Company registration number 01743858 (England and Wales)
COSMICHOME LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
COSMICHOME LIMITED
COMPANY INFORMATION
Directors
D A Pearlman
M R Goldberger
H A Pearlman
A E Bliss
(Appointed 19 December 2023)
W P Tuffy
(Appointed 19 December 2023)
J N Thomson
(Appointed 19 December 2023)
Secretary
H A Pearlman
Company number
01743858
Registered office
Quadrant House - Floor 6
4 Thomas More Square
London
E1W 1YW
Auditor
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
Business address
1st Floor
9 White Lion Street
London
N1 9PD
Bankers
National Westminster Bank Plc
20 Amhurst Road
London
E8 1QZ
Solicitors
Hamlins LLP
1 Kingsway
London
United Kingdom
WC2B 6AN
COSMICHOME LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
COSMICHOME LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of property investment.

Results and dividends

The results for the year are set out on page 7. The result for the year and the financial position at the year end were considered satisfactory by the directors.

 

An interim ordinary dividend was paid amounting to £4,000,000 (2023: £3,500,000). The directors do not recommend payment of a final dividend.

Directors
The directors have no beneficial interests in the shares of the company. Their interests in the shares of the company's ultimate parent company are disclosed in the directors' report of that company.
D A Pearlman
M R Goldberger
H A Pearlman
A E Bliss
(Appointed 19 December 2023)
W P Tuffy
(Appointed 19 December 2023)
J N Thomson
(Appointed 19 December 2023)
Auditor

The auditor, UHY Hacker Young, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

COSMICHOME LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M R Goldberger
Director
24 June 2025
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COSMICHOME LIMITED
- 3 -
Opinion

We have audited the financial statements of Cosmichome Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's 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 UK, including the FRC’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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COSMICHOME LIMITED (CONTINUED)
- 4 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COSMICHOME LIMITED (CONTINUED)
- 5 -
Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding using our general commercial and sector experience and through discussion with the Directors and other senior management of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We enquired of management and the Directors as to their identification of any non-compliance with laws or regulations, or any actual or potential claims. We performed our own checks of compliance with relevant areas identified which included financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation, health & safety and anti-money laundering. We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. We agreed the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements. We reviewed Board meeting minutes and enquired of the Directors and management as to the risks of non-compliance and any instances thereof. We challenged assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the property valuations by reviewing the rental yields per property against market yields as per industry reports.

 

In relation to the risk of management override of internal controls, we undertook procedures to review journal entries processed up to the year end and evaluated whether there was a risk of material misstatement due to fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our 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 auditor's 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COSMICHOME LIMITED (CONTINUED)
- 6 -
Harriet Hodgson-Grove
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
24 June 2025
Chartered Accountants
Statutory Auditor
COSMICHOME LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2,490,965
2,311,834
Property expenses
(616,254)
(746,643)
Gross profit
1,874,711
1,565,191
Administrative expenses
(39,609)
(38,239)
Profit on disposal of properties
-
0
44,382
Operating profit
1,835,102
1,571,334
Interest receivable and similar income
4
(42,356)
(888,806)
Interest payable and similar expenses
5
(606)
(57)
Fair value gains and losses on investment properties
7
(2,695,180)
(470,900)
(Loss)/profit before taxation
(903,040)
211,571
Taxation
6
567,317
(239,936)
Loss for the financial year
(335,723)
(28,365)
Other comprehensive income
Fair value profits/(losses) on investment properties (joint ventures)
2,261,600
(1,859,000)
Deferred tax on fair value gains (joint ventures)
6
(565,400)
21,700
Total comprehensive income/(expense) for the year
1,360,477
(1,865,665)
COSMICHOME LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
7
28,810,000
31,505,000
Investments
8
5,485,925
1,820,304
34,295,925
33,325,304
Current assets
Debtors
10
20,712,402
24,215,885
Cash at bank and in hand
58,709
19,971
20,771,111
24,235,856
Creditors: amounts falling due within one year
11
(3,696,596)
(3,389,130)
Net current assets
17,074,515
20,846,726
Total assets less current liabilities
51,370,440
54,172,030
Provisions for liabilities
12
(3,850,592)
(4,012,659)
Net assets
47,519,848
50,159,371
Capital and reserves
Called up share capital
14
2
2
Other equity reserve
17
7,615,311
7,881,588
Profit and loss reserves
17
39,904,535
42,277,781
Total equity
47,519,848
50,159,371

