Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28true22022-03-01falseNo description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10608037 2022-03-01 2023-02-28 10608037 2021-03-01 2022-02-28 10608037 2023-02-28 10608037 2022-02-28 10608037 c:Director1 2022-03-01 2023-02-28 10608037 d:OfficeEquipment 2022-03-01 2023-02-28 10608037 d:OfficeEquipment 2023-02-28 10608037 d:OfficeEquipment 2022-02-28 10608037 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10608037 d:ComputerEquipment 2022-03-01 2023-02-28 10608037 d:CurrentFinancialInstruments 2023-02-28 10608037 d:CurrentFinancialInstruments 2022-02-28 10608037 d:Non-currentFinancialInstruments 2023-02-28 10608037 d:Non-currentFinancialInstruments 2022-02-28 10608037 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10608037 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10608037 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10608037 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 10608037 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 10608037 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 10608037 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 10608037 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 10608037 d:ShareCapital 2023-02-28 10608037 d:ShareCapital 2022-02-28 10608037 d:RetainedEarningsAccumulatedLosses 2023-02-28 10608037 d:RetainedEarningsAccumulatedLosses 2022-02-28 10608037 c:FRS102 2022-03-01 2023-02-28 10608037 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10608037 c:FullAccounts 2022-03-01 2023-02-28 10608037 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10608037 6 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 10608037









CEDARWOOD MANAGEMENT SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
REGISTERED NUMBER: 10608037

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,255
1,358

Investments
 6 
13,407
13,407

  
15,662
14,765

Current assets
  

Debtors
 7 
2,149,913
3,254,363

Cash at bank and in hand
 8 
310,439
236,435

  
2,460,352
3,490,798

Creditors: amounts falling due within one year
 9 
(2,422,830)
(3,496,184)

Net current assets/(liabilities)
  
 
 
37,522
 
 
(5,386)

Total assets less current liabilities
  
53,184
9,379

Creditors: amounts falling due after more than one year
 10 
(135,319)
-

  

Net (liabilities)/assets
  
(82,135)
9,379


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(82,235)
9,279

  
(82,135)
9,379


Page 1

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
REGISTERED NUMBER: 10608037
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers 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 director acknowledges his 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 by: 

Daniel Sebastian Katz
Director

Date: 29 November 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Cedarwood Management Services Limited (the "Company") is a private company limited by shares and is incorporated and domiciled in the United Kingdom. The address of the Company's registered office is 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

  
2.1

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.

 
2.2

Basis of preparation of financial statements

The financial statements of the Company 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 UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

  
2.3

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

 
2.4

Going concern

The sole director at the time of approving the financial statements, having reviewed the Company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date, has a reasonable expectation that the Company has, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
While there will always remain inherent uncertainty, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.

Page 3

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Revenue

Turnover represents management charges receivable and is recognised on provision of services with amounts accrued and/or deferred in accordance with the timing of invoices.

 
2.6

Government grants

COVID-19 related government grants receivable in light of the ongoing COVID-19 situation comprise of grants receivable under the Coronavirus Job Retention Scheme (“CJRS”).
Government grants are recognised in profit or loss in the same period in which the related costs covered by the grant are incurred to the extent there is reasonable certainty that the grant will be received.

 
2.7

Pensions

The Company makes contributions towards the personal pensions of its employees.
A defined contribution pension plan is one under which the Company pays fixed contributions to a separate entity. Once the contributions have been paid the Company has no further payment obligations.
Contributions payable are recognised as an expense in profit or loss for the reporting period when they fall due. Amounts falling due but not paid are included within other creditors in the balance sheet.

 
2.8

Taxation

Taxation comprises of corporate taxation ("current taxation") and deferred taxation recognised solely in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date where taxable income is generated by the Company through its business operations.
The Company is subject to taxation at the rate enacted by HM Revenue & Customs in respect of trading activities undertaken in the United Kingdom. All such liabilities in respect of UK current taxation payable are provided for as soon as there is a reasonable certainty that a liability will crystallise. The Company did not undertake any other activities in any other country.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date and expected to apply when the related deferred tax asset/liability is realised/settled. Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.

Page 4

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation. 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 upon acquisition.

Depreciation is provided on the following basis:

Computer equipment
-
20%
reducing balance

Depreciation of a tangible fixed asset commences once the asset is available for use. The residual value and depreciation basis of tangible fixed assets are reviewed, and adjusted prospectively where deemed appropriate, if there is an indication of a significant change since the last balance sheet date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Fixed asset investments

Fixed asset investments comprise holdings in unlisted company shares of associate undertakings.
Such holdings are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date.

  
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised upon the Company becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is
as outlined in notes 2.12 to 2.15 of the financial statements.

 
2.12

Debtors

Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment.

 
2.13

Cash and cash equivalents

Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.

Page 5

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Creditors

Creditors are initially measured and subsequently held at transaction price.

 
2.15

Equity

Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Equity dividends are recognised in the reporting period in which they become legally payable.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the director is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually re-evaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
There are no critical judgments made in applying the entity's accounting policies.
Critical accounting estimates and assumptions
The estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:
Impairment of trade receivables
When assessing the recoverable value of trade receivables, the director considers a variety of factors including the ageing profile of the debt, historical and market experience with the customer and the quality of communications to date.


4.


Employees

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

Page 6

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Tangible fixed assets






£



Cost


At 1 March 2022
1,509


Additions
1,299



At 28 February 2023

2,808



Depreciation


At 1 March 2022
151


Charge for the year
402



At 28 February 2023

553



Net book value



At 28 February 2023
2,255



At 28 February 2022
1,358


6.


Fixed asset investments






£



Cost


At 1 March 2022
13,407



At 28 February 2023
13,407




Page 7

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Debtors


2023
2022
£
£


Falling due within one year

Amounts owed by joint ventures and associated undertakings
1,703,680
3,245,308

Other debtors
344,051
9,055

Prepayments and accrued income
51,500
-

Deferred taxation
50,682
-

2,149,913
3,254,363


At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
310,439
236,435



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
29,467
38,276

Amounts owed to associates
366,573
384,010

Other taxation and social security
668
-

Other creditors
2,021,922
3,072,098

Accruals and deferred income
4,200
1,800

2,422,830
3,496,184



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
135,319
-


Page 8

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
29,467
38,276

Amounts falling due 1-2 years

Other loans
30,963
-

Amounts falling due 2-5 years

Other loans
104,356
-


164,786
38,276



12.


Financial instruments

The Company held no financial instruments that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.


13.


Pension commitments

Employee and employer contributions totalling £nil (2022: £nil) were outstanding at the balance sheet date and are included in creditors falling due within one year.


14.


Related party transactions

At the balance sheet date the Company was owed £2,047,731 (2022: £3,248,238) by, and owed £366,573 (2022: £384,010) to, companies connected by virtue of being an associated undertaking and/or under common control in respect of intercompany loan accounts.
At the balance sheet date, the director and his spouse were owed £2,021,922 (2022: £3,072,098) by the Company. Amounts owed are interest-free, unsecured and repayable on demand with no fixed date of repayment.
There were no other related party transactions and/or period end balances to report in accordance with Financial Reporting Standard 102 or the Companies Act 2006 as part of these financial statements.

 
Page 9