Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31falsetrue2022-04-01No description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11081495 2022-04-01 2023-03-31 11081495 2021-04-01 2022-03-31 11081495 2023-03-31 11081495 2022-03-31 11081495 c:Director1 2022-04-01 2023-03-31 11081495 d:PlantMachinery 2022-04-01 2023-03-31 11081495 d:PlantMachinery 2023-03-31 11081495 d:PlantMachinery 2022-03-31 11081495 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11081495 d:FurnitureFittings 2022-04-01 2023-03-31 11081495 d:FurnitureFittings 2023-03-31 11081495 d:FurnitureFittings 2022-03-31 11081495 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11081495 d:OfficeEquipment 2022-04-01 2023-03-31 11081495 d:OfficeEquipment 2023-03-31 11081495 d:OfficeEquipment 2022-03-31 11081495 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11081495 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11081495 d:FreeholdInvestmentProperty 2023-03-31 11081495 d:FreeholdInvestmentProperty 2022-03-31 11081495 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 11081495 d:CurrentFinancialInstruments 2023-03-31 11081495 d:CurrentFinancialInstruments 2022-03-31 11081495 d:Non-currentFinancialInstruments 2023-03-31 11081495 d:Non-currentFinancialInstruments 2022-03-31 11081495 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11081495 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11081495 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11081495 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 11081495 d:ShareCapital 2023-03-31 11081495 d:ShareCapital 2022-03-31 11081495 d:RetainedEarningsAccumulatedLosses 2023-03-31 11081495 d:RetainedEarningsAccumulatedLosses 2022-03-31 11081495 c:FRS102 2022-04-01 2023-03-31 11081495 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11081495 c:FullAccounts 2022-04-01 2023-03-31 11081495 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11081495 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 11081495













HURLINGHAM APARTMENTS LIMITED
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


 
HURLINGHAM APARTMENTS LIMITED
REGISTERED NUMBER:11081495


BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
5,985

Investment property
 7 
17,396,630
17,617,478

  
17,396,630
17,623,463

Current assets
  

Debtors: amounts falling due within one year
 8 
12,713
8,429

Cash at bank and in hand
 9 
1,649,530
211,036

  
1,662,243
219,465

Creditors: amounts falling due within one year
 10 
(339,908)
(174,790)

Net current assets
  
 
 
1,322,335
 
 
44,675

Total assets less current liabilities
  
18,718,965
17,668,138

Creditors: amounts falling due after more than one year
 11 
(21,635,588)
(21,094,164)

  

Net liabilities
  
(2,916,623)
(3,426,026)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(2,916,723)
(3,426,126)

  
(2,916,623)
(3,426,026)


Page 1


 
HURLINGHAM APARTMENTS LIMITED
REGISTERED NUMBER:11081495

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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: 




................................................
C A Cowdery
Director

Date: 16 February 2024

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

Page 2


 
HURLINGHAM APARTMENTS LIMITED
 

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

1.


General information

Hurlingham Apartments Limited is a limited liability company incorporated in England. The registered office is 2 Queen Annes Gate, London, SW1H 9AA.

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

Going concern

The company reported a profit of £509,403 and a balance sheet deficit of £2,916,623. Within this is a balance of £14,635,588 (including interest) owed to C A Cowdery, a director and shareholder of the company.
In light of the above and after taking into account all information that could reasonably be expected to be available, the directors are confident that the company will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the company's accounts.

 
2.3

Revenue

Rental income represents rents receivable from investment property. Rent in advance is recognised as deferred income within other debtors. 

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
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

Borrowing costs

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

Page 3


 
HURLINGHAM APARTMENTS LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

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.

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Fixtures and fittings
-
33%
Office equipment
-
33%

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


 
HURLINGHAM APARTMENTS LIMITED
 

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

2.Accounting policies (continued)

  
2.10

Investment property

Investment property is initially recognised at its cost. The cost of a self-constructed investment property comprises 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.
Investment property after recognition, whose fair value can be measured reliably without undue cost or effort, is carried at fair value determined annually 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 the Statement of Comprehensive Income.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.


3.


Employees

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

Page 5


 
HURLINGHAM APARTMENTS LIMITED
 

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

4.


Taxation

Factors affecting tax charge for the year
There were no factors that affected the tax charge for the year.
Factors that may affect future tax charges
There were no factors that might affect future tax charges.

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
1,428
46,544
5,277
53,249



At 31 March 2023

1,428
46,544
5,277
53,249



Depreciation


At 1 April 2022
1,150
41,518
4,596
47,264


Charge for the year on owned assets
278
5,026
681
5,985



At 31 March 2023

1,428
46,544
5,277
53,249



Net book value



At 31 March 2023
-
-
-
-



At 31 March 2022
278
5,026
681
5,985

Page 6


 
HURLINGHAM APARTMENTS LIMITED
 

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

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
100



At 31 March 2023

100



Impairment


At 1 April 2022
100



At 31 March 2023

100



Net book value



At 31 March 2023
-



At 31 March 2022
-

The subsidy undertaking was placed into administration during the year and therefore the investment is considered to be fully impaired.


7.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
17,617,478


Surplus on revaluation
(220,848)



At 31 March 2023
17,396,630

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




Page 7


 
HURLINGHAM APARTMENTS LIMITED
 

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

8.


Debtors

2023
2022
£
£


Trade debtors
3,608
2,179

Other debtors
1,807
450

Prepayments and accrued income
7,298
5,800

12,713
8,429



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,649,530
211,036



10.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
11,077
34,850

Corporation tax
237,833
86,520

Accruals and deferred income
90,998
53,420

339,908
174,790



11.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loan
7,000,000
7,000,000

Other loans
10,939,320
10,946,574

Accrued interest on other loans
3,696,268
3,147,590

21,635,588
21,094,164


Page 8


 
HURLINGHAM APARTMENTS LIMITED
 

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

12.


Related party transactions

At the year end, the loan outstanding to C A Cowdery, a director and shareholder in the company was in principal £10,939,320 (2022: £10,946,576) and with interest £14,635,588 (2022: £14,094,166) owed. The loan is interest-bearing and secured by way of a debenture over the company and its property assets.


13.


Controlling party

The ultimate and controlling party is C A Cowdery.

 
Page 9