Coralmint Limited |
Registered number: |
02783668 |
Directors' Report |
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The directors present their report and unaudited financial statements for the year ended 31 January 2024. |
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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. |
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Directors |
The following persons served as directors during the year: |
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M N Steinberg |
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R A Gold |
[ Resigned 26th March 2024 ] |
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N M Cole |
[ Appointed 24th October 2023 ] |
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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. |
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This report was approved by the board on 15 January 2025 and signed on its behalf. |
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M N Steinberg |
Director |
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Coralmint Limited |
Statement of income and retained earnings |
for the year ended 31 January 2024 |
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Notes |
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2024 |
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2023 |
£ |
£ |
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Turnover |
14,951 |
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9,459 |
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Administrative expenses |
(248,664) |
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14,597 |
Other Operating Income |
3,939 |
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37,136 |
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Operating (loss)/profit |
(229,774) |
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61,192 |
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Interest payable |
(3,650) |
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(5,513) |
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(Loss)/profit on ordinary activities before taxation |
(233,424) |
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55,679 |
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(Loss)/profit for the financial year |
(233,424) |
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55,679 |
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Divisible as follows between Joint Venture participants: |
Berryglen Limited |
- |
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(4,176) |
Cityville Limited |
111,704 |
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(19,488) |
Pengepond Limited |
- |
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(4,176) |
Rightlane Limited |
111,704 |
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(19,488) |
Tenuregrade Limited |
- |
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(2,386) |
The Briar Finance Limited |
- |
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(3,579) |
The Ridgeway Essex Limited |
10,016 |
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(2,386) |
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233,424 |
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(55,679) |
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Retained earnings for the year |
- |
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- |
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The notes on pages 4 to 5 form part of these financial statements. |
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Coralmint Limited |
Notes to the financial statements |
for the year ended 31 January 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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. |
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Investments |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Functional currency |
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Pound Sterling is the currency of the primary economic environment in which the entity operates. |
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Going Concern |
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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. |
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2 |
Employees & directors |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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3 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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At 1 February 2023 |
2 |
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At 31 January 2024 |
2 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
1,010 |
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1,010 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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3,941 |
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330,968 |
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Other debtors |
70,706 |
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101,825 |
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75,657 |
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433,803 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
8,719 |
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27,381 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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330,973 |
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Other creditors |
91,986 |
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345,499 |
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100,705 |
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703,853 |
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6 |
Related party transactions |
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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). |
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7 |
Controlling party |
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The company is controlled by its members. |
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8 |
Other Information |
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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. |