Company No: 00219372 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mrs C A Eyre
	Mr C G S Eyre
	Mr H J B Eyre
	Mr J A W Eyre
	Mr P J Gready
	Mrs R E Young

SECRETARY

Mrs C A Eyre

REGISTERED OFFICE	Centenary House Peninsula Park
	Rydon Lane
	Exeter
	EX2 7XE
	United Kingdom

COMPANY NUMBER

00219372 (England and Wales)

AUDITOR	PKF Francis Clark
	Statutory Auditor
	Centenary House
	Peninsula Park
	Rydon Lane
	Exeter
	EX2 7XE

	Note	2022		2021
		£		£
Fixed assets
Investment property	3	18,600,000		13,125,000
		18,600,000		13,125,000
Current assets
Debtors	4	518,747		161,711
Cash at bank and in hand		514,722		227,555
		1,033,469		389,266
Creditors
Amounts falling due within one year	5	( 397,981)		( 167,018)
Net current assets		635,488		222,248
Total assets less current liabilities		19,235,488		13,347,248
Creditors
Amounts falling due after more than one year	6	( 18,079,654)		( 12,635,310)
Provision for liabilities		( 291,337)		( 80,000)
Net assets		864,497		631,938
Capital and reserves
Called-up share capital	8	12,000		12,000
Profit and loss account		852,497		619,938
Total shareholders' funds		864,497		631,938

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Cobb House Limited (registered number: 00219372) were approved and authorised for issue by the Board of Directors on 23 August 2022. They were signed on its behalf by:

Mr C G S Eyre Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cobb House Limited (the Company) is a private company, limited by shares, incorporated in England and Wales.

The address of the Company's registered office is Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

Statement of Compliance:
The financial statements have been prepared in accordance with Financial Reporting Standard 102 - ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

Basis of Preparation:
The financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Cobb House Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Going concern

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Turnover

Turnover, which is stated net of value added tax, comprises revenue recognised by the company in respect of rental and ancillary income due for the accounting period. Turnover is recognised on a straight line basis over the term of the lease.

Incentives in the form of rent-free periods are spread on a straight line basis over the period of the lease term.

Taxation

Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recorded at cost, being purchase price including stamp duty and acquisition costs. It is subsequently carried at fair value, derived from the current market prices for comparable real estate determined annually. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances;
• Interest rate swap ; and
• Long-term bank and other loans

Apart from the interest rate swap, all other financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Fair value measurement
Interest rate swaps are classified as financial assets or financial liabilities and recorded at their fair value at the year end with gains and losses recognised in profit and loss.

All other financial instruments are classified as basic.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2021	13,125,000
Additions	5,774,402
Fair value movement	(299,402)
As at 31 March 2022	18,600,000

4. Debtors

	2022		2021
	£		£
Derivative financial instruments	361,348		0
Other debtors	157,399		161,711
	518,747		161,711

5. Creditors: amounts falling due within one year

	2022		2021
	£		£
Corporation tax	0		32,000
Other taxation and social security	47,459		29,330
Other creditors	350,522		105,688
	397,981		167,018

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

	2022		2021
	£		£
Bank loans	10,727,500		7,480,000
Other loans	7,352,154		5,155,310
	18,079,654		12,635,310

7. Financial instruments

The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

	2022		2021
	£		£
Financial assets at fair value
Derivative financial assets due within one year	361,348		0

8. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
12,000 Ordinary shares of £ 1.00 each	12,000		12,000

9. Loans and Borrowings

Loans and other borrowings are secured by fixed charges over the company's investment property with a combined carrying value of £18,600,000. Additionally, bank borrowings are secured by a composite guarantee from two companies under common control.

10. Operating leases - lessor

Operating lease entitlements

The total amount of operating lease entitlements not included on the balance sheet is £13,097,945(2021: £9,920,452). This is the total amount committed to the company under non-cancellable operating leases.

11. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 March 2022 was unqualified.

The audit report was signed by Stephanie Henshaw on behalf of PKF Francis Clark, Statutory Auditor.