Company No:
Contents
DIRECTOR | D J Coldman |
REGISTERED OFFICE | Brockbourne House |
77 Mount Ephraim | |
Tunbridge Wells | |
Kent | |
TN4 8BS | |
United Kingdom |
COMPANY NUMBER | 10602101 (England and Wales) |
ACCOUNTANT | S&W Partners (South East) Limited |
Brockbourne House | |
77 Mount Ephraim | |
Royal Tunbridge Wells | |
TN4 8BS |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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1,751,237 | 1,423,383 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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43,972 | 23,017 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (1,824,786) | (1,494,616) | ||
Total assets less current liabilities | (73,549) | (71,233) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Coldman Estates Limited (registered number:
D J Coldman
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.
Coldman Estates 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 Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Coldman Estates Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on the basis that the Company will continue in operational existence for the foreseeable future. This means, in particular, that the profit and loss account and balance sheet assume no intention or necessity to liquidate or curtail significantly the scale of the operations.
At the balance sheet date, the Company had net liabilities of £73,549 (2023: £71,233). The director has reviewed the future outlook of the business and has confirmed he will continue to provide their ongoing support for a period of at least 12 months from the date at which these accounts are approved. The financial statements have been prepared on
this basis given the continuing support of the director.
The revenue is made up of income from rent, livery and race course hire.
Revenue is recognised in the period to which it relates.
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Plant and machinery etc. |
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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.
The fair value is determined annually by the director, on an open market value for existing use basis.
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 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.
Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
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At 30 June 2024 |
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Accumulated depreciation | |||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 30 June 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
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Additions | 329,839 |
As at 30 June 2024 |
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The 2024 valuations were made by the director, on an open market value for existing use basis.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
2024 | 2023 | ||
£ | £ | ||
Historic cost | 1,648,893 | 1,319,054 |
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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VAT recoverable |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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after five years |
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Other financial commitments
2024 | 2023 | ||
£ | £ | ||
Due by the company as lessee: Not later than 1 year |
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Transactions with the entity's director
During the year, the company received an additional loan of £348,000 from the director. At the balance sheet date, the total amount owed to the director was £1,856,328 (2023: £1,508,328). This loan is interest free and repayable on demand, and has been included within other creditors.