Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2022-12-13truetrue2No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14538662 2022-12-12 14538662 2022-12-13 2023-12-31 14538662 2021-12-13 2022-12-12 14538662 2023-12-31 14538662 c:Director1 2022-12-13 2023-12-31 14538662 d:FreeholdInvestmentProperty 2022-12-13 2023-12-31 14538662 d:FreeholdInvestmentProperty 2023-12-31 14538662 d:FreeholdInvestmentProperty 2 2022-12-13 2023-12-31 14538662 d:CurrentFinancialInstruments 2023-12-31 14538662 d:Non-currentFinancialInstruments 2023-12-31 14538662 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14538662 d:ShareCapital 2023-12-31 14538662 d:RetainedEarningsAccumulatedLosses 2023-12-31 14538662 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 14538662 d:OtherDeferredTax 2023-12-31 14538662 c:OrdinaryShareClass1 2022-12-13 2023-12-31 14538662 c:OrdinaryShareClass1 2023-12-31 14538662 c:FRS102 2022-12-13 2023-12-31 14538662 c:AuditExempt-NoAccountantsReport 2022-12-13 2023-12-31 14538662 c:FullAccounts 2022-12-13 2023-12-31 14538662 c:PrivateLimitedCompanyLtd 2022-12-13 2023-12-31 14538662 f:PoundSterling 2022-12-13 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14538662









ACCRUE (HULL) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
ACCRUE (HULL) LIMITED
REGISTERED NUMBER: 14538662

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Investment property
 4 
2,400,000

  
2,400,000

Current assets
  

Debtors: amounts falling due after more than one year
 5 
16,000

Debtors: amounts falling due within one year
 5 
54,926

  
70,926

Creditors: amounts falling due within one year
 6 
(1,572,246)

Net current (liabilities)/assets
  
 
 
(1,501,320)

Total assets less current liabilities
  
898,680

Provisions for liabilities
  

Deferred tax
 7 
(200,785)

  
 
 
(200,785)

Net assets
  
697,895


Capital and reserves
  

Called up share capital 
 8 
100

Profit and loss account
  
697,795

  
697,895


Page 1

 
ACCRUE (HULL) LIMITED
REGISTERED NUMBER: 14538662
    
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 period 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 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 12 September 2024.




G W F Patterson
Director

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

Page 2

 
ACCRUE (HULL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Accrue (Hull) Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registered office is 18a/20 King Street, Maidenhead, Berkshire, United Kingdom, SL6 1EF. The presentational currency is GBP with the level of rounding in the financial statements being 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 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

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:

Rental income is recognised in the prioed it relates as per the rental contract.

 
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 period in which they are incurred.

Page 3

 
ACCRUE (HULL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the period 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.

 
2.6

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.

 
2.7

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

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.

Page 4

 
ACCRUE (HULL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

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

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.
Page 5

 
ACCRUE (HULL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


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.

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.

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 period was 2.

Page 6

 
ACCRUE (HULL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
1,589,304


Surplus on revaluation
810,696



At 31 December 2023
2,400,000

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



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

2023
£


Historic cost
1,588,653

Accumulated depreciation and impairments
(7,943)

1,580,710


5.


Debtors

2023
£

Due after more than one year

Prepayments and accrued income
16,000

16,000


2023
£

Due within one year

Other debtors
52,507

Prepayments and accrued income
2,419

54,926


Page 7

 
ACCRUE (HULL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
£

Other loans
1,192,116

Trade creditors
3,570

Other taxation and social security
205

Other creditors
352,005

Accruals and deferred income
24,350

1,572,246



7.


Deferred taxation



2023


£






Charged to profit or loss
(200,785)



At end of year
(200,785)

The deferred taxation balance is made up as follows:

2023
£


Tax losses carried forward
18,537

Unrealised gain on investment property
(219,322)

(200,785)


8.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


The above shares were all allotted in the period.
The aggregate value of consideration received for the allotment of shares during the period was £100.

Page 8

 
ACCRUE (HULL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Contingent liabilities

At 31 December 2023, the investment property owned by the company is secured against bank borrowings of £24,928,500 of Monmax Finance Limited, a company under common control. This forms a portion of investment property with a market value of £41,870,000 at 31 December provided as security by companies under common control.


10.


Related party transactions

The company received loans of £1,539,505 from entitities under common control. Interest has been charged at 5% per annum on balances totalling £1,187,500. Loan arrangement fees of £11,000 have been recognised in respect of the loans in line with accounting policy. Balances totalling £352,005 are interest-free and repayable on demand hence no effective discount rate has been applied. At the end of the period, the company owed £1,544,121 to companies under common control after interest of £19,966 was charged.
At the end of the period, within other debtors, the company is owed a balance of £52,407 from a company under common control.

 
Page 9