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Registered number: 08503940









DOMINUS STRATFORD LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DOMINUS STRATFORD LIMITED
REGISTERED NUMBER: 08503940

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,650,226
20,680,671

Current assets
  

Debtors: amounts falling due within one year
 5 
120,409
100,042

Cash at bank and in hand
  
465,239
190,403

  
585,648
290,445

Creditors: amounts falling due within one year
 6 
(10,589,153)
(17,568,852)

Net current liabilities
  
 
 
(10,003,505)
 
 
(17,278,407)

Total assets less current liabilities
  
12,646,721
3,402,264

Creditors: amounts falling due after more than one year
 7 
(9,265,000)
-

  

Net assets
  
3,381,721
3,402,264


Capital and reserves
  

Called up share capital 
  
200
200

Share premium account
  
8,647,741
8,647,741

Revaluation reserve
  
(4,929,270)
(4,929,270)

Profit and loss account
  
(336,950)
(316,407)

  
3,381,721
3,402,264


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 24 July 2024.




S S Ahluwalia
Director

Page 1

 
DOMINUS STRATFORD LIMITED
REGISTERED NUMBER: 08503940
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
DOMINUS STRATFORD LIMITED
 

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


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

£
£
£
£
£


At 1 January 2022
200
8,647,741
(4,929,270)
(254,049)
3,464,622


Comprehensive income for the year

Loss for the year
-
-
-
(62,358)
(62,358)
Total comprehensive income for the year
-
-
-
(62,358)
(62,358)


Total transactions with owners
-
-
-
-
-



At 1 January 2023
200
8,647,741
(4,929,270)
(316,407)
3,402,264


Comprehensive income for the year

Loss for the year
-
-
-
(20,543)
(20,543)
Total comprehensive income for the year
-
-
-
(20,543)
(20,543)


Total transactions with owners
-
-
-
-
-


At 31 December 2023
200
8,647,741
(4,929,270)
(336,950)
3,381,721


The notes on pages 4 to 9 form part of these financial statements.

The share premium reserve records the amount above the nominal value received for shares issued, less transaction costs.
This revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to a prior increase on the same asset.
The profit and loss account represents cumulative profits or losses, net of dividends paid, and any other adjustments.

Page 3

 
DOMINUS STRATFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Dominus Stratford Limited is a private company limited by shares and incorporated in England and Wales. The address of its principal place of business is 14A Shouldham Street, Marylebone, London, W1H 5FJ.

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 company's functional and presentational currency is GBP, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company shows net current liabilities at the balance sheet date of £10,003,505. Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from minimal to full levels.
The company has received formal confirmation from its shareholder Dominus Stratford Holdings Limited that the company will receive the financial support it requires to enable it to meet its liabilities as they fall due.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
In making their assessment of going concern, the directors have considered information for a period of at least twelve months from the date the financial statements were authorised for issue.

 
2.3

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.
Rental income
Properties are leased to tenants under short term operating leases. The rental income receivable under these leases is recognised through profit or loss on a straight-line basis over the term of the lease. Any rental income received relating to a future period is deferred.

 
2.4

Interest income

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

Page 4

 
DOMINUS STRATFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

Borrowing costs which are directly attributable to the construction or production of qualifying tangible fixed assets are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

 
2.6

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 provided on the following basis:

Assets under construction
-
Not depreciated until brought into use

 
2.7

Revaluation of tangible fixed assets

Assets under construction are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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. 

 
2.10

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 5

 
DOMINUS STRATFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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 or from related parties.


3.


Employees

The company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


Tangible fixed assets





Assets under construction

£



Cost or valuation


At 1 January 2023
20,680,671


Additions
1,969,555



At 31 December 2023

22,650,226






Net book value



At 31 December 2023
22,650,226



At 31 December 2022
20,680,671

Capitalised borrowing costs of £891,198 are included in assets under construction additions during the year.


Cost or valuation at 31 December 2023 is as follows:

Assets under construction
£


At cost
27,579,496
At valuation:

Revaluation deficit
(4,929,270)



22,650,226

Page 6

 
DOMINUS STRATFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)

Assets under construction substantially consist of land and buildings and were previously professionally valued on 4  August 2022 as a freehold property with vacant possession.  The valuation was prepared by Cushman and Wakefield in accordance with the requirements of The Royal Institution of Chartered Surveyors (RICS) Valuation - Global Standards, which incorporate the International Valuation Standards and the RICS UK national supplement (the "RICS Red Book"). The directors have continued to consider the fair value of the property at 31 December 2023 taking into consideration the condition of the asset due to the work in progress at the year end and do not consider the value to be materially different from the valuation prepared by Cushman and Wakefield.

If the assets under construction had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
27,579,496
27,579,496

Net book value
27,579,496
27,579,496


5.


Debtors

2023
2022
£
£


Trade debtors
-
1,093

Other debtors
111,452
96,599

Prepayments
8,957
2,350

120,409
100,042


Page 7

 
DOMINUS STRATFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
8,350,000

Trade creditors
432,731
169,271

Amounts owed to group undertakings
10,145,922
8,912,085

Other creditors
-
4,442

Accruals
10,500
133,054

10,589,153
17,568,852


Secured liabilities
Bank loans due within one year of £Nil (2022: £8,350,000) are interest bearing at the Bank of England Base Rate +5.9% per annum. Interest on the loans are capitalised on each repayment date and added to the principal amount of the loan.
The bank loan is secured by a fixed and floating charge over the assets of the company.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
9,265,000
-

9,265,000
-


Secured liabilities
Bank loans due after one year of £9,265,000 (2022: £Nil) are interest bearing at the Bank of England Base Rate +5.9% per annum. Interest on the loans are capitalised on each repayment date and added to the principal amount of the loan.
The bank loan is secured by a fixed and floating charge over the assets of the company.

Page 8

 
DOMINUS STRATFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Related party transactions

Dominus Stratford Limited is a wholly owned subsidiary of Dominus Stratford Holdings UK Limited, a company incorporated in England and Wales. The ultimate parent company is Dominus Stratford Holdings Limited, the registered office address is 28 Esplanade, St Helier, Jersey, JE2 3QA.
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with wholly owned group companies.
During the year the company incurred management charges of £Nil (2022: £95,000) and acquired assets of £Nil (2022: £1,519)  from companies under common control.  At the reporting date £Nil (2022: £24,000) was due to these companies and included in trade creditors.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 July 2024 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.

 
Page 9