Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-3152022-06-01falseThe principal activity of the company is the management of the freehold property at Marine Parade, Bognor Regis, West Sussex.5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00236175 2022-06-01 2023-05-31 00236175 2021-06-01 2022-05-31 00236175 2023-05-31 00236175 2022-05-31 00236175 c:Director2 2022-06-01 2023-05-31 00236175 d:FreeholdInvestmentProperty 2022-06-01 2023-05-31 00236175 d:FreeholdInvestmentProperty 2023-05-31 00236175 d:FreeholdInvestmentProperty 2022-05-31 00236175 d:FreeholdInvestmentProperty 2 2022-06-01 2023-05-31 00236175 d:CurrentFinancialInstruments 2023-05-31 00236175 d:CurrentFinancialInstruments 2022-05-31 00236175 d:Non-currentFinancialInstruments 1 2023-05-31 00236175 d:Non-currentFinancialInstruments 1 2022-05-31 00236175 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 00236175 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 00236175 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 00236175 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 00236175 d:ShareCapital 2023-05-31 00236175 d:ShareCapital 2022-05-31 00236175 d:RevaluationReserve 2022-06-01 2023-05-31 00236175 d:RevaluationReserve 2023-05-31 00236175 d:RevaluationReserve 2022-05-31 00236175 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 00236175 d:RetainedEarningsAccumulatedLosses 2023-05-31 00236175 d:RetainedEarningsAccumulatedLosses 2022-05-31 00236175 c:OrdinaryShareClass1 2022-06-01 2023-05-31 00236175 c:OrdinaryShareClass1 2023-05-31 00236175 c:OrdinaryShareClass1 2022-05-31 00236175 c:OrdinaryShareClass2 2022-06-01 2023-05-31 00236175 c:OrdinaryShareClass2 2023-05-31 00236175 c:OrdinaryShareClass2 2022-05-31 00236175 c:PreferenceShareClass1 2022-06-01 2023-05-31 00236175 c:PreferenceShareClass1 2023-05-31 00236175 c:PreferenceShareClass1 2022-05-31 00236175 c:FRS102 2022-06-01 2023-05-31 00236175 c:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 00236175 c:FullAccounts 2022-06-01 2023-05-31 00236175 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 00236175 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 00236175 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 00236175 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 00236175 d:TaxLossesCarry-forwardsDeferredTax 2022-05-31 00236175 f:PoundSterling 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00236175










CAMS Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 May 2023

 
CAMS Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of CAMS Limited for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CAMS Limited for the year ended 31 May 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of CAMS Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of CAMS Limited  and state those matters that we have agreed to state to the Board of Directors of CAMS Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CAMS Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that CAMS Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CAMS Limited. You consider that CAMS Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of CAMS Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
15 February 2024
Page 1

 
CAMS Limited
Registered number: 00236175

Balance Sheet
As at 31 May 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,850,000
1,671,010

  
1,850,000
1,671,010

Current assets
  

Debtors: amounts falling due within one year
 5 
272,854
313,395

Cash at bank and in hand
  
103,011
26,498

  
375,865
339,893

Creditors: amounts falling due within one year
 6 
(27,340)
(20,253)

Net current assets
  
 
 
348,525
 
 
319,640

Total assets less current liabilities
  
2,198,525
1,990,650

Creditors: amounts falling due after more than one year
 7 
(6,675)
(6,675)

Provisions for liabilities
  

Deferred tax
 8 
(294,964)
(253,466)

  
 
 
(294,964)
 
 
(253,466)

Net assets
  
1,896,886
1,730,509

Page 2

 
CAMS Limited
Registered number: 00236175

Balance Sheet (continued)
As at 31 May 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
 9 
3,600
3,600

Fair value reserve
 10 
1,153,454
1,031,651

Profit and loss account
 10 
739,832
695,258

  
1,896,886
1,730,509


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: 




................................................
Mrs S F M Evans
Director
Date: 13 February 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
CAMS Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

1.


General information

Cams Limited is a private company limited by share capital incorporated in England and Wales (registered number 00236175).
The address of the registered office is 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex PO20 7AJ.

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

Turnover

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:

Rendering of services

Turnover 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 turnover 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.

 
2.3

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.

Page 4

 
CAMS Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

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

Investment property

Investment property is carried at fair value determined annually by the directors 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. Changes in fair value are recognised in profit or loss.

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the fair value reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. 
 
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
 

 
2.6

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.

Page 5

 
CAMS Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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

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.

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.

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.

 
2.10

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Employees

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

Page 6

 
CAMS Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 June 2022
1,671,010


Additions at cost
17,090


Surplus on revaluation
161,900



At 31 May 2023
1,850,000

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



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
402,505
385,415


5.


Debtors

2023
2022
£
£


Trade debtors
5,644
6,593

Amounts owed by joint ventures and associated undertakings
228,110
264,510

Other debtors
34,825
34,703

Prepayments and accrued income
4,275
7,589

272,854
313,395



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,755
6,822

Corporation tax
10,094
-

Other taxation and social security
2,074
2,062

Other creditors
4,928
4,394

Accruals and deferred income
8,489
6,975

27,340
20,253


Page 7

 
CAMS Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Share capital treated as debt
6,675
6,675



8.


Deferred taxation




2023


£






At beginning of year
(253,466)


Charged to profit or loss
(41,498)



At end of year
(294,964)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital gains
(294,041)
(253,944)

Losses and other deductions
(923)
478

(294,964)
(253,466)


9.


Share capital

2023
2022
£
£
Shares classified as equity

Authorised, allotted, called up and fully paid



3,000 (2022 - 3,000) Ordinary A shares of £1.00 each
3,000
3,000
600 (2022 - 600) Ordinary B shares of £1.00 each
600
600

3,600

3,600

Shares classified as debt

Authorised, allotted, called up and fully paid



6,675 (2022 - 6,675) Non-cumulative preference shares of £1.00 each
6,675
6,675


Page 8

 
CAMS Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

10.


Reserves

Fair value reserve

The fair value reserve represents the cumulative effect of revaluations and deferred tax movement arising on the on the revalutations of freehold investment properties which are revalued at each reporting date.

Profit and loss account

The profit and loss reserve represents cumulative realised profits or losses, net of dividends paid and other adjustments.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £151 (2022 - £Nil). No contributions were payable to the fund at the balance sheet date (2022 - £Nil).


12.


Controlling party

The Company is controlled by Mrs S F M Evans, a director and shareholder of the Company.


Page 9