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Company No: 06771958 (England and Wales)

THE COURTENAY GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

THE COURTENAY GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

THE COURTENAY GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
THE COURTENAY GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 60,654 89,488
Investment property 5 5,962,651 5,673,501
Investments 6 47,393 47,393
6,070,698 5,810,382
Current assets
Debtors 7 15,362 11,720
Cash at bank and in hand 1,130 53,102
16,492 64,822
Creditors: amounts falling due within one year 8 ( 127,289) ( 185,423)
Net current liabilities (110,797) (120,601)
Total assets less current liabilities 5,959,901 5,689,781
Creditors: amounts falling due after more than one year 9 ( 1,643,433) ( 1,651,311)
Provision for liabilities ( 768,840) ( 696,800)
Net assets 3,547,628 3,341,670
Capital and reserves
Called-up share capital 10 83 83
Profit and loss account 12 3,547,545 3,341,587
Total shareholder's funds 3,547,628 3,341,670

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Courtenay Group Limited (registered number: 06771958) were approved and authorised for issue by the Board of Directors on 02 May 2025. They were signed on its behalf by:

N C Davies
Director
THE COURTENAY GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
THE COURTENAY GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Courtenay Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is Leveret House, Manor Park, Nailsea Wall Lane, BS48 4DD.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
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.

Prior year adjustment

Where material misstatements are found in prior year figures, then these figures are restated to show the corrected position as detailed in Note 2.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 3 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

In order to more accurately reflect the use of the Land and Buildings owned by the Company, the prior year accounts have been restated to show Land and Buildings as Investment Property rather than Tangible assets. The revaluation of Investment Property has also been updated. Deferred taxation has been increased to provide for gains on the re-allocated property at the rate expected to apply when the property is sold. The historic revaluation of the Land and Buildings that have been re-allocated ,has been moved from the Revaluation Reserve to the Profit and Loss Account in line with accounting policy.

As previously reported Adjustment As restated
Year ended 31 December 2023 £ £ £
Land and Buildings 3,110,001 (3,110,001) 0
Investment Property 2,818,158 2,855,343 5,673,501
Other Creditors (Director's Loan Account) (123,817) (20,500) (144,317)
Deferred Tax Provision (401,197) (295,603) (696,800)
Revaluation Reserve (1,515,534) 1,515,534 0
Profit and Loss Reserve (2,373,604) (967,983) (3,341,587)

In order to ensure that Fixed Assets is complete, an adjustment of £20,500 has been made against the Director's Loan Account to ensure that all Company costs related to Investment Property, Investments and Motor Vehicles are included in the accounts.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 3

4. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 January 2024 95,214 61,942 157,156
Additions 1,724 2,993 4,717
Disposals 0 ( 43,192) ( 43,192)
At 31 December 2024 96,938 21,743 118,681
Accumulated depreciation
At 01 January 2024 6,612 61,056 67,668
Charge for the financial year 31,834 1,717 33,551
Disposals 0 ( 43,192) ( 43,192)
At 31 December 2024 38,446 19,581 58,027
Net book value
At 31 December 2024 58,492 2,162 60,654
At 31 December 2023 88,602 886 89,488

5. Investment property

Investment property
£
Valuation
As at 01 January 2024 5,673,501
Additions 5,900
Fair value movement 283,250
As at 31 December 2024 5,962,651

Valuation

At each reporting date, investment property is measured at fair value, with changes in fair value recognised in profit or loss. Deferred taxation is provided on gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 1
At 31 December 2024 1
Carrying value at 31 December 2024 1
Carrying value at 31 December 2023 1

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2024 47,392 47,392
At 31 December 2024 47,392 47,392
Carrying value at 31 December 2024 47,392 47,392
Carrying value at 31 December 2023 47,392 47,392

7. Debtors

2024 2023
£ £
Trade debtors 1,662 1,545
VAT recoverable 0 10,175
Other debtors 13,700 0
15,362 11,720

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 9,626
Amounts owed to own subsidiaries 18,490 19,490
Amounts owed to directors 83,015 131,845
Accruals 2,001 2,000
Other taxation and social security 4,504 5,942
Obligations under finance leases and hire purchase contracts (secured) 7,877 4,048
Other creditors 11,402 12,472
127,289 185,423

Hire purchase liabilities are secured on the asset being purchased through the hire purchase contract.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 1,563,158 1,563,158
Obligations under finance leases and hire purchase contracts (secured) 80,275 88,153
1,643,433 1,651,311

The bank loans are secured on all properties held by the Company by fixed and floating charges containing negative pledges. Hire purchase liabilities are secured on the asset being purchased through the hire purchase contract.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
83 Ordinary shares of £ 1.00 each 83 83

11. Related party transactions

At the year end, the company owed the director £83,015 (2023 restated: £131,845). This amount is included within Creditors: amounts falling due within one year. This amount is interest free and repayable on demand.

12. Profit and loss account

Within the profit and loss reserve is a non-distributable amount totalling £965,962 (2023 restated: £972,441) comprising the total unrealised gain on the revaluation of the investment property less the estimated deferred tax on the gain.

As a parent company of wholly owned subsidiary undertakings, the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.