Corniche Capital Limited
Annual Report and Unaudited Financial Statements
For the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 06159302 (England and Wales)
Corniche Capital Limited
Company Information
Director
H Farsi
Company number
06159302
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Corniche Capital Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Corniche Capital Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,717
1,388
Investments
5
354,213
354,213
356,930
355,601
Current assets
Debtors
6
10,698,517
10,509,159
Cash at bank and in hand
10,542
73,585
10,709,059
10,582,744
Creditors: amounts falling due within one year
7
(32,745,832)
(31,540,000)
Net current liabilities
(22,036,773)
(20,957,256)
Total assets less current liabilities
(21,679,843)
(20,601,655)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(21,679,844)
(20,601,656)
Total equity
(21,679,843)
(20,601,655)

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

Corniche Capital Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 10 March 2025
H Farsi
Director
Company Registration No. 06159302
Corniche Capital Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information

Corniche Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

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 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
Going concern

The company's balance sheet is currently showing that it has an excess of liabilities over assets of £21,679,843 (20true22: £20,601,655). However this is mainly due to the fact that the company has a loan, which is payable to an organisation in which the controlling party of Corniche Capital Limited has a material interest. The directors have received assurances from the lender that they will not require repayment of any amounts due to them unless the company has sufficient uncommitted funds to do so. The ultimate controlling party has also confirmed that he is committed to funding Corniche Capital Limited, so as not to jeopardise the going concern status of the company nor to prejudice the interests of the creditors. For these reasons the directors consider it appropriate to prepare the accounts on a going concern basis. The company is dependent upon the continued financial support of the ultimate controlling party and on the understanding that it will not be required to repay the loan until the company has the funds to do so.

1.3
Turnover

Turnover represents amounts receivable for services net of VAT.

 

Fee income represents revenue earned providing professional services and is recognised as earned when the company obtains the right to consideration in exchange for its performance of those services.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% on cost per year
Corniche Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation and impairment losses. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life. In light of the impairment losses suffered, the remaining useful economic life of all assets have been revised as follows:

Land and buildings Leasehold
3 years straight line
Fixtures, fittings & equipment
3 years straight line
Computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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 current liabilities.

1.9
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

Corniche Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 6 (2022 - 6).

2023
2022
Number
Number
Total
6
6
Corniche Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Intangible fixed assets
Website development costs
£
Cost
At 1 January 2023 and 31 December 2023
26,675
Amortisation and impairment
At 1 January 2023 and 31 December 2023
26,675
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
100,977
517,228
618,205
Additions
-
0
1,994
1,994
At 31 December 2023
100,977
519,222
620,199
Depreciation and impairment
At 1 January 2023
100,977
515,840
616,817
Depreciation charged in the year
-
0
665
665
At 31 December 2023
100,977
516,505
617,482
Carrying amount
At 31 December 2023
-
0
2,717
2,717
At 31 December 2022
-
0
1,388
1,388
5
Fixed asset investments
2023
2022
£
£
Investments
354,213
354,213

 

Corniche Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
5
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2023 & 31 December 2023
354,213
Carrying amount
At 31 December 2023
354,213
At 31 December 2022
354,213
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10,440,401
10,301,543
Other debtors
208,598
194,278
Prepayments and accrued income
49,518
13,338
10,698,517
10,509,159
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
194,020
188,122
Other taxation and social security
13,891
20,164
Other creditors
32,537,921
31,331,714
32,745,832
31,540,000
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
Corniche Capital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
296,164
79,353
10
Ultimate controlling party

The ultimate controlling party is H Farsi by virtue of his 100% shareholding in Corniche Group Limited, the parent company. Corniche Group Limited has the same registered office to Corniche Capital Limited and as it is a small Group it does not prepare consolidated accounts.

11
Related party transactions

During the year the company received cost recharges of £75,000 (2022 - £79,000 ) from a Director.

 

Other creditors includes an amount of £32,332,952 (2022 - £31,193,635) owed to the director. The loan is unsecured, interest free and has no fixed repayment terms.

 

At the balance sheet date the company was owed £397,612 (2022 - £446,112 ) from a fellow subsidiary of Corniche Group Limited, but this is not 100% owned by the Group. The company was also owed a further amount of £133,976 (2022 - £153,976 ) from a company with a common director, and £177,280 (2022 - £nil) from another company with a common director.

No guarantees have been given or received.

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