Cormorant Investments Limited - Accounts to registrar (filleted) - small 18.2
Cormorant Investments Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 May 2020 |
| for |
| Cormorant Investments Limited |
| Cormorant Investments Limited (Registered number: 00760992) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Cormorant Investments Limited |
| Company Information |
| for the Year Ended 31 May 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Newland House |
| The Point |
| Weaver Road |
| LINCOLN |
| Lincolnshire |
| LN6 3QN |
| BANKERS: |
| 225 High Street |
| LINCOLN |
| Lincolnshire |
| LN2 1AZ |
| Cormorant Investments Limited (Registered number: 00760992) |
| Balance Sheet |
| 31 May 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Cormorant Investments Limited (Registered number: 00760992) |
| Balance Sheet - continued |
| 31 May 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Cormorant Investments Limited (Registered number: 00760992) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2020 |
| 1. | STATUTORY INFORMATION |
| Cormorant Investments Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents rents receivable on an accrual basis. |
| Financial instruments |
| Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
| Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
| Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
| Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. |
| Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. |
| 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. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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. |
| Cormorant Investments Limited (Registered number: 00760992) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| 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. |
| 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. |
| Operating leases and rental income |
| Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
| Rental income from operating leases is recognised on a straight line basis over the term of the lease. |
| Investment properties |
| Investments are stated at fair value at the balance sheet date.. Any aggregate surplus or deficit from changes in fair value is recognised in the profit and loss account. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST OR VALUATION |
| At 1 June 2019 |
| and 31 May 2020 |
| NET BOOK VALUE |
| At 31 May 2020 |
| At 31 May 2019 |
| Cost or valuation at 31 May 2020 is represented by: |
| Other |
| investments |
| £ |
| Valuation in 2020 | 1,615,500 |
| Cormorant Investments Limited (Registered number: 00760992) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2020 |
| 4. | FIXED ASSET INVESTMENTS - continued |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 2020 | 2019 |
| £ | £ |
| Cost | 602,107 | 602,107 |
| Investment properties were valued on a fair basis on 31 May 2020 by the directors. The valuation was determined by the current value of similar properties in the area as vacant properties. |
| The original cost of the investment properties is £602,107 (2019 - £602,107) and had they been depreciated in accordance with the Companies Act 2006 the depreciation charge would have been £12,033 (2019 - £12,033) and the net book value as at 31 May 2019 would have been £414,585 (2019 - £426,618). |
| If the investment properties were sold at their fair value the additional tax liability would be £143,692 (2019 - £143,692). |
| During the year investment properties valued at £1,615,500 (2019 - £1,615,500) were let under operating leases. The rent received under these leases was £155,954 (2019 - £150,739). |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Directors' current accounts | 27,282 | - |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Tax |
| Social security and other taxes |
| Directors' current accounts | - | 9,529 |
| Deferred income |
| Accruals |
| Cormorant Investments Limited (Registered number: 00760992) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2020 |
| 7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 May 2020 and 31 May 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| This is an unsecured loan and Interest has been charged at the official rate of interest. |
| 8. | RELATED PARTY DISCLOSURES |
| At the year end, there was a balance due to the company to Mrs M E Gurnhill, a director and 60% shareholder in the company, of £27,282 (2019 - £9,529 owed to Mrs M E Gurnhill).This is an unsecured |
| loan and interest has been charged at the official rate of interest. |
| During the year the company paid rents of £30,000 (2019 - £30,000) to Mrs M Gurnhill. The rents are paid at arm's length at an open market value. |