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Registered number: 08806247









HEATHROW TOP LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
HEATHROW TOP LIMITED
REGISTERED NUMBER: 08806247

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021 (unaudited)
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,515,450
28,264,968

  
28,515,450
28,264,968

Current assets
  

Debtors
 5 
1,344,400
2,547,248

Cash at bank and in hand
 6 
48,831
5,540

  
1,393,231
2,552,788

Creditors: amounts falling due within one year
 7 
(30,855,905)
(14,056,427)

Net current liabilities
  
 
 
(29,462,674)
 
 
(11,503,639)

Total assets less current liabilities
  
(947,224)
16,761,329

Creditors: amounts falling due after more than one year
 8 
-
(18,006,537)

  

Net liabilities
  
(947,224)
(1,245,208)


Capital and reserves
  

Called up share capital 
  
5
5

Profit and loss account
  
(947,229)
(1,245,213)

  
(947,224)
(1,245,208)


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: 


Jasbir S Johal
Director
Date: 29 March 2024

The notes on pages 3 to 10 form part of these financial statements.
Page 1

 
HEATHROW TOP LIMITED
REGISTERED NUMBER: 08806247
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022


Page 2

 
HEATHROW TOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Heathrow Top Limited is a private limited company guaranteed by shares. The company is incorporated in England and its registered office is Long Drive, Station Approach, South Ruislip, Middlesex, HA4 0HN.
The financial statements are prepared in pounds sterling, 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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company retains the support of its main creditor, Wise Trading Ltd, and as such the directors consider it appropriate to prepare the accounts on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
HEATHROW TOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.5

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 4

 
HEATHROW TOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
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
-
7 years 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.

 
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.

 
2.11

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,
Page 5

 
HEATHROW TOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.11
Financial instruments (continued)

an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2021 - 5).

Page 6

 
HEATHROW TOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2022
27,534,427
1,033,415
28,567,842


Additions
84,405
410,265
494,670


Disposals
(4,887)
(109,754)
(114,641)



At 31 December 2022

27,613,945
1,333,926
28,947,871



Depreciation


At 1 January 2022
-
302,874
302,874


Charge for the year on owned assets
-
172,582
172,582


Disposals
-
(43,035)
(43,035)



At 31 December 2022

-
432,421
432,421



Net book value



At 31 December 2022
27,613,945
901,505
28,515,450



At 31 December 2021 (unaudited)
27,534,427
730,541
28,264,968

The carrying amount of investment property, which the Company rents to another group entity when it has chosen to account for such properties using the cost model is £27,613,945 (2021 - £27,534,427)


5.


Debtors

2022
2021 (unaudited)
£
£



Other debtors
144,400
1,347,248

Prepayments and accrued income
1,200,000
1,200,000

1,344,400
2,547,248


Page 7

 
HEATHROW TOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Cash and cash equivalents

2022
2021 (unaudited)
£
£

Cash at bank and in hand
48,831
5,540

Less: bank overdrafts
-
(127,466)

48,831
(121,926)



7.


Creditors: Amounts falling due within one year

2022
2021 (unaudited)
£
£

Bank overdrafts
-
127,466

Bank loans
17,555,231
734,400

Trade creditors
85,962
343,303

Amounts owed to group undertakings
355,817
203,985

Other taxation and social security
273,262
-

Other creditors
12,566,133
12,642,773

Accruals and deferred income
19,500
4,500

30,855,905
14,056,427



8.


Creditors: Amounts falling due after more than one year

2022
2021 (unaudited)
£
£

Bank loans
-
18,006,537

-
18,006,537


Page 8

 
HEATHROW TOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Loans


Analysis of the maturity of loans is given below:


2022
2021 (unaudited)
£
£

Amounts falling due within one year

Bank loans
17,555,231
734,400

Amounts falling due 1-2 years

Bank loans
-
18,006,537



17,555,231
18,740,937


Bank loans are secured by way of fixed and floating charges over the assets of the company.
The bank loan is repayable in July 2023. Since the balance sheet date, the loan has been refinanced for a period of five years. 


10.


Related party transactions

The company has taken advantage of exemptions available from disclosing transactions with wholly owned members of the group.
Related parties include entities under the common control of the directors. At the balance sheet date, the net amount due to connected entities was £12,238,185 (2021 - £11,145,131). These amounts are interest free and repayable on demand.
At the balance sheet date, £174,000 (2021 - £174,000) was due to the directors.


11.


Controlling party

The immediate parent company is Savera London Holdings Limited, a company incorporated in England and Wales.
The smallest and largest group in which the results of the company are included are the consolidated financial statements of Savera London Holdings Limited and these can be obtained from Companies House. 
The Company is controlled by the directors, by virtue of their shareholding in theimmediate parent company.

Page 9

 
HEATHROW TOP 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.

In their report, the auditors emphasised the following matter without qualifying their report:
The comparative figures included within these financial statements are unaudited. Sufficient appropriate audit evidence that the opening balances do not contain mistatement that materially affect the current year's financial statements has been obtained.

The audit report was signed on 29 March 2024 by Alexander Chrysaphiades FCA (Senior Statutory Auditor) on behalf of Adler Shine LLP.

 
Page 10