Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-311false1false2023-01-01No description of principal activitytruefalse 04402088 2023-01-01 2023-12-31 04402088 2023-12-31 04402088 2022-01-01 2022-12-31 04402088 2022-12-31 04402088 2022-01-01 04402088 2 2023-01-01 2023-12-31 04402088 d:CompanySecretary1 2023-01-01 2023-12-31 04402088 d:Director1 2023-01-01 2023-12-31 04402088 d:RegisteredOffice 2023-01-01 2023-12-31 04402088 d:Agent1 2023-01-01 2023-12-31 04402088 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 04402088 e:Buildings e:LongLeaseholdAssets 2023-12-31 04402088 e:Buildings e:LongLeaseholdAssets 2022-12-31 04402088 e:CurrentFinancialInstruments 2023-12-31 04402088 e:CurrentFinancialInstruments 2022-12-31 04402088 e:Non-currentFinancialInstruments 2023-12-31 04402088 e:Non-currentFinancialInstruments 2022-12-31 04402088 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04402088 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 04402088 e:ShareCapital 2023-12-31 04402088 e:ShareCapital 2022-12-31 04402088 e:ShareCapital 2022-01-01 04402088 e:CapitalRedemptionReserve 2023-12-31 04402088 e:CapitalRedemptionReserve 2 2023-01-01 2023-12-31 04402088 e:CapitalRedemptionReserve 2022-12-31 04402088 e:CapitalRedemptionReserve 2022-01-01 04402088 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04402088 e:RetainedEarningsAccumulatedLosses 2023-12-31 04402088 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 04402088 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04402088 e:RetainedEarningsAccumulatedLosses 2022-12-31 04402088 e:RetainedEarningsAccumulatedLosses 2022-01-01 04402088 d:FRS102 2023-01-01 2023-12-31 04402088 d:Audited 2023-01-01 2023-12-31 04402088 d:FullAccounts 2023-01-01 2023-12-31 04402088 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04402088 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04402088 6 2023-01-01 2023-12-31 04402088 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04402088 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04402088 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 04402088







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


CUFFE HOLDINGS LIMITED






































img3b81.png                        

 


CUFFE HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Director
A C Cowdery 




Company secretary
I Darrah



Registered number
04402088



Registered office
131-133 Red Lion Road

Surbiton

Surrey

KT6 7RQ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP




Solicitors
W H Matthews & Co
19 Penrhyn Road

Kingston upon Thames

Surrey

KT1 2BZ





 


CUFFE HOLDINGS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 8



 


CUFFE HOLDINGS LIMITED
REGISTERED NUMBER:04402088



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
11,025,000
11,675,000

Investments
 6 
1
37,501

  
11,025,001
11,712,501

Current assets
  

Debtors: amounts falling due after more than one year
 7 
10,000
-

Debtors: amounts falling due within one year
 7 
312,063
306,005

Cash at bank and in hand
  
3,772,982
3,507,384

  
4,095,045
3,813,389

Creditors: amounts falling due within one year
 8 
(158,020)
(139,747)

Net current assets
  
 
 
3,937,025
 
 
3,673,642

Total assets less current liabilities
  
14,962,026
15,386,143

Provisions for liabilities
  

Deferred tax
 9 
(370,511)
(478,933)

  
 
 
(370,511)
 
 
(478,933)

Net assets
  
14,591,515
14,907,210


Capital and reserves
  

Called up share capital 
  
100
11,325

Capital redemption reserve
  
5,000
5,000

Profit and loss account
  
14,586,415
14,890,885

  
14,591,515
14,907,210


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 C Cowdery
Director
Date: 16 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 


CUFFE HOLDINGS LIMITED
 



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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
11,325
5,000
14,286,994
14,303,319


Comprehensive income for the year

Profit for the year
-
-
643,891
643,891

Dividends paid
-
-
(40,000)
(40,000)


At 1 January 2023
11,325
5,000
14,890,885
14,907,210


Comprehensive income for the year

Loss for the year
-
-
(78,195)
(78,195)

Dividend in specie
-
-
(37,500)
(37,500)

Dividend paid
-
-
(200,000)
(200,000)

Reduction in shares
(11,225)
-
11,225
-


At 31 December 2023
100
5,000
14,586,415
14,591,515


Page 2

 


CUFFE HOLDINGS LIMITED
 


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

1.


