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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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COBRE PROPERTIES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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COBRE PROPERTIES LIMITED |
COBRE PROPERTIES LIMITED (REGISTERED NUMBER: 06163671) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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COBRE PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
COBRE PROPERTIES LIMITED (REGISTERED NUMBER: 06163671) |
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BALANCE SHEET |
31 MARCH 2019 |
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31/3/19 | 31/3/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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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. |
COBRE PROPERTIES LIMITED (REGISTERED NUMBER: 06163671) |
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BALANCE SHEET - continued |
31 MARCH 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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COBRE PROPERTIES LIMITED (REGISTERED NUMBER: 06163671) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Cobre Properties Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is the amount derived from ordinary activities, and stated after trade discounts and net of VAT, and |
comprises rental income. Rental income income arising from operating leases is recognised on a straight-line |
basis over the lease term on ongoing leases. |
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Tangible fixed assets |
Depreciation has been provided to write off the cost of tangible fixed assets over their expected useful lives using |
the following rates: |
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Plant and machinery | - 20% on cost |
Computer equipment | - 25% on cost |
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Investment property |
Investment properties are properties held by the company to earn rentals and/or for capital appreciation. |
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Investment properties are initially measured at cost, including transaction costs. |
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Subsequently investment properties are measured at fair value. Investment property valuations are based on an |
open market value. |
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Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of |
investment properties are included in the Statement of Income and Retained Earnings in the period in which they |
arise.. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
COBRE PROPERTIES LIMITED (REGISTERED NUMBER: 06163671) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The use of the going concern basis of accounting is appropriate because there are no material uncertainties |
related to events or conditions that may cast significant doubt about the ability of the company to continue as a |
going concern. |
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3. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2018 |
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Disposals | ( |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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The investment property was valued by the Company's Directors on an open market basis on 31 March 2019 and, |
in their opinion, their is no material difference between the amount stated above and open market value. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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COBRE PROPERTIES LIMITED (REGISTERED NUMBER: 06163671) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Bank loans |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/3/19 | 31/3/18 |
£ | £ |
Bank loans |
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Svenska Handelsbanken AB (publ) holds Legal Mortgages dated 13 July 2007 and 08 November 2011 over the |
land and buildings on the north side of Green Lane West, Garstang, Preston and The Old Dairy, Green Lane, |
Preston. |
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9. | RELATED PARTY DISCLOSURES |
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Mr A Coar, Mr H Coar and Mrs E Coar are also directors of Coars Limited. During the year Cobre Properties |
Limited received rental income of £65,109 (2018: £61,776) on normal commercial terms, from Coars Limited. |
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Included in other creditors is a loan from Coars Limited of £450,000 (2018: £450,000) and an amount due to Mr |
H Coar of £254,965 (2018: £254,965). |
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10. | ULTIMATE CONTROLLING PARTY |
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The company is jointly owned and controlled by the directors and Mrs E Coar (wife of Mr H Coar). |