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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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Cobalt (Bromley South) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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for |
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Cobalt (Bromley South) Limited |
Cobalt (Bromley South) Limited (Registered number: 06522852) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Cobalt (Bromley South) Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARIES: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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31 Churchgate Way |
Terrington St Clement |
King's Lynn |
Norfolk |
PE34 4PG |
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BANKERS: |
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Bromley |
Western Avenue |
Chatham |
Kent |
ME4 4RT |
Cobalt (Bromley South) Limited (Registered number: 06522852) |
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Abridged Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES |
( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 5 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Share premium | 7 |
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Retained earnings | 7 |
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SHAREHOLDERS' FUNDS |
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Cobalt (Bromley South) Limited (Registered number: 06522852) |
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Abridged Balance Sheet - continued |
31 December 2019 |
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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. |
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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
were signed on its behalf by: |
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Cobalt (Bromley South) Limited (Registered number: 06522852) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Cobalt (Bromley South) Limited is a
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England and Wales. The 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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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Cobalt (Bromley South) Limited (Registered number: 06522852) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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During the period the investment properties were revalued by the directors at £18,770,639 |
(Cost - £14,006,972). |
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5. | PROVISIONS FOR LIABILITIES |
31.12.19 | 31.12.18 |
£ | £ |
Deferred tax | 871,120 | 871,120 |
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Deferred |
tax |
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Balance at 1 January 2019 |
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Balance at 31 December 2019 |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | 1 | 10,001 | 10,001 |
Cobalt (Bromley South) Limited (Registered number: 06522852) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 January 2019 |
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4,196,558 |
Profit for the year |
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At 31 December 2019 |
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4,219,987 |
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The undistributable profits at 31 December 2019 amount to £3,892,547 (2018 - |
£3,892,547). |
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8. | HOLDING COMPANY AND RELATED PARTIES |
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The company is a subsidiary of Purelake Investments Limited, a company registered in |
England and Wales, which owns 50.01% (2019 - 50.01%) of the share capital. The ultimate |
parent company is Purelake Properties Limited. |
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Purelake Investments Limited loaned a further £547,500 to the company during the year. At |
the end of the year the company owed £2,555,266 (2018 - £2,007,766) which is repayable |
on the sale of the property currently being developed. |
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In the financial year ended 31 December 2019, the company has been cosolidated into the |
Purelake Properties Limited group accounts. |
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Purelake New Homes Limited, a fellow subsidiary company of Purelake Properties Limited |
is involved in a joint venture with the company. During the year Purelake New Homes |
Limited recharged materials to the company for property development. At the end of the |
year the company owed £8,774,554 (2018 - £2,237,796) which is repayable on the sale of |
the property currently being developed. |
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Cobalt Limited, a company in which R Sargent and A Cornish are directors, loaned a further |
£547,500 to the company during the year. At the end of the year £2,555,266 was |
outstanding (2017 - £2,007,766) which is repayable on the sale of the property currently |
being developed. |