Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00235784 2021-11-01 2022-10-31 00235784 2022-11-01 2023-10-31 00235784 2023-10-31 00235784 2022-10-31 00235784 2021-11-01 00235784 c:Director1 2022-11-01 2023-10-31 00235784 d:ComputerEquipment 2022-11-01 2023-10-31 00235784 d:ComputerEquipment 2023-10-31 00235784 d:ComputerEquipment 2022-10-31 00235784 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 00235784 d:FreeholdInvestmentProperty 2023-10-31 00235784 d:FreeholdInvestmentProperty 2022-10-31 00235784 d:FreeholdInvestmentProperty 2 2022-11-01 2023-10-31 00235784 d:CurrentFinancialInstruments 2023-10-31 00235784 d:CurrentFinancialInstruments 2022-10-31 00235784 d:Non-currentFinancialInstruments 2023-10-31 00235784 d:Non-currentFinancialInstruments 2022-10-31 00235784 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 00235784 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 00235784 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 00235784 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 00235784 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 00235784 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 00235784 d:ShareCapital 2023-10-31 00235784 d:ShareCapital 2022-10-31 00235784 d:RetainedEarningsAccumulatedLosses 2023-10-31 00235784 d:RetainedEarningsAccumulatedLosses 2022-10-31 00235784 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 00235784 d:TaxLossesCarry-forwardsDeferredTax 2022-10-31 00235784 d:RetirementBenefitObligationsDeferredTax 2023-10-31 00235784 d:RetirementBenefitObligationsDeferredTax 2022-10-31 00235784 c:OrdinaryShareClass1 2022-11-01 2023-10-31 00235784 c:OrdinaryShareClass1 2023-10-31 00235784 c:OrdinaryShareClass1 2022-10-31 00235784 c:FRS102 2022-11-01 2023-10-31 00235784 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 00235784 c:FullAccounts 2022-11-01 2023-10-31 00235784 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 00235784 2 2022-11-01 2023-10-31 00235784 6 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 00235784







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023


WELBECK C P






































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WELBECK C P
REGISTERED NUMBER:00235784



BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,234
2,399

Investments
 5 
3
3

Investment property
 6 
11,100,000
11,430,000

  
11,101,237
11,432,402

Current assets
  

Debtors: amounts falling due within one year
 7 
10,001,480
9,855,032

Cash at bank and in hand
  
305,956
496,415

  
10,307,436
10,351,447

Creditors: amounts falling due within one year
 8 
(12,297,999)
(6,299,807)

Net current (liabilities)/assets
  
 
 
(1,990,563)
 
 
4,051,640

Total assets less current liabilities
  
9,110,674
15,484,042

Creditors: amounts falling due after more than one year
 9 
(2,102,304)
(8,602,328)

  

Net assets
  
7,008,370
6,881,714


Capital and reserves
  

Called up share capital 
 12 
5,000,000
5,000,000

Profit and loss account
  
2,008,370
1,881,714

  
7,008,370
6,881,714


Page 1

 


WELBECK C P
REGISTERED NUMBER:00235784


    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 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 16 April 2024.




E M I Flach
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


WELBECK C P
 


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

1.


General information

Welbeck C P (‘the Company’) is a property ownership and management company. The company is a private unlimited company and is incorporated in England & Wales. 
The address of the registered office is referenced on the company information page.

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 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

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.

 
2.3

Revenue

Revenue comprises rental income receivable during the year, net of value added tax and trade discounts. Rental income from the properties is recorded in the profit and loss account as it falls due. Rent increases arising from rent reviews during the year are taken into account as they fall due, in line with those agreed with the tenants. All turnover arose within the United Kingdom.  

 
2.4

Interest income

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

 
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 3

 


WELBECK C P
 


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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
over 3 years

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.

 
2.9

Investment property

Investment property is carried at fair value determined annually by a combination Director valuations and 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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 


WELBECK C P
 


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

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.12

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.


3.


Employees

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


4.


Tangible fixed assets





Computer equipment

£



Cost 


At 1 November 2022
3,497



At 31 October 2023

3,497



Depreciation


At 1 November 2022
1,098


Charge for the year on owned assets
1,165



At 31 October 2023

2,263



Net book value



At 31 October 2023
1,234



At 31 October 2022
2,399

Page 5

 


WELBECK C P
 


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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
3



At 31 October 2023
3






Net book value



At 31 October 2023
3



At 31 October 2022
3


6.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
11,430,000


Surplus on revaluation
(330,000)



At 31 October 2023
11,100,000

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





Page 6

 


WELBECK C P
 


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

7.


Debtors

2023
2022
£
£


Trade debtors
14,288
-

Amounts owed by group companies
9,548,990
9,381,665

Other debtors
155,876
35,577

Prepayments and accrued income
15,045
36,712

Deferred taxation
267,281
401,078

10,001,480
9,855,032



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
6,500,273
472,574

Trade creditors
6,515
43,826

Amounts owed to group undertakings
5,488,753
5,502,490

Other taxation and social security
45,592
68,316

Other creditors
31,927
4,722

Accruals and deferred income
224,939
207,879

12,297,999
6,299,807



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,102,304
8,602,328

2,102,304
8,602,328


Page 7

 


WELBECK C P
 


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

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
6,500,273
472,574


6,500,273
472,574

Amounts falling due 1-2 years

Bank loans
2,102,304
8,602,328


2,102,304
8,602,328



8,602,577
9,074,902


The bank loans are secured via a fixed charge over the freehold investment properties of the Company.


11.


Deferred taxation




2023
2022


£

£






At beginning of year
401,078
406,505


Utilised in year
(133,797)
(5,427)



At end of year
267,281
401,078

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
267,281
406,505

Pension surplus
-
(5,427)

267,281
401,078

Page 8

 


WELBECK C P
 


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

12.


Share capital

2023
2022
£
£
Authorised



6,000,000 (2022 - 6,000,000) Ordinary shares of £1.00 each
6,000,000
6,000,000

Allotted, called up and fully paid



5,000,000 (2022 - 5,000,000) Ordinary shares of £1.00 each
5,000,000
5,000,000



13.Guarantees

The Company has provided a guarantee of £3,325,000, plus interest and costs, in respect of borrowings by one of its subsidiaries.

 
Page 9