Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312falsetruetrue2023-01-01Property developmentfalsetruefalse SC641906 2023-01-01 2023-12-31 SC641906 2022-01-01 2022-12-31 SC641906 2023-12-31 SC641906 2022-12-31 SC641906 c:CompanySecretary1 2023-01-01 2023-12-31 SC641906 c:Director1 2023-01-01 2023-12-31 SC641906 c:Director2 2023-01-01 2023-12-31 SC641906 c:RegisteredOffice 2023-01-01 2023-12-31 SC641906 d:CurrentFinancialInstruments 2023-12-31 SC641906 d:CurrentFinancialInstruments 2022-12-31 SC641906 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC641906 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC641906 d:ShareCapital 2023-12-31 SC641906 d:ShareCapital 2022-12-31 SC641906 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC641906 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC641906 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 SC641906 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 SC641906 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC641906 c:OrdinaryShareClass1 2023-12-31 SC641906 c:OrdinaryShareClass1 2022-12-31 SC641906 c:FRS102 2023-01-01 2023-12-31 SC641906 c:Audited 2023-01-01 2023-12-31 SC641906 c:FullAccounts 2023-01-01 2023-12-31 SC641906 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC641906 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC641906 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:SC641906













CAMVO 123 LIMITED






INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
CAMVO 123 LIMITED
 

COMPANY INFORMATION


Directors
G M Bone 
S C Oag 




Company secretary
Brodies Secretarial Services Limited



Registered number
SC641906



Registered office
C/O Brodies LLP
110 Queen Street

Glasgow

G1 3BX




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
CAMVO 123 LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2
Notes to the financial statements
3 - 7

 
CAMVO 123 LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
CAMVO 123 LIMITED
REGISTERED NUMBER:SC641906

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
706,779
9,329,087

Debtors: amounts falling due within one year
 5 
1,172,577
272,964

Cash at bank and in hand
 6 
16,495
395,411

  
1,895,851
9,997,462

Creditors: amounts falling due within one year
 7 
(1,589,238)
(10,118,576)

Net current assets/(liabilities)
  
 
 
306,613
 
 
(121,114)

Total assets less current liabilities
  
306,613
(121,114)

  

Net assets/(liabilities)
  
306,613
(121,114)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
306,612
(121,115)

  
306,613
(121,114)


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: 




S C Oag
Director

Date: 23 September 2024

Page 2

 
CAMVO 123 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Camvo 123 Limited is a private limited company incorporated in Scotland, whose registered office is C/O Brodies LLP, 110 Queen Street, Glasgow, United Kingdom, G1 3BX.  The principal activity of the company is property development.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
 
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

  
2.3

Revenue

Turnover represents the gross income of the company for the year from construction and development contracts. The amount excludes any value added tax which may be applicable to these transactions.Revenue and profit is recognised on any upfront sale of land.
Revenue arising on long term contracts are recognised over time. Revenue and costs are recognised over time with reference to the stage of completion of the contract activity at the balance sheet date where the outcome of a long term contract can be estimated reliably. This is normally measured by surveys of work performed to date.
Where the long term contracts are at an early stage of completion or cannot be estimated reliably, contract revenue where recoverable is recognised to the extent of the contract costs incurred. The costs associated with fulfilling a contract are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the loss is recognised as an expense immediately.

 
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.

Page 3

 
CAMVO 123 LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Taxation

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.

 
2.7

Stocks

Stocks and work in progress are stated at the lower cost of net realisable value after making due allowance for obsolete and slow moving stock.

 
2.8

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.

 
2.9

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. 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.

 
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

 
CAMVO 123 LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
Financial  assets that  are measured  at cost and amortised cost are  assessed at the  end  of each reporting  period  for objective  evidence of impairment.  If  objective evidence of impairment is found,  an impairment  loss  is  recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is  measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.  If a financial asset has a  variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial  assets measured at cost less  impairment,  the impairment  loss  is  measured as  the difference between an asset's carrying amount and best estimate of the recoverable amount,  which is  an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance  sheet date.

Financial  assets and liabilities  are offset and the net amount reported  in the Balance sheet when there is an 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.


3.


Employees




The average monthly number of employees, including the directors, during the year was 2 (2022 - 2).


4.


Stocks

2023
2022
£
£

Work in progress
706,779
9,329,087

706,779
9,329,087


Page 5

 
CAMVO 123 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
776,531
-

Other debtors
32,398
272,964

Prepayments and accrued income
363,648
-

1,172,577
272,964



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
16,495
395,411

16,495
395,411



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
-
7,126,510

Trade creditors
39,508
387,744

Amounts owed to group undertakings
737,796
2,490,537

Corporation tax
131,544
-

Accruals and deferred income
680,390
113,785

1,589,238
10,118,576



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
16,495
395,411




Financial assets measured at fair value through profit or loss comprise cash at bank.
Page 6

 
CAMVO 123 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



10.


Related party transactions

The company has taken advantage of the exemption given by section 1AC.35 of Financial Reporting Standard 102 which allows exemption from disclosure of related party transactions with other group companies. 
During the year the company incurred management fees of £353,177 (2022 - £117,726) and paid development costs of £7,884,152 (2022: £nil) from companies with common directors.  No amounts were outstanding at the year end.

11.


Controlling party

The ultimate parent company of Camvo 123 Limited is Drum Development Group Limited, a company registered in Scotland.

12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 23 September 2024 by Christopher Masson (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 7