Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activity2023-05-17false00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14876153 2023-05-16 14876153 2023-05-17 2023-12-31 14876153 2022-05-17 2023-05-16 14876153 2023-12-31 14876153 c:Director2 2023-05-17 2023-12-31 14876153 d:CurrentFinancialInstruments 2023-12-31 14876153 d:Non-currentFinancialInstruments 2023-12-31 14876153 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14876153 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 14876153 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 14876153 d:ShareCapital 2023-12-31 14876153 d:RetainedEarningsAccumulatedLosses 2023-12-31 14876153 c:OrdinaryShareClass1 2023-05-17 2023-12-31 14876153 c:OrdinaryShareClass1 2023-12-31 14876153 c:FRS102 2023-05-17 2023-12-31 14876153 c:AuditExempt-NoAccountantsReport 2023-05-17 2023-12-31 14876153 c:FullAccounts 2023-05-17 2023-12-31 14876153 c:PrivateLimitedCompanyLtd 2023-05-17 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14876153









EDA (CW) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
EDA (CW) LIMITED
REGISTERED NUMBER: 14876153

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
2023
Note
£

  

Current assets
  

Stocks
 5 
62,630,457

Debtors: amounts falling due within one year
 6 
599,713

  
63,230,170

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(58,402,984)

Net current assets
  
 
 
4,827,186

 
Total assets less current liabilities
  
4,827,186

 
Non-current liabilities
  

Creditors: amounts falling due after more than one year
 8 
(6,465,229)

Net liabilities
  
(1,638,043)


Capital and reserves
  

Called up share capital 
 10 
1

Profit and loss account
  
(1,638,044)

  
(1,638,043)


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 period 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.
 
Page 1

 
EDA (CW) LIMITED
REGISTERED NUMBER: 14876153
    
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 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 10 October 2024.




Nicholas Harry Jacobs
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
EDA (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

EDA (CW) Limited is a private limited company incorporated in England with the company number 14876153. The financial statements are for the period from incorporation, 17 May 2023 to 31 December 2023. 
 
The Company's registered office is 9th Floor, 80 Mosley Street, Manchester, United Kingdom, M2 3FX.


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 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.

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on a going concern basis. The Company is dependent upon the continued financial support of the shareholder to continue operating and to meet its liabilities as they fall due. The shareholder agrees to continue to provide financial support to the Company and not to call on the shareholder loan until such a time as the Company is in a position to repay the loan. Accordingly the directors have prepared the accounts under the going concern concept.
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

 
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 Company has two revenue streams; rental income from commercial letting and from residential letting. 
Rental income arising from commercial lease on investment property is accounted for on a straight-line basis over the lease term and is included in revenue in the Statement of Comprehensive Income due to its operating nature, except for contingent rental income which is recognised when it arises.
Rental income from residential letting is accounted for on a straight-line basis over the lease term. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. 
Other income is recognised on an accrual basis in accordance with the terms of the lease agreements. These charges are recognized when the services are rendered and the right to receive payment is established. 
Provision for bad debts is made based on a review of all outstanding amounts at the year-end. Specific provisions are made where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 3

 
EDA (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Borrowing costs

Borrowing costs incurred on qualifying assets are capitalised into the cost of the asset in the year in which they are incurred.

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

 
2.5

Stocks

Property, including land held under development, acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation, is held as stock and is measured at the lower of cost and net realisable value.

Cost comprises of the invoiced value of the development works to date, planning application fees and other planning related costs. The land acquisition was recognised at the date of legal completion deemed to be the unconditional date of exchange.

Net realisable value is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date and discounted for the time value of money if material, less estimated costs of completion and the estimated costs necessary to make the sale.

At each reporting date, an assessment is made for impairment and any excess of the carrying amount of stocks over its net realisable value is recognised as an impairment loss in the profit and loss account.

  
2.6

Financial Instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Page 4

 
EDA (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Financial Instruments (continued)

Basic financial liabilities 

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured a the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year of less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by the directors in preparing these financial statements. 


4.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration.


5.


Stocks

31 December
2023
£

Property for resale
62,630,457

62,630,457



6.


Debtors: amounts falling due within one year

31 December
2023
£


Trade debtors
36,085

Other debtors
409,809

Prepayments
6,126
Page 5

 
EDA (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.Debtors: amounts falling due within one year (continued)


VAT repayable
147,693

599,713



7.


Creditors: amounts falling due within one year

31 December
2023
£

Bank loans
43,602,455

Amounts owed to group undertakings
12,557,942

Trade creditors
18,432

Other creditors
258,031

Accruals and deferred income
1,966,124

58,402,984


Bank loans comprise of a Fortwell senior loan facility drawn in September 2021 by the Company's immediate parent, Anchorage Gateway (CW) Limited. On 13th October 2023, this loan was novated to the Company. The facility has a minimum term of 33 months which terminates on 23rd June 2024 and incurs interest at a fixed rate of 6.40%.
Please refer to note 11 for breakdown of amounts owed to group undertakings.


8.


Creditors: amounts falling due after more than one year

31 December
2023
£

Bank loans
6,465,229

6,465,229


Bank loans comprise of a Falco Capital Limited senior loan facility drawn on 2 March 2022 by Anchorage Gateway (Interco) Limited, a company under common control. On 13th October 2023, the loan was novated to the Company. This loan has a maximum facility of £7.13m, a minimum term of 36 months and incurs interest at a fixed rate of 17%.

Page 6

 
EDA (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


31 December
2023
£

Amounts falling due within one year

Bank loans
43,602,455


43,602,455

Amounts falling due 1-2 years

Bank loans
6,465,229


6,465,229

50,067,684



10.


Called up share capital

31
December
2023
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


The Company issued 1 Ordinary share at a par value of £1 on incorporation.


11.


Related party transactions

Amounts owed to group undertakings comprise of £12,557,942 owed to Anchorage Gateway (CW) Limited which, as at the reporting date, is the Company's immediate parent. The amount is interest free, unsecured and repayable on demand.

Included in accruals is an amount of £18,304 rechargeable by Anchorage Gateway (CW) Limited, the Company's immediate parent.

There were no other related party transactions outside the normal course of business.

Page 7

 
EDA (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Controlling party

As at the period end date, EDA (CW) Limited is a wholly owned subsidiary of Anchorage Gateway (CW) Limited, which is incorporated in the United Kingdom.

Anchorage Gateway (CW) Limited is ultimately owned by Anchorage Gateway (Finco) Limited, which is incorporated in the United Kingdom, and Taurus Club Deal 222 Anchorage Gateway Jersey Limited, which is registered in Jersey. The ultimate controlling party is considered to be Taurus Club Deal 222 Anchorage Gateway Jersey Limited due to its majority shareholding.

Page 8