Company registration number 00366700 (England and Wales)
COURTENAY TRUST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
COURTENAY TRUST LIMITED
COMPANY INFORMATION
Directors
L J Osband
R A S Osband
E J Osband
PM Osband
G F Davies
D J Hillman
S R Hillman
L E Valpy
M P Smith
Secretary
M P Smith
Company number
00366700
Registered office
The Courtenay Group
73 Cornhill
London
United Kingdom
EC3V 3QQ
Auditor
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
COURTENAY TRUST LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Notes to the financial statements
13 - 25
COURTENAY TRUST LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 January 2025.

Principal activities

The principal activity of the group during the year continued to be that of property investment.

Results and dividends

The results for the year set out on page 7.

 

Dividends totaling £637,642 (2024 - £594,918) were paid in respect of the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L J Osband
R A S Osband
E J Osband
PM Osband
G F Davies
D J Hillman
S R Hillman
L E Valpy
M P Smith
Auditor

In accordance with the company's articles, a resolution proposing that Gerald Edelman LLP be reappointed as auditor of the group will be put at a General Meeting.

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 auditors of the company and group are 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 auditors of the company and group are aware of that information.

Going concern

Having reviewed the group's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 January 2025.

COURTENAY TRUST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Small companies exemption

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

By order of the board
M P Smith
Secretary
24 July 2025
COURTENAY TRUST LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

COURTENAY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COURTENAY TRUST LIMITED
- 4 -
Opinion

We have audited the financial statements of Courtenay Trust Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company 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 group and parent 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 group's and parent 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.

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:

COURTENAY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COURTENAY TRUST LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

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.

 

Our audit procedures were primarily directed towards testing the accounting systems in operation which we have based our assessment of the financial statements for the year ended 31 January 2025.

 

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

Extent to which the audit was considered capable of detecting irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

COURTENAY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COURTENAY TRUST LIMITED
- 6 -
Audit response to risks identified
Fraud due to management override

To address the risk of fraud through management bias and override of controls, we:

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

 

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

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.

 

 

 

 

 

 

 

 

 

 

COURTENAY TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COURTENAY TRUST LIMITED
- 7 -

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.

Hiten Patel FCCA (Senior Statutory Auditor)
For and on behalf of Gerald Edelman LLP, Statutory Auditor
Chartered Accountants
73 Cornhill
London
EC3V 3QQ
24 July 2025
COURTENAY TRUST LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3,837,018
3,720,949
Cost of sales
(855,014)
(657,669)
Gross profit
2,982,004
3,063,280
Administrative expenses
(2,645,351)
(2,645,144)
Operating profit
336,653
418,136
Interest receivable and similar income
5
379,729
399,292
Interest payable and similar expenses
6
(335,420)
(343,273)
Fair value (losses)/gains on investment properties
10
(437,562)
318,197
Profit on disposal of investment properties
315,343
-
0
Profit before taxation
258,743
792,352
Tax on profit
7
(279,912)
(305,417)
(Loss)/profit for the financial year
21
(21,169)
486,935
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
COURTENAY TRUST LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
820,246
937,466
Investment properties
10
33,795,250
34,295,000
34,615,496
35,232,466
Current assets
Debtors
14
9,605,541
11,267,911
Cash at bank and in hand
856,745
535,778
10,462,286
11,803,689
Creditors: amounts falling due within one year
15
(1,119,422)
(1,489,765)
Net current assets
9,342,864
10,313,924
Total assets less current liabilities
43,958,360
45,546,390
Creditors: amounts falling due after more than one year
16
(6,336,912)
(7,457,182)
Provisions for liabilities
18
(1,394,885)
(1,203,834)
Net assets
36,226,563
36,885,374
Capital and reserves
Called up share capital
20
210,000
210,000
Other reserves
21
27,139,049
26,823,706
Profit and loss reserves
21
8,877,514
9,851,668
Total equity
36,226,563
36,885,374

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

The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
24 July 2025
D J Hillman
Director
COURTENAY TRUST LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
2,131,952
2,131,952
Current assets
Debtors
14
28,620,245
29,664,421
Cash at bank and in hand
1,158
752
28,621,403
29,665,173
Creditors: amounts falling due within one year
15
(36,159)
(19,963)
Net current assets
28,585,244
29,645,210
Total assets less current liabilities
30,717,196
31,777,162
Creditors: amounts falling due after more than one year
16
(27,865,637)
(28,309,633)
Net assets
2,851,559
3,467,529
Capital and reserves
Called up share capital
20
210,000
210,000
Other reserves
21
86,019
86,019
Profit and loss reserves
21
2,555,540
3,171,510
Total equity
2,851,559
3,467,529

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £21,672 (2024 - £63,109 profit).

