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Registered number: 09256197










VENAGLASS HAYMARKET LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023




















 
VENAGLASS HAYMARKET LIMITED
 
 
Company Information


Directors
L P Vaughan 
J H Vaughan 
L R O Bridgeman 
J F Vaughan 
C J Vaughan (appointed 8 February 2024)
T S Pentecost (appointed 24 June 2024)




Registered number
09256197



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW





 
VENAGLASS HAYMARKET LIMITED
Registered number: 09256197

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
104,998,236
106,794,790

  
104,998,236
106,794,790

Current assets
  

Debtors: amounts falling due after more than one year
 5 
159,547
189,312

Debtors: amounts falling due within one year
 5 
1,490,185
1,854,944

Cash at bank and in hand
  
2,086,772
2,680,884

  
3,736,504
4,725,140

Creditors: amounts falling due within one year
 6 
(43,933,174)
(45,286,715)

Net current liabilities
  
 
 
(40,196,670)
 
 
(40,561,575)

Total assets less current liabilities
  
64,801,566
66,233,215

Creditors: amounts falling due after more than one year
 7 
(40,801,077)
(40,742,025)

Provisions for liabilities
  

Deferred tax
 8 
(20,789,291)
(21,555,230)

  
 
 
(20,789,291)
 
 
(21,555,230)

Net assets
  
3,211,198
3,935,960


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
 9 
3,211,197
3,935,959

  
3,211,198
3,935,960


Page 1

 
VENAGLASS HAYMARKET LIMITED
Registered number: 09256197
    
Balance sheet (continued)
As at 31 December 2023

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 on 24 September 2024.



J H Vaughan
Director

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

Page 2

 
VENAGLASS HAYMARKET LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Venaglass Haymarket Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
The principal activity of the company is that of property investment.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.


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

Turnover

Turnover represents rental and service charge income receivable during the year exclusive of Value Added Tax.
Rental income is recognised on a straight line basis over the term of the lease. Other recharged expenses are recognised on an accruals basis in the period in which it occurs.

 
2.3

Investment property

Investment property is carried at fair value determined annually by the directors 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 the Statement of Comprehensive Income.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions. 

Page 3

 
VENAGLASS HAYMARKET LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 4

 
VENAGLASS HAYMARKET LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.6
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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

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.

Page 5

 
VENAGLASS HAYMARKET LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

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.

 
2.11

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 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.



3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 6

 
VENAGLASS HAYMARKET LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
106,794,790


Additions at cost
3,109,534


Surplus on revaluation
(4,906,088)



At 31 December 2023
104,998,236

The historic cost of the properties is £18,070,313 (2022: £14,960,778).
The fair values of the investment properties as at 31 December 2023 have been assessed by the Directors. Valuations have been based off of the rental yields of leases in place at the year end and discount rates. Professional judgment and expertise of Chartered Surveyors have been used in assessing fair values.







5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
159,547
189,312


2023
2022
£
£

Due within one year

Trade debtors
930,800
1,328,803

Other debtors
243,096
265,151

Prepayments and accrued income
316,289
260,990

1,490,185
1,854,944


Page 7

 
VENAGLASS HAYMARKET LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
247,827
200,108

Trade creditors
429,264
126,871

Amounts owed to group undertakings
40,084,465
41,535,945

Other taxation and social security
76,532
467,768

Other creditors
692,222
553,787

Accruals and deferred income
2,402,864
2,402,236

43,933,174
45,286,715



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
39,168,862
39,386,124

Other creditors
1,632,215
1,355,901

40,801,077
40,742,025


The bank loan of £39,168,862 (2022: £39,386,124) due after more than one year and £247,827 (2022: £200,108) due within one year (see note 6) represents a loan of £41,000,000 less unamortised loan arrangement fee and issue costs of £706,646 (2022: £770,976). The loan is repayable by 18 December 2034 and is secured by way of a debenture, legal mortgage and a fixed charge over the company's investment properties.


8.


Deferred taxation




2023


£






At beginning of year
(21,555,230)


Charged to profit or loss
765,939



At end of year
(20,789,291)

Page 8

 
VENAGLASS HAYMARKET LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(573,279)
(112,697)

Gain on investment properties
(20,216,012)
(21,442,533)

(20,789,291)
(21,555,230)


9.


Reserves

Profit & loss account

The profit and loss account includes non distributable reserves of £66,711,910 (2022: £70,391,476).


10.


Related party transactions

The company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, which are wholly owned subsidiaries.


11.


Auditors' information

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

The audit report was signed on 24 September 2024 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 9