Company registration number 3054658 (England and Wales)
COLEHERNE COURT FREEHOLD LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
COLEHERNE COURT FREEHOLD LIMITED
BALANCE SHEET
AS AT
25 DECEMBER 2022
25 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,040
10,613
Investments
4
2
2
8,042
10,615
Current assets
Debtors
5
1,737
2,874
Cash at bank and in hand
374,858
393,586
376,595
396,460
Creditors: amounts falling due within one year
6
(386,877)
(407,372)
Net current liabilities
(10,282)
(10,912)
Net liabilities
(2,240)
(297)
Capital and reserves
Called up share capital
206
205
Profit and loss reserves
(2,446)
(502)
Total equity
(2,240)
(297)
For the financial year ended 25 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 4 June 2023 and are signed on its behalf by:
Sir M Potter
Mr M Kramer
Director
Director
Company Registration No. 3054658
COLEHERNE COURT FREEHOLD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 25 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 26 December 2020
205
69,890
70,095
Year ended 25 December 2021:
Loss and total comprehensive income for the year
-
(70,392)
(70,392)
Balance at 25 December 2021
205
(502)
(297)
Year ended 25 December 2022:
Loss and total comprehensive income for the year
-
(1,944)
(1,944)
Issue of share capital
1
-
1
Balance at 25 December 2022
206
(2,446)
(2,240)
COLEHERNE COURT FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Coleherne Court Freehold Limited is a private company limited by shares incorporated in England and Wales. The registered office is Block K Coleherne Court, The Estate Office, The Little Boltons, London, SW5 0DL.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Turnover is recognised in the same period within which the services are provided.
1.4
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.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Ground rents receivable -
capitalised using a 7% yield.
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
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.
COLEHERNE COURT FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 (if any). 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.
1.7
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
2
Employees
The average monthly number of persons employed by the company during the year was:
2022
2021
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost
At 26 December 2021
10,613
Revaluation
(2,573)
At 25 December 2022
8,040
Depreciation and impairment
At 26 December 2021 and 25 December 2022
Carrying amount
At 25 December 2022
8,040
At 25 December 2021
10,613
COLEHERNE COURT FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2022
3
Tangible fixed assets
(Continued)
- 5 -
The company originally purchased during 1995 the remaining term of a 65 year head lease which was granted over the Coleherne Court Estate in 1972. During the year ended 25 December 1996, the original head lease was surrendered and a new long head lease was granted by the freeholder with under leases for matching periods being granted to those who wished to participate.
During the year ended 25 December 1997, the company had the opportunity to purchase the freehold of the estate and did so at a cost of £173,445, merging the head lease interests already held which were then extinguished, subject to the long under leases previously granted.
All costs in connection with the above, including professional fees were met from non-interest bearing loans previously advanced.
All such costs which had been capitalised at £406,488 at 25 December 1996, with accumulated depreciation of £2,364 together with further expenditure of £173,445 in the year to 25 December 1997 were reduced, through an exceptional charge to the profit and loss account in the year ended 25 December 1997, to the capitalised value of ground rents receivable adopting a 7% yield. This was originally calculated at £45,000. The net book value at 25 December 2022 reflects the capitalised value of current ground rents receivable.
4
Fixed asset investments
2022
2021
£
£
Investment in subsidiary
2
2
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 26 December 2021 & 25 December 2022
2
Carrying amount
At 25 December 2022
2
At 25 December 2021
2
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Ground rents outstanding
663
Amounts owed by group undertakings
1,323
1,797
Other debtors
414
414
1,737
2,874
COLEHERNE COURT FREEHOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Payments received on account
222,104
253,227
Ground rents received in advance
20,939
14,816
Corporation tax
14,249
12,528
Other creditors
124,029
121,245
Accruals and deferred income
5,556
5,556
386,877
407,372