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Registered number: 12213963






COLC FINANCE PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










img496c.png

 
COLC FINANCE PLC
 
 
COMPANY INFORMATION


Directors
E W N Plunket-Checkemian 
J E E Barham 
A T M Bishop 




Company secretary
E W N Plunket-Checkemian



Registered number
12213963



Registered office
19 Old Broad Street

London

EC2N 1DS




Independent auditors
Venthams
Chartered Accountants & Statutory Auditor

Summit House

12 Red Lion Square

London

WC1R 4QH





 
COLC FINANCE PLC
 

CONTENTS



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Statement of income and retained earnings
 
 
9
Balance sheet
 
 
10
Statement of cash flows
 
 
11
Analysis of net debt
 
 
12
Notes to the financial statements
 
 
13 - 17


 
COLC FINANCE PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their report and financial statements for the year ended 31 December 2024.

Business review
 
The business of the Company is the issuing loan notes to raise funding on behalf of its ultimate controlling party, the City of London Club. During the year no further loan notes were issued.  The Company’s income is solely from the City of London Club and comprises amounts to cover the company’s interest obligations and administrative costs, plus £100 per annum.
The Directors are satisfied with the activity during the year.

Principal risks and uncertainties
 
The principal risks and uncertainties to the company relate to the ability of the City of London Club to make payments to fund the company’s interest obligations and administrative expenses, and the effects of the lockdown on the City of London Club caused by the coronavirus pandemic.
To mitigate these risks the Directors, who are members of and on the committees of the City of London Club, regularly review the financial results and forecasts of the club.

Financial key performance indicators
 
All loan notes are at a fixed rate of interest of 4.5% or 5% for qualifying noteholders with a fixed repayment profile. As above the key performance indicator is the ability of the City of London Club to fund the Company’s obligations.

Other key performance indicators
 
There are no key non-financial performance indicators of the company given its function as a entity to hold loan notes on behalf of the City of London Club.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:-
'A director of a company must act in the way consider, in good faith, would be most likely to promote the success of the company for the benefit of the shareholders as a whole and, in doing so have a regard (amongst other matters) to:-
• the likely consequences of any decisions in the long-term
• the interests of the company's employees
• the need to foster the company's business relationships with suppliers, customers and others;
• the desirability of the company maintaining a reputation for high standards of busines conduct; and
• the need to act fairly as between members of the company.'
The Directors acknowledge these responsibilities and as described above work closely with the City of London Club to ensure these obligations are met.

Page 1

 
COLC FINANCE PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board and signed on its behalf.



J E E Barham
Director

Date: 10 April 2025

Page 2

 
COLC FINANCE PLC
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £100 (2023 -£100).

Directors

The directors who served during the year were:

E W N Plunket-Checkemian 
J E E Barham 
A T M Bishop 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
COLC FINANCE PLC
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Auditors

The auditorsVenthamswill be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J E E Barham
Director

Date: 10 April 2025

Page 4

 
COLC FINANCE PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLC FINANCE PLC
 

Opinion


We have audited the financial statements of COLC Finance PLC (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
COLC FINANCE PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLC FINANCE PLC (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
COLC FINANCE PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLC FINANCE PLC (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include The International Stock Exchange legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
COLC FINANCE PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLC FINANCE PLC (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Taylor (Senior statutory auditor)
  
for and on behalf of
Venthams
 
Chartered Accountants
Statutory Auditor
  
Summit House
12 Red Lion Square
London
WC1R 4QH

10 April 2025
Page 8

 
COLC FINANCE PLC
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Interest receivable and similar income
  
180,822
239,110

Interest payable and similar expenses
  
(170,607)
(170,438)

Administrative expenses
  
(10,115)
(68,572)

Profit before tax
  
100
100

Profit after tax
  
100
100

  

  

Retained earnings at the beginning of the year
  
440
340

  
440
340

Profit for the year
  
100
100

Retained earnings at the end of the year
  
540
440
Page 9

 
COLC FINANCE PLC
REGISTERED NUMBER:12213963

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 6 
3,710,914
3,540,712

Cash at bank and in hand
 7 
49,491
49,603

  
3,760,405
3,590,315

Total assets less current liabilities
  
 
 