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 July 2025 and are signed on its behalf by:
24 July 2025
D J Hillman
Director
Company registration number 00366700 (England and Wales)
COURTENAY TRUST LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2023
210,000
26,823,706
9,959,651
36,993,357
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
486,935
486,935
Dividends
8
-
-
(594,918)
(594,918)
Balance at 31 January 2024
210,000
26,823,706
9,851,668
36,885,374
Year ended 31 January 2025:
Loss and total comprehensive income for the year
-
-
(21,169)
(21,169)
Dividends
8
-
-
(637,642)
(637,642)
Transfers
-
315,343
(315,343)
-
Balance at 31 January 2025
210,000
27,139,049
8,877,514
36,226,563
COURTENAY TRUST LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2023
210,000
86,019
3,703,320
3,999,339
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
63,108
63,108
Dividends
8
-
-
(594,918)
(594,918)
Balance at 31 January 2024
210,000
86,019
3,171,510
3,467,529
Year ended 31 January 2025:
Profit and total comprehensive income
-
-
21,672
21,672
Dividends
8
-
-
(637,642)
(637,642)
Balance at 31 January 2025
210,000
86,019
2,555,540
2,851,559
COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
1
Accounting policies
Company information

Courtenay Trust Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Courtenay Group, 73 Cornhill, London, United Kingdom, EC3V 3QQ.

 

The group consists of Courtenay Trust Limited and all of its subsidiaries.

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 at fair value.The principal accounting policies adopted are set out below.

1.2
Business combinations

The consolidated financial statements incorporate those of Courtenay Trust Limited (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 January 2025.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

1.3
Going concern

Having reviewed the group's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 January 2025.

1.4
Turnover

Rent receivable represents amounts receivable from third parties, arising from the principal activity carried out in the United Kingdom.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold improvements
10% straight line
Plant and machinery
20% - 33.33% per annum on cost
Motor vehicles
25% on a straight line basis
COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 14 -

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 recognised in the profit and loss account.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
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.

COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -
1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.15
Retirement benefits

Retirement benefits to employees of the group are provided by a defined contribution scheme which is funded by contributions from the subsidiary company. Payments are made to companies which are financially separate from the group. Pension costs are recognised in the period to which the payment relates.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Classification of properties

The group’s commercial and residential freehold and leasehold interests are primarily held to earn rentals and for capital appreciation over the longer term. Consequently, the directors have determined that it is most appropriate to classify them as investment properties, which are required to be carried at fair value on an ongoing basis.

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment property valuation

The nature of the group’s investment property interests is such that their fair value is determined by using valuation techniques that involve the use of significant inputs. These include assumptions about rental income and rent yields. The nature of these inputs is that there is a range of reasonably plausible alternatives that may be used. When determining the choice of assumptions, the directors have to exercise judgment about those assumptions that are most likely to be appropriate, having regard to each property’s future income-earning potential and yields.

Depreciation of tangible fixed assets

Depreciation on tangible fixed assets which has been calculated in accordance with accounting policies set out in note 1.5 and which is disclosed in note 9.

3
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Total
15
15
9
9
COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 19 -
4
Directors' remuneration
2025
2024
£
£
Remuneration paid to directors
1,084,261
1,011,062
5
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
45,666
40,566
Interest receivable from related undertakings
334,063
358,726
Total income
379,729
399,292
6
Interest payable and similar expenses
2025
2024
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
259,562
252,052
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
104,561
123,664
Adjustments in respect of prior periods
(15,700)
(23,151)
Total current tax
88,861
100,513
Deferred tax
Origination and reversal of timing differences
191,051
204,904
Total tax charge for the year
279,912
305,417
8
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
637,642
594,918
COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 20 -
9
Tangible fixed assets
Group
Leasehold improvem'ts
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2024
984,402
419,043
1,403,445
Additions
-
0
14,537
14,537
At 31 January 2025
984,402
433,580
1,417,982
Depreciation and impairment
At 1 February 2024
273,680
192,299
465,979
Depreciation charged in the year
98,441
33,316
131,757
At 31 January 2025
372,121
225,615
597,736
Carrying amount
At 31 January 2025
612,281
207,965
820,246
At 31 January 2024
710,722
226,744
937,466
The company had no tangible fixed assets at 31 January 2025 or 31 January 2024.
10
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 February 2024 and 31 January 2025
34,295,000
-
Additions
927,812
-
Disposals
(990,000)
-
Revaluations
(437,562)
-
At 31 January 2025
33,795,250
-

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2025 by the directors with reference to advice taken from Strettons, a firm of Chartered Surveyors, who are not connected with the company.

COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
10
Investment property
(Continued)
- 21 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Cost
34,732,438
35,281,793
-
-
Accumulated depreciation
-
-
-
-
Carrying amount
34,732,438
35,281,793
-
-
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Shares in group undertakings and participating interests
-
-
2,131,952
2,131,952
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2024 and 31 January 2025
2,131,952
Carrying amount
At 31 January 2025
2,131,952
At 31 January 2024
2,131,952
12
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Albert Hide & Son Limited
England & Wales
Property investment
Ordinary
100.00
Bristol Road South Limited
England & Wales
Property investment
Ordinary
100.00
Courtenay Investments Limited
England & Wales
Property investment
Ordinary
100.00
Fulwood Place Limited
England & Wales
Property investment
Ordinary
100.00
Market Chambers Limited
England & Wales
Property investment
Ordinary
100.00
Osband First Property Investments Limited
England & Wales
Property investment
Ordinary
100.00
Mansfield Road Limited
England & Wales
Property investment
Ordinary
100.00
COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 22 -
13
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
4,544
11,449
-
-
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
164,250
160,520
-
0
-
0
Other debtors
1,590,198
1,699,880
-
56,527
1,754,448
1,860,400
-
56,527
Amounts falling due after more than one year:
Amounts owed by group
-
0
-
0
20,773,696
20,211,832
Other debtors
7,851,093
9,407,511
7,846,549
9,396,062
7,851,093
9,407,511
28,620,245
29,607,894
Total debtors
9,605,541
11,267,911
28,620,245
29,664,421
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
-
0
265,794
-
0
-
0
Trade creditors
53,109
96,542
-
0
-
0
Corporation tax payable
102,464
123,664
7,225
19,963
Other taxation and social security
130,351
103,936
28,934
-
0
Other creditors
833,498
899,829
-
0
-
0
1,119,422
1,489,765
36,159
19,963
COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 23 -
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans and overdrafts
-
0
800,018
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
21,528,725
21,652,469
Other creditors
6,336,912
6,657,164
6,336,912
6,657,164
6,336,912
7,457,182
27,865,637
28,309,633
17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
-
0
1,065,812
-
0
-
0
Payable within one year
-
265,794
-
-
Payable after one year
-
0
800,018
-
0
-
0

Bank loans were secured by way of a first legal charge over a number of the group's properties and interest is charged at an average of 2.6% over base rate.

18
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Deferred tax liabilities
19
1,394,885
1,203,834
-
0
-
0
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
2025
2024
Group
£
£
Investment property
1,394,885
1,203,834
The company has no deferred tax assets or liabilities.
COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
19
Deferred taxation
(Continued)
- 24 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 February 2024
1,203,834
-
Charge to profit or loss
191,051
-
Liability at 31 January 2025
1,394,885
-
20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
210,000
210,000
210,000
210,000
21
Reserves
Other reserves

Other reserves represent the accumulated surpluses on sales of properties and investments which, in accordance with the Articles of Association, are credited to a non-distributable reserve.

Profit and loss account reserves

Included within the consolidated profit and loss account reserves are distributable reserves in respect of the company amounting to £2,555,540 (2024: £3,171,510).

 

The aggregate distributable reserves for the subsidiaries is £4,855,359 (2024: £5,391,951).

22
Related party transactions

The disclosure requirement of section 1A of FRS 102 allows the company not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly-owned by such a member.

 

Included within debtors due after more than one year is an amount of £7,846,549 (2024 - £9,396,062) due from Banbury Estates Limited. Also included in creditors over one year is an amount of £6,336,912 (2024 - £6,657,163) due to Neath Properties Limited. All of the companies are related companies. During the year interest of £334,062 (2024 - £355,762) was charged by the company to Banbury Estates Limited and £259,562 (2024 - £249,088) by Neath Properties Limited to the company, and is included in these financial statements.

 

Included within in other creditors due within one year is an amount of £66,897 (2024: £140,356) owed to the group by Why Workspace Limited, a connected company. During the year, the group incurred a management charge of £892,948 (2024: £996,101).

 

COURTENAY TRUST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 25 -
23
Directors' transactions

L.J. Osband, R.A.S. Osband, S. Hillman, P.M.E. Osband, D Hillman and L E Valpy, all directors of the company, are members of the Osband family which collectively received dividends totaling £637,642 (2024 - £594,918) during the year.

