Cormorant Investments Limited - Accounts to registrar (filleted) - small 22.3
Cormorant Investments Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 May 2022 |
| for |
| Cormorant Investments Limited |
| Cormorant Investments Limited (Registered number: 00760992) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Cormorant Investments Limited |
| Company Information |
| for the Year Ended 31 May 2022 |
| 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 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 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 2022 |
| 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 2022 |
| 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. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Under the Companies Act 2006 all fixed assets should be depreciated over their useful economic lives. However, in accordance with the Financial Reporting Standard 102 (Section 1A) investment properties should not be subject to a periodic charge for depreciation and should be included in the balance sheet at their open market value. The directors consider that this property is not held for consumption but for its investment potential and in order to give a true and fair view it is appropriate to depart from the Companies Act. |
| 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. |
| Cormorant Investments Limited (Registered number: 00760992) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 June 2021 |
| and 31 May 2022 |
| NET BOOK VALUE |
| At 31 May 2022 |
| At 31 May 2021 |
| Cormorant Investments Limited (Registered number: 00760992) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 4. | INVESTMENT PROPERTY - continued |
| Fair value at 31 May 2022 is represented by: |
| £ |
| Valuation in 2022 | 1,820,000 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Tax |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 45,260 | 44,405 |
| Deferred income |
| Accruals |
| 7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 May 2022 and 31 May 2021: |
| 2022 | 2021 |
| £ | £ |
| Mrs M E Gurnhill Deceased |
| Balance outstanding at start of year | - | 27,282 |
| Amounts advanced | - | 54,374 |
| Amounts repaid | - | (81,656 | ) |
| 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. |
| Cormorant Investments Limited (Registered number: 00760992) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 8. | RELATED PARTY DISCLOSURES |
| At the year end, there was a balance due from the company to Mrs M E Gurnhill, a director and shareholder in the company up to her date of death, of £18,344 (2021 - £18,344) due to Mrs M E Gurnhill). This is an unsecured loan and interest has been charged at the official rate of interest. This balance is included in her estate as at the year end. |
| There was also a balance due from the company to Mr R Gurnhill, a director and shareholder in the company, of £26,916 (2021 - £26,061). |
| During the year the company paid rents of £28,800 (2022 - £20,000) to the estate of Mrs M Gurnhill. This is included in other creditors. The rents are paid at arm's length at an open market value less costs. |