IRIS Accounts Production v25.1.4.42 02988192 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029881922023-12-31029881922024-12-31029881922024-01-012024-12-31029881922022-12-31029881922023-01-012023-12-31029881922023-12-3102988192ns15:EnglandWales2024-01-012024-12-3102988192ns14:PoundSterling2024-01-012024-12-3102988192ns10:Director12024-01-012024-12-3102988192ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3102988192ns10:SmallEntities2024-01-012024-12-3102988192ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3102988192ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3102988192ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3102988192ns10:FullAccounts2024-01-012024-12-3102988192ns10:Director22024-01-012024-12-3102988192ns10:Director32024-01-012024-12-3102988192ns10:Director42024-01-012024-12-3102988192ns10:RegisteredOffice2024-01-012024-12-3102988192ns5:CurrentFinancialInstruments2024-12-3102988192ns5:CurrentFinancialInstruments2023-12-3102988192ns5:Non-currentFinancialInstruments2024-12-3102988192ns5:Non-currentFinancialInstruments2023-12-3102988192ns5:ShareCapital2024-12-3102988192ns5:ShareCapital2023-12-3102988192ns5:FurtherSpecificReserve3ComponentTotalEquity2024-12-3102988192ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3102988192ns5:RetainedEarningsAccumulatedLosses2024-12-3102988192ns5:RetainedEarningsAccumulatedLosses2023-12-3102988192ns5:FurnitureFittings2024-01-012024-12-3102988192ns5:FurnitureFittings2023-12-3102988192ns5:FurnitureFittings2024-12-3102988192ns5:FurnitureFittings2023-12-3102988192ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3102988192ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3102988192ns5:Secured2024-12-3102988192ns5:Secured2023-12-3102988192ns5:RetainedEarningsAccumulatedLosses2023-12-3102988192ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3102988192ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-31
REGISTERED NUMBER: 02988192 (England and Wales)













CORMETZ LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






CORMETZ LIMITED (REGISTERED NUMBER: 02988192)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


CORMETZ LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mrs G F Metzgen
Mrs J Goodey
J M R Prichard
N E Corfield





SECRETARY: A.S.H. & S. Vickers Limited





REGISTERED OFFICE: 255 Green Lanes
Palmers Green
London
N13 4XE





REGISTERED NUMBER: 02988192 (England and Wales)





ACCOUNTANTS: John Crook & Partners
Chartered Accountants
255 Green Lanes
Palmers Green
London
N13 4XE

CORMETZ LIMITED (REGISTERED NUMBER: 02988192)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 2,961 3,933
Investment property 5 6,225,000 6,225,000
6,227,961 6,228,933

CURRENT ASSETS
Debtors 6 48,734 43,546
Cash at bank 50,865 67,707
99,599 111,253
CREDITORS
Amounts falling due within one year 7 49,655 70,288
NET CURRENT ASSETS 49,944 40,965
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,277,905

6,269,898

CREDITORS
Amounts falling due after more than one
year

8

(2,025,000

)

(2,030,000

)

PROVISIONS FOR LIABILITIES (597,674 ) (588,564 )
NET ASSETS 3,655,231 3,651,334

CAPITAL AND RESERVES
Called up share capital 120 120
Fair value reserve 10 2,896,759 2,896,759
Retained earnings 10 758,352 754,455
SHAREHOLDERS' FUNDS 3,655,231 3,651,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CORMETZ LIMITED (REGISTERED NUMBER: 02988192)

BALANCE SHEET - continued
31 DECEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by:





Mrs G F Metzgen - Director


CORMETZ LIMITED (REGISTERED NUMBER: 02988192)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Cormetz Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover comprises the rental income from the freehold and leasehold properties held by the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on reducing balance and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Where it is possible to determine that the small profits rate of tax would be appropriate, this has been used. In all other cases the deferred tax has been calculated at the main rate.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

CORMETZ LIMITED (REGISTERED NUMBER: 02988192)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 January 2024
and 31 December 2024 19,984
DEPRECIATION
At 1 January 2024 16,051
Charge for year 972
At 31 December 2024 17,023
NET BOOK VALUE
At 31 December 2024 2,961
At 31 December 2023 3,933

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 6,225,000
NET BOOK VALUE
At 31 December 2024 6,225,000
At 31 December 2023 6,225,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2009 1,739,039
Valuation in 2010 202,995
Valuation in 2013 685,330
Valuation in 2015 186,072
Valuation in 2016 119,000
Valuation in 2018 (209,899 )
Valuation in 2019 (188,231 )
Valuation in 2020 885,684
Valuation in 2021 3,880
Valuation in 2023 70,000
Cost 2,731,130
6,225,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,731,130 2,731,130

Investment properties were valued on an open market basis on 31 December 2024 by the directors .

CORMETZ LIMITED (REGISTERED NUMBER: 02988192)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 48,734 43,546

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 620 3,836
Taxation and social security 3,912 -
Other creditors 45,123 66,452
49,655 70,288

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,350,000 1,350,000
Other creditors 675,000 680,000
2,025,000 2,030,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,350,000 1,350,000

The bank loan is secured by fixed charges over the companies investment properties, a debenture over the assets of the company.

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2024 754,455 2,896,759 3,651,214
Profit for the year 3,897 3,897
At 31 December 2024 758,352 2,896,759 3,655,111

11. OTHER FINANCIAL COMMITMENTS

The company has annual commitments to pay ground rents to the freeholders of the properties. The total commitments are not included as the contract is terminated when the properties are sold. The total payable in the next twelve months is £2,851. This commitment will increase over time.

CORMETZ LIMITED (REGISTERED NUMBER: 02988192)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

12. RELATED PARTY DISCLOSURES

The company paid £4,200 (2023 - £3,930) to Mrs GF Metzgen in respect of rent for the use of her home as an office. Mrs GF Metzgen and her husband have loaned the company money to assist with the purchase of the properties. At the year end the amount due to them was £697,608 (2023 - £720,038) of which £750,000 is repayable in more than 12 months.

During the year, the company leased one of its properties under an assured shorthold tenancy to Ms S LaRocque, the step-daughter of Mrs Metzgen who is a director and shareholder of the company.The rent received during the year was £11,700 (2023 - £4,526).

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs G F Metzgen.