Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3132023-01-01falseNo description of principal activity3truetruefalse 04387688 2023-01-01 2023-12-31 04387688 2022-01-01 2022-12-31 04387688 2023-12-31 04387688 2022-12-31 04387688 2022-01-01 04387688 c:Director2 2023-01-01 2023-12-31 04387688 d:Buildings 2023-01-01 2023-12-31 04387688 d:Buildings 2023-12-31 04387688 d:Buildings 2022-12-31 04387688 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04387688 d:Buildings d:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 04387688 d:FreeholdInvestmentProperty 2023-12-31 04387688 d:FreeholdInvestmentProperty 2022-12-31 04387688 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 04387688 d:CurrentFinancialInstruments 2023-12-31 04387688 d:CurrentFinancialInstruments 2022-12-31 04387688 d:Non-currentFinancialInstruments 2023-12-31 04387688 d:Non-currentFinancialInstruments 2022-12-31 04387688 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04387688 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04387688 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04387688 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04387688 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 04387688 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 04387688 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 04387688 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 04387688 d:ShareCapital 2023-12-31 04387688 d:ShareCapital 2022-12-31 04387688 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 04387688 d:CapitalRedemptionReserve 2023-12-31 04387688 d:CapitalRedemptionReserve 2022-12-31 04387688 d:RevaluationReserve 2023-01-01 2023-12-31 04387688 d:RevaluationReserve 2023-12-31 04387688 d:RevaluationReserve 2022-12-31 04387688 d:InvestmentPropertiesRevaluationReserve 2023-01-01 2023-12-31 04387688 d:InvestmentPropertiesRevaluationReserve 2023-12-31 04387688 d:InvestmentPropertiesRevaluationReserve 2022-12-31 04387688 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04387688 d:RetainedEarningsAccumulatedLosses 2023-12-31 04387688 d:RetainedEarningsAccumulatedLosses 2022-12-31 04387688 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04387688 c:OrdinaryShareClass1 2023-12-31 04387688 c:OrdinaryShareClass1 2022-12-31 04387688 c:FRS102 2023-01-01 2023-12-31 04387688 c:Audited 2023-01-01 2023-12-31 04387688 c:FullAccounts 2023-01-01 2023-12-31 04387688 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04387688 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04387688 5 2023-01-01 2023-12-31 04387688 d:OtherDeferredTax 2023-12-31 04387688 d:OtherDeferredTax 2022-12-31 04387688 d:FreeholdInvestmentProperty d:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 04387688 f:PoundSterling 2023-01-01 2023-12-31 04387688 d:Buildings d:PreviouslyStatedAmount 2022-12-31 04387688 d:FreeholdInvestmentProperty d:PreviouslyStatedAmount 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04387688









HEADBUILD LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HEADBUILD LIMITED
REGISTERED NUMBER: 04387688

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,317,190
4,448,869

Investment property
 5 
3,838,570
3,903,570

  
8,155,760
8,352,439

Current assets
  

Debtors: amounts falling due within one year
 6 
1,081,587
1,220,884

Cash at bank and in hand
  
17,462
49,161

  
1,099,049
1,270,045

Creditors: amounts falling due within one year
 7 
(237,634)
(260,584)

Net current assets
  
 
 
861,415
 
 
1,009,461

Total assets less current liabilities
  
9,017,175
9,361,900

Creditors: amounts falling due after more than one year
 8 
(5,616,158)
(5,811,173)

Provisions for liabilities
  

Deferred tax
 10 
(679,774)
(696,024)

  
 
 
(679,774)
 
 
(696,024)

Net assets
  
2,721,243
2,854,703


Capital and reserves
  

Called up share capital 
 11 
4,000
4,000

Revaluation reserve
 12 
1,904,235
1,904,235

Capital redemption reserve
 12 
3,000
3,000

Investment property reserve
 12 
135,093
183,843

Profit and loss account
 12 
674,915
759,625

  
2,721,243
2,854,703


Page 1

 
HEADBUILD LIMITED
REGISTERED NUMBER: 04387688
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 by: 




A Shah
Director

Date: 10 September 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

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

1.


General information

Headbuild Limited is a private company limited by shares and registered in England and Wales. Its registered office address is Unit 14a, Brunswick Industrial Park, Brunswick Way, London, N11 1JL and its registered number is 04387688.
The principal activity of the company continued to be that of property rental services.
The presentation currency is Pounds Sterling, rounded to the nearest £1.

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.

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:

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.

 
2.3

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.

 
2.4

Borrowing costs

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

Page 3

 
HEADBUILD 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 in the countries where the .

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

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.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

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:

Freehold property
-
Straight line over 50 years

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 4

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

2.Accounting policies (continued)

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
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.

 
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

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Page 5

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.

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.

Page 6

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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 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 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.


3.


