Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31625501262550122022-04-01false43truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC056410 2022-04-01 2023-03-31 SC056410 2021-04-01 2022-03-31 SC056410 2023-03-31 SC056410 2022-03-31 SC056410 c:Director4 2022-04-01 2023-03-31 SC056410 d:MotorVehicles 2022-04-01 2023-03-31 SC056410 d:FurnitureFittings 2022-04-01 2023-03-31 SC056410 d:FurnitureFittings 2023-03-31 SC056410 d:FurnitureFittings 2022-03-31 SC056410 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC056410 d:OfficeEquipment 2022-04-01 2023-03-31 SC056410 d:OfficeEquipment 2023-03-31 SC056410 d:OfficeEquipment 2022-03-31 SC056410 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC056410 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC056410 d:FreeholdInvestmentProperty 2023-03-31 SC056410 d:FreeholdInvestmentProperty 2022-03-31 SC056410 d:LeaseholdInvestmentProperty 2023-03-31 SC056410 d:LeaseholdInvestmentProperty 2022-03-31 SC056410 d:CurrentFinancialInstruments 2023-03-31 SC056410 d:CurrentFinancialInstruments 2022-03-31 SC056410 d:Non-currentFinancialInstruments 2023-03-31 SC056410 d:Non-currentFinancialInstruments 2022-03-31 SC056410 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC056410 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 SC056410 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC056410 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 SC056410 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 SC056410 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 SC056410 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 SC056410 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 SC056410 d:ShareCapital 2023-03-31 SC056410 d:ShareCapital 2022-03-31 SC056410 d:InvestmentPropertiesRevaluationReserve 2023-03-31 SC056410 d:InvestmentPropertiesRevaluationReserve 2022-03-31 SC056410 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC056410 d:RetainedEarningsAccumulatedLosses 2022-03-31 SC056410 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 SC056410 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 SC056410 c:OrdinaryShareClass1 2022-04-01 2023-03-31 SC056410 c:OrdinaryShareClass1 2023-03-31 SC056410 c:OrdinaryShareClass1 2022-03-31 SC056410 c:FRS102 2022-04-01 2023-03-31 SC056410 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 SC056410 c:FullAccounts 2022-04-01 2023-03-31 SC056410 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC056410










YORK HOUSE (KENSINGTON) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
YORK HOUSE (KENSINGTON) LIMITED
REGISTERED NUMBER: SC056410

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,851
579

Investment property
 5 
3,127,506
3,127,506

  
3,129,357
3,128,085

Current assets
  

Debtors: amounts falling due within one year
 6 
2,303,389
2,255,441

Cash at bank and in hand
 7 
81,108
118,658

  
2,384,497
2,374,099

Creditors: amounts falling due within one year
 8 
(3,110,879)
(3,127,786)

Net current liabilities
  
 
 
(726,382)
 
 
(753,687)

Total assets less current liabilities
  
2,402,975
2,374,398

Creditors: amounts falling due after more than one year
 9 
(22,435)
(32,387)

  

Net assets
  
2,380,540
2,342,011


Capital and reserves
  

Called up share capital 
 12 
305,000
305,000

Investment property reserve
  
(1,250,619)
(1,250,619)

Profit and loss account
  
3,326,159
3,287,630

  
2,380,540
2,342,011


Page 1

 
YORK HOUSE (KENSINGTON) LIMITED
REGISTERED NUMBER: SC056410
    
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 by: 




D J M Law
Director
Date: 1 September 2023

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

Page 2

 
YORK HOUSE (KENSINGTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies

 
1.1

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:

 
1.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rental Income
Revenue from the rental of properties is recognised by the company in the period in which the rents become due.

 
1.3

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.

 
1.4

Borrowing costs

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

Page 3

 
YORK HOUSE (KENSINGTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.5

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.

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.

 
1.6

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:

Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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

 
YORK HOUSE (KENSINGTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.7

Investment property

Investment property 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 profit or loss.

 
1.8

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.

 
1.9

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.

 
1.10

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.

 
1.11

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.


2.


General information

York House (Kensington) Limited is a private company limited by shares and is incorporated and registered in Scotland.  The company's principal place of business is Curzonfield House, 42-43 Curzon Street, London.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 3).

Page 5

 
YORK HOUSE (KENSINGTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Fixtures & fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
726
7,902
8,628


Additions
1,890
-
1,890



At 31 March 2023

2,616
7,902
10,518



Depreciation


At 1 April 2022
726
7,323
8,049


Charge for the year on owned assets
473
145
618



At 31 March 2023

1,199
7,468
8,667



Net book value



At 31 March 2023
1,417
434
1,851



At 31 March 2022
-
579
579

Page 6

 
YORK HOUSE (KENSINGTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2022
2,413,537
713,969
3,127,506



At 31 March 2023
2,413,537
713,969
3,127,506

The 2023 valuations were made by J W Law, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


At 1 April 2022
(1,250,619)
(350,619)

Net deficit in movement properties
-
(900,000)

At 31 March 2023
(1,250,619)
(1,250,619)





6.


Debtors

2023
2022
£
£


Trade debtors
480
2,012

Amounts owed by group undertakings
2,291,610
2,243,173

Other debtors
8,826
-

Prepayments and accrued income
2,473
7,013

Tax recoverable
-
3,243

2,303,389
2,255,441


Page 7

 
YORK HOUSE (KENSINGTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
81,108
118,658

81,108
118,658



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,120,007
1,119,762

Payments received on account
102,714
96,911

Trade creditors
32,879
-

Amounts owed to group undertakings
1,844,199
1,892,464

Corporation tax
-
7,569

Accruals and deferred income
11,080
11,080

3,110,879
3,127,786



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
22,435
32,387

22,435
32,387


Page 8

 
YORK HOUSE (KENSINGTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
1,120,007
1,119,762


1,120,007
1,119,762

Amounts falling due 1-2 years

Bank loans
10,204
9,113


10,204
9,113

Amounts falling due 2-5 years

Bank loans
12,231
23,274


12,231
23,274


1,142,442
1,152,149



11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
81,108
118,658




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



305,000 (2022 - 305,000) Ordinary shares of £1.00 each
305,000
305,000


Page 9

 
YORK HOUSE (KENSINGTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Related party transactions

Tedworth  Square  Estates  Limited,  Mountcurzon  Limited  and  Mountcurzon  Management  Limited  are subsidiaries  of  Mountcurzon  Securities  Limited.  York  House  (Kensington)  Limited  and  York  House (Developments)  Limited  are  subsidiaries  of  Tedworth Square Estates  Limited. Transactions with group companies in the year and amounts outstanding at the year end are set out below: 


2023
2022
£
£

York House (Developments) Limited - debtor
2,291,610
2,243,173
Tedworth Square Estates Limited - creditor
1,844,199
1,892,463
Mountcurzon Management Limited - fees payable
19,000
27,500


14.


Controlling party

At 31 March 2023 and 31 March 2022 the ultimate parent company was Mountcurzon Securities Limited, incorporated in England. At 31 March 2023 and 31 March 2022 the ordinary shares of the Company were wholly owned by Tedworth Square Estates Limited, incorporated in England. At 31 March 2023 and 31 March 2022 the ultimate control of the company was held by Mr and Mrs J W Law.

 
Page 10