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31/12/2022
2022-12-31
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No description of principal activities is disclosed
2021-12-01
Sage Accounts Production 21.0 - FRS102_2021
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xbrli:shares
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10880783
2021-12-01
2022-12-31
10880783
2022-12-31
10880783
2021-11-30
10880783
2021-11-30
10880783
core:PlantMachinery
2021-12-01
2022-12-31
10880783
core:FurnitureFittingsToolsEquipment
2021-12-01
2022-12-31
10880783
core:MotorVehicles
2021-12-01
2022-12-31
10880783
bus:RegisteredOffice
2021-12-01
2022-12-31
10880783
bus:OrdinaryShareClass1
2021-12-01
2022-12-31
10880783
bus:LeadAgentIfApplicable
2021-12-01
2022-12-31
10880783
bus:Director1
2021-12-01
2022-12-31
10880783
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2022-12-31
10880783
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2021-11-30
10880783
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2022-12-31
10880783
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2021-11-30
10880783
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2022-12-31
10880783
core:ShareCapital
2021-11-30
10880783
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2022-12-31
10880783
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2021-11-30
10880783
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2022-12-31
10880783
core:RetainedEarningsAccumulatedLosses
2021-11-30
10880783
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core:ShareCapital
2022-12-31
10880783
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2021-11-30
10880783
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2021-12-01
2022-12-31
10880783
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2021-12-01
2022-12-31
10880783
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2021-12-01
2022-12-31
10880783
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2021-12-01
2022-12-31
10880783
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2021-12-01
2022-12-31
10880783
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-12-01
2022-12-31
Company registration number:
10880783
Caskade Properties Limited
Abridged filleted financial statements
31 December 2022
Caskade Properties Limited
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Notes to the financial statements
Caskade Properties Limited
Directors and other information
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Directors |
Hamid Ali |
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Company number |
10880783 |
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Registered office |
2nd Floor Kirkland House |
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11-15 Peterborough Road |
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Harrow, Middlesex |
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HA1 2AX |
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Auditor |
Krish Jermyn Auditing Limited |
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1st Floor Maruti House |
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369 Station Road |
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Harrow, Middlesex |
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HA1 2BY |
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Caskade Properties Limited
Directors responsibilities statement
Year ended 31 December 2022
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Caskade Properties Limited
Abridged statement of financial position
31 December 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
19,910,745 |
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16,158,517 |
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_______ |
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_______ |
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19,910,745 |
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16,158,517 |
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Current assets |
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Debtors |
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7,036,783 |
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8,160,747 |
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Cash at bank and in hand |
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13,156 |
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55,209 |
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_______ |
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_______ |
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7,049,939 |
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8,215,956 |
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Creditors: amounts falling due |
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within one year |
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(
10,195,001) |
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(
7,714,081) |
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_______ |
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_______ |
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Net current (liabilities)/assets |
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(
3,145,062) |
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501,875 |
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_______ |
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_______ |
Total assets less current liabilities |
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16,765,683 |
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16,660,392 |
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Creditors: amounts falling due |
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after more than one year |
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6 |
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(
11,000,000) |
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(
11,000,000) |
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Provisions for liabilities |
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(
700,962) |
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(
700,962) |
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_______ |
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_______ |
Net assets |
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5,064,721 |
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4,959,430 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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7 |
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100 |
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100 |
Revaluation reserve |
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3,689,275 |
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3,689,275 |
Profit and loss account |
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1,375,346 |
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1,270,055 |
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_______ |
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_______ |
Shareholders funds |
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5,064,721 |
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4,959,430 |
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_______ |
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_______ |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2023
, and are signed on behalf of the board by:
Hamid Ali
Director
Company registration number:
10880783
Caskade Properties Limited
Notes to the financial statements
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In preparing the financial statements the director has taken into account all the information that could reasonably be expected to be available together with their continued support The company is dependent on the trading businesses within the group and the rental market. The current financial conditions are having significant impact upon the prices of commercial properties the conditions remain challenging. The directors however are confident that the rental market and interest rates will have limited impact on the company's future in order to maintain profitability and the value of those assets. The directors therefore have reasonable expectations and adequate resources that the company will be able to continue in operations and meet its liabilities as they fall due.On this basis the financial statements have been prepared by using the going concern basis of accounting because there are no material uncertainties related to events and conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Freehold property |
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No depreciation is charged on the freehold properties |
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Plant and machinery |
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20 % |
reducing balance |
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Fittings fixtures and equipment |
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20 % |
reducing balance |
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Motor vehicles |
- |
25 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
5.
Tangible assets
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£ |
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Cost |
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At 1 December 2021 |
16,158,517 |
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Additions |
4,434,548 |
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Transfers |
(
682,320) |
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_______ |
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At 31 December 2022 |
19,910,745 |
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_______ |
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Depreciation |
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At 1 December 2021 and 31 December 2022 |
- |
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_______ |
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Carrying amount |
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At 31 December 2022 |
19,910,745 |
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_______ |
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At 31 December 2021 |
16,158,517 |
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_______ |
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The commercial freehold properties are let out to other related member of the group at arm's length and at market value rental.
Tangible assets held at valuation
The freehold properties are stated at fair values.
6.
Creditors: amounts falling due after more than one year
The company's assets are secured by HSBC Bank Plc as follows: 1.
First legal charge on all freehold and leasehold land and properties including fixtures and fittings. 2.
Floating charges on all property and undertaking 3.
Contain negative pledge
7.
Called up share capital
Issued, called up and fully paid
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2022 |
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2021 |
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No |
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£ |
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No |
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£ |
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Ordinary shares shares of £
1.00 each |
|
100 |
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100 |
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100 |
|
100 |
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_______ |
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_______ |
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_______ |
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_______ |
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8.
Summary audit opinion
The auditor's report for the year dated
30 September 2023
was unqualified.
The senior statutory auditor was
Sailesh Rameshchandra Vaghjee
for and on behalf of
Krish Jermyn Auditing Limited
9.
Related party transactions
During the period, the company received rent of £600,000 (2021 - £600,000) from Caskade Caterers Limited. All rent were paid at market value and at arm's length.At the end of the year, the company owed a net balance of £5,579,735 and was owed a net balance of £3,273,183 to various companies within the group.There are no other related party transactions other than the ones disclosed above.All transactions are carried out at arm's length basis
10.
Controlling party
During the year the company was controlled by H Ali who is a director of the company.
11.
Ultimate parent company
The company's immediate parent company is MSHA International Limited by virtue of its 100% holding. MSHA International Limited is a company registered in England & Wales whose umtimate parent company is MSHA Holdings Limited, a company registered in the Republic of Seychelles.