Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-013No description of principal activity3truetrue 12740571 2023-01-01 2023-12-31 12740571 2022-01-01 2022-12-31 12740571 2023-12-31 12740571 2022-12-31 12740571 c:Director1 2023-01-01 2023-12-31 12740571 c:Director2 2023-01-01 2023-12-31 12740571 c:Director4 2023-01-01 2023-12-31 12740571 c:RegisteredOffice 2023-01-01 2023-12-31 12740571 d:Buildings 2023-01-01 2023-12-31 12740571 d:Buildings 2023-12-31 12740571 d:Buildings 2022-12-31 12740571 d:CurrentFinancialInstruments 2023-12-31 12740571 d:CurrentFinancialInstruments 2022-12-31 12740571 d:Non-currentFinancialInstruments 2023-12-31 12740571 d:Non-currentFinancialInstruments 2022-12-31 12740571 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12740571 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12740571 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12740571 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12740571 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 12740571 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 12740571 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 12740571 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 12740571 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 12740571 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 12740571 d:ShareCapital 2023-12-31 12740571 d:ShareCapital 2022-12-31 12740571 d:SharePremium 2023-12-31 12740571 d:SharePremium 2022-12-31 12740571 d:RetainedEarningsAccumulatedLosses 2023-12-31 12740571 d:RetainedEarningsAccumulatedLosses 2022-12-31 12740571 c:FRS102 2023-01-01 2023-12-31 12740571 c:Audited 2023-01-01 2023-12-31 12740571 c:FullAccounts 2023-01-01 2023-12-31 12740571 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12740571 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12740571 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 12740571








 
 
 
WESTON FAVELL RETAIL PROPERTIES LTD

FINANCIAL STATEMENTS
 
 
FOR THE YEAR ENDED 31 DECEMBER 2023

 
WESTON FAVELL RETAIL PROPERTIES LTD
 

COMPANY INFORMATION


Directors
M. Freed 
G. Katz 
S. Biro 




Registered number
12740571



Registered office
Enterprise House, First Floor
2 The Crest

London

NW4 2HN




Independent auditors
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor, Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
WESTON FAVELL RETAIL PROPERTIES LTD
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 7


 
WESTON FAVELL RETAIL PROPERTIES LTD
REGISTERED NUMBER: 12740571

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
As restated
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
39,625,000
47,320,000

Current assets
  

Debtors
 5 
1,074,433
833,414

Bank and cash balances
  
1,111,406
2,955,596

  
2,185,839
3,789,010

Creditors: amounts falling due within one year
 6 
(1,399,577)
(2,259,590)

Net current assets
  
 
 
786,262
 
 
1,529,420

Total assets less current liabilities
  
40,411,262
48,849,420

Creditors: amounts falling due after more than one year
 7 
(24,462,700)
(25,005,625)

Net assets
  
15,948,562
23,843,795


Capital and reserves
  

Allotted, called up and fully paid share capital
  
1,000
1,000

Share premium account
  
24,749,000
24,749,000

Profit and loss account
  
(8,801,438)
(906,205)

Equity shareholders' funds
  
15,948,562
23,843,795


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 Directors' Report and Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on
1 August 2024.




M. Freed
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
WESTON FAVELL RETAIL PROPERTIES LTD
 

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

1.


General information

Weston Favell Retail Properties Ltd (Company number: 12740571), having its registered office at Enterprise House, First Floor, 2 The Crest, London, NW4 2HN, is a private limited company incorporated in England and Wales.
The principal place of business of the Company is Weston Favell Shopping Centre, Billing Brook Road, Northampton, NN3 8JZ.

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

Statement of Cash Flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company.

 
2.3

Turnover

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.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 2

 
WESTON FAVELL RETAIL PROPERTIES LTD
 

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

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined by an external valuer 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. The current year value has been determined by means of an independent valuation close to the year end . Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.6

Debtors

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

 
2.7

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.

