Corinthian (London) Holdings Limited
Corinthian (London) Holdings Limited
Registered number: 08816721
Unaudited Financial Statements
For The Year Ended 31 August 2023
Shaw Wallace
Corinthian (London) Holdings Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Corinthian (London) Holdings Limited
Balance Sheet
As At
31 August 2023
Balance Sheet
Registered number:
08816721
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Investments | 4 |
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CURRENT ASSETS | |||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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( |
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NET LIABILITIES |
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( |
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CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | (17,016) | (14,038) | |||
Corinthian (London) Holdings Limited
Balance Sheet (continued)
As At
31 August 2023
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Corinthian (London) Holdings Limited
Notes to the Financial Statements
For The Year Ended 31 August 2023
Notes to the Financial Statements
1.
General Information
Corinthian (London) Holdings Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08816721
. The registered office is 43 Manchester Street, London, W1U 7LP.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2.2.
Going Concern Disclosure
These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern.
Accordingly the directors have a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements.
2.3.
Financial Instruments
2.3.
Financial Instruments - continued
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.
Basic financial liabilities
...CONTINUED
Corinthian (London) Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
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.
2.4.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
2.5.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
4.
Investments
Other | |
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Cost | |
As at 1 September 2022 |
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As at 31 August 2023 |
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Provision | |
As at 1 September 2022 |
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As at 31 August 2023 |
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Net Book Value | |
As at 31 August 2023 |
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As at 1 September 2022 |
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Corinthian (London) Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
5.
Debtors
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£ | £ | ||
Due within one year | |||
Corporation tax recoverable assets |
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Directors' loan accounts |
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6.
Creditors: Amounts Falling Due Within One Year
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£ | £ | ||
Corporation tax |
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Other creditors |
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Accruals and deferred income |
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Amounts owed to group undertakings |
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8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 31 August 2023, the directors owed the company £309,500 (2022: £309,500) in respect of their
overdrawn loan accounts. The maximum amount outstanding during the year was £309,500
The above loan is unsecured, interest free and repayable on demand.
9.
Related Party Transactions
The company has taken advantage of the exemption permitted by FRS 102 Section 33 'Related party disclosures' not to provide disclosures of transactions entered into with other wholly owned members of the group.