Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true9truetruetrue2023-03-01falseNo description of principal activity9false 01337169 2023-03-01 2023-12-31 01337169 2022-01-01 2023-02-28 01337169 2023-12-31 01337169 2023-02-28 01337169 2022-01-01 01337169 c:Director1 2023-03-01 2023-12-31 01337169 c:Director2 2023-03-01 2023-12-31 01337169 c:Director3 2023-03-01 2023-12-31 01337169 c:Director4 2023-03-01 2023-12-31 01337169 c:Director5 2023-03-01 2023-12-31 01337169 c:Director6 2023-03-01 2023-12-31 01337169 c:Director7 2023-03-01 2023-12-31 01337169 c:RegisteredOffice 2023-03-01 2023-12-31 01337169 d:Buildings 2023-03-01 2023-12-31 01337169 d:Buildings 2023-12-31 01337169 d:Buildings 2023-02-28 01337169 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 01337169 d:Buildings d:LongLeaseholdAssets 2023-03-01 2023-12-31 01337169 d:Buildings d:LongLeaseholdAssets 2023-12-31 01337169 d:Buildings d:LongLeaseholdAssets 2023-02-28 01337169 d:OwnedOrFreeholdAssets 2023-03-01 2023-12-31 01337169 d:FreeholdInvestmentProperty 2023-12-31 01337169 d:FreeholdInvestmentProperty 2 2023-03-01 2023-12-31 01337169 d:CurrentFinancialInstruments 2023-12-31 01337169 d:CurrentFinancialInstruments 2023-02-28 01337169 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01337169 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 01337169 d:ShareCapital 2023-12-31 01337169 d:ShareCapital 2022-01-01 2023-02-28 01337169 d:ShareCapital 2023-02-28 01337169 d:ShareCapital 2022-01-01 01337169 d:RevaluationReserve 2023-03-01 2023-12-31 01337169 d:RevaluationReserve 2023-12-31 01337169 d:RevaluationReserve 2022-01-01 2023-02-28 01337169 d:RevaluationReserve 2023-02-28 01337169 d:RevaluationReserve 2022-01-01 01337169 d:RetainedEarningsAccumulatedLosses 2023-03-01 2023-12-31 01337169 d:RetainedEarningsAccumulatedLosses 2023-12-31 01337169 d:RetainedEarningsAccumulatedLosses 2022-01-01 2023-02-28 01337169 d:RetainedEarningsAccumulatedLosses 2023-02-28 01337169 d:RetainedEarningsAccumulatedLosses 2022-01-01 01337169 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01337169 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 01337169 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01337169 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 01337169 c:OrdinaryShareClass1 2023-03-01 2023-12-31 01337169 c:OrdinaryShareClass1 2023-12-31 01337169 c:OrdinaryShareClass1 2023-02-28 01337169 c:FRS102 2023-03-01 2023-12-31 01337169 c:Audited 2023-03-01 2023-12-31 01337169 c:FullAccounts 2023-03-01 2023-12-31 01337169 c:PrivateLimitedCompanyLtd 2023-03-01 2023-12-31 01337169 c:SmallCompaniesRegimeForAccounts 2023-03-01 2023-12-31 01337169 6 2023-03-01 2023-12-31 01337169 f:PoundSterling 2023-03-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 01337169












EYRE COURT RESIDENTS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

 

EYRE COURT RESIDENTS LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 12


 

EYRE COURT RESIDENTS LIMITED
 
COMPANY INFORMATION


Directors
John Alexander Conedera 
Krupali Dinkerrai Desai 
Tarun Ghulati 
Anjal Niranjan Kariya 
Alberto Lopez Maganto 
Nicholas Sidney Springer 
Maria Grazia Valiani-Wellmann 




Registered number
01337169



Registered office
16 Great Queen Street

Covent Garden

London

WC2B 5AH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:01337169
EYRE COURT RESIDENTS LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
28
February
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,379,273
1,300,659

Investment property
 5 
1,300,000
-

Investments
 6 
2
2

  
2,679,275
1,300,661

Current assets
  

Debtors Within One Year
 7 
15,810
18,885

Cash at bank and in hand
  
2,086,766
2,385,179

  
2,102,576
2,404,064

Creditors: amounts falling due within one year
 8 
(100,515)
(331,112)

Net current assets
  
 
 
2,002,061
 
 
2,072,952

Total assets less current liabilities
  
4,681,336
3,373,613

Provisions for liabilities
  

Deferred tax
 9 
(347,791)
(21,382)

Net assets
  
4,333,545
3,352,231


Capital and reserves
  

Called up share capital 
 10 
125
125

Revaluation reserve
  
975,000
-

Profit and loss account
  
3,358,420
3,352,106

Total equity
  
4,333,545
3,352,231


Page 2


 
REGISTERED NUMBER:01337169
EYRE COURT RESIDENTS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 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: 




John Alexander Conedera
Anjal Niranjan Kariya
Director
Director


Date: 24 September 2024

The notes on pages 5 to 12 form part of these financial statements.

Page 3

 

EYRE COURT RESIDENTS LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


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

£
£
£
£


At 1 January 2022
124
962,204
2,347,648
3,309,976


Comprehensive income for the period

Profit for the period
-
-
42,254
42,254


Contributions by and distributions to owners

Shares issued during the period
1
-
-
1

Transfer to/from profit and loss account
-
(962,204)
962,204
-



At 1 March 2023
125
-
3,352,106
3,352,231


Comprehensive income for the period

Profit for the period
-
-
981,314
981,314

Transfer to/from profit and loss account
-
975,000
(975,000)
-


At 31 December 2023
125
975,000
3,358,420
4,333,545


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 

EYRE COURT RESIDENTS LIMITED

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

1.


