Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity22falsetruefalse SC715403 2023-01-01 2023-12-31 SC715403 2021-11-18 2022-12-31 SC715403 2023-12-31 SC715403 2022-12-31 SC715403 c:CompanySecretary1 2023-01-01 2023-12-31 SC715403 c:Director1 2023-01-01 2023-12-31 SC715403 c:Director2 2023-01-01 2023-12-31 SC715403 c:RegisteredOffice 2023-01-01 2023-12-31 SC715403 d:FreeholdInvestmentProperty 2023-12-31 SC715403 d:FreeholdInvestmentProperty 2022-12-31 SC715403 d:CurrentFinancialInstruments 2023-12-31 SC715403 d:CurrentFinancialInstruments 2022-12-31 SC715403 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC715403 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC715403 d:ShareCapital 2023-12-31 SC715403 d:ShareCapital 2022-12-31 SC715403 d:RevaluationReserve 2023-12-31 SC715403 d:RevaluationReserve 2022-12-31 SC715403 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC715403 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC715403 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 SC715403 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 SC715403 d:OtherDeferredTax 2023-12-31 SC715403 d:OtherDeferredTax 2022-12-31 SC715403 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC715403 c:OrdinaryShareClass1 2023-12-31 SC715403 c:OrdinaryShareClass1 2022-12-31 SC715403 c:FRS102 2023-01-01 2023-12-31 SC715403 c:Audited 2023-01-01 2023-12-31 SC715403 c:FullAccounts 2023-01-01 2023-12-31 SC715403 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC715403 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC715403 5 2023-01-01 2023-12-31 SC715403 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:SC715403













DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)






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

 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)
 

COMPANY INFORMATION


Directors
G Bone 
S Oag 




Company secretary
Brodies Secretarial Services Limited



Registered number
SC715403



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





 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10


 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 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

 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)
REGISTERED NUMBER:SC715403

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
3,065,000
3,065,000

  
3,065,000
3,065,000

Current assets
  

Debtors: amounts falling due within one year
 5 
230,000
115,000

Cash at bank and in hand
 6 
144,506
104,116

  
374,506
219,116

Creditors: amounts falling due within one year
 7 
(2,408,362)
(2,402,349)

Net current liabilities
  
 
 
(2,033,856)
 
 
(2,183,233)

Total assets less current liabilities
  
1,031,144
881,767

Provisions for liabilities
  

Deferred tax
 9 
(176,865)
(176,865)

  
 
 
(176,865)
 
 
(176,865)

Net assets
  
854,279
704,902


Capital and reserves
  

Called up share capital 
 10 
1
1

Revaluation reserve
  
530,595
530,595

Profit and loss account
  
323,683
174,306

  
854,279
704,902


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.

Page 2

 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)
REGISTERED NUMBER:SC715403

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Oag
Director

Date: 23 September 2024

The notes on pages 4 to 10 form part of these financial statements.
Page 3

 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Camvo 140 Limited is a limited liability company incorporated in Scotland, whose registered office address is C/O Brodies LLP, 110 Queen Street, Glasgow, G1 3BX. The principal activity of the company is the purchase and rental of investment property.

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

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:

Page 4

 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)
 

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

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.

 
2.7

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 5

 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)
 

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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.
Page 6

 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 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 directors, during the year was 2 (2022 - 2).

Page 7

 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
3,065,000



At 31 December 2023
3,065,000

The 2022 valuations were made by external qualified chartered surveyors. The directors believe these valuations reflect the current market value and climate as at 31 December 2023.





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
2,357,540
2,357,540

2,357,540
2,357,540


5.


Debtors

2023
2022
£
£


Amounts owed by related undertakings
230,000
115,000

230,000
115,000



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
144,506
104,116

144,506
104,116

Page 8

 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
2,357,539
2,357,539

Corporation tax
45,939
40,886

Accruals and deferred income
4,884
3,924

2,408,362
2,402,349


Amounts owed to group undertakings have no fixed terms for repayment and are interest-free.


8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
144,506
104,116




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Deferred taxation




2023


£






At beginning of year
176,865



At end of year
176,865

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Potential capital gain on property revaluation
176,865
176,865

176,865
176,865

Page 9

 
DRUM (MINERVA WAY) LIMITED (FORMERLY CAMVO 140 LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



11.


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 
.
The company has provided a loan amounting to £115,000 (2022: £115,000) to a company with common directors.  At the year end £230,000 (2022: £115,000) remains due by the company.

12.


Controlling party

The ultimate parent of Drum (Minerva Way) Limited is Drum Development Group Limited, a company registered in Scotland.

13.


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 10