Coleman Asset Management Group Limited
Coleman Asset Management Group Limited
Registered number: 09261767
Financial Statements
For The Year Ended
31 December 2022
Coleman Asset Management Group Limited
Financial Statements
For The Year Ended
31 December 2022
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Coleman Asset Management Group Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
09261767
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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Investments | 5 |
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CURRENT ASSETS | |||||
Stocks | 6 |
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Debtors | 7 |
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Investments | 8 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 9 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 11 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 3,799,600 | 3,086,996 | |||
Coleman Asset Management Group Limited
Balance Sheet (continued)
As At
31 December 2022
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
Coleman Asset Management Group Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
Coleman Asset Management Group Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09261767
. The registered office is 3rd Floor Cardinal House, 39-40 Albemarle Street, London, W1S 4TE.
The presentation currency of the financial statements is Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
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.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold |
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Fixtures & Fittings |
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2.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.5.
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one of more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value and the estimated value discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
2.6.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Coleman Asset Management Group Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8.
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.
2.9.
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.
2.10.
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.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2021: 2)
4.
Tangible Assets
Land & Property | |||
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Leasehold | Fixtures & Fittings | Total | |
£ | £ | £ | |
Cost | |||
As at
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As at
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...CONTINUED
Coleman Asset Management Group Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
Depreciation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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5.
Investments
Other | |
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£ | |
Cost | |
As at
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As at
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Provision | |
As at
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As at
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Net Book Value | |
As at
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As at
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Fixed assets investments are valued by the director at fair value.
6.
Stocks
2022 | 2021 | ||
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£ | £ | ||
Finished goods |
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7.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Other debtors |
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8.
Current Asset Investments
2022 | 2021 | ||
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£ | £ | ||
Unlisted investments | 128,232,663 | 103,118,636 | |
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Investments comprise of funds invested in the UK stock market, international stock markets and currencies.
Coleman Asset Management Group Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
9.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Loans from investors |
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Corporation tax |
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Other taxes and social security |
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Other creditors |
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Accruals and deferred income |
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Director's loan account |
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10.
Provisions for Liabilities
Deferred Tax | Total | |
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£ | £ | |
As at
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1,009 |
Reversals |
( |
(868) |
Balance at
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141 |
12.
Related Party Transactions
During the year, total dividends of £500,000 (2021 - £500,000) were paid to the director.
Included in Other Creditors is an amount of £332,644 owed to Coleman Capital LLP (2021 Debtor: £558,102). The director, Mr M McClean, is also a member of Coleman Capital LLP.
Included in Creditors is a balance of £48,055 owed to the Director (2021: £1,227,201).