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Registered number: 02769270














IRONSTONE UK LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2023

 
IRONSTONE UK LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
IRONSTONE UK LIMITED
REGISTERED NUMBER:02769270

STATEMENT OF FINANCIAL POSITION
AS AT 5 JANUARY 2023

5 January
31 December
2023
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
21,949
32,628

Investment property
 5 
17,395,000
17,535,000

  
17,416,949
17,567,628

Current assets
  

Debtors
 6 
2,232,317
5,900,765

Bank and cash balances
  
7,452,586
2,977,489

  
9,684,903
8,878,254

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(1,179,535)
(697,188)

Net current assets
  
 
 
8,505,368
 
 
8,181,066

Total assets less current liabilities
  
25,922,317
25,748,694

Provisions for liabilities
  

Deferred tax
 8 
(311,981)
(264,399)

Net assets
  
25,610,336
25,484,295


Capital and reserves
  

Called up share capital 
 9 
56,071
56,071

Investment property reserve
  
6,500,015
6,566,223

Profit and loss account
  
19,054,250
18,862,001

  
25,610,336
25,484,295


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.

Page 1

 
IRONSTONE UK LIMITED
REGISTERED NUMBER:02769270
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 5 JANUARY 2023

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 on 5 October 2023.




A F D S Nagel
Director

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

Page 2

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2023

1.


General information

Ironstone UK Limited is a private limited liability company incorporated in England and Wales, with its registered office address and principal place of business at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD. 
The principal activity of the company is that of property investment.
The functional and presentation currency of the company is £ Sterling.

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

Turnover

Turnover comprises of rents receivable exclusive of Value Added Tax.
Rental income is recognised in the period in which it relates. Rental income received in advance is carried forward as deferred income.

 
2.3

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.5

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the period 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 reporting 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 reporting 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 reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors 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 Statement of Comprehensive Income.

Page 4

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs less any impairment.

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 5 (2021 - 5).


4.


Tangible fixed assets







Motor vehicles
Office equipment
Total

£
£
£



Cost 


At 1 January 2022
50,440
2,955
53,395



At 5 January 2023

50,440
2,955
53,395



Depreciation


At 1 January 2022
20,176
591
20,767


Charge for the period on owned assets
10,088
591
10,679



At 5 January 2023

30,264
1,182
31,446



Net book value



At 5 January 2023
20,176
1,773
21,949



At 31 December 2021
30,264
2,364
32,628

Page 5

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2023

5.


Investment property





Freehold investment property

£



Valuation


At 1 January 2022
17,535,000


Additions at cost
261,469


Disposals
(90,000)


Fair value movements
(311,469)



At 5 January 2023
17,395,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.



Page 6

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2023

6.


Debtors


5 January
31 December
2023
2021
£
£



Trade debtors
144,973
180,177

Other debtors
778,054
4,081,786

Prepayments and accrued income
134,190
463,702

Tax recoverable
1,175,100
1,175,100

2,232,317
5,900,765



7.


Creditors: Amounts falling due within one year

5 January
31 December
2023
2021
£
£

Trade creditors
63,161
41,323

Taxation and social security
132,541
41,531

Obligations under finance lease and hire purchase contracts
-
27,185

Other creditors
672,827
342,754

Accruals and deferred income
311,006
244,395

1,179,535
697,188



8.


Deferred taxation






2023


£






At beginning of year
264,399


Charged to profit or loss
(47,582)



At end of year
311,981

Page 7

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2023
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

5 January
31 December
2023
2021
£
£


Accelerated capital allowances
5,487
8,157

Fair value movements
306,494
256,242

311,981
264,399


9.


Share capital

5 January
31 December
2023
2021
£
£
Allotted, called up and fully paid



56,071 (2021 - 56,071) Ordinary shares of £1.00 each
56,071
56,071



10.


Related party transactions

At the period end, the Company was owed £774,093 (2021 -  £1,944,255) by a director of the Company. Interest has been charged at the official HMRC rate. The maximum outstanding during the period was £1,962,058.

At the period end, the Company was owed £-  (2021 - £2,129,797) by the Estate of the spouse of a director of the Company. Interest has been charged at the official HMRC rate. The maximum outstanding during the period was £2,129,797.


11.


Auditors' information

The auditors' report on the financial statements for the period ended 5 January 2023 was unqualified.

The audit report was signed on 5 October 2023 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 8