Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01falseNo description of principal activity22truefalse 10749146 2023-01-01 2023-12-31 10749146 2022-01-01 2022-12-31 10749146 2023-12-31 10749146 2022-12-31 10749146 2022-01-01 10749146 1 2023-01-01 2023-12-31 10749146 d:Director2 2023-01-01 2023-12-31 10749146 c:FreeholdInvestmentProperty 2023-12-31 10749146 c:FreeholdInvestmentProperty 2022-12-31 10749146 c:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 10749146 c:CurrentFinancialInstruments 2023-12-31 10749146 c:CurrentFinancialInstruments 2022-12-31 10749146 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 10749146 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10749146 c:ShareCapital 2023-01-01 2023-12-31 10749146 c:ShareCapital 2023-12-31 10749146 c:ShareCapital 2022-01-01 2022-12-31 10749146 c:ShareCapital 2022-12-31 10749146 c:ShareCapital 2022-01-01 10749146 c:RevaluationReserve 2023-01-01 2023-12-31 10749146 c:RevaluationReserve 2023-12-31 10749146 c:RevaluationReserve 2022-01-01 2022-12-31 10749146 c:RevaluationReserve 2022-12-31 10749146 c:RevaluationReserve 2022-01-01 10749146 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10749146 c:RetainedEarningsAccumulatedLosses 2023-12-31 10749146 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10749146 c:RetainedEarningsAccumulatedLosses 2022-12-31 10749146 c:RetainedEarningsAccumulatedLosses 2022-01-01 10749146 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 10749146 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 10749146 d:FRS102 2023-01-01 2023-12-31 10749146 d:Audited 2023-01-01 2023-12-31 10749146 d:FullAccounts 2023-01-01 2023-12-31 10749146 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10749146 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10749146 5 2023-01-01 2023-12-31 10749146 c:RetirementBenefitObligationsDeferredTax 2023-12-31 10749146 c:RetirementBenefitObligationsDeferredTax 2022-12-31 10749146 c:OtherDeferredTax 2023-12-31 10749146 c:OtherDeferredTax 2022-12-31 10749146 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10749146









ZUK REAL ESTATE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ZUK REAL ESTATE LIMITED
REGISTERED NUMBER: 10749146

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
2,609,075
1,540,000

  
2,609,075
1,540,000

Current assets
  

Debtors: amounts falling due within one year
 6 
1,433
1,168

Cash at bank and in hand
 7 
337,739
339,474

  
339,172
340,642

Creditors: amounts falling due within one year
 8 
(1,558,772)
(1,602,551)

Net current liabilities
  
 
 
(1,219,600)
 
 
(1,261,909)

Total assets less current liabilities
  
1,389,475
278,091

Provisions for liabilities
  

Deferred tax
 10 
(258,029)
-

Net assets
  
1,131,446
278,091


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 11 
1,069,075
-

Profit and loss account
 11 
62,271
277,991

  
1,131,446
278,091


Page 1

 
ZUK REAL ESTATE LIMITED
REGISTERED NUMBER: 10749146
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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: 




O S Zund
Director

Date: 7 August 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
ZUK REAL ESTATE 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
100
-
232,839
232,939


Comprehensive income for the year

Profit for the year
-
-
45,152
45,152
Total comprehensive income for the year
-
-
45,152
45,152



At 1 January 2023
100
-
277,991
278,091


Comprehensive income for the year

Profit for the year
-
-
853,355
853,355
Total comprehensive income for the year
-
-
853,355
853,355

Transfer to/from profit and loss account
-
1,069,075
(1,069,075)
-


At 31 December 2023
100
1,069,075
62,271
1,131,446


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
ZUK REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

ZUK Real Estate Limited is a private company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company information page. Its principal activity is that of holding investment property. 

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

Going concern

As explained in note 13 to the financial statements, the directors intend to liquidate the company following the sale of the investment property and the financial statements have been prepared on a basis other than that of the going concern basis. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date. 

 
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.

 
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.

Page 4

 
ZUK REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties 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 balance sheet 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.

 
2.7

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.

 
2.8

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.

Page 5

 
ZUK REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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 the Statement of Comprehensive Income 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 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes
Page 6

 
ZUK REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 7

 
ZUK REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Derecognition of financial instruments

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.


4.


Employees

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


5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
1,540,000


Surplus on revaluation
1,069,075



At 31 December 2023
2,609,075

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

Post year end, the company has accepted an offer of £2,650,000 on the Investment Property. The sale is expected to complete by August 2024. 



Page 8

 
ZUK REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Prepayments and accrued income
1,433
1,168



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
337,739
339,474



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,540,000
1,540,000

Corporation tax
13,012
10,591

Accruals and deferred income
5,760
51,960

1,558,772
1,602,551



9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
337,739
339,474




Financial assets measured at fair value through profit or loss comprise cash in bank.

Page 9

 
ZUK REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






Charged to profit or loss
(258,029)



At end of year
(258,029)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(27,783)
-

Revaluation gain on investment property
(230,246)
-


The deferred tax asset of £258,029 is expected to reverse in full next year following the sale of the investment property post year end.


11.


Reserves

Revaluation reserve

This represents the cumulative profit and loss reserve arising on the revaluation of the investment property, that is not distributable to shareholders.

Profit and loss account

This represents the reserves available to be distributed to shareholders.


12.


Related party transactions

A loan of £1,540,000 has been provided to the Company by the parent company. Interest is charged at 3% and the loan can be terminated by both parties with notice of six months. Interest of £46,200 was paid during the year (2022: £46,200 charged during the year and outstanding at year end, included in accruals).
The total amount owed to the parent company at the year end was £1,540,000 (2022: £1,586,200).


13.


Post balance sheet events

Post year end, the company has accepted an offer of £2,650,000 on the Investment Property. The sale is expected to complete by August 2024. Following the sale of the property, the directors have assessed that the company does not serve any further commercial purpose and hence will be liquidated. 

Page 10

 
ZUK REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Controlling party

The Company is a wholly owned subsidiary of Zund Holding AG, a Swiss company.  The ultimate controlling party is K. Zund.


15.


Auditors' information

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

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to Note 13 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.

The audit report was signed on 8 August 2024 by Graham Wintle (Senior Statutory Auditor) on behalf of WMT.

 
Page 11