Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false662022-04-01falsetrue 05312903 2022-04-01 2023-03-31 05312903 2021-04-01 2022-03-31 05312903 2023-03-31 05312903 2022-03-31 05312903 2021-04-01 05312903 2 2022-04-01 2023-03-31 05312903 3 2022-04-01 2023-03-31 05312903 d:Director2 2022-04-01 2023-03-31 05312903 e:FurnitureFittings 2022-04-01 2023-03-31 05312903 e:FurnitureFittings 2023-03-31 05312903 e:FurnitureFittings 2022-03-31 05312903 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05312903 e:FreeholdInvestmentProperty 2023-03-31 05312903 e:FreeholdInvestmentProperty 2022-03-31 05312903 e:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 05312903 e:CurrentFinancialInstruments 2023-03-31 05312903 e:CurrentFinancialInstruments 2022-03-31 05312903 e:Non-currentFinancialInstruments 2023-03-31 05312903 e:Non-currentFinancialInstruments 2022-03-31 05312903 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 05312903 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 05312903 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 05312903 e:Non-currentFinancialInstruments e:AfterOneYear 2022-03-31 05312903 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 05312903 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-03-31 05312903 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 05312903 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-03-31 05312903 e:ShareCapital 2023-03-31 05312903 e:ShareCapital 2022-03-31 05312903 e:ShareCapital 2021-04-01 05312903 e:OtherMiscellaneousReserve 2022-04-01 2023-03-31 05312903 e:OtherMiscellaneousReserve 2023-03-31 05312903 e:OtherMiscellaneousReserve 2 2022-04-01 2023-03-31 05312903 e:OtherMiscellaneousReserve 3 2022-04-01 2023-03-31 05312903 e:OtherMiscellaneousReserve 2022-03-31 05312903 e:OtherMiscellaneousReserve 2021-04-01 05312903 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 05312903 e:RetainedEarningsAccumulatedLosses 2023-03-31 05312903 e:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 05312903 e:RetainedEarningsAccumulatedLosses 3 2022-04-01 2023-03-31 05312903 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 05312903 e:RetainedEarningsAccumulatedLosses 2022-03-31 05312903 e:RetainedEarningsAccumulatedLosses 2021-04-01 05312903 e:OtherDeferredTax 2023-03-31 05312903 e:OtherDeferredTax 2022-03-31 05312903 d:FRS102 2022-04-01 2023-03-31 05312903 d:Audited 2022-04-01 2023-03-31 05312903 d:FullAccounts 2022-04-01 2023-03-31 05312903 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05312903 e:WithinOneYear 2023-03-31 05312903 e:WithinOneYear 2022-03-31 05312903 e:BetweenOneFiveYears 2023-03-31 05312903 e:BetweenOneFiveYears 2022-03-31 05312903 d:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05312903 2 2022-04-01 2023-03-31 05312903 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 05312903










CRACKNORE INVESTMENT LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
CRACKNORE INVESTMENT LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 13


 
CRACKNORE INVESTMENT LIMITED
REGISTERED NUMBER: 05312903

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,687
2,817

Investments
 6 
13,232
596,832

Investment property
 7 
20,000,000
17,080,000

  
20,015,919
17,679,649

Current assets
  

Debtors: amounts falling due within one year
 8 
3,995,264
4,378,204

Cash at bank and in hand
 9 
1,299,717
2,636,995

  
5,294,981
7,015,199

Creditors: amounts falling due within one year
 10 
(821,196)
(2,002,516)

Net current assets
  
 
 
4,473,785
 
 
5,012,683

Total assets less current liabilities
  
24,489,704
22,692,332

Creditors: amounts falling due after more than one year
 11 
(5,881,250)
(6,306,250)

Provisions for liabilities
  

Deferred tax
 13 
(4,716,374)
(3,986,374)

  
 
 
(4,716,374)
 
 
(3,986,374)

Net assets
  
13,892,080
12,399,708


Capital and reserves
  

Called up share capital 
  
1,010
1,010

Other reserves
 14 
10,278,626
8,088,626

Profit and loss account
 14 
3,612,444
4,310,072

  
13,892,080
12,399,708


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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
CRACKNORE INVESTMENT LIMITED
REGISTERED NUMBER: 05312903
    
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 on 28 September 2023.


