Company registration number 07681837 (England and Wales)
LONDON CORNWALL STUDENT INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LONDON CORNWALL STUDENT INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LONDON CORNWALL STUDENT INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
162,893
5,984
Current assets
Debtors
5
2,089,963
2,219,436
Cash at bank and in hand
2
3
2,089,965
2,219,439
Creditors: amounts falling due within one year
6
(8,471)
(3,089)
Net current assets
2,081,494
2,216,350
Net assets
2,244,387
2,222,334
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,244,287
2,222,234
Total equity
2,244,387
2,222,334

For the financial year ended 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
Mr P N Hadaway
Mr T L Attlee
Director
Director
Company registration number 07681837 (England and Wales)
LONDON CORNWALL STUDENT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

London Cornwall Student Investments Limited is a private company limited by shares incorporated in England and Wales. The company's registration number is 07681837 and the registered office is 32 Portland Terrace, Newcastle upon Tyne, NE2 1QP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and loans to fellow group companies, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

LONDON CORNWALL STUDENT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Corporation tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
2
2
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
162,893
5,984
Fixed asset investments revalued

Fixed asset investments represent listed investments. Listed investments are carried at market value, that is the mid-price on the London Stock Exchange on the period end date.

LONDON CORNWALL STUDENT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 31 December 2022
5,984
Additions
148,601
Valuation changes
11,237
Disposals
(2,929)
At 30 December 2023
162,893
Carrying amount
At 30 December 2023
162,893
At 30 December 2022
5,984
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
213,690
208,538
Other debtors
1,876,273
2,010,898
2,089,963
2,219,436
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,152
-
0
Other creditors
3,319
3,089
8,471
3,089
LONDON CORNWALL STUDENT INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 5 -
7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company has made and received various loans to/from companies which are related parties as set out below:

The company is owed £1,105,883 (2022 - £1,107,520) by PLPP Management Limited, a company controlled by one of the directors. This amount is interest free and repayable on demand. In 2022 a total of £298,564 was written off the balance of the loan.

 

The company is owed £6,430 (2022 - £6,430) by London Cornwall Property Partners Limited, a company controlled by one of the directors. This amount is interest free and repayable on demand.

 

The company is owed £105,000 (2022 - £105,000) by Grant and Attlee Limited, a company controlled by one of the directors' immediate family. This amount is interest free and repayable on demand.

8
Directors' transactions

Loans have been granted by the company to its directors as follows:

Interest is charged on these loans in line with HMRC's published rates for beneficial loan arrangements, fiscal year 2023/24 2.25% (2022/23 2.00%).

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr T L Attlee - Loan
2.25
642,193
2,858
14,029
(1,545)
657,535
642,193
2,858
14,029
(1,545)
657,535
9
Ultimate controlling party

The company is controlled by the directors, who own the entire issued share capital.

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