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Registered number: 02769270














IRONSTONE UK LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2024

 
IRONSTONE UK LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
IRONSTONE UK LIMITED
REGISTERED NUMBER:02769270

STATEMENT OF FINANCIAL POSITION
AS AT 5 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,088
21,949

Investments
 5 
3
-

Investment property
 6 
12,675,000
17,395,000

  
12,685,091
17,416,949

Current assets
  

Debtors
 7 
2,652,000
2,232,317

Bank and cash balances
  
12,744,475
7,452,586

  
15,396,475
9,684,903

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(629,523)
(1,179,535)

Net current assets
  
 
 
14,766,952
 
 
8,505,368

Total assets less current liabilities
  
27,452,043
25,922,317

Provisions for liabilities
  

Deferred tax
 9 
(121,330)
(311,981)

  
 
 
(121,330)
 
 
(311,981)

Net assets
  
27,330,713
25,610,336


Capital and reserves
  

Called up share capital 
 10 
56,071
56,071

Investment property reserve
 11 
4,399,320
6,500,015

Profit and loss account
 11 
22,875,322
19,054,250

  
27,330,713
25,610,336


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.

Page 1

 
IRONSTONE UK LIMITED
REGISTERED NUMBER:02769270
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 5 JANUARY 2024

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 20 September 2024.




A F D S Nagel
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2024

1.


General information

Ironstone UK Limited is a private limited liability company incorporated in England and Wales with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD. 
The principal activity of the company is that of property investment.
The functional and presentation currency of the company is £ Sterling.

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Turnover

Turnover comprises rents receivable exclusive of Value Added Tax.
Rental income is recognised in the period in which it relates. Rental income received in advance is carried forward as deferred income.

 
2.4

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.6

Borrowing costs

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

Page 3

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the period 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 reporting 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 reporting 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 reporting date.

 
2.9

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.

Page 4

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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:

Motor vehicles
-
20%
Office equipment
-
20%

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.

 
2.10

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 Statement of Comprehensive Income.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at the 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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 5 (2023 - 5).

Page 5

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2024

4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost


At 6 January 2023
50,440
2,955
53,395



At 5 January 2024

50,440
2,955
53,395



Depreciation


At 6 January 2023
30,264
1,182
31,446


Charge for the period on owned assets
10,088
1,773
11,861



At 5 January 2024

40,352
2,955
43,307



Net book value



At 5 January 2024
10,088
-
10,088



At 5 January 2023
20,176
1,773
21,949


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


Additions
3



At 5 January 2024
3




Page 6

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2024

6.


Investment property


Freehold investment property

£



Valuation


At 6 January 2023
17,395,000


Additions at cost
116,294


Disposals
(4,500,000)


Deficit on revaluation
(336,294)



At 5 January 2024
12,675,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2024
2023
£
£



Trade debtors
66,837
144,973

Amounts owed by group undertakings
1,629,232
-

Other debtors
44,683
778,054

Prepayments and accrued income
132,710
134,190

Tax recoverable
778,538
1,175,100

2,652,000
2,232,317



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
100,000
-

Trade creditors
37,777
63,161

Amounts owed to group undertakings
-
144

Taxation and social security
175,450
132,541

Other creditors
107,815
672,683

Accruals and deferred income
208,481
311,006

629,523
1,179,535


Page 7

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2024

9.


Deferred taxation




2024


£






At beginning of year
311,981


Released to profit or loss
(190,651)



At end of year
121,330

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
2,522
5,487

Fair value movements
118,808
306,494

121,330
311,981


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



56,071 (2023 - 56,071) Ordinary shares of £1.00 each
56,071
56,071



11.


Reserves

Profit and loss account

The profit and loss reserve represents the cumulative balance of retained profit and losses. All of the profit and loss reserve is distributable.


12.


Related party transactions

The Group has taken advantage of the exemption under FRS 102 33.1A Related Party Disclosures not to
disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
 
The brought forward loan to a director of £774,093 was repaid in full during the year. Interest has been charged at the official HMRC rate. The maximum outstanding during the year was £795,000.

Page 8

 
IRONSTONE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 JANUARY 2024

13.


Auditors' information

The auditors' report on the financial statements for the period ended 5 January 2024 was unqualified.

The audit report was signed on 20 September 2024 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 9