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
M R Goldberger
Director
Company Registration No. 01743858
COSMICHOME LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Other equity reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
2
10,280,850
45,244,184
55,525,036
Year ended 30 September 2023:
Loss for the year
-
-
(28,365)
(28,365)
Other comprehensive income:
Other comprehensive income of associates and jointly controlled entities accounted for using the equity method
-
-
0
(1,859,000)
(1,859,000)
Tax relating to other comprehensive income
-
-
0
21,700
21,700
Total comprehensive income for the year
-
-
(1,865,665)
(1,865,665)
Dividends
-
-
(3,500,000)
(3,500,000)
Transfers
-
(2,399,262)
2,399,262
-
Balance at 30 September 2023
2
7,881,588
42,277,781
50,159,371
Year ended 30 September 2024:
Loss for the year
-
-
(335,723)
(335,723)
Other comprehensive income:
Other comprehensive income of associates and jointly controlled entities accounted for using the equity method
-
-
0
2,261,600
2,261,600
Tax relating to other comprehensive income
-
-
0
(565,400)
(565,400)
Total comprehensive income for the year
-
-
1,360,477
1,360,477
Dividends
-
-
(4,000,000)
(4,000,000)
Transfers
-
(266,277)
266,277
-
Balance at 30 September 2024
2
7,615,311
39,904,535
47,519,848
COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
1
Accounting policies
Company information

Cosmichome Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Structadene Ltd. These consolidated financial statements are available from its registered office, Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.

1.2
Turnover

Turnover represents rents, insurance receivable and service charges receivable, net of VAT.

 

Revenue is recognised at the point where the benefit of the service provided is transferred to the customer.

COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.3
Investment Properties

Investment properties are valued annually at fair value. Fair value is ascertained through review of a number of factors and information flows, including market knowledge, recent market movements, recent sales of similar properties, historical experience, and rent levels and cash flows of cash for the respective investment property. There is an inevitable degree of judgement involved and value can be only reliably tested ultimately in the market itself. Given the property market knowledge and expertise of the directors, no third party valuation has been considered necessary unless required by the lenders.

 

1.4
Fixed asset investments

Interests in subsidiaries, and associates 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.

 

Interests in joint ventures are initially recognised at transaction price and subsequently at each reporting date measured at fair value with the changes being recognised 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.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

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

1.7
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.

Changes in the 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.

1.8
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 profit and loss account 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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Deferred tax is not provided on timing differences arising from the revaluations of fixed assets, where there is no commitment to sell the asset. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered.
COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

 

Investments

Investments held as fixed assets are stated at cost less any provision for impairment. Directors have assessed the recoverability of investments made and economic benefit of the investments based on the market conditions, economic forecasts and cashflow estimates.

 

Investment properties

The valuations the Company places on its property portfolio require estimates to be made, including, but not limited to, market yields, expected rental values (ERVs), void periods and, currently, the likely short-term impact of rent concessions. These estimates are based on assumptions made by the valuers. The approach to the valuations and the amounts affected are set out in the accounting policies and note 7 on Investment Properties. The Company has valued the investment properties at fair value.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Share of (Loss)/Income from joint ventures
(45,858)
(903,936)
COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
5
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Other Interest Payable
606
57
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
160,150
138,650
Adjustments in respect of prior periods
-
0
(11,875)
Total current tax
160,150
126,775
Deferred tax
Origination and reversal of timing differences
(727,467)
113,161
Total tax (credit)/charge
(567,317)
239,936
COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Taxation
(Continued)
- 15 -

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(903,040)
211,571
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
(225,760)
46,546
Gains not taxable
-
0
2,408
Change in unrecognised deferred tax assets
-
0
(30,174)
Adjustments in respect of prior years
(1,100)
3,427
Group relief
(281,550)
3,502
Other tax adjustments
565,400
(442,999)
Deferred tax rate adjustments
-
0
64,909
Capital gains transfers
-
0
(557)
Capital disposals
(10,759)
(16,538)
Indexation allowances
(48,148)
609,412
Transfers to OCI
(565,400)
-
0
Taxation (credit)/charge for the year
(567,317)
239,936

In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Current tax arising on:
Actuarial differences recognised as other comprehensive income
565,400
(21,700)
COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
7
Investment properties
Freehold
Leasehold
Total
£
£
£
Valuation
At 1 October 2023
26,305,000
5,200,000
31,505,000
Additions
180
-
0
180
Revaluation
(1,945,180)
(750,000)
(2,695,180)
At 30 September 2024
24,360,000
4,450,000
28,810,000
Carrying amount
At 30 September 2024
24,360,000
4,450,000
28,810,000
At 30 September 2023
26,305,000
5,200,000
31,505,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 30 September 2024 by the Directors who are considered to have sufficient industry experience. The Directors are also employees of the company’s parent Structadene Limited and are hence connected to the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

