Caseware UK (AP4) 2023.0.135 2023.0.135 true2023-01-01falseThe principal activity of the company is letting and operating of own or leased real estate.11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08313143 2023-01-01 2023-12-31 08313143 2022-01-01 2022-12-31 08313143 2023-12-31 08313143 2022-12-31 08313143 2022-01-01 08313143 2 2022-01-01 2022-12-31 08313143 d:Director1 2023-01-01 2023-12-31 08313143 e:PlantMachinery 2023-01-01 2023-12-31 08313143 e:PlantMachinery 2023-12-31 08313143 e:PlantMachinery 2022-12-31 08313143 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08313143 e:FurnitureFittings 2023-01-01 2023-12-31 08313143 e:FurnitureFittings 2023-12-31 08313143 e:FurnitureFittings 2022-12-31 08313143 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08313143 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08313143 e:FreeholdInvestmentProperty 2023-01-01 2023-12-31 08313143 e:FreeholdInvestmentProperty 2023-12-31 08313143 e:FreeholdInvestmentProperty 2022-12-31 08313143 e:CurrentFinancialInstruments 2023-12-31 08313143 e:CurrentFinancialInstruments 2022-12-31 08313143 e:Non-currentFinancialInstruments 2023-12-31 08313143 e:Non-currentFinancialInstruments 2022-12-31 08313143 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 08313143 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 08313143 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 08313143 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 08313143 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 08313143 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 08313143 e:ShareCapital 2023-12-31 08313143 e:ShareCapital 2022-12-31 08313143 e:ShareCapital 2022-01-01 08313143 e:InvestmentPropertiesRevaluationReserve 2023-01-01 2023-12-31 08313143 e:InvestmentPropertiesRevaluationReserve 2023-12-31 08313143 e:InvestmentPropertiesRevaluationReserve 2022-12-31 08313143 e:InvestmentPropertiesRevaluationReserve 2022-01-01 08313143 e:InvestmentPropertiesRevaluationReserve 2 2022-01-01 2022-12-31 08313143 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08313143 e:RetainedEarningsAccumulatedLosses 2023-12-31 08313143 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08313143 e:RetainedEarningsAccumulatedLosses 2022-12-31 08313143 e:RetainedEarningsAccumulatedLosses 2022-01-01 08313143 e:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 08313143 d:OrdinaryShareClass1 2023-01-01 2023-12-31 08313143 d:OrdinaryShareClass1 2023-12-31 08313143 d:OrdinaryShareClass1 2022-12-31 08313143 d:FRS102 2023-01-01 2023-12-31 08313143 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08313143 d:FullAccounts 2023-01-01 2023-12-31 08313143 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08313143 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08313143 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 08313143 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 08313143 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 08313143 2 2023-01-01 2023-12-31 08313143 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08313143










Fersam (U.K.) Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Fersam (U.K.) Limited
Registered number: 08313143

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
20,093
-

Investment property
 6 
5,400,582
4,850,000

  
5,420,675
4,850,000

Current assets
  

Debtors: amounts falling due within one year
 7 
45,850
222,122

Cash at bank and in hand
 8 
11,608
226,580

  
57,458
448,702

Creditors: amounts falling due within one year
 9 
(2,412,406)
(2,346,057)

Net current liabilities
  
 
 
(2,354,948)
 
 
(1,897,355)

Total assets less current liabilities
  
3,065,727
2,952,645

Creditors: amounts falling due after more than one year
 10 
(160,069)
(237,558)

Provisions for liabilities
  

Deferred tax
 12 
(385,435)
(384,245)

  
 
 
(385,435)
 
 
(384,245)

Net assets
  
2,520,223
2,330,842


Capital and reserves
  

Called up share capital 
 13 
1
1

Investment property reserve
 14 
1,351,369
1,351,369

Profit and loss account
 14 
1,168,853
979,472

  
2,520,223
2,330,842


Page 1

 
Fersam (U.K.) Limited
Registered number: 08313143

Balance sheet (continued)
As at 31 December 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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: 


................................................
J Marcus
Director
Date: 26 September 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
Fersam (U.K.) Limited
 

Statement of changes in equity
For the Year Ended 31 December 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
350,088
846,923
1,197,012



Profit for the year
-
-
1,133,830
1,133,830

Transfer to profit and loss account
-
1,001,281
(1,001,281)
-



At 1 January 2023
1
1,351,369
979,472
2,330,842



Profit for the year
-
-
189,381
189,381


At 31 December 2023
1
1,351,369
1,168,853
2,520,223


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
Fersam (U.K.) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Fersam (U.K.) Limited is a private company limited by shares and incorporated in England and Wales, registration number 08313143. The registered office address is The Business Park, One Maydwell Avenue, Slinfold, Horsham, West Sussex, RH13 0AS.
The financial statements are presented in sterling and rounded to the nearest £1.
The principal activity of the company in the year under review was that of ownership and leasing of 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 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents gross amounts receivable by the company, under operating leases adjusted for lease incentives, excluding VAT and arising wholly within the United Kingdom. Turnover-based rents are recognised as turnover in the periods in which they are earned.

