Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31true2true2022-04-01falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10637964 2022-04-01 2023-03-31 10637964 2021-04-01 2022-03-31 10637964 2023-03-31 10637964 2022-03-31 10637964 c:Director1 2022-04-01 2023-03-31 10637964 c:Director2 2022-04-01 2023-03-31 10637964 c:RegisteredOffice 2022-04-01 2023-03-31 10637964 d:FreeholdInvestmentProperty 2023-03-31 10637964 d:FreeholdInvestmentProperty 2022-03-31 10637964 d:CurrentFinancialInstruments 2023-03-31 10637964 d:CurrentFinancialInstruments 2022-03-31 10637964 d:Non-currentFinancialInstruments 2023-03-31 10637964 d:Non-currentFinancialInstruments 2022-03-31 10637964 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10637964 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10637964 d:ShareCapital 2023-03-31 10637964 d:ShareCapital 2022-03-31 10637964 d:RetainedEarningsAccumulatedLosses 2023-03-31 10637964 d:RetainedEarningsAccumulatedLosses 2022-03-31 10637964 c:OrdinaryShareClass1 2022-04-01 2023-03-31 10637964 c:OrdinaryShareClass1 2023-03-31 10637964 c:OrdinaryShareClass1 2022-03-31 10637964 c:FRS102 2022-04-01 2023-03-31 10637964 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10637964 c:FullAccounts 2022-04-01 2023-03-31 10637964 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 10637964












CAMDEN 159 PROPERTY MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

CAMDEN 159 PROPERTY MANAGEMENT LTD

CONTENTS



Page
Company Information
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 8


 

CAMDEN 159 PROPERTY MANAGEMENT LTD
 
COMPANY INFORMATION


Directors
A Abduljawad 
E Abduljawad 




Registered number
10637964



Registered office
34-35 Clarges Street

London

W1J 7EJ




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10637964
CAMDEN 159 PROPERTY MANAGEMENT LTD

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
5,229,650
5,229,650

Current assets
  

Debtors: amounts falling due after more than one year
 5 
84,210
90,258

Debtors: amounts falling due within one year
 5 
134,421
101,063

Cash at bank and in hand
  
16,399
209,097

  
235,030
400,418

Creditors: amounts falling due within one year
 6 
(4,758,291)
(5,106,825)

Net current liabilities
  
 
 
(4,523,261)
 
 
(4,706,407)

Total assets less current liabilities
  
706,389
523,243

  

Net assets
  
706,389
523,243


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
706,388
523,242

  
706,389
523,243


Page 2


 
REGISTERED NUMBER:10637964
CAMDEN 159 PROPERTY MANAGEMENT LTD
    
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 company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 profit and loss account 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: 




A Abduljawad
Director

Date: 21 February 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 

CAMDEN 159 PROPERTY MANAGEMENT LTD

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

1.


General information

Camden 159 Property Management Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is 34-35 Clarges Street, London, England, W1J 7EJ.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.


2.3

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and intercompany balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 4

 

CAMDEN 159 PROPERTY MANAGEMENT LTD

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

2.Accounting policies (continued)




Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets
Financial assets 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, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
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.

Page 5

 

CAMDEN 159 PROPERTY MANAGEMENT LTD

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue comprises rental income, service charges and other recoveries from tenants of the company's investment property (net of value added tax).  Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
Amounts provided as an incentive to sign an operation lease are recognised as a reduction to income over the lease term on straight line basis, unless another systematic basis is representative of the time pattern over wich the lessor's benefit from the leased asset is diminished. 

 
2.5

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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.

  
2.6

Share capital

Ordinary shares are classified as equity.

 
2.7

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.

Page 6

 

CAMDEN 159 PROPERTY MANAGEMENT LTD

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

2.Accounting policies (continued)

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 


3.


Employees

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



4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
5,229,650



At 31 March 2023
5,229,650

The investment property  of £5,229,650 (2022: £5,229,650) is pledged as security for a related party loan.
The directors consider that the valuation is equivalent to cost.

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







5.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
84,210
90,258

Due within one year

Trade debtors
-
1,408

Amounts owed by group undertakings
12,153
12,153

Other debtors
114,888
81,269

Prepayments and accrued income
7,380
6,233

218,631
191,321


Page 7

 

CAMDEN 159 PROPERTY MANAGEMENT LTD

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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,356
1,954

Amounts owed to group undertakings
4,667,159
5,010,710

Corporation tax
-
26,449

Other taxation and social security
13,096
5,235

Accruals and deferred income
73,680
62,477

4,758,291
5,106,825



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



8.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


9.


Parent undertaking

The ultimate partent undertaking is Luxaj Investments S.A., a company based in Luxembourg whose
registered office is 1A Heienhaff, L-1736 Senningerberg, Luxembourg. There were no group consolidated
financial statements prepared.

 
Page 8