 
2.8

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.

  
2.9

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 and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

 
2.10

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.11

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Page 3

 
WESTON FAVELL RETAIL PROPERTIES LTD
 

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

2.Accounting policies (continued)

  
2.12

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income.

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 United Kingdom 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 January 2023
47,320,000


Revaluations
(7,695,000)



At 31 December 2023

39,625,000






Net book value



At 31 December 2023
39,625,000



At 31 December 2022
47,320,000

Page 4

 
WESTON FAVELL RETAIL PROPERTIES LTD
 

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

           4.Tangible fixed assets (continued)

The fair value of the freehold property has been determined with reference to valuations performed by Colliers International Valuation UK LLP.


5.


Debtors

2023
2022
£
£

Due within one year

Trade debtors
403,486
573,249

Amounts owed by group undertakings
100,958
-

Other debtors
315,893
115,732

Prepayments and accrued income
254,096
144,433

1,074,433
833,414



6.


Creditors: Amounts falling due within one year

2023
As restated
2022
£
£

Other loans (note 10)
542,925
542,925

Trade creditors
76,132
66,221

Amounts owed to group undertakings
77,434
-

Corporation tax
-
788,806

Other taxation and social security
308,411
47,939

Accruals and deferred income
394,675
813,699

1,399,577
2,259,590



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans (note 10)
24,462,700
25,005,625


Page 5

 
WESTON FAVELL RETAIL PROPERTIES LTD
 

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

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
542,925
542,925

Amounts falling due 1-2 years

Other loans
542,925
542,925

Amounts falling due 2-5 years

Other loans
23,919,775
1,628,775

Amounts falling due after more than 5 years

Other loans
-
22,833,925

25,005,625
25,548,550


Secured loans (being all other loans)
The loan with Aviva Commercial Finance Limited is repayable by instalments and is secured by fixed legal charges over the property to which it relates and a floating charge over the assets of the Company. The loan incurs interest at the fixed rate of 3.2% per annum and is repayable by 20 October 2028.


9.


Contingent liabilities

The Company is party to a multi-lateral cross guarantee between itself, Nakashi LLP, Birchwood Retail Properties Limited and Byron Place Retail Properties Limited in favour of Aviva Commercial Finance Limited in respect of loans of the group undertakings. A contingent liability therefore exists to the extent of the indebtedness to Aviva of the group undertakings. At 31 December 2023 the contingent liability was £13,257,039 (2022: £13,789,354). No liability is expected to crystallise in this respect.


10.


Restatement

Sales income of £2,685,484 and repairs and maintenance expenses of £798,699 which relate to pre year ended 2023 activity have been identified in the 2023 accounting records. The restatement has been made to recognise the income and expenses in the correct period. This has also resulted in a £383,760 increase in the prior periods tax expense and liability. The net effect on retained earnings is a decrease of £1,503,025.  


11.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A not to disclose transactions with group entities on the grounds that it is a wholly-owned subsidiary undertaking.
During the year, expenses of £281,139 
(2022: £391,485) were incurred from related parties.
The parties are related by virtue of common management by the directors.

Page 6

 
WESTON FAVELL RETAIL PROPERTIES LTD
 

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

12.


Immediate and ultimate parent undertaking

As at 31 December 2023 and 31 December 2022 the Company's immediate parent undertaking was Nakashi LLP, an LLP incorporated in England and Wales.
As at 31 December 2023 and 31 December 2022 the Company's ultimate parent undertaking was Eastgate Property 3 LLC, a company incorporated in the USA.
The group in which the Company's results are consolidated is headed by Nakashi LLP. The consolidated accounts may be obtained from:
Enterprise House First Floor
2 The Crest
London
NW4 2HN
There is no smaller or larger group in which the Company's results are consolidated.

13.


Auditors' information

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

The audit report was signed on 5 August 2024 by Caryl King BSc ACA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.


Page 7