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COMPANY REGISTRATION NUMBER: 12480352
Coln Manor House Limited
Filleted Unaudited Accounts
31 March 2024
Coln Manor House Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
5,725
15,570
Investment property
6
3,600,000
2,687,085
------------
------------
3,605,725
2,702,655
Current assets
Debtors
7
25,576
89,760
Cash at bank and in hand
2,694
26,452
--------
---------
28,270
116,212
Creditors: amounts falling due within one year
8
( 183,396)
( 102,457)
---------
---------
Net current (liabilities)/assets
( 155,126)
13,755
------------
------------
Total assets less current liabilities
3,450,599
2,716,410
Creditors: amounts falling due after more than one year
9
( 2,160,000)
( 2,160,000)
Provisions
( 203,440)
------------
------------
Net assets
1,087,159
556,410
------------
------------
Capital and reserves
Called up share capital
200
200
Share premium account
719,900
719,900
Other reserves
610,323
Profit and loss account
( 243,264)
( 163,690)
------------
---------
Shareholders funds
1,087,159
556,410
------------
---------
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Coln Manor House Limited
Statement of Financial Position (continued)
31 March 2024
These accounts were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
J Hitchcox
Director
Company registration number: 12480352
Coln Manor House Limited
Notes to the Accounts
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Bentinck Street, London, W1U 2FA, England.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is considered a going concern as it has net assets of £1,087,159 and has the support of Yoo Capital Limited, a company related by common ownership and further supported by Simon & Yasmin LeBon.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Turnover relates to the provision of property rentals and is recognised on an accruals basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
33% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
12,565
2,721
14,250
29,536
--------
-------
--------
--------
Depreciation
At 1 April 2023
3,839
1,419
8,708
13,966
Charge for the year
4,188
907
4,750
9,845
--------
-------
--------
--------
At 31 March 2024
8,027
2,326
13,458
23,811
--------
-------
--------
--------
Carrying amount
At 31 March 2024
4,538
395
792
5,725
--------
-------
--------
--------
At 31 March 2023
8,726
1,302
5,542
15,570
--------
-------
--------
--------
6. Investment property
Investment property
£
Cost
At 1 April 2023
2,687,085
Additions
99,152
Revaluations
813,763
------------
At 31 March 2024
3,600,000
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
3,600,000
------------
At 31 March 2023
2,687,085
------------
The investment property was valued at fair value by the directors at the year end. The historical cost of the property amounts to £2,786,237.
7. Debtors
2024
2023
£
£
Trade debtors
53,193
Other debtors
25,576
36,567
--------
--------
25,576
89,760
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
79,839
70,238
Other creditors
103,557
32,219
---------
---------
183,396
102,457
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,160,000
2,160,000
------------
------------
The long term loan is due for repayment in October 2026. The loan is secured via a fixed charge and negative pledge dated 30 October 2020 in favour of SG Kleinwort Hambros Bank Limited against the investment property. The director J Hitchcox has further provided a personal guarantee against the loan.
10. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2024
2023
£
£
Movement between fair value reserve and profit and loss account
610,323
---------
----
At end of year
610,323
---------
----
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J Hitchcox
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J Hitchcox
3,130
( 3,130)
-------
-------
----
12. Related party transactions
As at 31 March 2024 amounts owed to companies with common ownership with the director J Hitchcox , amounted to £129,636 (2023: £4,155 and amounted owed by companies with common ownership totalled £52,860). During the year sales totalling £111,333 and costs charged for various services of £146,860 were incurred with these companies. A joint venture agreement is in place between J. Hitchcox and S & Y Le Bon all of whom are directors of the company.
13. Controlling party
During the prior year a joint venture agreement was signed, therefore there is no controlling party.