Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseproperty investment4true4falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10288750 2023-01-01 2023-12-31 10288750 2022-01-01 2022-12-31 10288750 2023-12-31 10288750 2022-12-31 10288750 1 2023-01-01 2023-12-31 10288750 d:Director4 2023-01-01 2023-12-31 10288750 c:FreeholdInvestmentProperty 2023-12-31 10288750 c:FreeholdInvestmentProperty 2022-12-31 10288750 c:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 10288750 c:CurrentFinancialInstruments 2023-12-31 10288750 c:CurrentFinancialInstruments 2022-12-31 10288750 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 10288750 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10288750 c:ShareCapital 2023-12-31 10288750 c:ShareCapital 2022-12-31 10288750 c:RetainedEarningsAccumulatedLosses 2023-12-31 10288750 c:RetainedEarningsAccumulatedLosses 2022-12-31 10288750 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10288750 d:OrdinaryShareClass1 2023-12-31 10288750 d:OrdinaryShareClass1 2022-12-31 10288750 d:FRS102 2023-01-01 2023-12-31 10288750 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10288750 d:FullAccounts 2023-01-01 2023-12-31 10288750 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10288750










LONGACRE LEICESTER LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LONGACRE LEICESTER LIMITED
REGISTERED NUMBER: 10288750

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
10,500,000
13,000,000

  
10,500,000
13,000,000

Current assets
  

Debtors: amounts falling due within one year
 5 
375,884
978,237

Cash and cash equivalents
 6 
1,321,489
4,525

  
1,697,373
982,762

Creditors: amounts falling due within one year
 7 
(14,636,195)
(13,633,150)

Net current liabilities
  
 
 
(12,938,822)
 
 
(12,650,388)

Total assets less current liabilities
  
(2,438,822)
349,612

  

Net (liabilities)/assets
  
(2,438,822)
349,612


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(2,438,922)
349,512

Total equity
  
(2,438,822)
349,612


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 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 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: 



Page 1

 
LONGACRE LEICESTER LIMITED
REGISTERED NUMBER: 10288750
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

S H Russell
Director

Date: 19 September 2024

The notes on pages 3 to 9 form part of these financial statements.
Page 2

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

1.


General information

Longacre Leicester is a private company limited by shares incorporated in England and Wales. The registered office is 2a Charing Cross Road, London, WC2H 0HF.
                                                                                                                                                                    The principal activity of the Company is that of investment property.

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 financial statements are presented in Sterling (£), which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is funded by interest bearing loans from the shareholder and entities closely connected to the shareholder. The lenders have confirmed that, at the date of approval of the financial statements, they have not accelerated the Facility nor sought any enforcement action for recovery of these loans, and that at the present time are not aware of any change in circumstances that would change this level of support.
                                                                                                                                                            The rental income of the Company has been historically, and is forecast to be, sufficient to cover all property and administrative costs, excluding interest payable to related parties. 
                                                                                                                                                            The directors have therefore concluded that it is correct to prepare these financial statements on a going concern basis as they have a reasonable expectation that the Company will have adequate resources to continue in operation existence and meet its liabilities to third parties as they fall due for a period of at least twelve months from the date these financial statements were approved.

Page 3

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

2.Accounting policies (continued)

 
2.3

Revenue

Revenue represents amounts receivable from rental income.

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.

 
2.4

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.

 
2.5

Borrowing costs

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

 
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

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

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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.

 
2.11

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.
Page 5

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

2.Accounting policies (continued)


2.11
Financial instruments (continued)


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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022







Employees (including directors)
4
4

Page 6

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

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
13,000,000


Loss on revaluation
(2,500,000)



At 31 December 2023
10,500,000

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




5.


Debtors: amounts falling due within one year

2023
2022
£
£



Trade debtors
28,355
-

Amounts owed by group undertakings
7,022
196

Other debtors
311,751
865,490

Called up share capital not paid
100
100

Prepayments and accrued income
28,656
112,451

375,884
978,237


The amounts owed by group undertakings are unsecured, interest free and repayable on demand.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,321,489
4,525


Page 7

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
13,479,173
13,000,000

Trade creditors
161,850
166,783

Other taxation and social security
79,571
65,076

Other creditors
256,249
2,098

Accruals and deferred income
659,352
399,193

14,636,195
13,633,150


Other loans of £13.5m (2022: £13.0m) are owed to an entity which is under common control. The loan carries interest at a rate of 13% per annum and is repayable other than by instalments within one year (2022: within one year). The loan is secured on the Company's assets by way of fixed and floating charges.

Page 8

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

8.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022: 100) Ordinary shares of £1.00 each
100
100



9.


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.
                                                                                                                                                                                                                                                                                                                                       The other related party transactions were as follows: :
                                                                                                                                                                       (i) Asset management fees amounting to £50,000 (2022: £50,000 included within the cost of sales) included within the administrative expenses were paid to a company under common control. 


10.


Post balance sheet events

The investment property was sold to a third party in July 2024.


11.


Parent company and controlling party

The immediate parent company is Longacre Partnership Holdings Limited, a company incorporated in England and Wales.
                                                                                                                                                                   There is no single controlling party.

 
Page 9