Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31112022-01-01falseThe principal activity of the company continues to be that of investment property.falsetrue 08954250 2022-01-01 2022-12-31 08954250 2021-01-01 2021-12-31 08954250 2022-12-31 08954250 2021-12-31 08954250 2021-01-01 08954250 c:RestatedAmount 2021-01-01 08954250 1 2022-01-01 2022-12-31 08954250 2 2022-01-01 2022-12-31 08954250 2 2021-01-01 2021-12-31 08954250 e:Director1 2022-01-01 2022-12-31 08954250 c:FurnitureFittings 2022-01-01 2022-12-31 08954250 c:FurnitureFittings 2022-12-31 08954250 c:FurnitureFittings 2021-12-31 08954250 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08954250 c:LeaseholdInvestmentProperty 2022-12-31 08954250 c:LeaseholdInvestmentProperty 2021-12-31 08954250 c:LeaseholdInvestmentProperty 2 2022-01-01 2022-12-31 08954250 c:CurrentFinancialInstruments 2022-12-31 08954250 c:CurrentFinancialInstruments 2021-12-31 08954250 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 08954250 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 08954250 c:ShareCapital 2022-12-31 08954250 c:ShareCapital 2021-12-31 08954250 c:ShareCapital 2021-01-01 08954250 c:OtherMiscellaneousReserve 2022-01-01 2022-12-31 08954250 c:OtherMiscellaneousReserve 2022-12-31 08954250 c:OtherMiscellaneousReserve 1 2022-01-01 2022-12-31 08954250 c:OtherMiscellaneousReserve 2 2022-01-01 2022-12-31 08954250 c:OtherMiscellaneousReserve 2021-12-31 08954250 c:OtherMiscellaneousReserve 2021-01-01 08954250 c:OtherMiscellaneousReserve c:RestatedAmount 2021-01-01 08954250 c:OtherMiscellaneousReserve 2 2021-01-01 2021-12-31 08954250 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08954250 c:RetainedEarningsAccumulatedLosses 2022-12-31 08954250 c:RetainedEarningsAccumulatedLosses 1 2022-01-01 2022-12-31 08954250 c:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 08954250 c:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 08954250 c:RetainedEarningsAccumulatedLosses 2021-12-31 08954250 c:RetainedEarningsAccumulatedLosses 2021-01-01 08954250 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2021-01-01 08954250 c:RetainedEarningsAccumulatedLosses 2 2021-01-01 2021-12-31 08954250 c:OtherDeferredTax 2022-12-31 08954250 c:OtherDeferredTax 2021-12-31 08954250 e:FRS102 2022-01-01 2022-12-31 08954250 e:Audited 2022-01-01 2022-12-31 08954250 e:FullAccounts 2022-01-01 2022-12-31 08954250 e:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08954250 e:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 08954250 c:OtherMiscellaneousReserve c:PriorPeriodErrorIncreaseDecrease 2021-01-01 2021-12-31 08954250 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2021-01-01 2021-12-31 08954250 c:PriorPeriodErrorIncreaseDecrease 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 08954250










SPL RESIDENTIAL LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
SPL RESIDENTIAL LIMITED
REGISTERED NUMBER: 08954250

BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
699,603
799,111

Investment property
 5 
14,571,429
14,400,000

  
15,271,032
15,199,111

Current assets
  

Debtors: amounts falling due within one year
 6 
-
400,000

  
-
400,000

Creditors: amounts falling due within one year
 7 
(13,973,226)
(14,440,617)

Net current liabilities
  
 
 
(13,973,226)
 
 
(14,040,617)

Provisions for liabilities
  

Deferred tax
 8 
(687,486)
(644,629)

  
 
 
(687,486)
 
 
(644,629)

Net assets
  
610,320
513,865


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 9 
2,062,459
1,933,887

Profit and loss account
 9 
(1,452,239)
(1,420,122)

