase from effect of capital allowances and depreciation

49,714

64,209

Effect of revenues exempt from taxation

94,474

(81,138)

Effect of expense not deductible in determining taxable profit (tax loss)

(83,387)

(76,620)

Increase from tax losses for which no deferred tax asset was recognised

892,526

721,849

Tax increase arising from overseas tax suffered/expensed

3,071

-

Tax decrease from effect of unrelieved loss on disposal of operations

(1,388)

-

Total tax charge

3,071

-

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

13

Intangible assets

Group

Goodwill
 £

Internally generated software development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 February 2023

1,197,313

79,416

221,796

1,498,525

At 31 January 2024

1,197,313

79,416

221,796

1,498,525

Amortisation

At 1 February 2023

1,152,559

65,669

141,290

1,359,518

Amortisation charge

44,638

10,660

43,902

99,200

At 31 January 2024

1,197,197

76,329

185,192

1,458,718

Carrying amount

At 31 January 2024

116

3,087

36,604

39,807

At 31 January 2023

44,754

13,747

80,506

139,007

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

14

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

32,725,954

2,147,953

256,992

35,130,899

Additions

-

225,329

248,507

473,836

Disposals

-

(3,315)

(5,229)

(8,544)

Transfers to/from investment property

(293,276)

-

-

(293,276)

Transfers

-

(52,507)

-

(52,507)

Foreign exchange movements

(640,721)

-

-

(640,721)

At 31 January 2024

31,791,957

2,317,460

500,270

34,609,687

Depreciation

At 1 February 2023

2,651,635

1,453,424

226,545

4,331,604

Charge for the year

968,074

348,477

48,383

1,364,934

Eliminated on disposal

-

(518)

(2,809)

(3,327)

Transfers

(124,481)

(35,693)

-

(160,174)

Foreign exchange movements

(33,468)

-

-

(33,468)

At 31 January 2024

3,461,760

1,765,690

272,119

5,499,569

Carrying amount

At 31 January 2024

28,330,197

551,770

228,151

29,110,118

At 31 January 2023

30,074,319

694,529

30,447

30,799,295

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Included within the net book value of land and buildings above is £28,269,644 (2023 - £29,986,894) in respect of freehold land and buildings and £60,553 (2023 - £87,425) in respect of long leasehold land and buildings.
 

15

Investment properties

Group

2024
£

At 1 February

17,986,956

Additions

15,080

Transfers from/(to) tangible assets

185,609

Fair value adjustments

439,391

At 31 January

18,627,036

The valuations were made by the directors on 31 January 2024, on an open market value for existing use basis.

16

Investments

Company

2024
£

2023
£

Investments in subsidiaries

9,266,788

9,266,788

Subsidiaries

£

Cost or valuation

At 1 February 2023

9,266,788

Carrying amount

At 31 January 2024

9,266,788

At 31 January 2023

9,266,788

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

CCO Cygnet Limited

23 Beaumont Mews London W1G 6EN

England & Wales

Ordinary

100%

100%

Rare Bird Hotels Limited

23 Beaumont Mews London W1G 6EN

England & Wales

Ordinary

100%

100%

Well Barn Farm Limited

23 Beaumont Mews London W1G 6EN

England & Wales

Ordinary

100%

100%

Devonshire Place Holdings Limited

23 Beaumont Mews London W1G 6EN

England & Wales

Ordinary

100%

100%

Apex 2100 Limited

23 Beaumont Mews London W1G 6EN

England & Wales

Ordinary

64.32%

64.32%

SCI Alpine Excellence

Le Pramecou Le Rosset 73320 Tignes

France

Ordinary

61.04%

61.04%

Osmond Capital Limited

23 Beaumont Mews London W1G 6EN

England & Wales

Ordinary

100%

100%

Subsidiary undertakings

CCO Cygnet Limited

The principal activity of CCO Cygnet Limited is that of property rental.

Rare Bird Hotels Limited

The principal activity of Rare Bird Hotels Limited is that of an investment company.

Well Barn Farm Limited

The principal activity of Well Barn Farm Limited is farming.

Devonshire Place Holdings Limited

The principal activity of Devonshire Place Holdings Limited is that of an investment company.

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Apex 2100 Limited

The principal activity of Apex 2100 Limited is that of a high performance ski academy and hotel.

SCI Alpine Excellence

The principal activity of SCI Alpine Excellence is property development.

Osmond Capital Limited

The principal activity of Osmond Capital Limited is management services.

The Company's investment in SCI Alpine Excellence is held via Apex 2100 Limited, which itself is owned via Devonshire Place Holdings Limited.

The registered office of the subsidiaries listed above is 23 Beaumont Mews, First Floor, London, W1G 6EN with the exception of SCI Alpine Excellence, whose registered office is Pramecou le Rosset, 73320, Tignes, France.

17

Other financial assets

Group

Unlisted investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

14

14

At 31 January 2024

14

14

Carrying amount

At 31 January 2024

14

14

18

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

269,710

302,027

-

-

Finished goods and goods for resale

140,668

98,346

-

-

410,378

400,373

-

-

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Included within stocks belonging to Well Barn Farm Limited is fertiliser of value £64,100 (2023: £78,667), growing crops of value £46,590 (2023: £68,310), wheat of value £79,200 (2023: £137,500), barley of value £30,000 (2023: £17,000), diesel of value £700 (2023: £550) and oats of value £49,120 (2023: £nil).

