Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3152022-04-01falseNo description of principal activity4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00641186 2022-04-01 2023-03-31 00641186 2021-04-01 2022-03-31 00641186 2023-03-31 00641186 2022-03-31 00641186 c:CompanySecretary1 2022-04-01 2023-03-31 00641186 c:Director1 2022-04-01 2023-03-31 00641186 c:Director2 2022-04-01 2023-03-31 00641186 c:Director3 2022-04-01 2023-03-31 00641186 c:Director4 2022-04-01 2023-03-31 00641186 c:RegisteredOffice 2022-04-01 2023-03-31 00641186 d:FurnitureFittings 2022-04-01 2023-03-31 00641186 d:FurnitureFittings 2023-03-31 00641186 d:FurnitureFittings 2022-03-31 00641186 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00641186 d:FreeholdInvestmentProperty 2023-03-31 00641186 d:FreeholdInvestmentProperty 2022-03-31 00641186 d:CurrentFinancialInstruments 2023-03-31 00641186 d:CurrentFinancialInstruments 2022-03-31 00641186 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00641186 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00641186 d:ShareCapital 2023-03-31 00641186 d:ShareCapital 2022-03-31 00641186 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 00641186 d:OtherMiscellaneousReserve 2023-03-31 00641186 d:OtherMiscellaneousReserve 2022-03-31 00641186 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00641186 d:RetainedEarningsAccumulatedLosses 2023-03-31 00641186 d:RetainedEarningsAccumulatedLosses 2022-03-31 00641186 d:OtherDeferredTax 2023-03-31 00641186 d:OtherDeferredTax 2022-03-31 00641186 c:OrdinaryShareClass1 2022-04-01 2023-03-31 00641186 c:OrdinaryShareClass1 2023-03-31 00641186 c:OrdinaryShareClass1 2022-03-31 00641186 c:FRS102 2022-04-01 2023-03-31 00641186 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00641186 c:FullAccounts 2022-04-01 2023-03-31 00641186 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00641186 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 00641186












FINSCOTT INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

FINSCOTT INVESTMENTS LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 11

 

FINSCOTT INVESTMENTS LIMITED
 
COMPANY INFORMATION


Directors
I Sellman 
V Scott Humble 
S Renton 
S Brahams 




Company secretary
I Sellman



Registered number
00641186



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:00641186
FINSCOTT INVESTMENTS LIMITED

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,683
1,980

Investment property
 5 
11,033,000
11,033,000

  
11,034,683
11,034,980

Current assets
  

Debtors: amounts falling due within one year
 6 
15,889
6,521

Bank and cash balances
  
353,064
372,519

  
368,953
379,040

Creditors: amounts falling due within one year
 7 
(245,113)
(205,717)

Net current assets
  
 
 
123,840
 
 
173,323

Total assets less current liabilities
  
11,158,523
11,208,303

Provisions for liabilities
  

Deferred tax
 8 
(2,556,889)
(2,556,889)

  
 
 
(2,556,889)
 
 
(2,556,889)

Net assets
  
8,601,634
8,651,414


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Other reserves
 10 
8,089,312
8,089,312

Profit and loss account
 10 
511,322
561,102

Total equity
  
8,601,634
8,651,414

Page 2


 
REGISTERED NUMBER:00641186
FINSCOTT INVESTMENTS LIMITED
    
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 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: 




................................................
I Sellman
Director

Date: 18 October 2023

The notes on pages 4 to 11 form part of these financial statements.
Page 3

 

FINSCOTT INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Finscott Investments Limited is a private company limited by shares incorporated in England and Wales.The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 comprises rental income, service charges and other recoveries from tenants of the company’s investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%

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.

Page 4

 

FINSCOTT INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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.


2.5

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. 
 
The Company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 5

 

FINSCOTT INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.6

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.

  
2.7

Share capital

Ordinary shares are classified as equity.

 
2.8

Interest income

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

Page 6

 

FINSCOTT INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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 5 (2022 -4).

Page 7

 

FINSCOTT INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 April 2022
21,081



At 31 March 2023

21,081



Depreciation


At 1 April 2022
19,101


Charge for the year on owned assets
297



At 31 March 2023

19,398



Net book value



At 31 March 2023
1,683



At 31 March 2022
1,980

Page 8

 

FINSCOTT INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
11,033,000



At 31 March 2023
11,033,000

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





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
136,504
136,504

Improvements
159,725
159,725

Revaluation
10,736,771
10,736,771

11,033,000
11,033,000

Page 9

 

FINSCOTT INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Other debtors
8,371
4,270

Prepayments and accrued income
7,518
2,251

15,889
6,521



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,068
1,158

Corporation tax
72,158
87,594

Other taxation and social security
1,649
-

Other creditors
133,284
83,025

Accruals and deferred income
36,954
33,940

245,113
205,717



8.


Deferred taxation




2023


£






At beginning of year
(2,556,889)



At end of year
(2,556,889)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deferred tax on fair value movements on investment property
(2,556,889)
(2,556,889)

(2,556,889)
(2,556,889)

Page 10

 

FINSCOTT INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 -1,000) Ordinary shares shares of £1.00 each
1,000
1,000



10.


Reserves

Other reserves

Amount in other reserve represents fair value movement on the investment properties and deferred tax relating to these revaluations.

Profit and loss account

The profit and loss account is made up of accumulated historic profits and losses.
 
Page 11