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Registered number: 11440447









LEE VALLEY ESTATES LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
LEE VALLEY ESTATES LTD
REGISTERED NUMBER: 11440447

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investments
 4 
3,181,929
3,181,929

Current assets
  

Debtors: amounts falling due after more than one year
 5 
15,959,688
15,505,211

Debtors: amounts falling due within one year
 5 
14,002,370
14,226,361

Cash at bank and in hand
 6 
11,523
113,338

Creditors: amounts falling due within one year
 7 
(15,982,302)
(15,958,687)

Net current assets
  
 
 
13,991,279
 
 
13,886,223

Creditors: amounts falling due after more than one year
 8 
(17,119,716)
(16,999,716)

Net assets
  
53,492
68,436


Capital and reserves
  

Called up share capital 
 10 
743
743

Profit and loss account
  
52,749
67,693

  
53,492
68,436


The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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.

Page 1

 
LEE VALLEY ESTATES LTD
REGISTERED NUMBER: 11440447
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2024.




M Polledri
Director

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

Page 2

 
LEE VALLEY ESTATES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Lee Valley Estates Limited ("the Company") is a private company limited by shares, incorporated in England & Wales. The Company's registered office is Leytonstone House, Hanbury Drive, Leytonstone, London, E11 1GA.
The principle activity of the company during the period was that of a holding company.

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 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 judgment in applying the Company's accounting policies.

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.

 
2.3

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to the Statement of income and retained earnings 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 the Statement of income and retained earnings in the year in which they are incurred.

Page 3

 
LEE VALLEY ESTATES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in the Statement of income and retained earnings 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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

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

 
LEE VALLEY ESTATES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.12

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

2023
2022
£
£

Wages and salaries
75,000
75,000

Social security costs
7,955
8,154

Cost of defined contribution scheme
1,058
1,313

84,013
84,467


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


2023
2022
     No.    
      No.     







Employees
2
2

Page 5

 
LEE VALLEY ESTATES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
3,181,929



At 30 September 2023
3,181,929





5.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
15,959,688
15,505,211


2023
2022
£
£

Due within one year

Other debtors
13,962,509
14,148,913

Prepayments and accrued income
39,861
77,448

14,002,370
14,226,361



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,523
113,338


Page 6

 
LEE VALLEY ESTATES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2021
£
£

Trade creditors
43,572
32,326

Corporation tax
-
3,446

Other taxation and social security
11,222
2,533

Other creditors
15,771,098
15,787,377

Accruals and deferred income
156,410
133,005

15,982,302
15,958,687



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
17,119,716
16,999,716


During 2019, the company received a bank loan, which was subsequently allocated around the Group. The Company is liable to receive interest on the loan and this is received quarterly in line with the loan agreement. 

The following liabilities were secured:

2023
2022
£
£


Bank Loan
17,119,716
16,999,716

Details of security provided:

The bank loan is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies and by floating charges over all other property, rights and assets both present and future.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due 2-5 years

Bank loans
17,119,716
16,999,716


Page 7

 
LEE VALLEY ESTATES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



74,293 (2021 - 74,293) Ordinary shares shares of £0.01 each
743
743



11.


Contingent liabilities

During 2019 the company received a bank loan for £22,000,000. These funds were subsequently distributed between the subsidiaries within the Group. At the year end there is a loan amount of £17,119,716 (2022 - £16,999,716). The loan received by the company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies.


12.


Pension commitments

The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £1,058 (2022 - £1,313). The amounts outstanding at the year end were £Nil (2022 - £Nil).


13.


Related party transactions

Included within other debtors are amounts of £13,740,640 (2022 - £14,052,736) due from companies under common control.
Included within other creditors are amounts of £15,766,700 (
2022 - £15,768,036) due to companies under common control.
At the balance sheet date, the directors owed £142,202 (
2022 - £14,943 owed by) to the Company.


14.


Directors' benefits: advances, credits and guarantees

2023
£

Balance brought forward

-

Advances

140,957

Repayments

-

Interest

1,245


142,202


Page 8

 
LEE VALLEY ESTATES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Controlling party

The Company regards M Polledri as its ultimate controlling party.

 
Page 9