Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3152022-04-01falseNo description of principal activity5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08406012 2022-04-01 2023-03-31 08406012 2021-04-01 2022-03-31 08406012 2023-03-31 08406012 2022-03-31 08406012 1 2022-04-01 2023-03-31 08406012 d:Director1 2022-04-01 2023-03-31 08406012 c:FurnitureFittings 2022-04-01 2023-03-31 08406012 c:FurnitureFittings 2023-03-31 08406012 c:FurnitureFittings 2022-03-31 08406012 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08406012 c:OfficeEquipment 2022-04-01 2023-03-31 08406012 c:OfficeEquipment 2023-03-31 08406012 c:OfficeEquipment 2022-03-31 08406012 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08406012 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08406012 c:FreeholdInvestmentProperty 2022-04-01 2023-03-31 08406012 c:FreeholdInvestmentProperty 2023-03-31 08406012 c:FreeholdInvestmentProperty 2022-03-31 08406012 c:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 08406012 c:CurrentFinancialInstruments 2023-03-31 08406012 c:CurrentFinancialInstruments 2022-03-31 08406012 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 08406012 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 08406012 c:ShareCapital 2023-03-31 08406012 c:ShareCapital 2022-03-31 08406012 c:InvestmentPropertiesRevaluationReserve 2022-04-01 2023-03-31 08406012 c:InvestmentPropertiesRevaluationReserve 2023-03-31 08406012 c:InvestmentPropertiesRevaluationReserve 2022-03-31 08406012 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 08406012 c:RetainedEarningsAccumulatedLosses 2023-03-31 08406012 c:RetainedEarningsAccumulatedLosses 2022-03-31 08406012 d:OrdinaryShareClass1 2022-04-01 2023-03-31 08406012 d:OrdinaryShareClass1 2023-03-31 08406012 d:OrdinaryShareClass1 2022-03-31 08406012 d:FRS102 2022-04-01 2023-03-31 08406012 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08406012 d:FullAccounts 2022-04-01 2023-03-31 08406012 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08406012 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08406012 c:AcceleratedTaxDepreciationDeferredTax 2022-03-31 08406012 c:TaxLossesCarry-forwardsDeferredTax 2023-03-31 08406012 c:TaxLossesCarry-forwardsDeferredTax 2022-03-31 08406012 c:OtherDeferredTax 2023-03-31 08406012 c:OtherDeferredTax 2022-03-31 08406012 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08406012









8888 INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
8888 INVESTMENTS LIMITED
REGISTERED NUMBER: 08406012

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,929
1,214

Investment property
 6 
1,314,500
1,650,000

  
1,316,429
1,651,214

Current assets
  

Debtors: amounts falling due within one year
 7 
6,325
9,715

Cash at bank and in hand
  
87,400
314,460

  
93,725
324,175

Creditors: amounts falling due within one year
 8 
(1,248,867)
(1,841,757)

Net current liabilities
  
 
 
(1,155,142)
 
 
(1,517,582)

Total assets less current liabilities
  
161,287
133,632

Provisions for liabilities
  

Deferred tax
 9 
(3,636)
-

  
 
 
(3,636)
 
 
-

Net assets
  
157,651
133,632


Capital and reserves
  

Called up share capital 
 10 
100
100

Investment property reserve
 11 
196,437
214,700

Profit and loss account
 11 
(38,886)
(81,168)

  
157,651
133,632


Page 1

 
8888 INVESTMENTS LIMITED
REGISTERED NUMBER: 08406012
    
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 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 1 December 2023.




G C Wright
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
8888 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, incorporated and domiciled in England within the United Kingdom, registration number 08406012.  The Company's registered office is Sterling House, 71 Francis Road, Edgbaston, Birmingham, B16 8SP.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

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.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the accounts on a going concern basis.

 
2.3

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:

Rental of investment properties
Turnover from the rental of investment properties is recognised when all the following conditions are satisfied:
-   the amount of turnover can be measured reliably;
-   it is probable that the Company will receive consideration due for the period of rent;
-   the period of rent can be measured reliably; and 
-   the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
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.

Page 3

 
8888 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

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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
-
20% straight line
Office equipment
-
33.33% straight line

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.

Page 4

 
8888 INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors.  No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.
 
Page 5

 
8888 INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 6

 
8888 INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Taxation

The company has trading tax losses of £69,623 (2022 - £69,623) available to be offset against future trading profits.

Page 7

 
8888 INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
56,417
8,895
65,312


Additions
1,419
280
1,699


Disposals
(20,000)
-
(20,000)



At 31 March 2023

37,836
9,175
47,011



Depreciation


At 1 April 2022
56,417
7,681
64,098


Charge for the year on owned assets
284
700
984


Disposals
(20,000)
-
(20,000)



At 31 March 2023

36,701
8,381
45,082



Net book value



At 31 March 2023
1,135
794
1,929



At 31 March 2022
-
1,214
1,214

Page 8

 
8888 INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,650,000


Disposals
(425,000)


Surplus on revaluation
89,500



At 31 March 2023
1,314,500

The 2023 valuations were made by the directors, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


At 1 April 2022
214,700
333,935

Net deficit in movement properties
(18,263)
(119,235)

At 31 March 2023
196,437
214,700

The movement in revaluation reserves is the release of previous revauations on disposal of investment properties of £102,750 (2022 - £139,752) net of deferred tax released of £11,992 (2022 - £20,517) along with a revaluation surplus in the year of £89,500 (2022 - £Nil) net of deferred tax of £17,005 (2022 - £Nil).




Page 9

 
8888 INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

2023
2022
£
£


Trade debtors
1,688
3,276

Other debtors
3,892
1,388

Prepayments and accrued income
745
5,051

6,325
9,715



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
434
-

Amounts owed to other participating interests
650,000
642,728

Other creditors
581,463
1,182,409

Accruals and deferred income
16,970
16,620

1,248,867
1,841,757



9.


Deferred taxation




2023


£






Charged to profit or loss
(3,636)



At end of year
(3,636)

During the year £5,014 (2022 - £20,518) has been transferred between the profit and loss reserve and the revaluation reserve in respect of deferred tax on the revaluation of investment properties.

Page 10

 
8888 INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(366)
(231)

Tax losses carried forward
17,145
15,632

Revaluation of investment properties
(20,415)
(15,401)

(3,636)
-


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve represents amounts revalued in relation to investment property net of deferred tax recognised on the revaluation.

Profit and loss account

The profit and loss account reserve respresents all current and prior period cumulative profits and losses and are all considered distributable.


12.


Related party transactions

During the year the company received loans from the directors and the balance outstanding as at 31 March 2023 was £431,465 (2022 - £1,033,034).  Loans are interest free and repayable on demand.
As at 31 March 2023 amounts due to the shareholders of the company amounted to £800,000 (2022 - £642,728). The loans attract interest at a rate of 7.5% (2022 - 7.5%) per annum and are repayable on demand.


13.


Post balance sheet events

Since the year end the company has sold 2 of the investment properties it owns for a value of £459,500.

 
Page 11