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REGISTERED NUMBER: 00760992 (England and Wales)













Financial Statements

for the Year Ended 31 May 2024

for

Cormorant Investments Limited

Cormorant Investments Limited (Registered number: 00760992)






Contents of the Financial Statements
for the year ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cormorant Investments Limited

Company Information
for the year ended 31 May 2024







DIRECTORS: Mr R C Gurnhill
Miss G E Gurnhill



SECRETARY: Mr R C Gurnhill



REGISTERED OFFICE: Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



REGISTERED NUMBER: 00760992 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: NatWest Bank Plc
225 High Street
LINCOLN
Lincolnshire
LN2 1AZ

Cormorant Investments Limited (Registered number: 00760992)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,885,705 1,885,705

CURRENT ASSETS
Debtors 5 122 450
Investments 6 267,202 -
Cash at bank 34,554 248,985
301,878 249,435
CREDITORS
Amounts falling due within one year 7 48,140 76,364
NET CURRENT ASSETS 253,738 173,071
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,139,443

2,058,776

PROVISIONS FOR LIABILITIES 207,765 207,765
NET ASSETS 1,931,678 1,851,011

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,931,578 1,850,911
SHAREHOLDERS' FUNDS 1,931,678 1,851,011

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

Cormorant Investments Limited (Registered number: 00760992)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:





Mr R C Gurnhill - Director


Cormorant Investments Limited (Registered number: 00760992)

Notes to the Financial Statements
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Cormorant Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rents receivable on an accrual basis.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Cormorant Investments Limited (Registered number: 00760992)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Operating leases and rental income
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Investment properties
Investments are stated at fair value at the balance sheet date. Any aggregate surplus or deficit from changes in fair value is recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY

Investment properties were valued on a fair basis on 31 July 2021 by Lincolnshire Surveyors Ltd whose surveyer was MRICS qualified. The valuation was determined by the current value of similar properties in the area assumed to be without tenants.In the opinion of the directors the value is not materially different to the 2021 value.

The original cost of the investment properties is £745,721 (2023 - £745,721) and had they been depreciated in accordance with the Companies Act 2006 the depreciation charge would have been £14,312 (2023 - £14,312) and the net book value as at 31 May 2024 would have been £527,044 (2023 - £541,356).

If the investment properties were sold at their fair value the additional tax liability would be £207,765 (2023 - £207,765).

During the year investment properties valued at £1,885,705 (2023 - £1,885,705) were let under operating leases. The rent received under these leases was £155,813 (2023 - £165,315).

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2023 1,885,705

Cormorant Investments Limited (Registered number: 00760992)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 122 450

6. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 267,202 -
Market value of listed investments at 31 May 2024 - £ 267,202 .

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 23,946 18,255
Directors' current accounts 10,000 45,833
Deferred income 10,099 8,181
Accruals 4,095 4,095
48,140 76,364

8. RELATED PARTY DISCLOSURES

At the year end, there was a balance due from the company to Miss G E Gurnhill, a director and shareholder in the company, of £5,000, (2023 - £23,400).

There was also a balance due from the company to Mr R Gurnhill, a director and shareholder in the company, of £5,000 (2023 - £22,433).