Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31399800039980002022-04-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08519435 2022-04-01 2023-03-31 08519435 2021-04-01 2022-03-31 08519435 2023-03-31 08519435 2022-03-31 08519435 c:Director1 2022-04-01 2023-03-31 08519435 c:Director2 2022-04-01 2023-03-31 08519435 d:FreeholdInvestmentProperty 2023-03-31 08519435 d:FreeholdInvestmentProperty 2022-03-31 08519435 d:LeaseholdInvestmentProperty 2023-03-31 08519435 d:LeaseholdInvestmentProperty 2022-03-31 08519435 d:CurrentFinancialInstruments 2023-03-31 08519435 d:CurrentFinancialInstruments 2022-03-31 08519435 d:CurrentFinancialInstruments 2 2023-03-31 08519435 d:CurrentFinancialInstruments 2 2022-03-31 08519435 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08519435 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08519435 d:ShareCapital 2023-03-31 08519435 d:ShareCapital 2022-03-31 08519435 d:SharePremium 2023-03-31 08519435 d:SharePremium 2022-03-31 08519435 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 08519435 d:RetainedEarningsAccumulatedLosses 2023-03-31 08519435 d:RetainedEarningsAccumulatedLosses 2022-03-31 08519435 c:FRS102 2022-04-01 2023-03-31 08519435 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08519435 c:FullAccounts 2022-04-01 2023-03-31 08519435 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08519435 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08519435 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 08519435 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 08519435










ESPLANADE INVESTMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
ESPLANADE INVESTMENTS LIMITED
REGISTERED NUMBER: 08519435

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,999,000
1,999,000

  
1,999,000
1,999,000

Current assets
  

Debtors: amounts falling due within one year
 5 
4,013
2,856

Cash at bank and in hand
 6 
63,592
56,071

  
67,605
58,927

Creditors: amounts falling due within one year
 7 
(1,004,898)
(1,048,017)

Net current liabilities
  
 
 
(937,293)
 
 
(989,090)

Total assets less current liabilities
  
1,061,707
1,009,910

Provisions for liabilities
  

Deferred tax
 9 
(89,793)
(89,793)

  
 
 
(89,793)
 
 
(89,793)

Net assets
  
971,914
920,117


Capital and reserves
  

Called up share capital 
  
1,028
1,028

Share premium account
 10 
179,772
179,772

Profit and loss account
 10 
791,114
739,317

  
971,914
920,117


Page 1

 
ESPLANADE INVESTMENTS LIMITED
REGISTERED NUMBER: 08519435

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 statement of income and retained earnings 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 6 November 2023.




M. Raffan
E. Raffan
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ESPLANADE INVESTMENTS LIMITED
 

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

1.


General information

The company is a private company limited by shares and was incorporated in England and Wales. The registered office of business is:
Kingsridge House,
601 London Road,
Westcliff-on-Sea,
Essex,
SS0 9PE.
 

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:

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.

 
2.3

Interest income

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

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 
ESPLANADE INVESTMENTS LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Investment property

Investment property is carried at fair value 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 Statement of comprehensive income.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 4

 
ESPLANADE INVESTMENTS LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

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

Page 5

 
ESPLANADE INVESTMENTS LIMITED
 

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

4.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2022
1,662,500
336,500
1,999,000



At 31 March 2023
1,662,500
336,500
1,999,000


Comprising


Cost
1,121,858
289,222
1,411,080

Annual revaluation surplus/(deficit):



Pre 2018
668,988
52,278
721,266

2019
(114,143)
(5,000)
(119,143)

2020
(14,203)
-
(14,203)

At 31 March 2023
1,662,500
336,500
1,999,000

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
1,411,080
1,411,080

1,411,080
1,411,080


5.


Debtors

2023
2022
£
£


Prepayments and accrued income
4,013
2,856

4,013
2,856


Page 6

 
ESPLANADE INVESTMENTS LIMITED
 

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

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
63,592
56,071

Less: bank overdrafts
(5,071)
-

58,521
56,071



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
5,071
-

Bank loans
400,000
450,000

Trade creditors
2,776
2,638

Corporation tax
12,150
8,523

Directors' loan
130
509

Accruals and deferred income
4,771
6,347

Share capital treated as debt
580,000
580,000

1,004,898
1,048,017


The bank loan of £400,000 is secured on personal assets of the directors (see notes 11 and 12).


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
400,000
450,000




400,000
450,000


Page 7

 
ESPLANADE INVESTMENTS LIMITED
 

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

9.


Deferred taxation




2023


£






At beginning of year
(89,793)



At end of year
(89,793)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


On property revaluation
89,793
89,793

89,793
89,793


10.


Reserves

Profit and loss account

The profit and loss account comprises the retained profits of the company. Included within this reserve is £498,127 (2022 £498,127) relating to the fair value adjustment of investment properties, net of potential deferred tax thereon, which is undistributable.


11.


Contingent liabilities

The company has agreed to indemnify the directors against any losses incurred as a result of them providing personal assets as security for this company's bank borrowings, supported by security over the company's investment property.


12.


Related party transactions

The freehold of a property costing £17,907 is let to the children of the directors at a ground rent of £100 (2022 £100) per annum.
The bank loan in note 7 is secured over assets owned personally by the directors who have also given a joint and several guarantee in respect thereof. The company has indemnified the directors in respect of any losses incurred by them in this connection as explained in note 11.


Page 8