Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseThe principal activity continued to be that of property investment.22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00243874 2023-01-01 2023-12-31 00243874 2022-01-01 2022-12-31 00243874 2023-12-31 00243874 2022-12-31 00243874 c:Director1 2023-01-01 2023-12-31 00243874 c:Director2 2023-01-01 2023-12-31 00243874 d:PlantMachinery 2023-01-01 2023-12-31 00243874 d:PlantMachinery 2023-12-31 00243874 d:PlantMachinery 2022-12-31 00243874 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00243874 d:ComputerEquipment 2023-01-01 2023-12-31 00243874 d:ComputerEquipment 2023-12-31 00243874 d:ComputerEquipment 2022-12-31 00243874 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00243874 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00243874 d:FreeholdInvestmentProperty 2023-12-31 00243874 d:FreeholdInvestmentProperty 2022-12-31 00243874 d:CurrentFinancialInstruments 2023-12-31 00243874 d:CurrentFinancialInstruments 2022-12-31 00243874 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00243874 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00243874 d:ShareCapital 2023-12-31 00243874 d:ShareCapital 2022-12-31 00243874 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 00243874 d:OtherMiscellaneousReserve 2023-12-31 00243874 d:OtherMiscellaneousReserve 2022-12-31 00243874 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00243874 d:RetainedEarningsAccumulatedLosses 2023-12-31 00243874 d:RetainedEarningsAccumulatedLosses 2022-12-31 00243874 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00243874 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 00243874 c:FRS102 2023-01-01 2023-12-31 00243874 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00243874 c:FullAccounts 2023-01-01 2023-12-31 00243874 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00243874 2 2023-01-01 2023-12-31 00243874 6 2023-01-01 2023-12-31 00243874 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 00243874










CORAFF (LONDON) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CORAFF (LONDON) LIMITED
REGISTERED NUMBER: 00243874

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
379
493

Investments
 6 
294,075
265,967

Investment property
 7 
1,050,000
1,050,000

  
1,344,454
1,316,460

Current assets
  

Cash at bank and in hand
 8 
440,544
402,926

  
440,544
402,926

Creditors: amounts falling due within one year
 9 
(18,892)
(2,204)

Net current assets
  
 
 
421,652
 
 
400,722

Total assets less current liabilities
  
1,766,106
1,717,182

Provisions for liabilities
  

Deferred tax
 10 
(201,519)
(198,000)

  
 
 
(201,519)
 
 
(198,000)

Net assets
  
1,564,587
1,519,182


Capital and reserves
  

Called up share capital 
  
2,020
2,020

Other reserves
 11 
710,680
686,091

Profit and loss account
 11 
851,887
831,071

  
1,564,587
1,519,182


Page 1

 
CORAFF (LONDON) LIMITED
REGISTERED NUMBER: 00243874
    
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 on 13 August 2024.




Mr J R Raffles
Mrs A M Raffles
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CORAFF (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Coraff (London) Limited is a company limited by shares, incorporated in England and Wales. The address of its registered office is 14th Floor,  33 Cavendish Square, London, W1G 0PW.
The principal activity continued to be that of property investment.

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

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:

Turnover comprises rental income from investment properties, exclusive of Value Added Tax and discounts, recognised in the period to which it relates.

 
2.3

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:

Plant and machinery
-
10% - 33% Straight Line
Computer equipment
-
20% Straight Line

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.

Page 3

 
CORAFF (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 the Statement of Comprehensive Income.

 
2.5

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

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.

 
2.7

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.

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 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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments are any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 4

 
CORAFF (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)


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.

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.

 
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

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Page 5

 
CORAFF (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.


4.


Employees

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

Page 6

 
CORAFF (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
5,144
569
5,713



At 31 December 2023

5,144
569
5,713



Depreciation


At 1 January 2023
5,144
76
5,220


Charge for the year on owned assets
-
114
114



At 31 December 2023

5,144
190
5,334



Net book value



At 31 December 2023
-
379
379



At 31 December 2022
-
493
493


6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2023
265,967


Revaluations
28,108



At 31 December 2023
294,075




Page 7

 
CORAFF (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
1,050,000



At 31 December 2023
1,050,000

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

On the historical cost basis the investment property would have been included at £151,876 (2022: £151,876).





8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
440,544
402,926



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
487
-

Corporation tax
2,932
-

Other creditors
1,386
717

Accruals and deferred income
14,087
1,487

18,892
2,204


Page 8

 
CORAFF (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
198,000


Charged to profit or loss
3,519



At end of year
201,519

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movement
201,519
198,000




11.


Reserves

Other reserves

Other reserves are made up of unrealised gains on the revaluation of the investments less the deferred tax arising thereon. The unrealised gain is transferred from the profit and loss reserve to other reserves in the year the gain arises.

Profit and loss account

Profit and loss reserves relate to accumulated profits less dividends paid.


12.


Related party transactions

During the year a Director charged business support fees to the company of £13,500 (2022: £5,000). 

 
Page 9