Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false4false2023-05-01No description of principal activity4truefalse 00715550 2023-05-01 2024-04-30 00715550 2022-05-01 2023-04-30 00715550 2024-04-30 00715550 2023-04-30 00715550 2022-05-01 00715550 c:Director1 2023-05-01 2024-04-30 00715550 d:MotorVehicles 2023-05-01 2024-04-30 00715550 d:MotorVehicles 2024-04-30 00715550 d:MotorVehicles 2023-04-30 00715550 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00715550 d:FurnitureFittings 2023-05-01 2024-04-30 00715550 d:FurnitureFittings 2024-04-30 00715550 d:FurnitureFittings 2023-04-30 00715550 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00715550 d:ComputerEquipment 2023-05-01 2024-04-30 00715550 d:ComputerEquipment 2024-04-30 00715550 d:ComputerEquipment 2023-04-30 00715550 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00715550 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00715550 d:FreeholdInvestmentProperty 2024-04-30 00715550 d:FreeholdInvestmentProperty 2023-04-30 00715550 d:CurrentFinancialInstruments 2024-04-30 00715550 d:CurrentFinancialInstruments 2023-04-30 00715550 d:Non-currentFinancialInstruments 2024-04-30 00715550 d:Non-currentFinancialInstruments 2023-04-30 00715550 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 00715550 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 00715550 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 00715550 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 00715550 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 00715550 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 00715550 d:ShareCapital 2024-04-30 00715550 d:ShareCapital 2023-04-30 00715550 d:OtherMiscellaneousReserve 2023-05-01 2024-04-30 00715550 d:OtherMiscellaneousReserve 2024-04-30 00715550 d:OtherMiscellaneousReserve 2023-04-30 00715550 d:RetainedEarningsAccumulatedLosses 2024-04-30 00715550 d:RetainedEarningsAccumulatedLosses 2023-04-30 00715550 d:OtherDeferredTax 2024-04-30 00715550 d:OtherDeferredTax 2023-04-30 00715550 c:FRS102 2023-05-01 2024-04-30 00715550 c:Audited 2023-05-01 2024-04-30 00715550 c:FullAccounts 2023-05-01 2024-04-30 00715550 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00715550 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 00715550 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 00715550 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 00715550 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 00715550 c:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 00715550 2 2023-05-01 2024-04-30 00715550 4 2023-05-01 2024-04-30 00715550 6 2023-05-01 2024-04-30 00715550 2 2024-04-30 00715550 2 2023-04-30 00715550 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 00715550









SYDNEY FREED (HOLDINGS)









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
SYDNEY FREED (HOLDINGS)
REGISTERED NUMBER: 00715550

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
64,567
26,076

Investments
 5 
120,527
194,765

Investment property
 6 
1,085,000
1,085,000

  
1,270,094
1,305,841

Current assets
  

Stocks
  
254,772
-

Debtors: amounts falling due within one year
 7 
6,768,027
6,073,329

Cash at bank and in hand
 8 
27,813
533,688

  
7,050,612
6,607,017

Creditors: amounts falling due within one year
 9 
(1,638,293)
(484,048)

Net current assets
  
 
 
5,412,319
 
 
6,122,969

Total assets less current liabilities
  
6,682,413
7,428,810

Creditors: amounts falling due after more than one year
 10 
(28,001)
(1,014,549)

Provisions for liabilities
  

Deferred tax
 13 
(24,023)
(24,023)

  
 
 
(24,023)
 
 
(24,023)

Net assets
  
6,630,389
6,390,238


Capital and reserves
  

Called up share capital 
  
125,000
125,000

Other reserves
 14 
84,101
84,101

Profit and loss account
 14 
6,421,288
6,181,137

  
6,630,389
6,390,238


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.

Page 1

 
SYDNEY FREED (HOLDINGS)
REGISTERED NUMBER: 00715550
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2024.




D Freed
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SYDNEY FREED (HOLDINGS)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Sydney Freed (Holdings) is a private company limited by shares incorporated in England & Wales (registered number 00715550). The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH. 
The financial statements are presented in Sterling, which is the functional currency of the company.

