Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-3018347656181900002022-05-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10492644 2022-05-01 2023-04-30 10492644 2021-05-01 2022-04-30 10492644 2023-04-30 10492644 2022-04-30 10492644 c:Director2 2022-05-01 2023-04-30 10492644 d:FreeholdInvestmentProperty 2022-05-01 2023-04-30 10492644 d:FreeholdInvestmentProperty 2023-04-30 10492644 d:FreeholdInvestmentProperty 2022-04-30 10492644 d:LeaseholdInvestmentProperty 2022-05-01 2023-04-30 10492644 d:LeaseholdInvestmentProperty 2023-04-30 10492644 d:LeaseholdInvestmentProperty 2022-04-30 10492644 d:CurrentFinancialInstruments 2023-04-30 10492644 d:CurrentFinancialInstruments 2022-04-30 10492644 d:Non-currentFinancialInstruments 2023-04-30 10492644 d:Non-currentFinancialInstruments 2022-04-30 10492644 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 10492644 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 10492644 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 10492644 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 10492644 d:ShareCapital 2023-04-30 10492644 d:ShareCapital 2022-04-30 10492644 d:SharePremium 2023-04-30 10492644 d:SharePremium 2022-04-30 10492644 d:RetainedEarningsAccumulatedLosses 2023-04-30 10492644 d:RetainedEarningsAccumulatedLosses 2022-04-30 10492644 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-30 10492644 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-04-30 10492644 c:FRS102 2022-05-01 2023-04-30 10492644 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 10492644 c:FullAccounts 2022-05-01 2023-04-30 10492644 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 10492644 2 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 10492644









CATHARD INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
CATHARD INVESTMENTS LIMITED
REGISTERED NUMBER: 10492644

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
9,173,828
9,095,000

  
9,173,828
9,095,000

Current assets
  

Stocks
  
-
312,632

Debtors: amounts falling due within one year
 5 
921,146
369,712

Cash at bank and in hand
 6 
270,945
159,336

  
1,192,091
841,680

Creditors: amounts falling due within one year
 7 
(558,922)
(70,806)

Net current assets
  
 
 
633,169
 
 
770,874

Total assets less current liabilities
  
9,806,997
9,865,874

Creditors: amounts falling due after more than one year
 8 
(3,400,000)
(3,400,000)

  

Net assets
  
6,406,997
6,465,874


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
6,685,817
6,685,817

Profit and loss account
  
(279,820)
(220,943)

  
6,406,997
6,465,874


Page 1

 
CATHARD INVESTMENTS LIMITED
REGISTERED NUMBER: 10492644
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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 on 31 January 2024.




M A Carroll
Director

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

Page 2

 
CATHARD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Cathard Investments Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 10492644. The address of the registered office is Howard House, 66 Hutton Road, Shenfield, Brentwood, Essex, United Kingdom, CM15 8NB. The principal activity of the company is property investment.

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 financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest pound sterling.

The following principal accounting policies have been applied:

 
2.2

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:

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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 
CATHARD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 4

 
CATHARD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.12

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 5

 
CATHARD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

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

Page 6

 
CATHARD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 May 2022
1,400,000
7,695,000
9,095,000


Additions at cost
78,828
-
78,828



At 30 April 2023
1,478,828
7,695,000
9,173,828

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



At 30 April 2023




Page 7

 
CATHARD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,233
2,328

Other debtors
919,073
366,524

Prepayments and accrued income
840
860

921,146
369,712



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
270,945
159,336

270,945
159,336



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,259
110

Corporation tax
-
17,271

Other creditors
479,706
9,102

Accruals and deferred income
76,957
44,323

558,922
70,806


Page 8

 
CATHARD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
3,400,000
3,400,000

3,400,000
3,400,000


The tems of the the bank loan were renegotiated in April 2023 and have been reflected in these financial statements.

The following liabilities were secured:

2023
2022
£
£



Bank loans
3,400,000
3,400,000

3,400,000
3,400,000

Details of security provided:

The bank loans have a first legal charge against the properties included in the accounts. 


9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
270,945
159,336




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

Page 9

 
CATHARD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Related party transactions

At the period end the following amount were due from/(to) the related parties:


2023
2022
£
£

Entities under common control
281,244
281,244
Key management personnel
120,000
50,000
401,244
331,244


11.


Controlling party

The ultimate controlling party is the Estate of J Carroll.

Page 10