Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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Investments | 6 |
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6,070,698 | 5,810,382 | |||
Current assets | ||||
Debtors | 7 |
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Cash at bank and in hand |
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16,492 | 64,822 | |||
Creditors: amounts falling due within one year | 8 | (
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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 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account | 12 |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of The Courtenay Group Limited (registered number:
N C Davies
Director |
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.
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 £.
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 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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
Vehicles |
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Office equipment |
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The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Office equipment | Total | |||
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Cost | |||||
At 01 January 2024 |
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Additions |
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Disposals |
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At 31 December 2024 |
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Accumulated depreciation | |||||
At 01 January 2024 |
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Charge for the financial year |
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Disposals |
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At 31 December 2024 |
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Net book value | |||||
At 31 December 2024 |
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At 31 December 2023 |
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Investment property | |
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Valuation | |
As at 01 January 2024 |
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Additions | 5,900 |
Fair value movement | 283,250 |
As at 31 December 2024 |
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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.
Investments in subsidiaries
2024 | |
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Cost | |
At 01 January 2024 |
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At 31 December 2024 |
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Carrying value at 31 December 2024 |
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Carrying value at 31 December 2023 |
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Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 January 2024 |
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At 31 December 2024 |
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Carrying value at 31 December 2024 |
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Carrying value at 31 December 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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VAT recoverable |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to own subsidiaries |
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Amounts owed to directors |
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Accruals |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Obligations under finance leases and hire purchase contracts (secured) |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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.
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.