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Registered number: 06316272












OLD BOND 43 (HOLDINGS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

OLD BOND 43 (HOLDINGS) LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 9


 

OLD BOND 43 (HOLDINGS) LIMITED
 
COMPANY INFORMATION


Directors
D Giacon 
M Soldati 
I Etro 




Company secretary
Collyer Bristow Secretaries Limied



Registered number
06316272



Registered office
First Floor, 140 Brompton Road

London

SW3 1HY




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:06316272
OLD BOND 43 (HOLDINGS) LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
962,305
962,305

Investment property
 5 
29,100,000
29,100,000

  
30,062,305
30,062,305

Current assets
  

Debtors: amounts falling due within one year
 6 
2,547,056
2,591,357

Cash at bank and in hand
  
781,974
1,135,055

  
3,329,030
3,726,412

Creditors: amounts falling due within one year
 7 
(497,777)
(490,182)

Net current assets
  
 
 
2,831,253
 
 
3,236,230

  

Net assets
  
32,893,558
33,298,535


Capital and reserves
  

Called up share capital 
 8 
11,440,040
11,440,040

Share premium account
 9 
3,700,000
3,700,000

Other reserves
 9 
3,391,079
3,391,079

Profit and loss account
 9 
14,362,439
14,767,416

Total equity
  
32,893,558
33,298,535


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 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 on 9 September 2024.




I Etro
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 

OLD BOND 43 (HOLDINGS) LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
11,440,040
3,700,000
-
14,171,591
29,311,631



Profit for the year
-
-
-
3,986,904
3,986,904

Transfer from profit and loss account
-
-
3,391,079
(3,391,079)
-



At 1 January 2023
11,440,040
3,700,000
3,391,079
14,767,416
33,298,535



Profit for the year
-
-
-
645,023
645,023

Dividends: Equity capital
-
-
-
(1,050,000)
(1,050,000)


At 31 December 2023
11,440,040
3,700,000
3,391,079
14,362,439
32,893,558


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 

OLD BOND 43 (HOLDINGS) LIMITED

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

1.


General information

Old Bond 43 (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 140 Brompton Road, London, England, SW3 1HY.
The financial statements are presented in Sterling (£).

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

  
2.3

Revenue

Turnover comprises rental income, service charges and other recoveries from tenants of the company’s investment property net of value added tax. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

  
2.4

Fixed asset investments

Investments in artwork are recorded at cost less any impairment losses.

  
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

 
2.6

Interest income

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

 
2.7

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 4

 

OLD BOND 43 (HOLDINGS) LIMITED

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

2.Accounting policies (continued)

 
2.8

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 

The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
 
Financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
 
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
 
Offsetting of financial assets and financial liabilities
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.

Page 5

 

OLD BOND 43 (HOLDINGS) LIMITED

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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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.

  
2.10

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

  
2.11

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

 
2.12

Investment property

Investment property is carried at fair value determined 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.

Page 6

 

OLD BOND 43 (HOLDINGS) LIMITED

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

2.Accounting policies (continued)

 
2.13

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is 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.

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.

 
2.14

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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


4.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 January 2023
962,305



At 31 December 2023
962,305




Page 7

 

OLD BOND 43 (HOLDINGS) LIMITED

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

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
29,100,000



At 31 December 2023
29,100,000

The historical cost of the property is £29,481,377. The investment property valuation was undertaken by Farebrother Chartered Surveyors. 





6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
2,541,920
2,585,455

Other debtors
5,136
5,902

2,547,056
2,591,357


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
320,959
9,984

Corporation tax
115,457
158,482

Other taxation and social security
46,361
42,355

Accruals and deferred income
15,000
279,361

497,777
490,182


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand. 

Page 8

 

OLD BOND 43 (HOLDINGS) LIMITED

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

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



11,440,040 Ordinary shares of £1.00 each
11,440,040
11,440,040



9.


Reserves

Share premium account

The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium. 

Other reserves

This reserve relates to the revaluation of the company's investment property, net of deferred tax. The reserve is not distributable. 

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. 


10.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. 


11.


Parent company

The immediate parent company is Etro SpA, a company incorporated in Italy and the ultimate parent company is Gefin Real Estate S.r.l., also incorporated in Italy. The financial statements of the company are consolidated in the financial statements of Gefin Real Estate S.r.l., whose registered office is at Via Monte Napoleone 8, 20121 Milan, Italy.


12.


Post balance sheet events

An interim dividend of £0.0699298254 per £1.00 Ordinary share in respect of the year ended 31 December 2024 has been declared on the Ordinary shares and paid on 7 June 2024. 


13.


Auditor's information

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

The audit report was signed on 11 September 2024 by Daniel Burke (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 9