Company registration number 05380901 (England and Wales)
COFFER INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
COFFER INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 7
COFFER INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
940,146
940,146
Current assets
Debtors
4
3,166,588
3,169,521
Cash at bank and in hand
1,038,511
1,011,029
4,205,099
4,180,550
Creditors: amounts falling due within one year
5
(17,812,608)
(17,591,669)
Net current liabilities
(13,607,509)
(13,411,119)
Net liabilities
(12,667,363)
(12,470,973)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(12,667,463)
(12,471,073)
Total deficit
(12,667,363)
(12,470,973)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 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.

The financial statements were approved and signed by the director and authorised for issue on 23 March 2025
R M Coffer
Director
Company Registration No. 05380901
COFFER INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
(4,990,870)
(4,990,770)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(7,480,203)
(7,480,203)
Balance at 31 March (as restated)
100
(12,471,073)
(12,470,973)
Year ended 31 March 2024:
At 1 April 2023 (as previously stated)
100
(11,827,151)
(11,827,051)
Prior year adjustment (note 10  )
-
(643,922)
(643,922)
At 1 April 2023 (as restated)
100
(12,471,073)
(12,470,973)
Loss and total comprehensive income for the year
-
(196,390)
(196,390)
Balance at 31 March 2024
100
(12,667,463)
(12,667,363)
COFFER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Coffer Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, E1W 9US.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the Company's current liabilities exceeded its current assets by £1true3,607,509 and the company had net liabilities of £12,667,363.

 

The Directors consider the going concern basis to be appropriate because, in their opinion, the Company will continue to obtain sufficient funding from fellow group companies and if required from other related companies under common control, to enable it to pay its debts as they fall due for at least 12 months from the date of approval of these financial statements.

1.3
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.

1.4
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

COFFER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, and connected companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

COFFER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
1
1
3
Fixed asset investments
2024
2023
£
£
Investments
940,146
940,146
Movements in fixed asset investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023 & 31 March 2024
936,346
3,800
940,146
Carrying amount
At 31 March 2024
936,346
3,800
940,146
At 31 March 2023
936,346
3,800
940,146

Other investments are unlisted investments measured at cost less any accumulated impairment losses.

 

There are charges on the shares of subsidiaries owned wholly by the company relating to bank loans payable by the subsidiaries.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
106,186
106,186
Other debtors
3,060,402
3,063,335
3,166,588
3,169,521

Included in other debtors are loans to connected companies. These loans are interest free and repayable on demand.

COFFER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
240
Amounts owed to group undertakings
4,933,445
4,525,971
Other creditors
12,879,163
13,065,458
17,812,608
17,591,669

Included within other creditors is an amount of £364,168 (2023: £564,957) owed to a director. The loan is interest free, has no fixed date of repayments and is repayable on demand.

 

Included within other creditors is a loan of £12,328,439 (2023: £12,328,439) from a related party. The loan is interest free, has no fixed date of repayments and is repayable on demand.

 

Included in other creditors are loans from connected companies. These loans are interest free and repayable on demand.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Financial commitments, guarantees and contingent liabilities

The company is a party to an unlimited cross guarantee to secure the bank facilities of Coffer Corporate Leisure Limited and Davis Coffer Lyons Limited. At the balance sheet date, Davis Coffer Lyons Limited had an overdrawn bank balance of £912,995. Coffer Corporate Leisure Limited had a positive bank balance of £35,416.

 

The company is a party signatory and guarantor to a loan taken by its subsidiaries and connected companies. At the balance sheet date, the loans outstanding by these companies amounted to £12,510,000.

8
Related party transactions

The company has taken advantage of the exemption available under section 1A C.35 of FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
12,509,995
12,496,901
COFFER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Related party transactions
(Continued)
- 7 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
3,666,149
3,707,257
9
Prior year adjustment

In the 31 March 2023 accounts, it was noted that our previously reports revenue and trade debtors were overstated by £643,922. The adjustment has been made to correct and accurately reflect the financial position. There was change to the corporation tax position.

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