Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31332023-01-01falsefalseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13182096 2023-01-01 2023-12-31 13182096 2022-01-01 2022-12-31 13182096 2023-12-31 13182096 2022-12-31 13182096 c:Director3 2023-01-01 2023-12-31 13182096 d:FreeholdInvestmentProperty 2023-12-31 13182096 d:FreeholdInvestmentProperty 2022-12-31 13182096 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 13182096 d:CurrentFinancialInstruments 2023-12-31 13182096 d:CurrentFinancialInstruments 2022-12-31 13182096 d:Non-currentFinancialInstruments 2023-12-31 13182096 d:Non-currentFinancialInstruments 2022-12-31 13182096 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13182096 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13182096 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13182096 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13182096 d:ShareCapital 2023-12-31 13182096 d:ShareCapital 2022-12-31 13182096 d:RetainedEarningsAccumulatedLosses 2023-12-31 13182096 d:RetainedEarningsAccumulatedLosses 2022-12-31 13182096 c:OrdinaryShareClass1 2023-01-01 2023-12-31 13182096 c:OrdinaryShareClass1 2023-12-31 13182096 c:OrdinaryShareClass1 2022-12-31 13182096 c:FRS102 2023-01-01 2023-12-31 13182096 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13182096 c:FullAccounts 2023-01-01 2023-12-31 13182096 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13182096 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13182096









DORSEL U.K. 1 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DORSEL U.K. 1 LIMITED
REGISTERED NUMBER: 13182096

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
13,895,000
15,141,000

Current assets
  

Debtors: amounts falling due within one year
 5 
1,165,769
1,066,973

Cash at bank and in hand
 6 
881,247
609,260

  
2,047,016
1,676,233

Creditors: amounts falling due within one year
 7 
(859,979)
(854,712)

Net current assets
  
1,187,037
821,521

Total assets less current liabilities
  
15,082,037
15,962,521

Creditors: amounts falling due after more than one year
 8 
(18,174,787)
(18,351,142)

Net liabilities
  
(3,092,750)
(2,388,621)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(3,092,850)
(2,388,721)

  
(3,092,750)
(2,388,621)


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 were approved and authorised for issue by the board and were signed on its behalf on 4 September 2024.




................................................
Lior Som
Director

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

Page 1

 
DORSEL U.K. 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Dorsel U.K. 1 Limited is a private company limited by share capital, incorporated in England and Wales, registration number 13182096. The address of the registered office is Wisteria Grange Barn, Pikes End, Pinner, Middlesex, HA5 2EX.

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

Going concern

The financial statements have been prepared on a going concern basis as the director believes adequate resources exist to enable it to meet its working capital requirements for at least twelve months from approval of these financial statements.

 
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.

 
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.

Page 2

 
DORSEL U.K. 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
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.

Page 3

 
DORSEL U.K. 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.12

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 profit or loss 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.

 
2.13

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, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Employees

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

Page 4

 
DORSEL U.K. 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Investment property

£



Valuation


At 1 January 2023
15,141,000


Impairment on revaluation
(1,246,000)



At 31 December 2023
13,895,000

The directors obtained an independant valuation of the property at year end, and have decreased to fair value of the property to £13,895,000 at year-end in accordance with the independent property valuation report (2022: £15,141,000).







5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
842,411
531,301

Prepayments and accrued income
79,688
114,178

Deferred taxation
243,670
421,494

1,165,769
1,066,973


Amounts owed by group undertakings are unsecured, have no fixed date of repayment, and are repayble on demand. 


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
881,247
609,260

881,247
609,260


Page 5

 
DORSEL U.K. 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
400,000
400,000

Trade creditors
108
1,736

Amounts owed to group undertakings
62,371
62,263

Other taxation and social security
61,946
53,052

Accruals and deferred income
335,554
337,661

859,979
854,712


For full disclosure on bank loans, please see note 9. 
Amounts owed to group undertakings are unsecured, have no fixed date of repayment and are repayable on demand. 


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
7,150,000
7,550,000

Amounts owed to group undertakings
11,024,787
10,801,142

18,174,787
18,351,142


The total bank loan falling due within one and more than one year is £7,550,000 (2022: £7,950,000). The loan has an interest of 3.12% and is secured by the company's assets with fixed repayment dates.
Amounts owed to group undertakings are unsecured, have no fixed date of repayment and are repayable on demand. 


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 6

 
DORSEL U.K. 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

Included in debtors are amounts owed from group undertakings are amounts of £141,331 (2022: £134,721) and £100,000 (2022: £100,000) owed from Dorsel U.K. Limited and Dorsel U.K. 3 Limited respectively. The directors of these companies are also the directors of Dorsel U.K. 1 Limited.
ncluded in debtors are amounts owed by group undertakings due after one year, is an amount of £601,080 (2022: £296,580) owed by Dorsel B.A.Z. Limited. The directors of this company are also the directors of Dorsel B.A.Z. Limited.
Amounts owed by group undertakings are unsecured, have no fixed date of repayment and are repayable on demand. 
Included in creditors amounts falling due after more than one year is an amount owed to group undertakings of £11,024,787 (2022: £10,801,142) and owed to Dorsel U.K. Limited. The directors of this company are also the directors of Dorsel U.K. 1 Limited.
Included in creditors are amounts owed to group undertakings due within one year, is an amount of £62,371 (2022: £62,263) owed to Dorsel U.K. 4 Limited. The directors of this company are also the directors of Dorsel U.K. 1 Limited.
Amounts owed to group undertakings are unsecured, have no fixed date of repayment and are repayable on demand.

 
Page 7