Company Registration No. 00139670 (England and Wales)
The Colville Estate Limited
Financial statements
for the year ended 31 March 2022
Pages for filing with the Registrar
The Colville Estate Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
11 - 14
The Colville Estate Limited
Statement of financial position
As at 31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
12,464,350
12,464,350
Current assets
Cash at bank and in hand
6,176
4,031
Creditors: amounts falling due within one year
6
(355,332)
(355,262)
Net current liabilities
(349,156)
(351,231)
Net assets
12,115,194
12,113,119
Capital and reserves
Called up share capital
7
5,232,320
5,232,320
Capital redemption reserve
483,940
483,940
Profit and loss reserves
6,398,934
6,396,859
Total equity
12,115,194
12,113,119
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 June 2022 and are signed on its behalf by:
Sir Nicholas Bacon Bt OBE DL
T R Bacon
Director
Director
Company Registration No. 00139670
The Colville Estate Limited
Notes to the financial statements
For the year ended 31 March 2022
Page 2
1
Accounting policies
Company information
The Colville Estate Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
71 Queen Victoria Street, London, EC4V 4BE.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
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.
1.2
Turnover
Turnover represents dividend income received.
1.3
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
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.4
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.
The Colville Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 3
1.5
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 statement of financial position 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, 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
paymen
ts 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. A
m
ounts 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The Colville Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 4
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Fixed asset investments
2022
2021
£
£
Investments
12,464,350
12,464,350
Movements in fixed asset investments
Shares in group undertakings
Capital contributions in group undertakings
Total
£
£
£
Cost or valuation
At 1 April 2021 & 31 March 2022
10,000
12,454,350
12,464,350
Carrying amount
At 31 March 2022
10,000
12,454,350
12,464,350
At 31 March 2021
10,000
12,454,350
12,464,350
The Colville Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 5
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2022 are as follows:
Name of undertaking
Address
Class of shares held
% Held
Direct
Indirect
Colville Estate Properties 2 Limited
1
Ordinary
0
100.00
Colville Estate Properties Limited
1
Ordinary
100.00
-
Agora Spaces Limited
2
Ordinary A
0
11.11
Registered office addresses (all UK unless otherwise indicated):
1
71 Queen Victoria Street, London, England, EC4V 4BE
2
41 Cornmarket Street, Oxford, England, OX1 3HA
6
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
39,213
39,213
Other creditors
316,119
316,049
355,332
355,262
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,232,320
5,232,320
5,232,320
5,232,320
The Colville Estate Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 6
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Michael Di Leto.
The auditor was Saffery Champness LLP.