Company registration number 02457114 (England and Wales)
COURTNEY INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
COURTNEY INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
COURTNEY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
175,551
202,215
Investment property
5
2,682,152
7,812,152
Investments
6
354,091
354,091
3,211,794
8,368,458
Current assets
Debtors
7
69,464,524
74,914,978
Investments
8
1,630,185
898,799
Cash at bank and in hand
693,724
264,775
71,788,433
76,078,552
Creditors: amounts falling due within one year
9
(30,897,788)
(71,190,432)
Net current assets
40,890,645
4,888,120
Total assets less current liabilities
44,102,439
13,256,578
Creditors: amounts falling due after more than one year
10
(34,200,000)
Provisions for liabilities
11
(271,173)
(751,311)
Net assets
9,631,266
12,505,267
Capital and reserves
Called up share capital
12
100
100
Investment property revaluation reserve
13
1,246,011
3,605,044
Profit and loss reserves
13
8,385,155
8,900,123
Total equity
9,631,266
12,505,267
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 March 2025
W B Todd
Director
Company registration number 02457114 (England and Wales)
COURTNEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Courtney Investments Limited is a private company limited by shares and is incorporated and domiciled in England. The registered office address 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, modified to include investment properties and certain financial instruments at fair value. 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
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rent receivable from letting of investment properties. Rent receivable from tenants is measured at fair value. Rental income is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the lease.
1.4
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.
Depreciation 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:
Fixtures, fittings & equipment
20% (on a reducing balance)
Motor vehicle
25% (on a reducing balance)
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.
COURTNEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
.
The fair value model is determined by the directors with the benefit of professional external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
1.6
Fixed asset investments
Interests in subsidiaries 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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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 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 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 at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
COURTNEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its 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.
Current asset investments which are publicly traded or whose fair value can otherwise be measured reliably are initially measured at transactions price including transaction costs. Subsequently, current assets investments are measured at fair value. The surplus or deficit on revaluation is recognised in the income statement. Current asset investments which are not publicly traded and/or whose fair value cannot be measured reliably are measured at cost less impairment.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, 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 payments 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
COURTNEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Changes in fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.13
Current assets investments
Listed investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the profit or loss. Transaction costs are expensed to profit or loss as incurred.
Other investments are measured at cost less any accumulated impairment losses.
COURTNEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment Properties
Investment properties are measured at fair value with any movement in valuation at the year-end being taken to profit or loss. The Directors have made key assumptions with the benefit of professional external valuers in the determination of the value of an investment property. The valuation was arrived at by reference to market evidence of transaction prices of similar properties in its location, together with a review of property rental yields.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
525,985
Depreciation and impairment
At 1 July 2023
323,770
Depreciation charged in the year
26,664
At 30 June 2024
350,434
Carrying amount
At 30 June 2024
175,551
At 30 June 2023
202,215
COURTNEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 July 2023
7,812,152
Additions
379,419
Disposals
(5,879,419)
Revaluations
370,000
At 30 June 2024
2,682,152
The fair value of investment properties at the reporting date was based on a valuation carried out by the directors. The last formal valuation was carried out on 1 May 2024 by Savills UK, based on existing use base. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location, together with a review of property rental yields. This valuation was only performed on one of the properties, with the remaining properties valuation based on the directors valuation.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
1,164,967
3,455,796
Accumulated depreciation
-
-
Carrying amount
1,164,967
3,455,796
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
354,091
354,091
Investments in subsidiaries are measured at cost less any accumulated impairment losses.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,666
36,348
Amounts owed by group undertakings
53,287,031
59,241,448
Other debtors
16,169,827
15,637,182
69,464,524
74,914,978
COURTNEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Debtors
(Continued)
- 8 -
Included within amounts owed by group undertakings are loans that are unsecured, interest free, has no fixed date of repayment and is repayable on demand.
Included within other debtors are loans totalling £15,460,544 (2023: £15,448,021) with connected entities. The loans are unsecured, interest free, has no fixed date of repayment and is repayable on demand.
8
Current asset investments
2024
2023
£
£
Other investments
1,630,185
898,799
Other investments include list investments of £980,261 (2023: £698,799 ) measured at fair value and the other investments of £649,924 (2023: £200,000) measured at cost less any accumulated impairment losses.
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
167,660
26,007,432
Amounts owed to group undertakings
5,446,729
19,787,460
Taxation and social security
33,496
18,011
Other creditors
25,249,903
25,377,529
30,897,788
71,190,432
Bank loans totalling £nil (2023: £25,775,000) were secured by fixed and floating charges over assets owned by the company and its fellow subsidiary undertakings, Holland Park Investments Limited, Classgate Limited, 115 Portobello Road Limited, E.H. & M. Services (Kensington) Limited, 88 Portobello Road Limited, Keygain Ltd and Golborne Investments Ltd and also a non-group company, Portobello Road Properties Limited. The bank loan was refinanced on 28th June 2024 and therefore is now disclosed as amounts falling due after more than one year in note 10 below.
Bank loan totalling £167,432 (2023: £232,432) was secured on the current asset investments as described in note 8 above.
The aggregate of secured liabilities is £167,432 (2023: £26,007,432).
Included within amounts owed to group undertakings are loans that are unsecured, interest free, has no fixed date of repayment and is repayable on demand.
Included within other creditors are loans totalling £25,096,892 (2023: £24,845,450) with connected entities. The loans are unsecured, interest free, has no fixed date of repayment and is repayable on demand.
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
34,200,000
COURTNEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
Bank loans totalling £34,200,000 (2023: £nil ) were secured by fixed and floating charges over assets owned by the company and its fellow subsidiary undertakings, Holland Park Investments Limited, Classgate Limited, 115 Portobello Road Limited, E.H. & M. Services (Kensington) Limited, 88 Portobello Road Limited, Keygain Ltd, Warrior Queensway Limited, Golborne Investments Ltd and also a non-group company, Portobello Road Properties Limited.
The aggregate of secured liabilities is £34,200,000 (2023: £nil)
11
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
271,173
751,311
12
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
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.
13
Reserves
Investment property revaluation reserve
Investment property revaluation reserve relates to non-distributable reserves arising from revaluation of investment property.
14
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Bashir Khan ACCA
Statutory Auditor:
Gravita II LLP
Date of audit report:
28 March 2025
COURTNEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
15
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
24,485,890
24,845,450
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
15,460,544
15,448,021
Other information
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 of the group.
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