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

19

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

661,016

429,616

-

-

Amounts owed by related parties

27

-

-

18,991,337

18,991,337

Other debtors

 

2,889,113

10,378,876

-

-

Prepayments

 

321,174

325,027

-

-

Accrued income

 

29,204

-

-

-

 

3,900,507

11,133,519

18,991,337

18,991,337

20

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

8,188,137

16,375,509

40,683

63,903

Bank overdrafts

(28,953)

(16,103)

-

-

Cash and cash equivalents in statement of cash flows

8,159,184

16,359,406

40,683

63,903

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

21

Creditors

   

Group

Company

Note

2024
£

(As restated)

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

3,551,650

7,750,409

-

-

Trade creditors

 

1,166,625

1,251,940

-

-

Amounts due to related parties

27

-

-

8,423,154

8,209,154

Social security and other taxes

 

75,543

127,489

-

-

Outstanding defined contribution pension costs

 

578

586

-

-

Other payables

 

7,407,286

14,317,339

755

214,755

Accruals

 

301,675

338,775

1,073

14,873

 

12,503,357

23,786,538

8,424,982

8,438,782

Due after one year

 

Loans and borrowings

22

4,470,000

4,805,000

-

-

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

22

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

330,000

315,000

-

-

Bank overdrafts

28,953

16,103

-

-

Other borrowings

3,192,697

7,419,306

-

-

3,551,650

7,750,409

-

-

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

4,470,000

4,805,000

-

-

23

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £67,199 (2023 - £90,150).

Contributions totalling £578 (2023 - £586) were payable to the scheme at the end of the year and are included in creditors.

24

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3,228,633

3,228,633

3,228,633

3,228,633

       
 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

25

Reserves

Group

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the company's shares are issued at an amount in excess of nominal value.

Foreign exchange reserve

The foreign exchange reserve arises from the translation of the Group's net investment in its overseas operations.

Investment property revaluation reserve

The investment property revaluation reserve is used to record the difference between the depreciated historic cost of investment property and the fair value at the balance sheet date, net of related deferred taxation.

Merger reserve

The merger reserve arose from the acquisition of the subsidiary Devonshire Place Holdings Limited in 2014, which was acquired by CCO Trading Limited in a share for share exchange.

Profit & loss account

This reserve relates to cumulative retained earnings less amounts distributed to shareholders.

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Foreign currency translation
2024
£

Total
2024
£

Foreign currency translation gains/losses

72,780

72,780

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Foreign currency translation
2023
£

Total
2023
£

Foreign currency translation gains/losses

(100,486)

(100,486)

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

26

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

124,425

124,425

Later than one year and not later than five years

497,700

497,700

Later than five years

269,303

393,728

891,428

1,015,853

27

Related party transactions

Group

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

430,818

432,545

Summary of transactions with entities with joint control or significant interest


Mudlark Hotels Limited

A balance was outstanding at the year end of £1,000 (2023: £45,000). Mudlark Hotels Limited is considered a related party by virtue of common control and directors in common.

Various Eateries Trading Limited

During the year, the Group invoiced Various Eateries Trading Limited £195,584 (2023: £200,000) for the rendering of monitoring services. A balance was outstanding at the year end of £nil (2023: £nil). Various Eateries Trading Limited is a related party by virtue of common control and directors in common.

Directors

At the year end a balance of £12,486 (2023: £399,028) was due to the directors.

The directors provide consultancy services to the Group, the expenditure relating to this during the year was £387,250 (2023: £75,000). At the balance sheet date the consultancy fees were fully paid.


 

 

CCO Trading Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Xercise2 Limited

Included in other creditors is a balance of £1,050,212 (2023: £1,111,963). The movement during the year represents foreign exchange movements.

Apex2100 Limited

During the year, the Group invoiced £12,000 (2023: £12,000) for consultancy services to Apex2100 Limited. £nil was outstanding at the year end (2023: £7,200). Apex2100 Limited is considered a related party by virtue of common control and directors in common.

DDE Group Limited

During the year, the Group invoiced DDE Group Limited £nil (2023: £7,500) for the rendering of management services. A balance was outstanding at the year end of £nil (2023: £nil). DDE Group Limited was a related party by virtue of directors in common but has now been dissolved.

OC Physio Limited

During the year, the Group invoiced OC Physio Limited £40,000 (2023: £50,000) for management services. A balance was outstanding at the year end of £8,000 (2023: £60,000).

Devonshire Place Investments Limited

Included in other debtors at the year end was a balance of £1,110 (2023: £1,110). Devonshire Place Investments Limited is considered a related party by virtue of directors in common.

SCP Newbury Manor Limited

Included in other debtors at the year end was a balance of £2,520 (2023: £2,520). SCP Newbury Manor Limited is considered a related party by virtue of directors in common.

SCI Alpine Excellence

The Group has provided loans to SCI Alpine Excellence and at the year end the balance within debtors was £15,080,648 (2023: £25,872,904). The amount is interest free and repayable on demand. During the year the Group recharged SCI Alpine Excellence for the hotel sale bonus payment of £50,000 (2023: £nil) and was recharged for expenditure paid by the SCI Alpine Excellence of £493,567 (2023: £391,887).

Capital & Commitment Limited

Capital & Commitment Limited invoiced the Group £56,250 (2023: £nil) for consultancy services. A balance was outstanding at the year end of £12,500 (2023: £nil). Capital & Commitment Limited is considered a related party by virtue of directors in common.
 

28

Ultimate controlling party

The ultimate controlling party is H E M Osmond.

29

Non adjusting events after the financial period

On 29th July 2024 a special resolution was passed to reduce Devonshire Place Holdings Limited's share capital, as a result its share premium account reduced from £20,040,959 to £nil and a dividend-in-specie was enacted to transfer the intercompany balances. There is no effect at Group level.