Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue2023-01-01No description of principal activity22false NI626346 2023-01-01 2023-12-31 NI626346 2022-01-01 2022-12-31 NI626346 2023-12-31 NI626346 2022-12-31 NI626346 2022-01-01 NI626346 6 2023-01-01 2023-12-31 NI626346 6 2022-01-01 2022-12-31 NI626346 7 2023-01-01 2023-12-31 NI626346 7 2022-01-01 2022-12-31 NI626346 d:Director1 2023-01-01 2023-12-31 NI626346 e:LeaseholdInvestmentProperty 2023-12-31 NI626346 e:LeaseholdInvestmentProperty 2022-12-31 NI626346 e:CurrentFinancialInstruments 2023-12-31 NI626346 e:CurrentFinancialInstruments 2022-12-31 NI626346 e:Non-currentFinancialInstruments 2023-12-31 NI626346 e:Non-currentFinancialInstruments 2022-12-31 NI626346 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 NI626346 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 NI626346 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 NI626346 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 NI626346 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 NI626346 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 NI626346 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 NI626346 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 NI626346 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-12-31 NI626346 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2022-12-31 NI626346 e:UKTax 2023-01-01 2023-12-31 NI626346 e:UKTax 2022-01-01 2022-12-31 NI626346 e:ShareCapital 2023-01-01 2023-12-31 NI626346 e:ShareCapital 2023-12-31 NI626346 e:ShareCapital 2022-01-01 2022-12-31 NI626346 e:ShareCapital 2022-12-31 NI626346 e:ShareCapital 2022-01-01 NI626346 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI626346 e:RetainedEarningsAccumulatedLosses 2023-12-31 NI626346 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI626346 e:RetainedEarningsAccumulatedLosses 2022-12-31 NI626346 e:RetainedEarningsAccumulatedLosses 2022-01-01 NI626346 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 NI626346 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 NI626346 d:FRS102 2023-01-01 2023-12-31 NI626346 d:Audited 2023-01-01 2023-12-31 NI626346 d:FullAccounts 2023-01-01 2023-12-31 NI626346 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI626346 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI626346 e:OtherDeferredTax 2023-12-31 NI626346 e:OtherDeferredTax 2022-12-31 NI626346 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: NI626346










STRATHDEN LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
STRATHDEN LIMITED
REGISTERED NUMBER: NI626346

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 7 
4,236,130
4,236,130

  
4,236,130
4,236,130

Current assets
  

Debtors: amounts falling due within one year
 8 
9,588
65,086

Cash at bank and in hand
 9 
68,115
74,480

  
77,703
139,566

Creditors: amounts falling due within one year
 10 
(350,499)
(350,446)

Net current liabilities
  
 
 
(272,796)
 
 
(210,880)

Total assets less current liabilities
  
3,963,334
4,025,250

Creditors: amounts falling due after more than one year
 11 
(2,026,987)
(2,116,807)

Provisions for liabilities
  

Deferred tax
 14 
(410,496)
(404,913)

  
 
 
(410,496)
 
 
(404,913)

Net assets
  
1,525,851
1,503,530


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,525,751
1,503,430

  
1,525,851
1,503,530


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.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 June 2024.




Joanne Houston
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 1

 
STRATHDEN LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
1,451,644
1,451,744


Comprehensive income for the year

Profit for the year

-
1,346
1,346

Fair value adjustments
-
50,440
50,440


Other comprehensive income for the year
-
50,440
50,440


Total comprehensive income for the year
-
51,786
51,786


Total transactions with owners
-
-
-



At 1 January 2023
100
1,503,430
1,503,530


Comprehensive income for the year

Profit for the year

-
27,904
27,904

Fair value adjustments
-
(5,583)
(5,583)


Other comprehensive income for the year
-
(5,583)
(5,583)


Total comprehensive income for the year
-
22,321
22,321


Total transactions with owners
-
-
-


At 31 December 2023
100
1,525,751
1,525,851


The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
STRATHDEN LIMITED
 

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

1.


