ACCOUNTS - Final Accounts

COACH HOUSE DSC (NO 5) LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-310falseDebt settlementtrue2022-04-01false0The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13085422 2022-04-01 2023-03-31 13085422 2021-04-01 2022-03-31 13085422 2023-03-31 13085422 2022-03-31 13085422 c:Director2 2022-04-01 2023-03-31 13085422 d:CurrentFinancialInstruments 2023-03-31 13085422 d:CurrentFinancialInstruments 2022-03-31 13085422 d:Non-currentFinancialInstruments 2023-03-31 13085422 d:Non-currentFinancialInstruments 2022-03-31 13085422 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13085422 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 13085422 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 13085422 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 13085422 d:ShareCapital 2023-03-31 13085422 d:ShareCapital 2022-03-31 13085422 d:OtherMiscellaneousReserve 2023-03-31 13085422 d:OtherMiscellaneousReserve 2022-03-31 13085422 d:RetainedEarningsAccumulatedLosses 2023-03-31 13085422 d:RetainedEarningsAccumulatedLosses 2022-03-31 13085422 c:OrdinaryShareClass1 2022-04-01 2023-03-31 13085422 c:OrdinaryShareClass1 2023-03-31 13085422 c:FRS102 2022-04-01 2023-03-31 13085422 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 13085422 c:FullAccounts 2022-04-01 2023-03-31 13085422 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13085422 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13085422

COACH HOUSE DSC (NO 5) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

REGISTERED NUMBER:13085422

COACH HOUSE DSC (NO 5) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		$		$


Current assets
Debtors: amounts falling due within one year	5	48,074		120
Current asset investments	6	604,013		-
Cash at bank and in hand		192,786		-
		844,873		120
Creditors: amounts falling due within one year	7	(10,996)		(14)
Net current assets			833,877		106
Total assets less current liabilities			833,877		106
Creditors: amounts falling due after more than one year	8		(554,734)		-

Net assets			279,143		106

Capital and reserves
Called up share capital	9	120	120
Capital contribution		245,266	-
Profit and loss account		33,757	(14)
		279,143	106

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 June 2023.

T Lander

Page 1

REGISTERED NUMBER:13085422

COACH HOUSE DSC (NO 5) LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2023

Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

COACH HOUSE DSC (NO 5) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Coach House DSC (No 5) Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. It was incorporated on 16 December 2020.
The company’s registered address is White House, Church Lane, Sparsholt, Hampshire, SO21 2NJ. The principal activity is the acquisition of debt settlement contracts.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

2.2

Revenue

Revenue comprises fees recognised by the company in respect of debt settlements, exclusive of valued added tax. Fees are recognised when a debt is settled on behalf of a customer.

2.3

Investments

Investments recognised in respect of the portfolios of debt settlement contracts acquired will initially be measured at cost.
Subsequent measurement of investments will be at fair value which given the nature of the contracts acquired is considered to be equivalent to cost less provision for amortisation and, where applicable, impairment.
Amortisation is calculated in order to write off the cost of the investment in-line with the profile of the fees expected to be generated under the contracts.

2.4

Other financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
The company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

Page 3

COACH HOUSE DSC (NO 5) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is USD. This changed on 1 April 2021 from sterling due to a change in the nature of receipts and expenses of the Company.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

COACH HOUSE DSC (NO 5) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the company's financial statements requires management to make significant accounting judgments, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its significant accounting judgments and estimates. Management bases its judgments and estimates on historical experience and other factors it believes to be reasonable under the circumstances, the result of which form the basis of the carrying value of assets and liabilities that are not readily apparent from other sources.
Management has identified the following critical accounting policies for which significant judgments, estimates and assumptions are made. Actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods.
Amounts owed to group undertakings
Other loans represent cash advances from Coach House Settlement (No 5) LP, the company's parent undertaking.
Terms of the loans are disclosed in note 8. As the loans are interest free, for accounting purposes they are discounted on initial recognition based on the expected cash flows and an estimated appropriate market rate of interest. The resulting discount on initial recognition is treated as a capital contribution and recognised accordingly in reserves. The notional interest expense recognised in the year is recognised in the Profit and Loss Account and subsequently transferred against the capital contribution in reserves.
Valuations of investments
Investments are initially valued on acquisition at the cost of the investment. The investment cost is considered to provide the best indication of fair value for an initial period after the investment has been made. Subsequently, investments are remeasured at their fair value using an estimate of the fees expected to be generated under the contracts.

Employees

The company has no employees other than the directors, who did not receive any remuneration (2022 - $NIL).

Debtors

					2023	2022
					$	$


Other debtors	-	120
Prepayments and accrued income	48,074	-

6.	Current asset investments
		2023	2022
		$	$

	Unlisted investments	604,013	-

Page 5

COACH HOUSE DSC (NO 5) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7.	Creditors: amounts falling due within one year
		2023	2022
		$	$

Corporation tax	8,313	-
Other creditors	1,683	-
Accruals and deferred income	1,000	14
	10,996	14

8.	Creditors: amounts falling due after more than one year
		2023	2022
		$	$

	Other loans	554,734	-

The loan is unsecured, interest free and repayable in full on 3 March 2033. The par value of the loan at the balance sheet date was $800,000.

9.	Share capital
		2023	2022
		$	$

Allotted, called up and fully paid

100 Ordinary shares of £1 each	120	120

10.	Parent undertaking

The company's immediate and ultimate parent undertaking is Coach House Settlement (No 5) LP. No publicly available consolidated financial statements are produced.

Page 6