2025-01-312024-02-01falsefalseCCH SoftwareCCH Accounts Production 2025.200L J OsbandR A S OsbandE J OsbandPM OsbandG F DaviesD J HillmanS R HillmanL E ValpyM P SmithM P Smithfalse00366700bus:Consolidated2024-02-012025-01-31003667002024-02-012025-01-3100366700bus:Director12024-02-012025-01-3100366700bus:Director22024-02-012025-01-3100366700bus:Director32024-02-012025-01-3100366700bus:Director42024-02-012025-01-3100366700bus:Director52024-02-012025-01-3100366700bus:Director62024-02-012025-01-3100366700bus:Director72024-02-012025-01-3100366700bus:Director82024-02-012025-01-3100366700bus:Director92024-02-012025-01-3100366700bus:CompanySecretary12024-02-012025-01-3100366700bus:RegisteredOffice2024-02-012025-01-3100366700bus:CompanySecretaryDirector12024-02-012025-01-3100366700bus:Consolidated2025-01-3100366700bus:Consolidated2023-02-012024-01-31003667002023-02-012024-01-31003667002025-01-3100366700bus:Consolidated2024-01-3100366700core:LandBuildingsbus:Consolidated2025-01-3100366700core:OtherPropertyPlantEquipmentbus:Consolidated2025-01-3100366700core:LandBuildingsbus:Consolidated2024-01-3100366700core:OtherPropertyPlantEquipmentbus:Consolidated2024-01-31003667002024-01-3100366700core:ShareCapitalbus:Consolidated2025-01-3100366700core:ShareCapitalbus:Consolidated2024-01-3100366700core:OtherMiscellaneousReservebus:Consolidated2025-01-3100366700core:OtherMiscellaneousReservebus:Consolidated2024-01-3100366700core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-01-3100366700core:ShareCapital2025-01-3100366700core:ShareCapital2024-01-3100366700core:OtherMiscellaneousReserve2025-01-3100366700core:OtherMiscellaneousReserve2024-01-3100366700core:RetainedEarningsAccumulatedLosses2025-01-3100366700core:RetainedEarningsAccumulatedLosses2024-01-3100366700core:ShareCapital2023-01-3100366700core:OtherMiscellaneousReserve2023-01-3100366700core:RetainedEarningsAccumulatedLosses2023-01-31003667002023-01-3100366700core:LeaseholdImprovements2024-02-012025-01-3100366700core:FurnitureFittings2024-02-012025-01-3100366700core:MotorVehicles2024-02-012025-01-3100366700core:UKTaxbus:Consolidated2024-02-012025-01-3100366700core:UKTaxbus:Consolidated2023-02-012024-01-3100366700core:LandBuildingsbus:Consolidated2024-01-3100366700core:OtherPropertyPlantEquipmentbus:Consolidated2024-01-3100366700bus:Consolidated2024-01-3100366700core:LandBuildingsbus:Consolidated2024-02-012025-01-3100366700core:OtherPropertyPlantEquipmentbus:Consolidated2024-02-012025-01-3100366700core:Subsidiary12024-02-012025-01-3100366700core:Subsidiary22024-02-012025-01-3100366700core:Subsidiary32024-02-012025-01-3100366700core:Subsidiary42024-02-012025-01-3100366700core:Subsidiary52024-02-012025-01-3100366700core:Subsidiary62024-02-012025-01-3100366700core:Subsidiary72024-02-012025-01-3100366700core:Subsidiary112024-02-012025-01-3100366700core:Subsidiary222024-02-012025-01-3100366700core:Subsidiary332024-02-012025-01-3100366700core:Subsidiary442024-02-012025-01-3100366700core:Subsidiary552024-02-012025-01-3100366700core:Subsidiary662024-02-012025-01-3100366700core:Subsidiary772024-02-012025-01-3100366700core:WithinOneYearbus:Consolidated2025-01-3100366700core:WithinOneYearbus:Consolidated2024-01-3100366700core:CurrentFinancialInstrumentscore:WithinOneYear2025-01-3100366700core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3100366700core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2025-01-3100366700core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-01-3100366700core:Non-currentFinancialInstrumentscore:AfterOneYear2025-01-3100366700core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3100366700core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2025-01-3100366700core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-01-3100366700core:CurrentFinancialInstrumentsbus:Consolidated2025-01-3100366700core:CurrentFinancialInstrumentsbus:Consolidated2024-01-3100366700core:CurrentFinancialInstruments2025-01-3100366700core:CurrentFinancialInstruments2024-01-3100366700core:Non-currentFinancialInstrumentsbus:Consolidated2025-01-3100366700core:Non-currentFinancialInstrumentsbus:Consolidated2024-01-3100366700core:Non-currentFinancialInstruments2025-01-3100366700core:Non-currentFinancialInstruments2024-01-3100366700bus:PrivateLimitedCompanyLtd2024-02-012025-01-3100366700bus:FRS1022024-02-012025-01-3100366700bus:Audited2024-02-012025-01-3100366700bus:ConsolidatedGroupCompanyAccounts2024-02-012025-01-3100366700bus:FullAccounts2024-02-012025-01-31xbrli:purexbrli:sharesiso4217:GBP