Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01false12truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07705252 2023-01-01 2023-12-31 07705252 2022-01-01 2022-12-31 07705252 2023-12-31 07705252 2022-12-31 07705252 2022-01-01 07705252 c:Director1 2023-01-01 2023-12-31 07705252 d:Buildings 2023-12-31 07705252 d:Buildings 2022-12-31 07705252 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07705252 d:FurnitureFittings 2023-01-01 2023-12-31 07705252 d:FurnitureFittings 2023-12-31 07705252 d:FurnitureFittings 2022-12-31 07705252 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07705252 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07705252 d:CurrentFinancialInstruments 2023-12-31 07705252 d:CurrentFinancialInstruments 2022-12-31 07705252 d:Non-currentFinancialInstruments 2023-12-31 07705252 d:Non-currentFinancialInstruments 2022-12-31 07705252 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07705252 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07705252 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07705252 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07705252 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 07705252 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 07705252 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 07705252 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 07705252 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 07705252 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 07705252 d:ShareCapital 2023-12-31 07705252 d:ShareCapital 2022-12-31 07705252 d:ShareCapital 2022-01-01 07705252 d:RevaluationReserve 2023-01-01 2023-12-31 07705252 d:RevaluationReserve 2023-12-31 07705252 d:RevaluationReserve 2022-12-31 07705252 d:RevaluationReserve 2022-01-01 07705252 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07705252 d:RetainedEarningsAccumulatedLosses 2023-12-31 07705252 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07705252 d:RetainedEarningsAccumulatedLosses 2022-12-31 07705252 d:RetainedEarningsAccumulatedLosses 2022-01-01 07705252 d:OtherDeferredTax 2023-12-31 07705252 d:OtherDeferredTax 2022-12-31 07705252 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07705252 c:OrdinaryShareClass1 2023-12-31 07705252 c:OrdinaryShareClass1 2022-12-31 07705252 c:FRS102 2023-01-01 2023-12-31 07705252 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07705252 c:FullAccounts 2023-01-01 2023-12-31 07705252 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07705252 2 2023-01-01 2023-12-31 07705252 4 2023-01-01 2023-12-31 07705252 6 2023-01-01 2023-12-31 07705252 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 07705252









NEW YORK ASSOCIATES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NEW YORK ASSOCIATES LIMITED
REGISTERED NUMBER: 07705252

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,170,317
9,170,422

Investments
 5 
900
900

  
9,171,217
9,171,322

Current assets
  

Debtors: amounts falling due within one year
 6 
312,715
396,839

Cash at bank and in hand
  
93,040
273,688

  
405,755
670,527

Creditors: amounts falling due within one year
 7 
(1,718,912)
(1,932,659)

Net current liabilities
  
 
 
(1,313,157)
 
 
(1,262,132)

Total assets less current liabilities
  
7,858,060
7,909,190

Creditors: amounts falling due after more than one year
 8 
(2,789,967)
(2,956,964)

Provisions for liabilities
  

Deferred tax
 10 
(61,295)
(55,326)

  
 
 
(61,295)
 
 
(55,326)

Net assets
  
5,006,798
4,896,900


Capital and reserves
  

Called up share capital 
 11 
400
400

Revaluation reserve
 12 
1,731,310
1,737,279

Profit and loss account
 12 
3,275,088
3,159,221

  
5,006,798
4,896,900


Page 1

 
NEW YORK ASSOCIATES LIMITED
REGISTERED NUMBER: 07705252

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 by: 




A J Howe-Davies
Director
Date: 31 July 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
NEW YORK ASSOCIATES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
400
1,737,279
2,729,905
4,467,584



Profit for the year
-
-
429,316
429,316



At 1 January 2023
400
1,737,279
3,159,221
4,896,900



Profit for the year
-
-
109,898
109,898

Transfer to/from profit and loss account
-
(5,969)
5,969
-


At 31 December 2023
400
1,731,310
3,275,088
5,006,798


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
NEW YORK ASSOCIATES LIMITED
 

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

1.


GENERAL INFORMATION

New York Associates Limited is a private company, limted by shares, incorporated in England and Wales. The address of the registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4AP.
The financial statements are presented in sterling which is the functional currency of the company.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption from preparing consolidated financial statements.

 
2.3

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
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.

Page 4

 
NEW YORK ASSOCIATES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

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 corporation 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.

