Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11777496 2023-04-01 2024-03-31 11777496 2022-04-01 2023-03-31 11777496 2024-03-31 11777496 2023-03-31 11777496 c:Director1 2023-04-01 2024-03-31 11777496 d:FreeholdInvestmentProperty 2024-03-31 11777496 d:FreeholdInvestmentProperty 2023-03-31 11777496 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 11777496 d:CurrentFinancialInstruments 2024-03-31 11777496 d:CurrentFinancialInstruments 2023-03-31 11777496 d:Non-currentFinancialInstruments 2024-03-31 11777496 d:Non-currentFinancialInstruments 2023-03-31 11777496 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11777496 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11777496 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 11777496 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11777496 d:ShareCapital 2024-03-31 11777496 d:ShareCapital 2023-03-31 11777496 d:RetainedEarningsAccumulatedLosses 2024-03-31 11777496 d:RetainedEarningsAccumulatedLosses 2023-03-31 11777496 d:OtherDeferredTax 2024-03-31 11777496 d:OtherDeferredTax 2023-03-31 11777496 c:OrdinaryShareClass1 2023-04-01 2024-03-31 11777496 c:OrdinaryShareClass1 2024-03-31 11777496 c:OrdinaryShareClass1 2023-03-31 11777496 c:FRS102 2023-04-01 2024-03-31 11777496 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11777496 c:FullAccounts 2023-04-01 2024-03-31 11777496 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11777496 6 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11777496









CHAIT INVESTMENT CORPORATION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
CHAIT INVESTMENT CORPORATION LIMITED
REGISTERED NUMBER: 11777496

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Investments
 4 
1,000
1,000

Investment properties
 5 
88,800,000
122,800,000

  
88,801,000
122,801,000

Current assets
  

Debtors: amounts falling due within one year
 6 
2,961,094
2,647,818

Cash at bank and in hand
  
891,822
574,346

  
3,852,916
3,222,164

Creditors: amounts falling due within one year
 7 
(46,012,994)
(76,490,868)

Net current liabilities
  
 
 
(42,160,078)
 
 
(73,268,704)

Total assets less current liabilities
  
46,640,922
49,532,296

Creditors: amounts falling due after more than one year
 8 
(31,500,000)
(31,500,000)

Provisions for liabilities
  

Deferred tax
 9 
-
(4,428,657)

  
 
 
-
 
 
(4,428,657)

Net assets
  
15,140,922
13,603,639


Capital and reserves
  

Called up share capital 
 10 
50,651,000
20,651,000

Profit and loss account
  
(35,510,078)
(7,047,361)

  
15,140,922
13,603,639


Page 1

 
CHAIT INVESTMENT CORPORATION LIMITED
REGISTERED NUMBER: 11777496
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 10 September 2024.

I M Shapiro
Director

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

Page 2

 
CHAIT INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Chait Investment Corporation Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 124 Finchley Road, London, England NW3 5JS and the address of its principal place of business is New Maxdov House, 130 Bury New Road, Prestwich, Manchester, England M25 0AA.

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

At the end of the year the company had net current liabilities. The company is reliant upon the continuing financial support of its parent company, fellow subsidiary company and its bank who are the major creditors. The directors have taken steps to ensure that the company has adequate financial resources so that it can meet its liabilities as they fall due and accordingly these financial statements are prepared on the basis that the company will continue to be a going concern. 

 
2.3

Currency

The company's functional and presentational currency is GBP.

 
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.

 
2.5

Borrowing costs

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

 
2.6

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts unpaid at the year end are shown in other creditors in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 3

 
CHAIT INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 statement of financial position 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 reporting date.

 
2.8

Investment property

Investment property is carried at fair value determined by the directors or external professional valuers and is 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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

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

 
2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

Creditors

Creditors are measured at the transaction price. 

 
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, group debtors and creditors and bank loan.

Page 4

 
CHAIT INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,000



At 31 March 2024
1,000




5.


Investment properties


Freehold investment properties

£



Valuation


At 1 April 2023
122,800,000


Fair value adjustment
(34,000,000)



At 31 March 2024
88,800,000



The freehold investment properties were professionally valued on 1 December 2023 and this valuation is reflected in these financial statements.




Page 5

 
CHAIT INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
570,827
791,326

Amounts owed by group undertakings
1,800
-

Other debtors
1,676,383
1,325,513

Prepayments and accrued income
712,084
530,979

2,961,094
2,647,818



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
82,801
48,502

Amounts owed to group undertakings
42,781,036
73,719,089

Other taxation and social security
201,499
160,528

Other creditors
1,613,181
1,394,323

Accruals and deferred income
1,334,477
1,168,426

46,012,994
76,490,868


Page 6

 
CHAIT INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loan
31,500,000
31,500,000

31,500,000
31,500,000


The following liabilities were secured:

2024
2023
£
£



Bank loan
31,500,000
31,500,000

31,500,000
31,500,000

Details of security provided:

The bank loan is secured on the company's investment properties. The bank also has a fixed and floating charge over the company's assets.

Page 7

 
CHAIT INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Deferred taxation




2024


£






At beginning of year
(4,428,657)


Utilised in year
4,428,657



At end of year
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Investment properties revaluation
-
(4,428,657)

-
(4,428,657)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,651,000 (2023 - 20,651,000) ordinary shares of £1.00 each
50,651,000
20,651,000


During the year, the company entered into an arrangement with its immediate parent company in which debt owed to the parent company to the value of £30,000,000 was exchanged for equity in the company.


11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,946 (2023: £1,958). 
Contributions totalling £nil (2023: £379) were payable to the fund at the reporting date and are included in other creditors.


12.


Related party transactions

At the reporting date the amount of £42,781,036 (2023: £73,719,089) was owed to the immediate parent undertaking. The loan is interest free.

Page 8

 
CHAIT INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Controlling party

Chait Investment Corporation Limited, a company registered in Malta, is the immediate parent undertaking of the company. Alphen Trust Company AG, a company registered in Switzerland as trustee to the Chait Family A Trust, is the ultimate parent undertaking.

 
Page 9