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Registered number: 03871028






SIMON GLOBAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










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SIMON GLOBAL LIMITED
REGISTERED NUMBER:03871028

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

  

Current assets
  

Debtors: amounts falling due within one year
 5 
2,090
-

  
2,090
-

Creditors: amounts falling due within one year
 6 
(40,154)
(28,200)

Net current liabilities
  
 
 
(38,064)
 
 
(28,200)

Total assets less current liabilities
  
(38,064)
(28,200)

  

Net liabilities
  
(38,064)
(28,200)


Capital and reserves
  

Called up share capital 
  
149
149

Profit and loss account
  
(38,213)
(28,349)

  
(38,064)
(28,200)


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 income and retained earnings 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: 




................................................
S E Fivel
Director

Date: 21 August 2024

Page 1

 
SIMON GLOBAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Simon Global Limited is a private company limited by shares, incorporated in England and Wales. It's registered office is Suite 1, 7th Floor, 50 Broadway, London, SW1H 0BL.
The principal activity of the company continued to be that of consultancy services to its parent company with regard to potential investments in property and the reviewing and developing of financing opportunities in the UK and throughout Europe.


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.



 
2.2

Going concern

The accounts are prepared on a going concern basis notwithstanding the net liabilities as shown in the balance sheet.  The going concern status of the company is dependent upon the continued support of the parent company.  The directors expect this support to continue. At present they anticipate there will be limited activity in the company.
Taking into account a period exceeding 12 months from the date of approval of these financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and for that reason have prepared the financial statements using the going concern principle.


 
2.3

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.
Page 2

 
SIMON GLOBAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Financial instruments (continued)


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.

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
Page 3

 
SIMON GLOBAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Financial instruments (continued)

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.

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.

 
2.4

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.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors do not consider there to be any key judgements or key sources of estimation uncertainty in preparing the financial statements.

Page 4

 
SIMON GLOBAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

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


5.


Debtors

2023
2022
$
$


Prepayments and accrued income
2,090
-

2,090
-



6.


Creditors: Amounts falling due within one year

2023
2022
$
$

Amounts owed to group undertakings
35,949
23,046

Accruals and deferred income
4,205
5,154

40,154
28,200



7.


Related party transactions

The company has taken advantage of the exemption provided by FRS 102 from disclosing transactions
with members of the same group that are wholly owned.


8.


Controlling party

The parent company and controlling party is Simon Property Group Administrative Services Partnership, LP (registered in Delaware USA), by virtue of its 100% shareholding in Simon Global Limited. 
The ultimate parent company and ultimate controlling party is Simon Property Group, Inc due to it being the ultimate parent of Simon Property Group Administrative Services Partnership, LP. Simon Property Group, Inc is a public company registered in the United States of America. Its corporate headquarters are located at 225 West Washington Street, Indianapolis, Indiana 46204. The consolidated accounts for the group are available on the website of Simon Property Group, Inc.


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 23 August 2024 by Louise Watts (Senior statutory auditor) on behalf of Venthams.

 
Page 5