 
2.7

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
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.

The Financial Reporting Standards (FRS) states that all assets with a finite life must be depreciated over their useful economic lives. The directors are of the opinion that the residual value of freehold property will remain at least equal to the valuation shown in the financial statements due to their policy of regular repairs and renovations. On this basis no charge is made in respect of freehold property.
Although the Companies Act requires all fixed assets to be depreciated, the directors consider a departure is necessary in order for the financial statements to show a true and fair view.
The company recognises property rented to another group entity in property, plant and equipment. The company took advantage of the transitional provision that allowed it to take the fair value at the date of transition and uses that as the property’s deemed cost going forward.

Page 5

 
NEW YORK ASSOCIATES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.8
TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance

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

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
NEW YORK ASSOCIATES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

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.

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

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.



 
Page 7

 
NEW YORK ASSOCIATES LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.14
FINANCIAL INSTRUMENTS (continued)

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.

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 - 1).

Page 8

 
NEW YORK ASSOCIATES LIMITED
 

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

4.


TANGIBLE FIXED ASSETS





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or deemed cost


At 1 January 2023
9,170,000
9,254
9,179,254



At 31 December 2023

9,170,000
9,254
9,179,254



Depreciation


At 1 January 2023
-
8,832
8,832


Charge for the year on owned assets
-
105
105



At 31 December 2023

-
8,937
8,937



Net book value



At 31 December 2023
9,170,000
317
9,170,317



At 31 December 2022
9,170,000
422
9,170,422

The company took advantage of provisions which allowed an entity to take the fair value of property when transferred to freehold property and use that as the property’s deemed cost going forward.
At 31 December 2023 the cost of freehold properties was £7,377,396 (2022 - £7,377,396).

Page 9

 
NEW YORK ASSOCIATES LIMITED
 

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

5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 January 2023
900



At 31 December 2023
900







6.


DEBTORS

2023
2022
£
£


Trade debtors
2,583
1,405

Amounts owed by group undertakings
309,586
394,586

Prepayments and accrued income
546
848

312,715
396,839



7.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank loans
270,143
265,990

Trade creditors
336
1,348

Amounts owed to group undertakings
1,425,427
1,559,788

Corporation tax
-
80,223

Other taxation and social security
7,965
10,195

Other creditors
7,865
7,865

Accruals and deferred income
7,176
7,250

1,718,912
1,932,659


Page 10

 
NEW YORK ASSOCIATES LIMITED
 

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

8.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,539,967
2,706,964

Other creditors
250,000
250,000

2,789,967
2,956,964



9.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
270,143
265,990

Amounts falling due 1-2 years

Bank loans
277,177
273,702

Amounts falling due 2-5 years

Bank loans
848,817
845,638

Amounts falling due after more than 5 years

Bank loans
1,413,973
1,587,625

2,810,110
2,972,955


The aggregate bank loans of £2,783,496 (2022 - £2,936,513) are secured by way of debentures and a first legal charge over the properties.
There is also an unlimited multilateral guarantee given to the bank by New York Associates Limited, RDW Scenery Construction Limited, The Stockyard Limited and The Scenedock Associates Limited.

Page 11

 
NEW YORK ASSOCIATES LIMITED
 

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

10.


DEFERRED TAXATION




2023


£






At beginning of year
(55,326)


Charged to profit or loss
(5,969)



At end of year
(61,295)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deemed fair value of property, plant and equipment
(61,295)
(55,326)


11.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



400 (2022 - 400) Ordinary shares of £1.00 each
400
400



12.


RESERVES

Revaluation reserve

The revaluation reserve comprises cumulative unrealised surpluses and deficits on the revaluation properties to their fair value before being transferred to freehold property at their deemed cost at the time of transfer.

Profit and loss account

The Profit and loss account represents realised profits and deficits to date, less any distributions.


13.DIRECTORS' PERSONAL GUARANTEES

A J Howe-Davies has given a joint and several guarantee of £200,000 (2022 - £200,000) in respect of the bank borrowings.

Page 12

 
NEW YORK ASSOCIATES LIMITED
 

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

14.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
At 31 December 2023 the company owed A J Howe-Davies £125,000 (2022 - £125,000). While there is no formal loan agreement the sum cannot be drawn in preference to the company's bank loan obligations and is therefore recognised as due in more than one year.


Page 13