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

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 following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

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

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 
SYDNEY FREED (HOLDINGS)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

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 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.


 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.8

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

 
SYDNEY FREED (HOLDINGS)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
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
-
25%
straight line
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
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.

 
2.9

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

Page 5

 
SYDNEY FREED (HOLDINGS)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

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.


3.


Employees

2024
2023
£
£

Wages and salaries
133,905
133,851

Social security costs
11,009
10,189

144,914
144,040


The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
SYDNEY FREED (HOLDINGS)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
69,638
47,906
2,280
119,824


Additions
84,919
-
-
84,919


Disposals
(69,638)
-
-
(69,638)



At 30 April 2024

84,919
47,906
2,280
135,105



Depreciation


At 1 May 2023
45,011
47,906
832
93,749


Charge for the year on owned assets
21,230
-
570
21,800


Disposals
(45,011)
-
-
(45,011)



At 30 April 2024

21,230
47,906
1,402
70,538



Net book value



At 30 April 2024
63,689
-
878
64,567



At 30 April 2023
24,627
-
1,448
26,075

Page 7

 
SYDNEY FREED (HOLDINGS)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 May 2023
120,527
74,238
194,765


Disposals
-
(74,238)
(74,238)



At 30 April 2024
120,527
-
120,527






Net book value



At 30 April 2024
120,527
-
120,527



At 30 April 2023
120,527
74,238
194,765


6.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
1,085,000



At 30 April 2024
1,085,000

The 2024 valuations were made by the directors, 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:

2024
2023
£
£


Historic cost
902,000
902,000

902,000
902,000

Page 8

 
SYDNEY FREED (HOLDINGS)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Debtors

2024
2023
£
£


Trade debtors
-
64

Amounts owed by group undertakings
887,004
735,638

Amounts owed by joint ventures and associated undertakings
62,137
3,316

Other debtors
5,339,188
5,107,758

Prepayments and accrued income
479,698
226,553

6,768,027
6,073,329



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
27,813
533,688

27,813
533,688



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
30,412
4,185

Amounts owed to group undertakings
121,500
-

Amounts owed to other participating interests
1,439,380
432,246

Other taxation and social security
2,680
5,577

Obligations under finance lease and hire purchase contracts
-
8,169

Other creditors
19,472
19,472

Accruals and deferred income
24,849
14,399

1,638,293
484,048


Page 9

 
SYDNEY FREED (HOLDINGS)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
988,000

Net obligations under finance leases and hire purchase contracts
-
26,549

Amounts owed to group undertakings
28,001
-

28,001
1,014,549



11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Bank loans
-
988,000


-
988,000



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
8,169

Between 1-5 years
-
26,549

-
34,718


13.


Deferred taxation

Page 10

 
SYDNEY FREED (HOLDINGS)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
13.Deferred taxation (continued)




2024
2023


£

£






At beginning of year
(24,023)
-


Charged to profit or loss
-
(24,023)



At end of year
(24,023)
(24,023)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment properties
(24,023)
(24,023)

(24,023)
(24,023)


14.


Reserves

Other reserves

Includes revaluation of investment property and deferred tax on revaluations.


15.


Contingent liabilities

Contingent liabilities exist to the extent that the company has given an unlimited cross guarantee over the bank borrowings of each member of the group. At the balance sheet date the outstanding potential liability amounted to £nil (2023: £988,000).


16.


Related party transactions

Included within turnover is a management charge of £72,000 (2023: £216,000) to companies of which a director of the company is also a director and has an interest.
Included within expenditure is a management fee of £nil (2023: £49,600) to companies of which a director of the company is also a director and has an interest.


17.


Controlling party

The ultimate parent company is Freed Holdings Limited, a company registered in England and Wales. There is no controlling party.

Page 11

 
SYDNEY FREED (HOLDINGS)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 28 October 2024 by Stephen Haffner (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

 
Page 12