General information

Eyre Court Residents Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The period to 31 December 2023 represents a period of 10 months and is not directly comparable with the results for the 14-month period ended 28 February 2023. 
The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

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 judgement in applying the company's accounting policies.

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.

The financial statements present information about the company as an individual entity and not about its group.

 
2.3

Going concern

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting  policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006..

  
2.4

Turnover

Turnover represents premiums received from leaseholders for the extension of their leases and sale of cubicles outside demised areas. Income is recognised upon legal completion of the lease extension agreement and the sale of cubicles.
Turnover also includes rental and other related income receivable from flats and lockers owned by the company. Rental income and other related income are recognised on an accruals basis and in accordance with rental agreements and contracts.

Page 5

 

EYRE COURT RESIDENTS LIMITED

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

2.Accounting policies (continued)

 
2.5

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets 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:

Freehold improvements
-
2% on cost
Freehold reversions
-
see below

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.

No depreciation is provided in respect of the Freehold reversions which consists mainly of land as the directors consider its residual value will be maintained in the future. Any depreciation would therefore be immaterial.

 
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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial operating policies of the entity so as to obtain benefit from its activities. 

  
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.9

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
 
Page 6

 

EYRE COURT RESIDENTS LIMITED

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

2.Accounting policies (continued)


Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and balances with the related service charge entity are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and amounts due to the related service charge entity are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets 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 profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset
Page 7

 

EYRE COURT RESIDENTS LIMITED

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

2.Accounting policies (continued)

expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
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.

  
2.10

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the period was 9 (28 February 2023 - 9). The employees work for the service charge entity. The seven directors of the company are unremunerated. 

Page 8

 

EYRE COURT RESIDENTS LIMITED

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

4.


Tangible fixed assets







Freehold improvements
Freehold reversions
Total

£
£
£



Cost or valuation


At 1 March 2023
1,332,110
15,000
1,347,110


Additions
86,567
-
86,567



At 31 December 2023

1,418,677
15,000
1,433,677



Depreciation


At 1 March 2023
46,451
-
46,451


Charge for the period
7,953
-
7,953



At 31 December 2023

54,404
-
54,404



Net book value



At 31 December 2023
1,364,273
15,000
1,379,273



At 28 February 2023
1,285,659
15,000
1,300,659

The freehold reversions represent all the Freehold owned by Eyre Court Residents Limited including the lockers and store rooms in the basement areas, and one Kabu lease expiring on 28th September, 2075.


5.


Investment property





Investment property

£



Valuation


Revaluation
1,300,000



At 31 December 2023
1,300,000

The investment property comprises of the areas being leased to HSBC under a lease which will expire on the 24th March, 2027. Valuation of the investment property, was carried out by BMCS Surveyors as at 31st December 2023, on behalf of the directors, on the basis of Fair Value. The Fair Value has been determined using the investment method. Key inputs to the valuation were Market Rent and a yield of 6.5% from the expiration of current lease.




Page 9

 

EYRE COURT RESIDENTS LIMITED

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

6.


Fixed asset investments








Investments in subsidiary companies

£



Cost


At 1 March 2023
2



At 31 December 2023
2





7.


Debtors

31 December
28
February
2023
2023
£
£


Trade debtors
9,659
12,734

Other debtors
5,921
5,921

Prepayments and accrued income
230
230

15,810
18,885



8.


Creditors: Amounts falling due within one year

31 December
28
February
2023
2023
£
£

Trade creditors
57,649
57,782

Amounts owed to related service charge entity
12,055
13,655

Corporation tax
2,132
226,190

Trade creditors
19,646
19,646

Accruals and deferred income
9,033
13,839

100,515
331,112


Page 10

 

EYRE COURT RESIDENTS LIMITED

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

9.


Deferred taxation






2023


£






At beginning of year
(21,382)


Credited to profit or loss
(326,409)



At end of year
(347,791)

The provision for deferred taxation is made up as follows:

31 December
28
February
2023
2023
£
£


Accelerated capital allowances
(22,791)
(21,382)

Revaluation of investment property
(325,000)
-

(347,791)
(21,382)


10.


Share capital

31
December
28 
February
2023
2023
£
£
Allotted, called up and fully paid



125 (2023 - 125) Ordinary shares of £1.00 each
125
125

The holders of ordinary shares are not entitled to receive dividends. The shareholders are entitled to one vote per share at meetings of the company.


11.


Capital commitments

Following the year-end on 6 August 2024, the directors of the company approved £1.6m of improvement works to the freehold property.

Page 11

 

EYRE COURT RESIDENTS LIMITED

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

12.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Transactions with (other) related parties are as follows:
The company owns the freehold reversion of Eyre Court. The service charge contributions are being managed by Eyre Court Residents Limited in a fiduciary capacity and full information can be obtained from the Eyre Court Service Charge Accounts.
Included within administrative charges are service charge costs relating to a flat owned by Eyre Court, payable to the service charge entity, totalling £5,471 (28 February 2023: £9,659).


13.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 27 September 2024 by Heather Powell FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 12