REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORMETZ LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORMETZ LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
|
|
|
CORMETZ LIMITED (REGISTERED NUMBER: 02988192) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 | to | 3 |
|
Notes to the Financial Statements | 4 | to | 7 |
|
CORMETZ LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
SECRETARY: | A.S.H. & S. Vickers Limited |
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
255 Green Lanes |
Palmers Green |
London |
N13 4XE |
CORMETZ LIMITED (REGISTERED NUMBER: 02988192) |
|
BALANCE SHEET |
31 DECEMBER 2019 |
|
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Investments | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Fair value reserve | 11 |
|
|
Retained earnings | 11 |
|
|
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. |
CORMETZ LIMITED (REGISTERED NUMBER: 02988192) |
|
BALANCE SHEET - continued |
31 DECEMBER 2019 |
|
|
|
|
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
signed on its behalf by: |
|
|
|
|
|
|
|
|
|
|
CORMETZ LIMITED (REGISTERED NUMBER: 02988192) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
1. | STATUTORY INFORMATION |
|
Cormetz Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover comprises the rental income from the freehold and leasehold properties held by the company. |
|
Tangible fixed assets |
|
Fixtures and fittings | - |
|
|
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. |
|
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
CORMETZ LIMITED (REGISTERED NUMBER: 02988192) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2019 |
|
Additions |
|
At 31 December 2019 |
|
DEPRECIATION |
At 1 January 2019 |
|
Charge for year |
|
At 31 December 2019 |
|
NET BOOK VALUE |
At 31 December 2019 |
|
At 31 December 2018 |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2019 |
|
Revaluations | (188,231 | ) |
At 31 December 2019 |
|
NET BOOK VALUE |
At 31 December 2019 |
|
At 31 December 2018 |
|
|
Fair value at 31 December 2019 is represented by: |
|
£ |
Valuation in 2007 | 1,965,908 |
Valuation in 2008 | (152,073 | ) |
Valuation in 2010 | 336,000 |
Valuation in 2011 | (307,000 | ) |
Valuation in 2013 | 650,330 |
Valuation in 2014 | 162,600 |
Valuation in 2015 | 143,501 |
Valuation in 2016 | 119,000 |
Valuation in 2018 | (184,899 | ) |
Valuation in 2019 | (188,231 | ) |
Cost | 2,900,864 |
5,446,000 |
CORMETZ LIMITED (REGISTERED NUMBER: 02988192) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
5. | INVESTMENT PROPERTY - continued |
|
If the investment properties had not been revalued they would have been included at the following historical |
cost: |
|
2019 | 2018 |
£ | £ |
Cost | 2,900,864 | 2,900,864 |
|
Investment properties were valued on an open market basis on 31 December 2019 by the directors . |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
7. | CURRENT ASSET INVESTMENTS |
2019 | 2018 |
£ | £ |
Listed investments | - | 19,692 |
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
|
|
Other creditors |
|
|
|
|
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Bank loans |
|
|
|
The bank loan is secured by fixed charges over the companies investment properties, a debenture over the assets |
of the company and a personal guarantee from the Mr & Mrs Metzgen |
CORMETZ LIMITED (REGISTERED NUMBER: 02988192) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1 January 2019 |
|
|
3,012,057 |
Deficit for the year | ( |
) | ( |
) |
Transfer to Fair Value Reserve | 166,908 | (166,908 | ) | - |
At 31 December 2019 |
|
|
2,836,007 |
|
12. | OTHER FINANCIAL COMMITMENTS |
|
The company has annual commitments to pay ground rents to the freeholders of the properties. The total |
commitments are not included as the contract is terminated when the properties are sold. The total payable in the |
next twelve months is £2,771. This commitment will increase over time. |
|
13. | POST BALANCE SHEET EVENTS |
|
Since the year end the economy has been severely disrupted with the impact of the Coronavirus. The company's |
property have continued to be let through the current crisis and whilst it has had an impact on the company's |
activities the company continues to receive its rents. In the current crisis it is difficult to let the properties when |
they become vacant. Whilst the pandemic will have an impact on the company's results it is hard to quantify at |
this stage the full impact of the economic crisis but the company continues to operate as a going concern. |
|
14. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is Mrs G F Metzgen. |