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Registered number: 13549068









CASSON SQUARE RESIDENTIAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 25 AUGUST 2023

 
CASSON SQUARE RESIDENTIAL LIMITED
REGISTERED NUMBER: 13549068

BALANCE SHEET
AS AT 25 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
115,745
169,697

Investment property
 5 
35,641,144
35,641,144

  
35,756,889
35,810,841

Current assets
  

Debtors: amounts falling due within one year
 6 
698,629
754,452

Cash at bank and in hand
 7 
1,022,288
2,241,274

  
1,720,917
2,995,726

Creditors: amounts falling due within one year
 8 
(17,801,096)
(19,104,032)

Net current liabilities
  
 
 
(16,080,179)
 
 
(16,108,306)

Total assets less current liabilities
  
19,676,710
19,702,535

Creditors: amounts falling due after more than one year
 9 
(20,000,000)
(20,000,000)

  

Net liabilities
  
(323,290)
(297,465)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(323,292)
(297,467)

  
(323,290)
(297,465)


Page 1

 
CASSON SQUARE RESIDENTIAL LIMITED
REGISTERED NUMBER: 13549068
    
BALANCE SHEET (CONTINUED)
AS AT 25 AUGUST 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 Podrojski
R Shai
Director
Director


Date: 9 August 2024
Date:9 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CASSON SQUARE RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 AUGUST 2023

1.


General information

Casson Square Residential Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The company's registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
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

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements.
As at 25 August 2023, the company had net liabilities of £323,290. The shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the shareholders.

 
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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
CASSON SQUARE RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 AUGUST 2023

2.Accounting policies (continued)

 
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.

 
2.7

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:

Fixtures and fittings
-
25%

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.

 
2.8

Investment property

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

 
2.9

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 4

 
CASSON SQUARE RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 AUGUST 2023

2.Accounting policies (continued)

 
2.10

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

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.


3.


Employees

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


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 26 August 2022
226,262


Additions
3,484



At 25 August 2023

229,746



Depreciation


At 26 August 2022
56,565


Charge for the year on owned assets
57,436



At 25 August 2023

114,001



Net book value



At 25 August 2023
115,745



At 25 August 2022
169,697

Page 5

 
CASSON SQUARE RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 AUGUST 2023

5.


Investment property


Long term leasehold investment property

£



Valuation


At 26 August 2022
35,641,144



At 25 August 2023
35,641,144

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





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
35,641,144
35,641,144

35,641,144
35,641,144


6.


Debtors

2023
2022
£
£


Other debtors
3,532
-

Prepayments and accrued income
695,097
754,452

698,629
754,452



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,022,288
2,241,274

1,022,288
2,241,274


Page 6

 
CASSON SQUARE RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 AUGUST 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
45,714
30,617

Amounts owed to group undertakings
17,029,911
18,520,596

Other creditors
15,380
16,769

Accruals and deferred income
710,091
536,050

17,801,096
19,104,032



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,000,000
20,000,000

20,000,000
20,000,000



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
20,000,000
20,000,000

20,000,000
20,000,000

20,000,000
20,000,000



11.


Controlling party

The parent company is Casson Square Nominees Limited. The registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

 
Page 7