General information

Cuffe Holdings Limited is a private company limited by shares and incorporated in England and Wales. Details of the company's registered office can be found on the company information page.

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 recognition

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.
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.3

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.


 
2.4

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated
impairment losses.

 
2.5

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, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.

 
2.6

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.

Page 3

 


CUFFE HOLDINGS LIMITED
 


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

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 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 reporting date in the countries where the company and the group operate and generate income.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Valuations attributed to  investment properties - The company carries its properties at fair value, with changes in fair value being recognised in either the profit or loss or other comprehensive income for the period in which they arise. The director reviews the valuation of the properties on an annual basis and, taking market conditions into account and on occasion third party valuations, considers the values included in the accounts to be the fair value of the properties.  


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 4

 


CUFFE HOLDINGS LIMITED
 


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

5.


Tangible fixed assets





Investment property

£



Cost or valuation


At 1 January 2023
11,675,000


Impairment
(650,000)



At 31 December 2023

11,025,000






Net book value



At 31 December 2023
11,025,000



At 31 December 2022
11,675,000

An external valuation was carried out by Bonsors Chartered Surveyors on one of the company's properties at Chiswick High Road on 17 May 2024. Whilst post year-end, the director believed this valuation reasonably reflected the value at the year ended December 2023. The property was valued at £1,850,000 and resulted in a reduction of £650,000 from the previous year. The revaluation was carried out on an open market basis.
Included in the above valuation of the company's investment properties is an amount of £1,200,000 relating to a property which was valued by an independent valuer as defined by the RICS. The revaluation was carried out on an open market basis on 1 April 2022. The remaining valuations of £7,975,000 were made by A C Cowdery on an open market value for existing use basis, taking into consideration informal 3rd party reviews of the properties conditions and estimated values.

Page 5

 


CUFFE HOLDINGS LIMITED
 


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

6.


Fixed asset investments





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 January 2023
37,500
1
37,501


Transfer through dividends in specie
(37,500)
-
(37,500)



At 31 December 2023
-
1
1




During the year, the Cuffe group underwent a restructuring exercise and the following steps had an impact on the company. 
The company reduced its share capital from £11,325 to £100 on 29 March 2023.
A new company was formed on 23 December 2022, Cuffe Holdings No 1 Limited which acquired all of the shares in Cuffe Holdings Ltd on 17 April 2023 in exchange for an issue of its own shares to the former shareholder. 
On 19 September 2023, the company transferred its shareholding of £37,500 in its subsidiary, Cuffe Plc, by way of a dividend in specie to Cuffe Holdings No 1 Limited. 


7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
10,000
-

10,000
-


2023
2022
£
£

Due within one year

Trade debtors
7,913
5,960

Amounts owed by group undertakings
-
300,000

Other debtors
304,150
45

312,063
306,005


Page 6

 


CUFFE HOLDINGS LIMITED
 


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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
118,453
60,017

Accruals and deferred income
39,567
79,730

158,020
139,747



9.


Deferred taxation




2023


£






At beginning of year
(478,933)


Credit to the profit or loss
108,422



At end of year
(370,511)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(370,511)
(478,933)

(370,511)
(478,933)


10.


Reserves

Capital redemption reserves
This reserve records the nominal value of shares repurchased by the company.
Profit and loss account
This reserve records retained earnings and accumulated losses.


11.


Advance to director

During the year, the company made a loan to its director for £300,000 (2022: £nil) which was settled after the year-end. Interest accrued at 2.25% on the loan and at the year-end was £4,105.

Page 7

 


CUFFE HOLDINGS LIMITED
 


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

12.


Auditors' information

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

The audit report was signed on 19 September 2024 by Sophie Said FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 8