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Registered number: 03395919









PARLIAMENT VIEW DEVELOPMENTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PARLIAMENT VIEW DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03395919

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
499,315
237,160

  
499,315
237,160

Current assets
  

Stocks
  
938,115
938,115

Debtors: amounts falling due within one year
 5 
21,270
24,431

Cash at bank and in hand
 6 
254,539
176,502

  
1,213,924
1,139,048

Creditors: amounts falling due within one year
 7 
(906,801)
(511,853)

Net current assets
  
 
 
307,123
 
 
627,195

Total assets less current liabilities
  
806,438
864,355

  

Net assets
  
806,438
864,355


Capital and reserves
  

Called up share capital 
 8 
50,000
50,000

Profit and loss account
  
756,438
814,355

  
806,438
864,355


Page 1

 
PARLIAMENT VIEW DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03395919
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 profit and loss account 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: 




Chong Hua Ong
Director

Date: 25 September 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
PARLIAMENT VIEW DEVELOPMENTS 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
50,000
877,088
927,088


Comprehensive income for the year

Loss for the year
-
(62,733)
(62,733)



At 1 January 2023
50,000
814,355
864,355


Comprehensive income for the year

Loss for the year
-
(57,917)
(57,917)


At 31 December 2023
50,000
756,438
806,438


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
PARLIAMENT VIEW DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Parliament View Developments Limited is a Company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is Suit 5, 7th Floor 50 Broadway, London, SW1H 0DB. The principal activity of the company is that of 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 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 have been prepared on the going concern basis, which the directors believe to be appropriate for the following reasons. The Company is dependent for its working capital on its parent company Ho Bee Land Ltd. The Company has received undertakings from Ho Bee Land Ltd, for at least 12 months from the date of approval of these financial statements, that they will continue to make available such funds as are needed by the Company and in particular will not seek repayment of the amounts currently made available. This should enable the Company to continue to trade for the foreseeable future by meeting its liabilities as and when they become due. As with any Company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.  Based on this undertaking the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if such funds were not available. 

Page 4

 
PARLIAMENT VIEW DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

Page 5

 
PARLIAMENT VIEW DEVELOPMENTS 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.

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.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Property renovation
-
10%
Motor vehicles
-
20%
Office equipment
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
PARLIAMENT VIEW DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

Development property

Development properties are held with the intention of sale in the ordinary course of business. they are stated at the lower of cost, which includes cost of land, interest and other related expenditure, or net realisable value.

 
2.10

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.

 
2.11

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.


3.


Employees




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


        2023
        2022
            No.
            No.







Employees
3
3

Page 7

 
PARLIAMENT VIEW DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
499,285
180,791
962
681,038


Additions
-
350,000
-
350,000



At 31 December 2023

499,285
530,791
962
1,031,038



Depreciation


At 1 January 2023
262,125
180,791
962
443,878


Charge for the year on owned assets
49,929
37,916
-
87,845



At 31 December 2023

312,054
218,707
962
531,723



Net book value



At 31 December 2023
187,231
312,084
-
499,315



At 31 December 2022
237,160
-
-
237,160




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
187,231
237,160


Page 8

 
PARLIAMENT VIEW DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Other debtors
12,526
21,065

Prepayments and accrued income
8,744
3,366

21,270
24,431



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
254,539
176,502



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
706,375
359,282

Other creditors
184
184

Accruals and deferred income
200,242
152,387

906,801
511,853


Page 9

 
PARLIAMENT VIEW DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 (2022 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



9.


Controlling party

The immediate and ultimate holding companies are HBS Investments Pte Ltd and Ho Bee Land Ltd, respectively. Both companies prepare consolidated financial statements and are incorporated in the Republic of Singapore. Copies of the financial statements are available to the public and can be obtained from the Accounting and Corporate Regulatory Authority with its registered address at 10 Anson Road,#05-01/15 International Plaza, Singapore 079903. 


10.


Auditors' information

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

The audit report was signed on 25 September 2024 by Graham Wintle (senior statutory auditor) on behalf of WMT.

Page 10