Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-01-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04283006 2023-01-01 2023-12-31 04283006 2022-01-01 2022-12-31 04283006 2023-12-31 04283006 2022-12-31 04283006 2022-01-01 04283006 c:Director2 2023-01-01 2023-12-31 04283006 d:LeaseholdInvestmentProperty 2023-12-31 04283006 d:LeaseholdInvestmentProperty 2022-12-31 04283006 d:LeaseholdInvestmentProperty 2 2023-01-01 2023-12-31 04283006 d:CurrentFinancialInstruments 2023-12-31 04283006 d:CurrentFinancialInstruments 2022-12-31 04283006 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04283006 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04283006 d:ShareCapital 2023-01-01 2023-12-31 04283006 d:ShareCapital 2023-12-31 04283006 d:ShareCapital 2022-01-01 2022-12-31 04283006 d:ShareCapital 2022-12-31 04283006 d:ShareCapital 2022-01-01 04283006 d:RevaluationReserve 2023-01-01 2023-12-31 04283006 d:RevaluationReserve 2023-12-31 04283006 d:RevaluationReserve 2022-01-01 2022-12-31 04283006 d:RevaluationReserve 2022-12-31 04283006 d:RevaluationReserve 2022-01-01 04283006 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04283006 d:RetainedEarningsAccumulatedLosses 2023-12-31 04283006 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04283006 d:RetainedEarningsAccumulatedLosses 2022-12-31 04283006 d:RetainedEarningsAccumulatedLosses 2022-01-01 04283006 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04283006 c:OrdinaryShareClass1 2023-12-31 04283006 c:OrdinaryShareClass1 2022-12-31 04283006 c:FRS102 2023-01-01 2023-12-31 04283006 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04283006 c:FullAccounts 2023-01-01 2023-12-31 04283006 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04283006 d:OtherDeferredTax 2023-12-31 04283006 d:OtherDeferredTax 2022-12-31 04283006 5 2023-01-01 2023-12-31 04283006 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04283006










Shipapartment Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Shipapartment Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Shipapartment Limited for the year ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shipapartment Limited for the year ended 31 December 2023 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Shipapartment Limited, as a body, in accordance with the terms of our engagement letter dated 24 July 2024Our work has been undertaken solely to prepare for your approval the financial statements of Shipapartment Limited and state those matters that we have agreed to state to the Board of directors of Shipapartment Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shipapartment Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Shipapartment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shipapartment Limited. You consider that Shipapartment Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Shipapartment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E1 6RA
24 September 2024
Page 1

 
Shipapartment Limited
Registered number: 04283006

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
2,120,580
1,662,233

  
2,120,580
1,662,233

Current assets
  

Debtors: amounts falling due within one year
 6 
-
22,088

  
-
22,088

Creditors: amounts falling due within one year
 7 
(1,134,193)
(962,797)

Net current liabilities
  
 
 
(1,134,193)
 
 
(940,709)

Total assets less current liabilities
  
986,387
721,524

Provisions for liabilities
  

Deferred tax
 8 
(283,386)
(168,799)

  
 
 
(283,386)
 
 
(168,799)

Net assets
  
703,001
552,725


Capital and reserves
  

Called up share capital 
 9 
1,750,000
1,750,000

Revaluation reserve
 10 
1,186,374
842,614

Profit and loss account
 10 
(2,233,373)
(2,039,889)

  
703,001
552,725


The directors consider 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 directors acknowledge their 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: 


L G Marks
Director

Date: 24 September 2024


The notes on pages 5 to 11 form part of these financial statements.
Page 2

 
Shipapartment Limited
Registered number: 04283006

Balance sheet (continued)
As at 31 December 2023


Page 3

 
Shipapartment Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
1,750,000
842,614
(2,039,889)
552,725


Comprehensive income for the year

Profit for the year
-
-
150,276
150,276
Total comprehensive income for the year
-
-
150,276
150,276

Transfer to/from profit and loss account
-
343,760
(343,760)
-


At 31 December 2023
1,750,000
1,186,374
(2,233,373)
703,001


The notes on pages 5 to 11 form part of these financial statements.


Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
1,750,000
842,614
(1,869,890)
722,724


Comprehensive income for the year

Loss for the year
-
-
(169,999)
(169,999)
Total comprehensive income for the year
-
-
(169,999)
(169,999)


At 31 December 2022
1,750,000
842,614
(2,039,889)
552,725


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
Shipapartment Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The Company is a private limited company, incorporated and domiciled in England and Wales. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA and their principal activity that of owning an apartment on a ship, which it holds with a view to receiving rental income. As the apartment is living accommodation, it is shown in the financial statements as 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

Going concern

Despite the company reporting a profit for the year of £264,863 (2022: loss of £169,999) and net current liabilities of £1,134,193 (2022: £940,709) as at 31 December 2023, the financial statements have been prepared on a going concern basis. Included within Creditors: amounts due within one year is an amount of £944,522 (2022: £944,522) to the company's immediate parent undertaking and an amount of £176,641 (2022: was owed £22,088) to the company's ultimate parent, who have both  confirmed that they will not call for repayment of these sums until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors, and for a period of at least twelve months from the date of approval of the financial statements.
For these reasons, the director continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue recognition

Turnover represents rent receivable, credit for which is taken on an accruals basis.

 
2.4

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.

Page 5

 
Shipapartment Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors 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.

 
2.6

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.

 
2.7

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.

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.

 
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 6

 
Shipapartment Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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 7

 
Shipapartment Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.11

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

In the application of the Company's accounting policies, which are described in Note 2, the director is required to make judgments, estimates and assumptions which affect the reported amounts of assets, liabilities, revenues and expenses. The director bases his judgments, estimates and assumptions on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates under different judgments or assumptions.


4.


Employees

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

Page 8

 
Shipapartment Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 January 2023
1,662,233


Surplus on revaluation
458,347



At 31 December 2023
2,120,580

The 2023 valuations were made by the director, 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
650,819
650,819

Accumulated depreciation and impairments
(261,926)
(253,824)

388,893
396,995


6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
-
22,088



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,121,163
944,522

Other creditors
11,230
15,515

Accruals and deferred income
1,800
2,760

1,134,193
962,797


Page 9

 
Shipapartment Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

8.


Deferred taxation




2023


£






At beginning of year
(168,799)


Charged to profit or loss
(114,587)



At end of year
(283,386)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Gains on revaluation of investment property
(283,386)
(168,799)

(283,386)
(168,799)


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,750,000 (2022 - 1,750,000) Ordinary shares of £1.00 each
1,750,000
1,750,000



10.


Reserves

Revaluation reserve

The revaluation reserve is used to record the revaluation gains on the investment property, less any related provision for deferred taxation.

Profit & loss account

The profit and loss account comprises all current and prior period retained profits and losses.
Share capital
This represents the nominal value of shares that have been issued by the company.

Page 10

 
Shipapartment Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

11.


Related party transactions

At the balance sheet date the company owed the immediate parent company £944,522 (2022: £944,522) which is included within "Creditors: Amounts owed to group undertakings" in Note 7. 
During the year the ultimate parent company met expenditure on behalf of the company totalling £198,729 (2022: £171,996) and received income on behalf of the company totalling £Nil (2022: £1,738). At the balance sheet date the company owed £176,641 (2022: was owed £22,088) to the ultimate parent company, which is included within "Creditors: Amounts owed to group undertakings" in Note 7.
At the balance sheet date the company owed a shareholder £11,230 (2022: £15,515), which is included within "Creditors: Other creditors" in Note 7.


12.


Controlling party

The immediate parent company is W H Securities Limited and the ultimate parent company is Barbridge Investments Limited, both companies are registered in England and Wales.


Page 11