Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-3167678246723992The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-02-01falseNo description of principal activity22truetrue 06806340 2022-02-01 2023-01-31 06806340 2021-02-01 2022-01-31 06806340 2023-01-31 06806340 2022-01-31 06806340 c:Director1 2022-02-01 2023-01-31 06806340 d:PlantMachinery 2022-02-01 2023-01-31 06806340 d:PlantMachinery 2023-01-31 06806340 d:PlantMachinery 2022-01-31 06806340 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 06806340 d:MotorVehicles 2022-02-01 2023-01-31 06806340 d:MotorVehicles 2023-01-31 06806340 d:MotorVehicles 2022-01-31 06806340 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 06806340 d:OfficeEquipment 2022-02-01 2023-01-31 06806340 d:OfficeEquipment 2023-01-31 06806340 d:OfficeEquipment 2022-01-31 06806340 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 06806340 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 06806340 d:FreeholdInvestmentProperty 2022-02-01 2023-01-31 06806340 d:FreeholdInvestmentProperty 2023-01-31 06806340 d:FreeholdInvestmentProperty 2022-01-31 06806340 d:CurrentFinancialInstruments 2023-01-31 06806340 d:CurrentFinancialInstruments 2022-01-31 06806340 d:Non-currentFinancialInstruments 2023-01-31 06806340 d:Non-currentFinancialInstruments 2022-01-31 06806340 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 06806340 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 06806340 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 06806340 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-31 06806340 d:ShareCapital 2023-01-31 06806340 d:ShareCapital 2022-01-31 06806340 d:InvestmentPropertiesRevaluationReserve 2023-01-31 06806340 d:InvestmentPropertiesRevaluationReserve 2022-01-31 06806340 d:RetainedEarningsAccumulatedLosses 2023-01-31 06806340 d:RetainedEarningsAccumulatedLosses 2022-01-31 06806340 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 06806340 d:AcceleratedTaxDepreciationDeferredTax 2022-01-31 06806340 d:TaxLossesCarry-forwardsDeferredTax 2023-01-31 06806340 d:TaxLossesCarry-forwardsDeferredTax 2022-01-31 06806340 c:OrdinaryShareClass1 2022-02-01 2023-01-31 06806340 c:OrdinaryShareClass1 2023-01-31 06806340 c:OrdinaryShareClass1 2022-01-31 06806340 c:OrdinaryShareClass2 2022-02-01 2023-01-31 06806340 c:OrdinaryShareClass2 2023-01-31 06806340 c:OrdinaryShareClass2 2022-01-31 06806340 c:FRS102 2022-02-01 2023-01-31 06806340 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 06806340 c:FullAccounts 2022-02-01 2023-01-31 06806340 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 06806340 6 2022-02-01 2023-01-31 06806340 d:Right-of-useInvestmentProperty 2022-02-01 2023-01-31 06806340 d:Right-of-useInvestmentProperty 2023-01-31 06806340 d:Right-of-useInvestmentProperty 2022-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06806340









EIGHT DEVELOPMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
EIGHT DEVELOPMENT LIMITED
REGISTERED NUMBER: 06806340

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
3,408
4,752

Investments
 5 
3
3

Investment property
 6 
3,383,912
3,361,996

  
3,387,323
3,366,751

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 7 
142,162
125,865

Cash at bank and in hand
  
59,429
45,371

  
201,591
171,236

Creditors: amounts falling due within one year
 8 
(773,361)
(743,159)

NET CURRENT LIABILITIES
  
 
 
(571,770)
 
 
(571,923)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,815,553
2,794,828

Creditors: amounts falling due after more than one year
 9 
(1,617,656)
(1,617,656)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 10 
(292,650)
(292,650)

  
 
 
(292,650)
 
 
(292,650)

NET ASSETS
  
905,247
884,522


CAPITAL AND RESERVES
  

Called up share capital 
 11 
100
100

Investment property reserve
  
877,949
877,949

Profit and loss account
  
27,198
6,473

  
905,247
884,522


Page 1

 
EIGHT DEVELOPMENT LIMITED
REGISTERED NUMBER: 06806340
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 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 profit and loss account 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: 




D Lodge
Director

Date: 17 October 2023

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

Page 2

 
EIGHT DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


GENERAL INFORMATION

Eight Development Limited is a private company limited by shares and incorporated in England and Wales. Its registered address is Salisbury House, Station Road, Cambridge, CB1 2LA.
The Company's principal trading address is 78 Wellbrook Way, Girton, Cambridge, CB3 0GP.
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

TURNOVER

Turnover represents rental and sundry other income recognised during the period, exclusive of VAT.

 
2.3

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:

Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
straight line
Office equipment
-
25%
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.

 
2.4

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors based on professional advice received 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.

Page 3

 
EIGHT DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

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.

 
2.9

FINANCE COSTS

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

DIVIDENDS

Equity dividends are recognised when they become legally payable.

Page 4

 
EIGHT DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

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.


3.


EMPLOYEES

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

Page 5

 
EIGHT DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



COST OR VALUATION


At 1 February 2022
5,204
2,610
2,480
10,294


Additions
395
-
-
395



At 31 January 2023

5,599
2,610
2,480
10,689



DEPRECIATION


At 1 February 2022
2,011
2,610
921
5,542


Charge for the year on owned assets
1,276
-
463
1,739



At 31 January 2023

3,287
2,610
1,384
7,281



NET BOOK VALUE



At 31 January 2023
2,312
-
1,096
3,408



At 31 January 2022
3,193
-
1,559
4,752


5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 February 2022
3



At 31 January 2023
3




Page 6

 
EIGHT DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


INVESTMENT PROPERTY


Freehold investment property
Land
Total

£
£
£



VALUATION


At 1 February 2022
3,296,512
65,484
3,361,996


Additions at cost
10,550
11,366
21,916



AT 31 JANUARY 2023
3,307,062
76,850
3,383,912

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





7.


DEBTORS

2023
2022
£
£


Trade debtors
1,870
2,345

Amounts owed by group undertakings
127,025
108,516

Other debtors
175
175

Prepayments and accrued income
13,092
14,829

142,162
125,865



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
22,655
4,124

Other taxation and social security
928
931

Other creditors
730,727
718,659

Accruals and deferred income
19,051
19,445

773,361
743,159


Page 7

 
EIGHT DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
1,617,656
1,617,656


Secured Loans
The bank loans are transacted on an interest only basis at a rate of 5.21% per annum and are secured by a fixed charge against the Company's investment property.


10.


DEFERRED TAXATION




2023


£






At beginning of year
(292,650)



AT END OF YEAR
(292,650)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(292,650)
(222,414)

Charged to profit or loss
-
(70,236)

(292,650)
(292,650)

Page 8

 
EIGHT DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



51 (2022 - 51) Ordinary shares of £1.00 each
51
51
49 (2022 - 49) Ordinary A shares of £1.00 each
49
49

100

100


 
Page 9