General information

Strathden Limited is a private company, limited by shares, incorporated in Northern Ireland with Company Registration Number NI626346.  
The registered office is situated at 27-29 Gordon Street, Belfast, Co. Antrim, BT1 2LG. The Company's principal activity was the letting and operating of owned real estate during the period.

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

Going concern

The financial statements are prepared on the going concern basis.

 
2.3

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. 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

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.

 
2.5

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.

Page 3

 
STRATHDEN LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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

 
STRATHDEN LIMITED
 

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

2.Accounting policies (continued)


2.7
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.

 
2.8

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 5

 
STRATHDEN LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Operating leases: the Company as lessor

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

 
2.11

Borrowing costs

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

 
2.12

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.

 
2.13

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.

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.

Page 6

 
STRATHDEN LIMITED
 

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

3.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Auditors remuneration
3,212
3,090


4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
3,212
3,090


5.


Employees

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


        2023
        2022
            No.
            No.







Directors
2
2


6.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,012
-


1,012
-


Total current tax
1,012
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
1,012
-
Page 7

 
STRATHDEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
6.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
28,916
1,346


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
7,229
256

Effects of:


Capital allowances for year in excess of depreciation
(5,897)
(5,186)

Group relief
-
4,930

Marginal relief
(320)
-

Total tax charge for the year
1,012
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 8

 
STRATHDEN LIMITED
 

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

7.


Investment property


Long term leasehold investment property

£



Valuation


At 1 January 2023
4,236,130



At 31 December 2023
4,236,130

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



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,470,615
2,470,615

Accumulated depreciation and impairments
(343,718)
(294,306)

2,126,897
2,176,309

Page 9

 
STRATHDEN LIMITED
 

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

8.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
100
100

Other debtors
9,488
37,486

Prepayments and accrued income
-
27,500

9,588
65,086



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
68,115
74,480

68,115
74,480



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
246,000
246,000

Trade creditors
71,449
60,171

Corporation tax
1,481
469

Other taxation and social security
29
-

Other creditors
13,122
27,000

Accruals and deferred income
18,418
16,806

350,499
350,446


Page 10

 
STRATHDEN LIMITED
 

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

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
1,342,480
1,588,480

Amounts owed to group undertakings
684,507
528,327

2,026,987
2,116,807


The following liabilities were secured:

2023
2022
£
£



Other loans
1,588,480
1,834,480

1,588,480
1,834,480

Details of security provided:

Other loans are secured by a first ranking legal charge over the property at Carn Roundabout, Seagoe Road, Portadown and a cross company guarantee between all group companies.

Page 11

 
STRATHDEN LIMITED
 

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

12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
246,000
246,000


246,000
246,000

Amounts falling due 1-2 years

Other loans
246,000
246,000


246,000
246,000

Amounts falling due 2-5 years

Other loans
738,000
738,000


738,000
738,000

Amounts falling due after more than 5 years

Other loans
358,480
604,480

358,480
604,480

1,588,480
1,834,480



13.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
68,115
74,480




Financial assets measured at fair value through profit or loss comprise cash at the bank.
Page 12

 
STRATHDEN LIMITED
 

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

14.


Deferred taxation




2023
2022


£

£






At beginning of year
(404,913)
(404,913)


Charged to fair value reserve
(5,583)
-



At end of year
(410,496)
(404,913)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movements
(410,496)
(404,913)

(410,496)
(404,913)


The company expects no reversal to the deferred tax liability during its next reporting period.


15.


Related party transactions

During the year the company received loans from and made repayments of loans to the directors. At the balance sheet date the company owed £13,121 to the directors.
During the year the company made purchases of £170,055 on agreed terms from a company associated by virtue of of key management personnel. At the balance sheet date the company owed £71,449 to this associated company. This amount is included in note 9 of the financial statements.


16.


Controlling party

The parent company of Strathden Limited is WIFCO Limited, a company registered in Northern Ireland.
The ultimate controlling party is Mrs J Houston by virtue of her shareholding in WIFCO Limited.


17.


Auditors' information

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

The audit report was signed on 28 June 2024 by  (Senior Statutory Auditor) on behalf of UHY Hacker Young Fitch.


Page 13