Silverfin false 17 October 2024 18 September 2024 Robert Deare PKF Francis Clark 1,199,477 588,405 false true 31/03/2024 01/04/2023 31/03/2024 C A Eyre 22/05/2001 C G S Eyre 19/07/1991 H J B Eyre 20/08/2018 J A W Eyre 12/05/2009 P J Gready 01/04/2017 A H Richards 01/04/2024 R E Young 20/08/2018 18 September 2024 The principal activity of the company is the letting of properties. 00219372 2024-03-31 00219372 bus:Director1 2024-03-31 00219372 bus:Director2 2024-03-31 00219372 bus:Director3 2024-03-31 00219372 bus:Director4 2024-03-31 00219372 bus:Director5 2024-03-31 00219372 bus:Director6 2024-03-31 00219372 bus:Director7 2024-03-31 00219372 2023-03-31 00219372 core:CurrentFinancialInstruments 2024-03-31 00219372 core:CurrentFinancialInstruments 2023-03-31 00219372 core:Non-currentFinancialInstruments 2024-03-31 00219372 core:Non-currentFinancialInstruments 2023-03-31 00219372 core:ShareCapital 2024-03-31 00219372 core:ShareCapital 2023-03-31 00219372 core:RetainedEarningsAccumulatedLosses 2024-03-31 00219372 core:RetainedEarningsAccumulatedLosses 2023-03-31 00219372 core:MoreThanFiveYears 2024-03-31 00219372 core:MoreThanFiveYears 2023-03-31 00219372 bus:OrdinaryShareClass2 2024-03-31 00219372 bus:OrdinaryShareClass3 2024-03-31 00219372 bus:OrdinaryShareClass4 2024-03-31 00219372 bus:OrdinaryShareClass5 2024-03-31 00219372 bus:OtherShareClass1 2024-03-31 00219372 bus:OtherShareClass2 2024-03-31 00219372 bus:OtherShareClass3 2024-03-31 00219372 2023-04-01 2024-03-31 00219372 bus:FilletedAccounts 2023-04-01 2024-03-31 00219372 bus:SmallEntities 2023-04-01 2024-03-31 00219372 bus:Audited 2023-04-01 2024-03-31 00219372 2022-04-01 2023-03-31 00219372 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00219372 bus:Director1 2023-04-01 2024-03-31 00219372 bus:Director2 2023-04-01 2024-03-31 00219372 bus:Director3 2023-04-01 2024-03-31 00219372 bus:Director4 2023-04-01 2024-03-31 00219372 bus:Director5 2023-04-01 2024-03-31 00219372 bus:Director6 2023-04-01 2024-03-31 00219372 bus:Director7 2023-04-01 2024-03-31 00219372 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 00219372 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 00219372 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 00219372 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00219372 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 00219372 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 00219372 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 00219372 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 00219372 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 00219372 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 00219372 bus:OrdinaryShareClass5 2023-04-01 2024-03-31 00219372 bus:OrdinaryShareClass5 2022-04-01 2023-03-31 00219372 bus:OtherShareClass1 2023-04-01 2024-03-31 00219372 bus:OtherShareClass1 2022-04-01 2023-03-31 00219372 bus:OtherShareClass2 2023-04-01 2024-03-31 00219372 bus:OtherShareClass2 2022-04-01 2023-03-31 00219372 bus:OtherShareClass3 2023-04-01 2024-03-31 00219372 bus:OtherShareClass3 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00219372 (England and Wales)

COBB HOUSE LIMITED

Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

COBB HOUSE LIMITED

Financial Statements

For the financial year ended 31 March 2024

Contents

COBB HOUSE LIMITED

BALANCE SHEET

As at 31 March 2024
COBB HOUSE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 15,300,000 17,000,000
15,300,000 17,000,000
Current assets
Debtors 4 1,448,077 1,250,266
Cash at bank and in hand 875,696 604,879
2,323,773 1,855,145
Creditors: amounts falling due within one year 5 ( 11,208,915) ( 8,036,827)
Net current liabilities (8,885,142) (6,181,682)
Total assets less current liabilities 6,414,858 10,818,318
Creditors: amounts falling due after more than one year 6 ( 6,852,154) ( 10,093,779)
Provision for liabilities ( 486,089) ( 448,447)
Net (liabilities)/assets ( 923,385) 276,092
Capital and reserves
Called-up share capital 8 12,000 12,000
Profit and loss account ( 935,385 ) 264,092
Total shareholders' (deficit)/funds ( 923,385) 276,092