Employees

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

Page 7

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

4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 January 2023 (as previously stated)
4,280,000


Prior Year Adjustment
925,000


At 1 January 2023 (as restated)
5,205,000



At 31 December 2023

5,205,000



Depreciation


At 1 January 2023 (as previously stated)
609,679


Prior Year Adjustment
146,452


At 1 January 2023 (as restated)
756,131


Charge for the year on owned assets
131,679



At 31 December 2023

887,810



Net book value



At 31 December 2023
4,317,190



At 31 December 2022 (as restated)
4,448,869

The carrying amount of investment property, which the Company rents to another group entity when it has chosen to account for such properties using the cost model is £4,408,242 (2022 - £4,539,921)

Cost or valuation at 31 December 2023 is as follows:

Freehold property
£


At deemed cost
3,652,329
At valuation:

Prior periods
1,552,671



5,205,000

Page 8

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

           4.Tangible fixed assets (continued)

If the freehold property had not been included at valuation they would have been included under the historical cost convention as follows:

2023
£



Deemed cost
3,652,329

Accumulated depreciation
(1,357,461)

Net book value
2,294,868

Freehold properties were transferred to the Company from a group company. Deemed cost of £3,652,329 represents the fair value at the time of transfer, consisting of historic cost of £3,168,661 and revaluations of £483,668, included in the revaluation reserve.

Page 9

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

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023 (as previously stated)
4,953,570


Prior year adjustment
(1,050,000)


At 1 January 2023 (as restated)
3,903,570


Surplus on revaluation
(65,000)



At 31 December 2023
3,838,570

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

As restated
2023
2022
£
£

Revaluation reserves


At 1 January 2023
365,607
365,607

At 31 December 2023
365,607
365,607



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

As restated
2023
2022
£
£


Historic cost
3,658,446
3,658,446

Accumulated depreciation and impairments
(191,918)
(118,749)

3,466,528
3,539,697

Page 10

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

6.


Debtors

2023
2022
£
£


Trade debtors
14,312
-

Amounts owed by group undertakings
1,015,879
1,159,879

Other debtors
4,546
2,079

Prepayments and accrued income
46,850
58,926

1,081,587
1,220,884



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
193,912
196,637

Trade creditors
776
-

Corporation tax
14,617
48,817

Other creditors
8,954
8,955

Accruals and deferred income
19,375
6,175

237,634
260,584



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
5,616,158
5,811,173

5,616,158
5,811,173


Page 11

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

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
193,912
196,637


193,912
196,637

Amounts falling due 1-2 years

Bank loans
188,991
289,191


188,991
289,191

Amounts falling due 2-5 years

Bank loans
5,427,167
5,521,982


5,427,167
5,521,982


5,810,070
6,007,810


Bank loans are secured by a first legal charge over the Company's freehold and investment properties. Interest is payable at 3.1% above the Bank of England rate. 


10.


Deferred taxation




2023
2022


£

£






At beginning of year
(696,024)
(727,274)


Charged to profit or loss
16,250
-


Arising on prior year adjustment
-
31,250



At end of year
(679,774)
(696,024)

Page 12

 
HEADBUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Investment property revaluation
(45,030)
(61,280)

Freehold property revaluation
(634,744)
(634,744)

(679,774)
(696,024)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,000 (2022 - 4,000) Ordinary shares of £1.00 each
4,000
4,000



12.


Reserves

Revaluation reserve

The revaluation reserve is the amount arising on the revaluation of freehold property, being the difference between the amount of the asset determined under the historical cost convention and the amount determined by the fair value of the asset, net of associated deferred tax. The revaluation reserve is a non-distributable reserve.

Capital redemption reserve

The capital redemption reserve represents shares transferred following the redemption or purchase of the Company's own shares.

Investment property revaluation reserve

The investment property revaluation reserve is the amount arising on the revaluation of investment property, being the difference between the amount of the asset determined under the historical cost convention and the amount determined by the fair value of the asset, net of associated deferred tax. The Investment property revaluation reserve is a non-distributable reserve that forms part of the Company's retained earnings.

Profit & loss account

The profit & loss account is represented by retained earnings.

Page 13

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

13.


Prior year adjustment

A property was previously included as Investment property, carried at fair value. The property is used by the group and ought to have been recognised within Tangible fixed assets at cost and depreciated. As such, the property has been reclassified to Tangible fixed assets. 
The impact to the financial statements as a result of the transfer is as follows:
1. Investment property at carrying value of £1,050,000 has been reclassified as Tangible fixed assets of £925,000. The difference of £125,000, being revaluation gains since 2017, as set out below.
2. Revaluation gains of £125,000 and associated deferred tax liabilities of £31,250 have been reversed;
3. £88,014 of revaluations gains (net of deferred tax) arising prior to 2017, that could be considered as part of deemed cost on transition to FRS102 have been transferred from Investment property revaluation reserve to Revaluation reserve
4. Recognition of acculumulated depreciation of £146,052, including a charge to the Profit & loss account in 2022 of £24,342 resulting in a restated profit for the year of £85,203 (previously £109,545).


14.


Controlling party

The parent undertaking is Castlepearl Limited, a company incorporated in England & Wales, whose registered office address is Unit 14a Brunswick Industrial Park, Brunswick Way, London N11 1JL. 
The accounts of the Company are included in the consolidated financial statements of Castlepearl Limited, copies of which are available from Companies House.
In the opinion of the directors there is no controlling party.


15.


Auditor's information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 10 September 2024 by Alexander Chrysaphiades FCA (Senior Statutory Auditor) on behalf of Adler Shine LLP.

 
Page 14