C.O.I. Properties Limited Filleted accounts for Companies House (small and micro)

C.O.I. PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04307344

C.O.I. Properties Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2020

C.O.I. Properties Limited

Financial Statements

Year ended 31 December 2020

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

C.O.I. Properties Limited

Officers and Professional Advisers

THE BOARD OF DIRECTORS	D Griffin
	Mrs S L Smith

COMPANY SECRETARY	D Griffin

REGISTERED OFFICE	Potton House
	Wyboston Lakes
	Great North Road
	Wyboston
	Bedford
	MK44 3BZ

ACCOUNTANTS	Streets
	Chartered Accountants
	Potton House
	Wyboston Lakes
	Great North Road
	Wyboston
	Bedford
	MK44 3BZ

BANKERS	Barclays Bank Plc
	41 High Street
	St Neots
	Cambs
	PE19 1AS

C.O.I. Properties Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	736,442	737,708
Investments	6	131,648	112,699
		---------	---------
		868,090	850,407

Current assets

Debtors	7	73,909	109,796
Cash at bank and in hand		3,497	2,400
		--------	---------
		77,406	112,196

Creditors: amounts falling due within one year	8	211,428	217,544
		---------	---------
Net current liabilities		134,022	105,348
		---------	---------
Total assets less current liabilities		734,068	745,059

Creditors: amounts falling due after more than one year	9	343,022	357,952

Provisions	27,361	27,603
	---------	---------
Net assets	363,685	359,504
	---------	---------

Capital and reserves

Called up share capital	536	536
Revaluation reserve	102,368	102,368
Profit and loss account	260,781	256,600
	---------	---------
Shareholders funds	363,685	359,504
	---------	---------

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 Section 1A of 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 31 December 2020 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 .

C.O.I. Properties Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 18 May 2021 , and are signed on behalf of the board by:

D Griffin

Director

Company registration number: 04307344

C.O.I. Properties Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business is Centree House, Unit 6-8, Bicton Industrial Park, Kimbolton, Huntingdon, Cambridgeshire, PE28 0LQ.

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.

Going concern

The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. During the year the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business and the situation is being regularly reviewed. The directors are mindful of the significant ongoing support being offered by the UK Government, the provision of a fixed term loan and overdraft facility by the company's bank and the continued financial support provided by associated companies. They have concluded that, with this continued support, the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the accounts have been prepared on a going concern basis which assumes the continued support of the company's bank through the ongoing provision of a fixed term loan and overdraft facility.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover represents rents receivable by the company accounted for on an accruals basis, net of value added tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Comprehensive Income, 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.

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:

Plant and machinery	-	10% straight line
Fixtures and fittings	-	14% straight line

Freehold land is not depreciated.

Investments

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

4. Tax on profit

Major components of tax expense

	2020	2019
	£	£

Current tax:

UK current tax expense	7,170	5,485

Deferred tax:

Origination and reversal of timing differences	( 242)	3,087
	-------	-------
Tax on profit	6,928	8,572
	-------	-------

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Investment property	Total
	£	£	£	£
Cost
At 1 January 2020 and 31 December 2020	8,376	3,000	730,000	741,376
	-------	-------	---------	---------
Depreciation
At 1 January 2020	1,205	2,463	–	3,668
Charge for the year	837	429	–	1,266
	-------	-------	---------	---------
At 31 December 2020	2,042	2,892	–	4,934
	-------	-------	---------	---------
Carrying amount
At 31 December 2020	6,334	108	730,000	736,442
	-------	-------	---------	---------
At 31 December 2019	7,171	537	730,000	737,708
	-------	-------	---------	---------

Tangible assets held at valuation

The company's investment property is included at its fair value. The directors have sought professional advice, and estimate that the open market value at the reporting date was £730,000 (2019 £730,000). The historic cost of the property was £598,755 (2019 £598,755) and a deferred tax provision of £236,138 (2019 £236,138) has been included for the tax charge which would be payable if the property was sold at open market value.

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2020	112,699
Additions	19,037
Disposals	( 88)
	---------
At 31 December 2020	131,648
	---------
Impairment
At 1 January 2020 and 31 December 2020	–
	---------

Carrying amount
At 31 December 2020	131,648
	---------
At 31 December 2019	112,699
	---------

Group undertakings - at the reporting date the company owned:

a) 100% of the issued share capital (500 Ordinary 'A' shares, 26 Ordinary 'B' shares and 10 Ordinary 'C' shares) of Combined Office Interiors Limited, a company incorporated in England and Wales.

b) 100% of the issued share capital (100 Ordinary shares) of MACOI Limited, a company incorporated in England and Wales.

c) 100% of the issued share capital (12 Ordinary A shares) of DNK (UK) Limited, a company incorporated in England and Wales.

d) 100% of the issued share capital (100 Ordinary A shares) of Centree Installations Limited, a company incorporated in England and Wales.

e) 100% of the issued share capital (1 Ordinary share) of Malcolm Andrews Office Solutions Limited, a company incorporated in England and Wales.

Undertakings with a participating interest - at the reporting date the company owned:

a) 45% of the issued share capital (45 Ordinary shares) of FG Sentar Limited, a company incorporated in England and Wales.

b) 30% of the issued share capital (1,530 Ordinary shares) of FG Library Products Limited, a company incorporated in England and Wales.

c) 40% of the issued share capital (16,000 Ordinary shares) of Showcase PSR Limited, a company incorporated in England and Wales.

7. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7,900	7,900
Other debtors	66,009	101,896
	--------	---------
	73,909	109,796
	--------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	23,757	23,183
Trade creditors	22,838	28,192
Amounts owed to group undertakings and undertakings in which the company has a participating interest	143,199	152,969
Corporation tax	7,170	5,485
Social security and other taxes	9,669	5,477
Other creditors	4,795	2,238
	---------	---------
	211,428	217,544
	---------	---------

Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	343,022	357,952
	---------	---------

Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

Included within creditors: amounts falling due after more than one year is an amount of £263,804 (2019: £282,689) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Bank loans due after five years are repayable in installments.

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions	27,361	27,603
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	1,223	1,465
Fair value adjustment of investment property	26,138	26,138
	--------	--------
	27,361	27,603
	--------	--------

11. Directors' advances, credits and guarantees

One of the directors maintains a loan account with the company. At the beginning of the year the director and his close family owed the company £77,130. During the year there were further advances of £82,500 (2019 £106,561), repayments of £118,371 (2019 £100,265) and interest charged at £1,671 (2019 £1,856). At the reporting date the director and his family owed the company £42,930. No amounts were written off during the year.