 
2.3

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:

Plant & machinery
-
4 years straight line
Fixtures & fittings
-
5 years straight line

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 4

 
Fersam (U.K.) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
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.

 
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 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.

 
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.

 
2.9

Interest income

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

 
2.10

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.

 
2.11

Borrowing costs

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

Page 5

 
Fersam (U.K.) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

  
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate
can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware
of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure
required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgments, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.
Investment properties
The Company has investment property with a value of £5,400,582 at the reporting date. The fair value of investment property has been determined by the Director, Mr Julian Marcus, on an open market value for existing use basis. They have used a valuation technique based on comparable market data. The determined fair value of the investment property is most sensitive to fluctuations in the property market.
Taxation
Provision has been made in the financial statements for deferred tax amounting to £385,435 at the reporting date. This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time. 

Page 6

 
Fersam (U.K.) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


5.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
6,745
-
6,745


Additions
-
24,200
24,200



At 31 December 2023

6,745
24,200
30,945



Depreciation


At 1 January 2023
6,745
-
6,745


Charge for the year on owned assets
-
4,107
4,107



At 31 December 2023

6,745
4,107
10,852



Net book value



At 31 December 2023
-
20,093
20,093



At 31 December 2022
-
-
-

Page 7

 
Fersam (U.K.) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
4,850,000


Additions at cost
550,582



At 31 December 2023
5,400,582

The 2023 valuations were made by the Director, Mr Julian Marcus, 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
3,664,968
3,114,386

3,664,968
3,114,386

Page 8

 
Fersam (U.K.) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

7.


Debtors

2023
2022
£
£


Trade debtors
26,771
104,115

Amounts owed from group and connected undertakings
19,079
104,560

Other debtors
-
9,446

Prepayments and accrued income
-
4,001

45,850
222,122



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,608
226,580

11,608
226,580



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
87,255
92,366

Trade creditors
69,386
47,096

Amounts owed to group and connected undertakings
2,240,578
2,158,603

Corporation tax
1,851
23,623

Other taxation and social security
4,564
20,955

Accruals and deferred income
8,772
3,414

2,412,406
2,346,057


The following liabilities were secured:

2023
2022
£
£



Bank loans
87,255
92,366

87,255
92,366

Details of security provided:

The bank loan is secured against the freehold investment property.

Page 9

 
Fersam (U.K.) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
160,069
237,558

160,069
237,558


The following liabilities were secured:

2023
2022
£
£



Bank loans
160,069
237,558

160,069
237,558

Details of security provided:

The bank loan is secured against the freehold investment property.


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
87,255
92,366


87,255
92,366


Amounts falling due 2-5 years

Bank loans
160,069
237,558


160,069
237,558


247,324
329,924


Page 10

 
Fersam (U.K.) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

12.


Deferred taxation




2023
2022


£

£






At beginning of year
(384,245)
(35,526)


Charged to profit or loss
(1,190)
(348,719)



At end of year
(385,435)
(384,245)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Potential capital gains tax on Investment property
(384,245)
(384,245)

Accelerated capital allowances
(1,190)
-

(385,435)
(384,245)


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £0.01 each
1
1



14.


Reserves

Investment property revaluation reserve

The company uses the revaluation model for the measurement of its investment properties. This reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve.

Profit & loss account

The profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

Page 11

 
Fersam (U.K.) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

15.


Related party transactions

During the year Fersam International Limited, a related company, continued to provide a loan to Fersam (U.K.) Limited. The total interest charged during the year was £43,933 (2022 - £42,948). The balance due to Fersam International Limited at 31 December 2023 was £2,240,578 (2022 - £2,156,645).
During the year Euroll UK Limited, a connected group entity, ceased to provide a loan to Fersam (U.K.) Limited.  The balance due to Euroll UK Limited at 31 December 2023 was £Nil (2022 - £1,958).
During the year Fersam (U.K.) Limited continued to provide a loan to O.K.M. Holdings B.V., a connected group entity. The total interest charged during the year was £374 (2022 - £2,050). The balance due to Fersam (U.K.) Limited at 31 December 2023 was £19,079 (2022 - £104,560).


Page 12