Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-012falseNo description of principal activity0falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13633569 2022-11-01 2023-10-31 13633569 2021-11-01 2022-10-31 13633569 2023-10-31 13633569 2022-10-31 13633569 c:CompanySecretary1 2022-11-01 2023-10-31 13633569 c:Director1 2022-11-01 2023-10-31 13633569 c:Director2 2022-11-01 2023-10-31 13633569 c:RegisteredOffice 2022-11-01 2023-10-31 13633569 d:FreeholdInvestmentProperty 2022-11-01 2023-10-31 13633569 d:FreeholdInvestmentProperty 2023-10-31 13633569 d:FreeholdInvestmentProperty 2022-10-31 13633569 d:CurrentFinancialInstruments 2023-10-31 13633569 d:CurrentFinancialInstruments 2022-10-31 13633569 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 13633569 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 13633569 d:ShareCapital 2023-10-31 13633569 d:ShareCapital 2022-10-31 13633569 d:RetainedEarningsAccumulatedLosses 2023-10-31 13633569 d:RetainedEarningsAccumulatedLosses 2022-10-31 13633569 c:OrdinaryShareClass1 2022-11-01 2023-10-31 13633569 c:OrdinaryShareClass1 2023-10-31 13633569 c:OrdinaryShareClass1 2022-10-31 13633569 c:FRS102 2022-11-01 2023-10-31 13633569 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 13633569 c:FullAccounts 2022-11-01 2023-10-31 13633569 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 13633569 2 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 13633569







UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 OCTOBER 2023


WELBECK CP (PORTSMOUTH) LIMITED






































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WELBECK CP (PORTSMOUTH) LIMITED
 


 
COMPANY INFORMATION


Directors
E M I Flach 
K T Flach 




Company secretary
P N Blain



Registered number
13633569



Registered office
Suite A 1st Floor
Block B

5th Avenue Plaza

Team Valley

Gateshead

NE11 0BL




Accountants
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


WELBECK CP (PORTSMOUTH) LIMITED
REGISTERED NUMBER:13633569



BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
6,756,553
6,554,432

  
6,756,553
6,554,432

Current assets
  

Debtors: amounts falling due within one year
 5 
36,168
132,796

Bank and cash balances
  
269,593
36,908

  
305,761
169,704

Creditors: amounts falling due within one year
 6 
(6,479,648)
(6,407,472)

Net current liabilities
  
 
 
(6,173,887)
 
 
(6,237,768)

Total assets less current liabilities
  
582,666
316,664

  

Net assets
  
582,666
316,664


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
582,665
316,663

  
582,666
316,664


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 period 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: 


E M I Flach
Director

Date: 16 April 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 


WELBECK CP (PORTSMOUTH) LIMITED
 


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

1.


General information

Welbeck CP (Portsmouth) Limited is a property ownership and management company. It is a private company limited by shares and is incorporated in England and Wales.
The address of the registered office is disclosed 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 following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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

Current and deferred taxation

The tax expense for the period 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.

Page 2

 


WELBECK CP (PORTSMOUTH) LIMITED
 


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

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors in consultation with 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.

 
2.7

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 period was 2 (2022- 2)


4.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
6,554,432


Additions at cost
202,121



At 31 October 2023
6,756,553

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





5.


Debtors

2023
2022
£
£


Trade debtors
36,168
36,168

Other debtors
-
42,732

Deferred taxation
-
53,896

36,168
132,796


Page 3

 


WELBECK CP (PORTSMOUTH) LIMITED
 


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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
27,260
7,200

Amounts owed to group undertakings
6,059,655
6,015,857

Other taxation and social security
7,668
-

Other creditors
350,000
350,000

Accruals and deferred income
35,065
34,415

6,479,648
6,407,472



7.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



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



8.


Guarantees

A guarantee exists in favour of the Group's bankers, Handelsbanken, to cover bank borrowings of certain group companies. This is secured by way of a fixed and floating charge over the assets of the Company. 


9.


Related party transactions

Included in creditors due within one year is £350,000 due to a director of the Company. This amount is interest free and repayable on demand.

 
Page 4