Registered number
02783668
Coralmint Limited
Unaudited financial statements
31 January 2024
Coralmint Limited
Registered number: 02783668
Directors' Report
The directors present their report and unaudited financial statements for the year ended 31 January 2024.
Principal activities
The company's principal activity during the year continued to be that of property dealers trading solely as nominees on behalf of joint venture participants.
Directors
The following persons served as directors during the year:
M N Steinberg
R A Gold [ Resigned 26th March 2024 ]
N M Cole [ Appointed 24th October 2023 ]
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 15 January 2025 and signed on its behalf.
M N Steinberg
Director
Coralmint Limited
Statement of income and retained earnings
for the year ended 31 January 2024
Notes 2024 2023
£ £
Turnover 14,951 9,459
Administrative expenses (248,664) 14,597
Other Operating Income 3,939 37,136
Operating (loss)/profit (229,774) 61,192
Interest payable (3,650) (5,513)
(Loss)/profit on ordinary activities before taxation (233,424) 55,679
(Loss)/profit for the financial year (233,424) 55,679
Divisible as follows between Joint Venture participants:
Berryglen Limited - (4,176)
Cityville Limited 111,704 (19,488)
Pengepond Limited - (4,176)
Rightlane Limited 111,704 (19,488)
Tenuregrade Limited - (2,386)
The Briar Finance Limited - (3,579)
The Ridgeway Essex Limited 10,016 (2,386)
233,424 (55,679)
Retained earnings for the year - -
The notes on pages 4 to 5 form part of these financial statements.
Coralmint Limited
Registered number: 02783668
Statement of financial position
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 2 2
Current assets
Stocks - 224,974
Debtors 4 75,657 433,803
Cash at bank and in hand 25,146 45,174
100,803 703,951
Creditors: amounts falling due within one year 5 (100,705) (703,853)
Net Current Assets 98 98
Net Assets 100 100
Capital and reserves
Called up share capital 100 100
Shareholders' funds 100 100
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
M N Steinberg
Director
Approved by the board on 15 January 2025
The notes on pages 4 to 5 form part of these financial statements.
Coralmint Limited
Notes to the financial statements
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Functional currency
Pound Sterling is the currency of the primary economic environment in which the entity operates.
Going Concern
The going concern basis has been used as the directors consider that this is the appropriate basis to use following discussion with all company creditors. The company can continue to trade as financial support is available.
2 Employees & directors 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 February 2023 2
At 31 January 2024 2
4 Debtors 2024 2023
£ £
Trade debtors 1,010 1,010
Amounts owed by group undertakings and undertakings in which the company has a participating interest 3,941 330,968
Other debtors 70,706 101,825
75,657 433,803
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,719 27,381
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 330,973
Other creditors 91,986 345,499
100,705 703,853
6 Related party transactions
As at 31 January 2024 there were related party balances with entities that one or more of the shareholders of the Company have interest as follows:
Amounts due to related parties of £17,516 (2023: £299,665).
Amounts due from related parties of £ Nil (2023: £1,250).
7 Controlling party
The company is controlled by its members.
8 Other Information
Coralmint Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 10 Upper Berkeley Street, London, W1H 7PE.
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