Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01trueThe principal actitivty of the Company is an investment holding company.false00trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10662751 2022-01-01 2022-12-31 10662751 2021-01-01 2021-12-31 10662751 2022-12-31 10662751 2021-12-31 10662751 1 2022-01-01 2022-12-31 10662751 d:Director3 2022-01-01 2022-12-31 10662751 c:CurrentFinancialInstruments 2022-12-31 10662751 c:CurrentFinancialInstruments 2021-12-31 10662751 c:Non-currentFinancialInstruments 2022-12-31 10662751 c:Non-currentFinancialInstruments 2021-12-31 10662751 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10662751 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 10662751 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 10662751 c:Non-currentFinancialInstruments c:AfterOneYear 2021-12-31 10662751 c:ShareCapital 2022-12-31 10662751 c:ShareCapital 2021-12-31 10662751 c:RetainedEarningsAccumulatedLosses 2022-12-31 10662751 c:RetainedEarningsAccumulatedLosses 2021-12-31 10662751 d:OrdinaryShareClass1 2022-01-01 2022-12-31 10662751 d:OrdinaryShareClass1 2022-12-31 10662751 d:OrdinaryShareClass1 2021-12-31 10662751 d:FRS102 2022-01-01 2022-12-31 10662751 d:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10662751 d:FullAccounts 2022-01-01 2022-12-31 10662751 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10662751 2 2022-01-01 2022-12-31 10662751 6 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10662751









LEOPARD UK KENSINGTON JV LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
LEOPARD UK KENSINGTON JV LIMITED
REGISTERED NUMBER: 10662751

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Fixed asset investments
  
1
26,600,001

  
1
26,600,001

Current assets
  

Debtors: amounts falling due within one year
 5 
21,842,585
2,618,415

Bank and cash balances
  
59
10

  
21,842,644
2,618,425

Creditors: amounts falling due within one year
 7 
(77,047,698)
(35,851,598)

Net current liabilities
  
 
 
(55,205,054)
 
 
(33,233,173)

Total assets less current liabilities
  
(55,205,053)
(6,633,172)

Creditors: amounts falling due after more than one year
 8 
-
(35,009,050)

  

Net liabilities
  
(55,205,053)
(41,642,222)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(55,205,153)
(41,642,322)

  
(55,205,053)
(41,642,222)


Page 1

 
LEOPARD UK KENSINGTON JV LIMITED
REGISTERED NUMBER: 10662751
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

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 statement of comprehensive income 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 on 3 July 2023.



Derrick Beare
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
LEOPARD UK KENSINGTON JV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Leopard UK Kensington JV Limited is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 124 City Road, London, EC1V 2NX.
The principal activity of the Company during the year was to act as an investment holding company.

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 judgment in applying the Company's accounting policies.

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The Company meets its funding requirements through the ongoing support it receives from its parent company. However, its ongoing support is not guaranteed. 
As disclosed in note 11, the parent Company’s lender, AW Rootstock Limited has appointed Receivers on 6 April 2023. They have the full control over the shares of the Company. These events indicate a material uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern and therefore that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include adjustments that will result if the Company were unable to continue as a going concern. 

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

 
LEOPARD UK KENSINGTON JV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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

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.

Financial assets that are 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 statement of comprehensive income.

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


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2021 - 0).

Page 4

 
LEOPARD UK KENSINGTON JV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Fixed asset investments





Investments in subsidiary companies
Loans to subsidiaries
Total

£
£
£



Cost or valuation


At 1 January 2022
1
26,600,000
26,600,001


Transfer to amounts due within one year
-
(26,600,000)
(26,600,000)



At 31 December 2022
1
-
1





5.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
21,842,485
2,618,315

Other debtors
100
100

21,842,585
2,618,415



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
59
10

59
10



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to group undertakings
77,041,298
35,849,198

Accruals and deferred income
6,400
2,400

77,047,698
35,851,598


Page 5

 
LEOPARD UK KENSINGTON JV LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Amounts owed to group undertakings
-
35,009,050

-
35,009,050



9.


Share capital

2022
2021
£
£
Allotted, called up and partly paid



100 (2021 - 100) Ordinary shares of £1.00 each
100
100



10.


Related party transactions

The Company has taken advantage of the exemptions provided by "Financial Reporting Standard 102" not to disclose transactions with the entities wholly owned within the group.
The Company has not entered into any material transactions with related parties that have not been conducted under normal market conditions.


11.


Post balance sheet events

Following the reporting date, a Debenture made between the immediate parent company, Leopard Guernsey Kensington Holdco Limited and AW Rootstock Limited was exercised over 51% of the shares in the Company. From 6 April 2023, the Receivers appointed by AW Rootstock have full control over the shares.


12.


Controlling party

The immediate parent company of the Company, which owns 100% of its issued share capital, is Leopard Guernsey Kensington Holdco Limited, a company incorporated in Guernsey.
The director considers the ultimate controlling party to be Leopard Investment Holding LLP, a limited liability partnership registered in the UK.

 
Page 6