Coolavin Holdings Limited Filleted accounts for Companies House (small and micro)

COOLAVIN HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01632652

Coolavin Holdings Limited

Filleted Unaudited Financial Statements

for the year ended

31 December 2018

Coolavin Holdings Limited

Financial Statements

for the year ended 31st December 2018

Contents	Pages

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Coolavin Holdings Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Coolavin Holdings Limited

for the year ended 31st December 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coolavin Holdings Limited for the year ended 31st December 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Coolavin Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 9th September 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Coolavin Holdings Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coolavin Holdings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Coolavin Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Coolavin Holdings Limited. You consider that Coolavin Holdings Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Coolavin Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MOORE THOMPSON Chartered Accountants

Monica House St. Augustines Road Wisbech PE13 3AD

Dated: 14 May 2019

Coolavin Holdings Limited

Statement of Financial Position

as at 31 December 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5	2,781,454	2,583,750
Investments	6	1,450,000	1,850,000
		------------	------------
		4,231,454	4,433,750

Current assets

Debtors	7	4,446	4,583
Cash at bank and in hand		574,296	158,812
		---------	---------
		578,742	163,395

Creditors: amounts falling due within one year	8	43,055		43,153
		---------		---------
Net current assets			535,687		120,242
			------------		------------
Total assets less current liabilities			4,767,141		4,553,992

Provisions

Taxation including deferred tax	66,112	28,548
	------------	------------
Net assets	4,701,029	4,525,444
	------------	------------

Capital and reserves

Called up share capital	50,002	50,002
Capital redemption reserve	7,803	7,803
Other reserves	( 74,878)	( 74,878)
Profit and loss account	4,718,102	4,542,517
	------------	------------
Shareholders funds	4,701,029	4,525,444
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Coolavin Holdings Limited

Statement of Financial Position (continued)

as at 31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 10 May 2019 , and are signed on behalf of the board by:

J F Finn

Director

Company registration number: 01632652

Coolavin Holdings Limited

Notes to the Financial Statements

for the year ended 31st December 2018

1. General information

Coolavin Holdings Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is 28 March Road, Wimblington, March, Cambridgeshire, PE15 0RN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Investment Properties	-	Not depreciated
Plant & machinery	-	10% & 20% reducing balance / 33% straight line

Investment properties

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The properties have been valued by the Directors on an open market valuation basis.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax expense	20,207	22,178

Deferred tax:

Origination and reversal of timing differences	37,564	( 2,305)
	--------	--------
Tax on profit	57,771	19,873
	--------	--------

5. Tangible assets

Land and buildings	Plant and machinery	Total
£	£	£

Cost or valuation
At 1st January 2018	2,583,750	6,029	2,589,779
Disposals	–	( 3,347)	( 3,347)
Revaluations	197,704	–	197,704
	------------	-------	------------
At 31st December 2018	2,781,454	2,682	2,784,136
	------------	-------	------------
Depreciation
At 1st January 2018	–	6,029	6,029
Disposals	–	( 3,347)	( 3,347)
	------------	-------	------------
At 31st December 2018	–	2,682	2,682
	------------	-------	------------
Carrying amount
At 31st December 2018	2,781,454	–	2,781,454
	------------	-------	------------
At 31st December 2017	2,583,750	–	2,583,750
	------------	-------	------------

The investment properties are owned and rented out by the company. These were valued at their open market value on the 31st December 2018 at £2,781,454 (2017 - £2,583,750), by JF Finn who is a director of the company. A fair value movement of £197,704 (2017 - £83,750) is included in the Income Statement .

6. Investments

	Other investments other than loans
	£

Cost
At 1st January 2018	1,850,000
Disposals	( 400,000)
	------------
At 31st December 2018	1,450,000
	------------
Impairment
At 1st January 2018 and 31st December 2018	–
	------------

Carrying amount
At 31st December 2018	1,450,000
	------------
At 31st December 2017	1,850,000
	------------

7. Debtors

	2018	2017
	£	£

Prepayments and accrued income	4,446	2,583
Other debtors	–	2,000
	-------	-------
	4,446	4,583
	-------	-------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	2,399	786
Accruals and deferred income	7,100	6,940
Corporation tax	20,207	22,178
Social security and other taxes	3,349	3,749
Other creditors	10,000	9,500
	--------	--------
	43,055	43,153
	--------	--------

9. Related party transactions

During the year the company paid dividends of £22,000 (2017: £58,000) to the directors of the company. Pavemac Limited and Coolavin Holdings Limited are companies under common control. During the year the company provided a secured loan to Pavemac Limited, interest of £24,000 was charged during the year. At the year end date the loan, included within unlisted investments, amounted to £ 1,450,000 (2017: £ 1,850,000 ). There are no set repayment terms. During the year the company leased premises to Pavemac Limited for £ 36,000 (2017 - £ 36,000 ), for which there is no formal lease agreement. The balance outstanding at the balance sheet date, included within trade debtors, amounted to £0 (2017 - £0).