  
610,320
513,865


Page 1

 
SPL RESIDENTIAL LIMITED
REGISTERED NUMBER: 08954250
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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 profit and loss account 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: 




B M Menell
Director

Date: 24 November 2023

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
SPL RESIDENTIAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


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

£
£
£
£


At 1 January 2021 (as previously stated)
100
1,748,809
(1,071,657)
677,252

Prior year adjustment
-
339,789
(339,789)
-


At 1 January 2021 (as restated)
100
2,088,598
(1,411,446)
677,252



Loss for the year
-
-
(163,387)
(163,387)

Deferred tax on investment properties (as restated)
-
(154,711)
154,711
-



At 1 January 2022 (as restated)
100
1,933,887
(1,420,122)
513,865



Profit for the year
-
-
96,455
96,455

Fair value movement on investment property
-
171,429
(171,429)
-

Deferred tax on investment properties
-
(42,857)
42,857
-


At 31 December 2022
100
2,062,459
(1,452,239)
610,320


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
SPL RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

SPL Residential Limited is a private company limited by shares incorporated in England and Wales, registration number 089954250. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

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 company's functional and presentational currency is GBP, and the financial statements are rounded to the nearest whole £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The company has received indication of support from fellow group companies. Therefore on this basis, the director considers it appropriate to prepare the accounts on a going concern basis.

 
2.3

Turnover

Turnover represents rent receivable from letting of investment properties. Rent receivable from tenants are measured at fair value. Rental income is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the licence.

Page 4

 
SPL RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%

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.

 
2.6

Investment property

Investment property is carried at fair value determined 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.

Page 5

 
SPL RESIDENTIAL 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

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.

 
2.9

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.

 
2.10

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 Profit and loss account.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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 6

 
SPL RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2022
1,418,050



At 31 December 2022

1,418,050



Depreciation


At 1 January 2022
618,938


Charge for the year on owned assets
99,509



At 31 December 2022

718,447



Net book value



At 31 December 2022
699,603



At 31 December 2021
799,112

Page 7

 
SPL RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 January 2022
14,400,000


Surplus on revaluation
171,429



At 31 December 2022
14,571,429

The 2022 valuations were made by Alexander Lyons Chartered Surveyors, on an open market value for existing use basis.


2022
2021
£
£


Historic cost
11,821,484
11,821,484

The company purchased a long leaseold from its parent company for £14m in 2018. Legal title will be registered at the Land Registry once the loan has been redeemed, with the bank holding the security. The company has the beneficial ownership of the long leasehold and the right to any income generated thereon, and will bear the costs in relation to the residential element of the property.


6.


Debtors

2022
2021
£
£


Other debtors
-
400,000



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to group undertakings
13,973,226
14,440,617

13,973,226
14,440,617


Page 8

 
SPL RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Deferred taxation




2022
As restated
2021


£

£






At beginning of year
(644,629)
(489,918)


Charged to profit or loss
(42,857)
(154,711)



At end of year
(687,486)
(644,629)

The provision for deferred taxation is made up as follows:

As restated
2022
2021
£
£


Fair value gain on investment property
(687,486)
(644,629)

(687,486)
(644,629)


9.


Reserves

Other reserves

Other reserves relate to undistributable reserves arising from the revaluation of investment property, less deferred tax.

Profit and loss account

Retained earnings represents accumulated comprehensive income for the current and prior periods.


10.


Prior year adjustment

A prior year adjustment has been included in the accounts to recognise the deferred tax on the potential gain on the revaluation of the investment property arising from the inter group transfer of the property in 2018. The result of this is a net decrease in reserves at 1 January 2021 of £489,918 with a further charge  in the year ended 31 December 2021 of £154,711.


11.


Related party transactions

An entity under common control owed the company £nil (2021: £400,000) at the reporting date.

Page 9

 
SPL RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 24 November 2023 by Rajiv Thakerar (Senior statutory auditor) on behalf of Simmons Gainsford LLP.

 
Page 10