 

The investment properties are secured against borrowings from Nationwide Building Society in Shardell Limited, a fellow subsidiary undertaking. The company, together with Structadene Limited, Newport Holdings Limited, Carlton Real Estates Developments Limited, Maiden Lane Estates Limited, First London Investments Limited, Newport (Oban) Limited, Islington Holdings LLP, Sterling Alliance Limited and D A Pearlman, entered a cross guarantee in favour of Nationwide Building Society (NBS) on the current and future borrowings owing to NBS by Shardell Limited. D A Pearlman controls Structadene Limited, the immediate and ultimate parent company, with the remaining above mentioned being fellow subsidiary undertakings of Cosmichome Limited.

8
Fixed asset investments
2024
2023
£
£
Investment in subsidiary
499,998
499,998
Interests in joint ventures
4,985,927
1,320,306
5,485,925
1,820,304
COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Fixed asset investments
(Continued)
- 17 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
Interests in joint ventures
Total
£
£
£
Cost or valuation
At 1 October 2023
499,998
1,320,306
1,820,304
Cash movements
-
1,449,879
1,449,879
Share of Profit/(loss) of Joint Venture:
-
2,215,742
2,215,742
At 30 September 2024
499,998
4,985,927
5,485,925
Carrying amount
At 30 September 2024
499,998
4,985,927
5,485,925
At 30 September 2023
499,998
1,320,306
1,820,304
9
Joint ventures

Details of the company's joint ventures at 30 September 2024 are as follows:

Name of undertaking
Registered office
Nature of business
% Held
Direct
Romenglen & Romenglen No.2
England & Wales
Property Investment
50.00
Reefmark
England & Wales
Property Investment
25.00
COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
176,282
148,182
Corporation tax recoverable
222
222
Amount due from parent undertaking
7,505,614
11,001,392
Amounts due from fellow group undertakings
12,819,236
12,867,711
Amounts due from related parties
37,484
38,150
Amounts owed by participating interests
-
0
116
Other debtors
6,877
5,196
Prepayments and accrued income
166,687
154,916
20,712,402
24,215,885
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
71,762
37,899
Amounts owed to group undertakings
2,285,885
2,097,927
Amounts owed to related parties
1,086
618
Corporation tax
161,250
138,650
Other taxation and social security
117,716
97,841
Other creditors
627,302
597,771
Accruals and deferred income
431,595
418,424
3,696,596
3,389,130
12
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
13
3,850,592
4,012,659
COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
13
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
395,226
389,990
Revaluations
3,455,366
3,622,669
3,850,592
4,012,659
2024
Movements in the year:
£
Liability at 1 October 2023
4,012,659
Credit to profit or loss
(162,067)
Liability at 30 September 2024
3,850,592

The deferred tax liability set out above is expected to reverse over future trading periods and relates to accelerated capital allowances and revaluation gains that are expected to mature within the same period.

14
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
15
Financial commitments, guarantees and contingent liabilities

The company has granted legal charges over certain of its freehold investment properties to secure bank loans to its ultimate holding company, Structadene Limited.

 

The company is also jointly and severally liable, with its joint venture partners, for the bank borrowings of its joint ventures. The borrowings, which as at 30 September 2024 amounted to £37,137,000 (2023: £37,827,000) are secured on joint ventures and their associated properties with a carrying value at that date of £60,400,000 (2023: £55,875,000).

COSMICHOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
16
Related party transactions

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

Included within amounts due from related parties is £37,484 (2023: £38,150) due from Pearl & Coutts Limited, and £Nil (2023: £720) due from D A Pearlman. These amounts are non-interest bearing and receivable on demand. D A Pearlman is a director of these companies.

17
Equity

Called-up share capital

Represents the nominal value of shares that have been issued.

 

Other equity reserve

Represents fair value movements in investment property and investments net of deferred tax, recognised in the current and previous reporting period.

 

Profit and loss account

Includes all current and prior period retained profits and losses.

18
Controlling party

The company's immediate parent company is Structadene Limited, which is the only undertaking to produce consolidated financial statements. The registered office of Structadene Limited is Quadrant House, Floor 6, 4 Thomas More Square, London E1W 1YW. Copies of the financial statements of Structadene Limited can be obtained from the Registrar of Companies. The ultimate controlling party is D A Pearlman, a director of this company and a director and controlling shareholder of Structadene Limited.

 

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