Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09928512 2022-04-01 2023-03-31 09928512 2021-04-01 2022-03-31 09928512 2023-03-31 09928512 2022-03-31 09928512 c:Director1 2022-04-01 2023-03-31 09928512 d:FreeholdInvestmentProperty 2023-03-31 09928512 d:FreeholdInvestmentProperty 2022-03-31 09928512 d:CurrentFinancialInstruments 2023-03-31 09928512 d:CurrentFinancialInstruments 2022-03-31 09928512 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09928512 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09928512 d:ShareCapital 2023-03-31 09928512 d:ShareCapital 2022-03-31 09928512 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 09928512 d:OtherMiscellaneousReserve 2023-03-31 09928512 d:OtherMiscellaneousReserve 2022-03-31 09928512 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09928512 d:RetainedEarningsAccumulatedLosses 2023-03-31 09928512 d:RetainedEarningsAccumulatedLosses 2022-03-31 09928512 c:FRS102 2022-04-01 2023-03-31 09928512 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09928512 c:FullAccounts 2022-04-01 2023-03-31 09928512 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09928512 2 2022-04-01 2023-03-31 09928512 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09928512 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 09928512









FITZGERALD APARTMENTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FITZGERALD APARTMENTS LTD
REGISTERED NUMBER: 09928512

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,603,000
1,603,000

  
1,603,000
1,603,000

Current assets
  

Debtors: amounts falling due within one year
 5 
6,819
6,133

Cash at bank and in hand
  
56,832
48,677

  
63,651
54,810

Creditors: amounts falling due within one year
 6 
(955,203)
(946,704)

Net current liabilities
  
 
 
(891,552)
 
 
(891,894)

Total assets less current liabilities
  
711,448
711,106

Provisions for liabilities
  

Deferred tax
 7 
(171,340)
(171,340)

  
 
 
(171,340)
 
 
(171,340)

Net assets
  
540,108
539,766


Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
 8 
539,583
539,583

Profit and loss account
 8 
524
182

  
540,108
539,766


Page 1

 
FITZGERALD APARTMENTS LTD
REGISTERED NUMBER: 09928512
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Docker
Director

Date: 5 October 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FITZGERALD APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a private company, limited by shares and incorporated in England and Wales. The address of the registred office is 101 New Cavendish Street, London, W1W 6XH. The financial statements are presented in sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
FITZGERALD APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
FITZGERALD APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
FITZGERALD APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,603,000



At 31 March 2023
1,603,000

The valuation of the investment property was made on the 7th September 2021 by Cluttons Capital Partners LLP, on an open market value for an existing use basis and represents the residential right of 43 Lower Clapton Road, London E5 0NS, which forms part of the security against the loan provided by Coutts & Co. to Sentidale Limited (company registration number:07409904), the ultimate controlling party (refer to note 10).





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
887,990
887,990

887,990
887,990


5.


Debtors

2023
2022
£
£


Other debtors
6,819
6,133

6,819
6,133


Page 6

 
FITZGERALD APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
937,018
937,018

Corporation tax
10,870
5,479

Accruals and deferred income
7,315
4,207

955,203
946,704



7.


Deferred taxation




2023


£






At beginning of year
(171,340)



At end of year
(171,340)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of investment property
(171,340)
(171,340)

(171,340)
(171,340)

The deferred tax provision for the year under review relates to the notional tax charge after indexation at the applicable substantive future corporation tax rates (25%) arising on the unrealised gains on disposal of the units in investment properties at the Company's residential holding element.


8.


Reserves

Other reserves

Non-distributable reserves represent the unrealised gains/losses that occur on the annual revaluation of the residential holding of the units in Investment Properties for the year under review, net of their attributable annual deferred tax effect.

Profit and loss account

Profit & loss reserves are calculated after taking into account the profit/(loss) and interim dividends payable in the year. During the year under review, an interim dividend of £46,000 (2022: £46,000) was paid to the shareholder of the Company.

Page 7

 
FITZGERALD APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Related party transactions

Included within creditors is an amount of £937,018 (2022: £937,018) due to the ultimate controlling party.
During the year under review, the Company was charged £9,613 (2022: £8,100) for the management commission and letting fees by a company under the control of one of the directors.


10.


Controlling party

The ultimate controlling party is Sentidale Limited, a company incorporated in the UK (company registration number: 07409904).

 
Page 8