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Registered number: 03164510









OPENARCH GREENSIDE LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
OPENARCH GREENSIDE LIMITED
REGISTERED NUMBER: 03164510

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
41,925
63,585

Investment property
 5 
23,079,760
22,952,913

  
23,121,685
23,016,498

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
129,853
60,592

Cash at bank and in hand
  
140,213
309,337

  
270,066
369,929

Creditors: amounts falling due within one year
 7 
(2,169,503)
(2,299,870)

NET CURRENT LIABILITIES
  
 
 
(1,899,437)
 
 
(1,929,941)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
21,222,248
21,086,557

Creditors: amounts falling due after more than one year
 8 
(5,070,806)
(5,320,284)

Deferred tax
 9 
(1,337,484)
(1,307,595)

NET ASSETS
  
14,813,958
14,458,678


CAPITAL AND RESERVES
  

Called up share capital 
 10 
100
100

Investment property reserve
  
8,520,993
8,072,091

Profit and loss account
  
6,292,865
6,386,487

  
14,813,958
14,458,678


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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
OPENARCH GREENSIDE LIMITED
REGISTERED NUMBER: 03164510
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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




M J Horan
Director

Date: 6 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
OPENARCH GREENSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

OpenArch Greenside Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is The Grange, Market Street, Swavesey, Cambridge, Cambridgeshire, CB24 4QG.
The Company's functional and presentational currency is GBP.

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

GOING CONCERN

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors have considered the Company’s financial resources at the time of approving the financial statements, as well as anticipated future activity and financial results.
The global uncertainty caused by the turbulent socio-economic environment and subsequent general economic downturn has had a negative impact on many of the Company's tenants across all rental sectors; commercial, residential and student. Despite this, occupancy remains high and efforts are being made to mitigate against cost increases. During the year a number of hedging arrangements have been entered into mitigating the risk of rising interest rates. These provide the directors with further comfort over the ongoing continuance of the Company. The directors have assessed the Company's liquidity requirements and are confident sufficient working capital is available to support any downturn in cash collection from tenants. The directors regularly review the liquidity position in order to safeguard the business during the current uncertainty and beyond.
On the basis of their review and given the Company’s strong net asset and cash position the directors believe they are well placed to manage the Company's business risks successfully in the current economic climate and remain satisfied that the going concern assessment is appropriate.

 
2.3

TURNOVER

Turnover comprises revenue recognised by the Company in respect of rental income during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised as the fair value of the consideration received or receivable and is recognised over the period to which the rental income relates.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 3

 
OPENARCH GREENSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

INTEREST INCOME

Interest income is recognised in the Profit and Loss Account using the effective interest method.

 
2.6

INTEREST EXPENSE

Interest expenditure is charged to the Profit and Loss Account 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. All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

 
2.7

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.

 
2.8

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.

Page 4

 
OPENARCH GREENSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

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.

The estimated useful lives range as follows:

Fixtures and fittings
-
6 years straight line
Refurbishment costs
-
5-7 years straight line

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.

 
2.9

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually 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 and changes in fair value are recognised in the Profit and Loss Account.

 
2.10

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.11

CASH AT BANK AND IN HAND

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

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.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 5

 
OPENARCH GREENSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


TANGIBLE FIXED ASSETS





Fixtures and fittings
Refurbish-ment costs
Total

£
£
£



COST


At 1 April 2022
66,142
147,356
213,498



At 31 March 2023

66,142
147,356
213,498



DEPRECIATION


At 1 April 2022
60,086
89,827
149,913


Charge for the year on owned assets
2,820
18,840
21,660



At 31 March 2023

62,906
108,667
171,573



NET BOOK VALUE



At 31 March 2023
3,236
38,689
41,925



At 31 March 2022
6,056
57,529
63,585

Page 6

 
OPENARCH GREENSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 April 2022
22,952,913


Additions at cost
9,150


Surplus on revaluation
117,697



AT 31 MARCH 2023
23,079,760


COMPRISING


Cost
13,607,646

Annual revaluation surplus/(deficit):


2021 and previous
8,571,117

2022
783,300

2023
117,697

At 31 March 2023
23,079,760

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





6.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade debtors
38,918
7,766

Other debtors
50,515
25,225

Prepayments and accrued income
40,420
27,601

129,853
60,592


Page 7

 
OPENARCH GREENSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
249,477
249,477

Trade creditors
127,019
103,329

Amounts owed to group undertakings
1,595,554
1,727,274

Corporation tax
11,474
60,818

Other taxation and social security
13,951
12,266

Other creditors
42,090
45,630

Accruals and deferred income
129,938
101,076

2,169,503
2,299,870


Bank loans are secured on investment properties owned by the Company. Bank loans with a total balance falling due within one year of £NIL (2022 - £NIL) are also secured by personal guarantees from Mr D K Whitfield, Mrs S E Whitfield and Mr J P Whitfield.


8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
5,070,806
5,320,284


Bank loans are secured on investment properties owned by the Company. Bank loans with a total balance falling due after more than one year of £341,775 (2022 - £341,775) are also secured by personal guarantees from Mr D K Whitfield, Mrs S E Whitfield and Mr J P Whitfield.

Page 8

 
OPENARCH GREENSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
1,307,595
832,475


Charged to profit or loss
29,889
475,120



AT END OF YEAR
1,337,484
1,307,595

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Unrealised gains on investment properties
1,785,434
1,755,545

Capital losses carried forward
(447,950)
(447,950)

1,337,484
1,307,595


10.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2022 - 100) Ordinary shares of £1 each
100
100



11.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 6 October 2023 by Warren Tilbury (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

 
Page 9