Ian Steer
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
CRACKNORE INVESTMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
1,010
8,088,626
1,989,896
10,079,532


Comprehensive income for the year

Profit for the year
-
-
3,120,176
3,120,176

Dividends: Equity capital
-
-
(800,000)
(800,000)



At 1 April 2022
1,010
8,088,626
4,310,072
12,399,708


Comprehensive income for the year

Profit for the year
-
-
1,925,972
1,925,972

Dividends: Equity capital
-
-
(433,600)
(433,600)

Deferred tax transfer
-
(730,000)
730,000
-

Fair value transfer
-
2,920,000
(2,920,000)
-


At 31 March 2023
1,010
10,278,626
3,612,444
13,892,080


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
CRACKNORE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Cracknore Investment Limited is a private company limited by share capital, incorporated in England & Wales, registration number 05312903. The address of the registered is 14th Floor, 33 Cavendish Square, London, W1G 0PW.
The principal activities of the company are that of property investment and of being a holding company of subsidiaries and investments in the logistics infrastructure sector.

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 is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
CRACKNORE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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:

Fixtures and fittings
-
33%

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 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

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

Page 5

 
CRACKNORE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.13

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
CRACKNORE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Interest income

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

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.16

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.

 
2.17

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.

Page 7

 
CRACKNORE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.18

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.19

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.


3.


Judgments 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 judgments, estimates and assumptions about the carrying amount 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.


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 8

 
CRACKNORE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2022
17,183


Additions
1,668



At 31 March 2023

18,851



Depreciation


At 1 April 2022
14,366


Charge for the year on owned assets
1,798



At 31 March 2023

16,164



Net book value



At 31 March 2023
2,687



At 31 March 2022
2,817

Page 9

 
CRACKNORE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 April 2022
596,807
25
596,832


Disposals
(433,600)
-
(433,600)


Repayment of investment
(150,000)
-
(150,000)



At 31 March 2023

13,207
25
13,232






Net book value



At 31 March 2023
13,207
25
13,232



At 31 March 2022
596,807
25
596,832


7.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
17,080,000


Surplus on revaluation
2,920,000



At 31 March 2023
20,000,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.
This historic cost of the property is £5,005,000




Page 10

 
CRACKNORE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Debtors

2023
2022
£
£


Trade debtors
22,077
20,223

Amounts owed by group undertakings
1,887,284
1,887,284

Other debtors
2,005,738
2,394,584

Prepayments and accrued income
80,165
76,113

3,995,264
4,378,204



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,299,717
2,636,995



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
425,000
318,750

Trade creditors
16,519
18,272

Corporation tax
-
315,455

Other taxation and social security
106,020
1,152,081

Other creditors
414
292

Accruals and deferred income
273,243
197,666

821,196
2,002,516



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
5,256,250
5,681,250

Other loans
625,000
625,000

5,881,250
6,306,250


Page 11

 
CRACKNORE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
425,000
318,750

Amounts falling due 1-2 years

Bank loans
5,256,250
425,000

Other loans
625,000
625,000

Amounts falling due 2-5 years

Bank loans
-
5,256,250

6,306,250
6,625,000


The bank loan is secured over the Company's investment property.


13.


Deferred taxation




2023


£






At beginning of year
(3,986,374)


Charged to profit or loss
(730,000)



At end of year
(4,716,374)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movement
(4,716,374)
(3,986,374)

Page 12

 
CRACKNORE INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Reserves

Other reserves

Other reserves are made up of unrealised gains on investment property less deferred tax arising thereon. The unrealised gain is transferred from the profit and loss reserve to other reserves in the year the gain arises.

Profit and loss account

The Profit and loss reserve is made up of accumulated profit less dividends paid.


15.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
11,000
3,486

Later than 1 year and not later than 5 years
3,486
-

14,486
3,486


16.


Auditors' information

The full statutory financial statements of Cracknore Investment Limited for the year ended 31 March 2022 have been audited by Simmons Gainsford LLP, Statutory Auditors and Chartered Accountants.

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

The audit report was signed on 28 September 2023 by David Pumfrey FCA (Senior statutory auditor) on behalf of Simmons Gainsford LLP.

 
Page 13