3,760,405
 
 
3,590,315

Creditors: amounts falling due after more than one year
 8 
(3,709,865)
(3,539,875)

  

Net assets
  
50,540
50,440


Capital and reserves
  

Called up share capital 
 10 
50,000
50,000

Profit and loss account
 11 
540
440

  
50,540
50,440


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J E E Barham
Director

Date: 10 April 2025

Page 10

 
COLC FINANCE PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
100
100

Adjustments for:

Interest paid
-
170,438

Interest received
-
(239,110)

(Increase)/decrease in debtors
(169,990)
-

(Increase) in amounts owed by groups
(212)
(583)

Increase in creditors
169,990
-

Net cash generated from operating activities

(112)
(69,155)


Cash flows from investing activities

Interest received
-
239,110

Net cash from investing activities

-
239,110

Cash flows from financing activities

Interest paid
-
(170,438)

Net cash used in financing activities
-
(170,438)

Net (decrease) in cash and cash equivalents
(112)
(483)

Cash and cash equivalents at beginning of year
49,603
50,086

Cash and cash equivalents at the end of year
49,491
49,603


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
49,491
49,603

49,491
49,603


Page 11

 
COLC FINANCE PLC
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

49,603

(112)

49,491

Debt due after 1 year

(3,539,875)

-

(3,539,875)


(3,490,272)
(112)
(3,490,384)

Page 12

 
COLC FINANCE PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

COLC Finance PLC is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 19 Old Broad Street, London, EC2N 1DS.
The principal activity of the company continued to be that of issuing loan notes to raise funding on behalf of its ultimate controlling party, the City of London Club.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the Company's financial position and future plans are are satisfied that no material uncertainties to going concern exist at the date of approval of these financial statements.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 13

 
COLC FINANCE PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors consider that there have been no significant judgements or estimations made during the course of preparing these financial statements.

Page 14

 
COLC FINANCE PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
2,400
2,400

Fees payable to the Company's auditors and their associates in respect of:

All other services
900
900


5.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management
4
4


6.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
3,540,924
3,540,712

Accrued income
169,990
-

3,710,914
3,540,712



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
49,491
49,603

49,491
49,603


Page 15

 
COLC FINANCE PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Loan notes
3,539,875
3,539,875

Accruals
169,990
-

3,709,865
3,539,875


The loan notes are secured by the following:
 
A fixed and floating charge over the assets of the Company, which includes the Company's rights under loan agreement with the City of London Club in respect of the amounts due by group undertakings in Note 8.
 
A fixed charge over the freehold property (including all fixtures and fittings) which is owned by the City of London Club. However for as long as there is any commercial finance outstanding such security over the property will rank behind the fixed charge over the property and any other security granted in favour of the provider of the commercial finance.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Loan notes
3,539,875
3,539,875

3,539,875
3,539,875


All loan notes are at a fixed rate of interest of 4.5% or 5% for qualifying noteholders with a fixed repayment profile.


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 -50,000) Ordinary shares of £1.00 each
50,000
50,000


The Ordinary shares have attached to them full voting, dividend and capital distribution rights; they do not confer any rights of redemption.

Page 16

 
COLC FINANCE PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Reserves

Profit and loss account

All reserves in respect of profit and loss are distributable reserves.


12.


Related party transactions

City of London Club
The Company received loan interest of £170,607 (2023: £170,438) and income of £10,115 (2023: £68,572) from the Club to cover the Club's expenditure in line with the agreement between the two entities. At the balance sheet date, the £3,540,924 (2023: £3,540,712) was owed by the Club to the Company.
Transactions with Directors
J E E Barham, a director of the Company, held £10,000 (2023: £10,000) of loan notes at the balance sheet date. Interest payable of £450 (2023: £450) was charged on these loan notes during the period.


13.


Controlling party

The Company's ultimate controlling party is the City of London Club by virtue of members of the Club owning the share capital of the Company on trust on behalf of the Club.

Page 17