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Cobb House Limited (registered number: 00219372) were approved and authorised for issue by the Board of Directors on 18 September 2024. They were signed on its behalf by:

C A Eyre
Director
COBB HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
COBB HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cobb House Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have taken into consideration that one of the financial covenants was in breach at the 31 March 2024 but have been in communication with the bank and are now operating within the revised covenant facility. All bank loans have been reclassified as current liabilities in the accounts. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover, which is stated net of value added tax, comprises revenue recognised by the company in respect of rental and ancillary income due for the accounting period. Turnover is recognised on a straight line basis over the term of the lease.

Incentives in the form of rent-free periods are spread on a straight line basis over the period of the lease term.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances;
• Interest rate swap ; and
• Long-term bank and other loans

Apart from the interest rate swap, all other financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Fair value measurement
Interest rate swaps are classified as financial assets or financial liabilities and recorded at their fair value at the year end with gains and losses recognised in profit and loss.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 17,000,000
Fair value movement (1,700,000)
As at 31 March 2024 15,300,000

Valuation

Investment property is being held at directors valuation at the balance sheet date. One of the directors is a chartered surveyor.

4. Debtors

2024 2023
£ £
Prepayments 8,820 0
Derivative financial instruments 1,404,556 1,208,763
Other debtors 34,701 41,503
1,448,077 1,250,266

All amounts shown under debtors fall due for payment within on year, except the interest rate swap which has a maturity date of 27 November 2031.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,738,625 7,495,000
Accruals 177,606 0
Taxation and social security 221,608 173,318
Other creditors 71,076 368,509
11,208,915 8,036,827

Bank loans have been classified as current liabilities as a result of a breach of financial covenant as at 31 March 2024. A revised covenant was agreed with the bank post year end and the company are operating within the revised covenant facility.

Loan and other borrowings are secured by fixed charges over the company's investment property. Additionally, bank borrowings are secured by a composite guarantee from two companies under common control.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 0 3,241,625
Other loans 6,852,154 6,852,154
6,852,154 10,093,779

Loan and other borrowings are secured by fixed charges over the company's investment property. Additionally, bank borrowings are secured by a composite guarantee from two companies under common control.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 0 3,240,000

7. Financial instruments

The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

2024 2023
£ £
Financial assets at fair value
Derivative financial assets due within one year 1,404,556 1,208,763

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
Nil Ordinary shares (2023: 12,000 shares of £ 1.00 each) 0 12,000
3,050 A Ordinary shares of £ 1.00 each (2023: nil shares) 3,050 0
1,587 B Ordinary shares of £ 1.00 each (2023: nil shares) 1,587 0
1,179 C Ordinary shares of £ 1.00 each (2023: nil shares) 1,179 0
138 D Ordinary shares of £ 1.00 each (2023: nil shares) 138 0
2,016 E Ordinary shares of £ 1.00 each (2023: nil shares) 2,016 0
2,015 F Ordinary shares of £ 1.00 each (2023: nil shares) 2,015 0
2,015 G Ordinary shares of £ 1.00 each (2023: nil shares) 2,015 0
12,000 12,000

9. Financial commitments

Other financial commitments

An unlimited intercompany composite guarantee has been given in favour of Handelsbanken, by the company and two further companies under common control. All amounts under this guarantee are secured by a fixed charge over the company's investment property. The amount guaranteed at the year end is £5,250,000 (2023: £5,250,000).

10. Off Balance Sheet arrangements

The total amount of operating lease entitlements not included on the balance sheet is £9,089,038 (2023: £12,037,310). This is the total amount committed to the company under non-cancellable operating leases.

11. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 March 2024 was unqualified.

The audit report was signed by Robert Deare on behalf of PKF Francis Clark.