Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01false22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02569755 2023-01-01 2023-12-31 02569755 2022-01-01 2022-12-31 02569755 2023-12-31 02569755 2022-12-31 02569755 c:Director1 2023-01-01 2023-12-31 02569755 d:FreeholdInvestmentProperty 2023-12-31 02569755 d:FreeholdInvestmentProperty 2022-12-31 02569755 d:CurrentFinancialInstruments 2023-12-31 02569755 d:CurrentFinancialInstruments 2022-12-31 02569755 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02569755 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02569755 d:ShareCapital 2023-12-31 02569755 d:ShareCapital 2022-12-31 02569755 d:SharePremium 2023-12-31 02569755 d:SharePremium 2022-12-31 02569755 d:CapitalRedemptionReserve 2023-12-31 02569755 d:CapitalRedemptionReserve 2022-12-31 02569755 d:RetainedEarningsAccumulatedLosses 2023-12-31 02569755 d:RetainedEarningsAccumulatedLosses 2022-12-31 02569755 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02569755 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02569755 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02569755 c:OrdinaryShareClass1 2023-12-31 02569755 c:OrdinaryShareClass1 2022-12-31 02569755 c:FRS102 2023-01-01 2023-12-31 02569755 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02569755 c:FullAccounts 2023-01-01 2023-12-31 02569755 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02569755 2 2023-01-01 2023-12-31 02569755 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02569755














IVES STREET DEVELOPMENTS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IVES STREET DEVELOPMENTS LIMITED
REGISTERED NUMBER:02569755

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
9,092,235
9,092,235

  
9,092,235
9,092,235

Current assets
  

Debtors: amounts falling due within one year
 5 
6,769,691
5,668,121

Cash at bank and in hand
 6 
1,723,578
2,446,296

  
8,493,269
8,114,417

Creditors: amounts falling due within one year
 7 
(253,920)
(225,596)

Net current assets
  
 
 
8,239,349
 
 
7,888,821

Total assets less current liabilities
  
17,331,584
16,981,056

  

Net assets
  
17,331,584
16,981,056


Capital and reserves
  

Called up share capital 
 9 
1,855,628
1,855,628

Share premium account
  
999,996
999,996

Capital redemption reserve
  
544,376
544,376

Profit and loss account
  
13,931,584
13,581,056

  
17,331,584
16,981,056


Page 1

 
IVES STREET DEVELOPMENTS LIMITED
REGISTERED NUMBER:02569755
    
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 company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 profit and loss account 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: 



 
N J Price
Director

Date: 9 September 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
IVES STREET DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ives Street Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 02569755. The registered office address is 25 Ives Street, London, SW3 2ND.
The company is a property investment and development company. Properties are purchased with the intention that they will be held for their investment potential.

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 the  Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

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.

 
2.3

Turnover

Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents rental income from the investment properties and originates wholly from the
United Kingdom.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
IVES STREET DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

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.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors 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.

 
2.7

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.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 
 
 
2.9

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.10

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets liabilities such as trade and other debtors, trade and other creditors, and loans with related parties.
Page 4

 
IVES STREET DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


3.


Employees

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

4.


Investment property


Investment property

£



Valuation


At 1 January 2023
9,092,235



At 31 December 2023
9,092,235

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




5.


Debtors

2023
2022
£
£



Trade debtors
58,611
-

Other debtors
6,673,296
5,624,679

Prepayments and accrued income
37,493
43,442

Deferred taxation
291
-

6,769,691
5,668,121



6.


Cash

2023
2022
£
£

Cash at bank
1,723,578
2,446,296


Page 5

 
IVES STREET DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
69,420
-

Corporation tax
128,534
174,247

Other creditors
112
-

Accruals and deferred income
55,854
51,349

253,920
225,596

 
HSBC Private Bank (UK) Limited and HSBC UK Bank PLC holds charges over the assets of the company in respect of all the amounts due from the company.

8.


Deferred taxation




2023


£






Charged to profit or loss
291



At end of year
291

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
291
-


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,855,628 (2022 - 1,855,628) Ordinary shares of £1.00 each
1,855,628
1,855,628


 
Page 6