Coleman Asset Management Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09261767 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Coleman Asset Management Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M McClean

REGISTERED OFFICE:

2nd Floor

Dudley House

169 Piccadilly

London

W1J 9EH

REGISTERED NUMBER:

09261767 (England and Wales)

ACCOUNTANTS:

Jones & Partners Limited

3rd Floor Solar House

1-9 Romford Road

London

E15 4RG

BANKERS:

Barclays Bank

7 St John's Hill

Clapham

SW11 1TR

FIXED ASSETS

Tangible assets

4

13,408

18,527

Investments

5

161,000

161,000

174,408

179,527

CURRENT ASSETS

Debtors

6

3,295,709

1,584,538

Investments

7

37,782,812

18,920,154

Cash at bank

326,531

25,426

41,405,052

20,530,118

CREDITORS

Amounts falling due within one year

8

39,519,976

19,851,966

NET CURRENT ASSETS

1,885,076

678,152

TOTAL ASSETS LESS CURRENT LIABILITIES

2,059,484

857,679

PROVISIONS FOR LIABILITIES

10

1,877

2,180

NET ASSETS

2,057,607

855,499

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

2,057,507

855,399

SHAREHOLDERS' FUNDS

2,057,607

855,499

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 June 2021 and were signed by:

M McClean - Director

1.	STATUTORY INFORMATION

Coleman Asset Management Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These 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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises of profits from investment activities and fee income from investment advisory services, excluding discounts, rebates and value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

20% on straight line

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section

12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to

the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when

there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method unless the arrangement constitutes a financing transaction, where the transaction

is measured at the present value of the future receipts discounted at a market rate of interest. Financial

assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the

future payments discounted at a market rate of interest. Financial liabilities classified as payable within one

year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course

of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one

year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at

transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Fixed asset investments

Fixed asset investments are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Going concern

The director is closely monitoring the impact of COVID-19 on the activities of the company and after making appropriate enquiries, he has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, having taken into account the impact of the pandemic on the business.

Based on the director's assessment, the company continues to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2020

10,579

28,978

39,557

Additions

-

2,976

2,976

At 31 December 2020

10,579

31,954

42,533

DEPRECIATION

At 1 January 2020

3,526

17,504

21,030

Charge for year

3,526

4,569

8,095

At 31 December 2020

7,052

22,073

29,125

NET BOOK VALUE

At 31 December 2020

3,527

9,881

13,408

At 31 December 2019

7,053

11,474

18,527

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2020

and 31 December 2020

161,000

NET BOOK VALUE

At 31 December 2020

161,000

At 31 December 2019

161,000

Fixed assets investments are valued by the director at fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

3,295,709

1,584,538

7.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Investments

37,782,812

18,920,154

Investments comprise of funds invested in the UK stock market, international stock markets and currencies.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Loans from investors

16,075,844

9,531,931

Trade creditors

905,058

52,420

Tax

646,832

257,148

Social security and other taxes

8,849

-

Other creditors

20,228,877

9,297,692

Directors' current accounts

651,243

-

Accruals and deferred income

1,003,273

712,775

39,519,976

19,851,966

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Between one and five years

148,444

233,269

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

1,877

2,180

Deferred

tax

£

Balance at 1 January 2020

2,180

Provided during year

(303

)

Balance at 31 December 2020

1,877

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 January 2020

855,399

Profit for the year

1,564,108

Dividends

(362,000

)

At 31 December 2020

2,057,507

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £362,000 (2019 - £98,000) were paid to the director .

Included in Other Creditors is an amount of £168,199 owed to Coleman Capital LLP (2019: £54,284 was owed to Coleman Capital LLP). The director, Mr M McClean, is also a member of Coleman Capital LLP.

Included in Creditors is a balance of £651,243 owed to the Director (2019: £1,211,950 was owed by the Director).