Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3132022-04-01falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11199317 2022-04-01 2023-03-31 11199317 2021-04-01 2022-03-31 11199317 2023-03-31 11199317 2022-03-31 11199317 c:Director1 2022-04-01 2023-03-31 11199317 c:Director2 2022-04-01 2023-03-31 11199317 c:Director3 2022-04-01 2023-03-31 11199317 c:RegisteredOffice 2022-04-01 2023-03-31 11199317 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 11199317 d:FreeholdInvestmentProperty 2023-03-31 11199317 d:FreeholdInvestmentProperty 2022-03-31 11199317 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 11199317 d:CurrentFinancialInstruments 2023-03-31 11199317 d:CurrentFinancialInstruments 2022-03-31 11199317 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11199317 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11199317 d:ShareCapital 2023-03-31 11199317 d:ShareCapital 2022-03-31 11199317 d:RevaluationReserve 2022-04-01 2023-03-31 11199317 d:RevaluationReserve 2023-03-31 11199317 d:RevaluationReserve 2022-03-31 11199317 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11199317 d:RetainedEarningsAccumulatedLosses 2023-03-31 11199317 d:RetainedEarningsAccumulatedLosses 2022-03-31 11199317 d:OtherDeferredTax 2023-03-31 11199317 d:OtherDeferredTax 2022-03-31 11199317 c:OrdinaryShareClass1 2022-04-01 2023-03-31 11199317 c:OrdinaryShareClass1 2023-03-31 11199317 c:OrdinaryShareClass1 2022-03-31 11199317 c:FRS102 2022-04-01 2023-03-31 11199317 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11199317 c:FullAccounts 2022-04-01 2023-03-31 11199317 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11199317 d:Subsidiary1 2022-04-01 2023-03-31 11199317 d:Subsidiary1 1 2022-04-01 2023-03-31 11199317 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 11199317












SEGAL PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

SEGAL PROPERTY LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 10


 

SEGAL PROPERTY LIMITED
 
COMPANY INFORMATION


Directors
A J Segal 
N F Mesrie 
D E Segal 




Registered number
11199317



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:11199317
SEGAL PROPERTY LIMITED

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
1,230,614
1,322,690

Investment properties
 6 
4,834,260
1,500,159

  
6,064,874
2,822,849

Current assets
  

Cash at bank and in hand
  
219,380
153,214

Creditors: amounts falling due within one year
 7 
(4,737,502)
(2,670,141)

Net current liabilities
  
 
 
(4,518,122)
 
 
(2,516,927)

Provisions for liabilities
  

Deferred tax
 8 
(273,700)
-

  
 
 
(273,700)
 
 
-

Net assets
  
1,273,052
305,922


Capital and reserves
  

Called up share capital 
 9 
2
2

Fair value reserve
 10 
1,094,793
-

Profit and loss account
 10 
178,257
305,920

Total equity
  
1,273,052
305,922


Page 2


 
REGISTERED NUMBER:11199317
SEGAL PROPERTY 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: 




A J Segal
Director

Date: 16 October 2023

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 

SEGAL PROPERTY LIMITED

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

1.


General information

Segal Property 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 financial currency of the company. Monetary amounts 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The following principal accounting policies have been applied:

  
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Investment properties

Investment property is initially recognised at cost which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Fair value is 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 the profit or loss. Deferred taxation is provided on the fair value gain at the rate expected to apply when the property is sold.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Page 4

 

SEGAL PROPERTY LIMITED

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

2.Accounting policies (continued)

 
2.5

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.

  
2.6

Share capital

Ordinary shares are classified as equity. 

  
2.7

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 other debtors 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 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.
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. 
 
Page 5

 

SEGAL PROPERTY LIMITED

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

2.Accounting policies (continued)

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.

 
2.8

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.

Page 6

 

SEGAL PROPERTY LIMITED

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

2.Accounting policies (continued)

 
2.9

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 1).

Page 7

 

SEGAL PROPERTY LIMITED

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

5.


Fixed asset investments





Investments in subsidiary undertaking
Loans to subsidiary
Total

£
£
£



Cost


At 1 April 2022
1,242,815
79,875
1,322,690


Other movement
(12,201)
(79,875)
(92,076)



At 31 March 2023
1,230,614
-
1,230,614





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Country of incorporation

Class of shares

Holding

Segal Property, LLC
California
Ordinary
99.999%


6.


Investment properties


2023

£



Valuation


At 1 April 2022
1,500,159


Additions
2,239,308


Fair value movements
1,094,793



At 31 March 2023
4,834,260

In the opinion of the directors the 2023 valuations, on an open market value for existing use basis, are not significantly different to the historic cost of the properties.





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
3,739,467
1,500,159

Page 8

 

SEGAL PROPERTY LIMITED

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

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Corporation tax
34,256
38,381

Other creditors
4,699,246
2,628,160

Accruals
4,000
3,600

4,737,502
2,670,141



8.


Deferred taxation




2023


£






At beginning of year
-


Charged to profit or loss
(273,700)



At end of year
(273,700)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fair value movements on investment properties
(273,700)
-

The deferred tax provision is not expected to reverse within twelve months of the year end.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2


Page 9

 

SEGAL PROPERTY LIMITED

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

10.


Reserves

Fair value reserve

The fair value reserve relates to the fair value increase of investment properties, net of deferred tax. The reserve is non-distributable.

Profit and loss account

The profit and loss account comprise distributable reserves.


11.


Related party transactions

Other creditors totalling £4,699,246 (2022: £2,628,160) comprise amounts owed to the company's shareholders. The loans are provided interest free and are unsecured. There are no formal terms and conditions regarding the repayment of the loans.

 
Page 10