Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-01false55falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14180496 2023-04-01 2024-03-31 14180496 2022-06-17 2023-03-31 14180496 2024-03-31 14180496 2023-03-31 14180496 c:Director2 2023-04-01 2024-03-31 14180496 d:FreeholdInvestmentProperty 2024-03-31 14180496 d:FreeholdInvestmentProperty 2023-03-31 14180496 d:CurrentFinancialInstruments 2024-03-31 14180496 d:CurrentFinancialInstruments 2023-03-31 14180496 d:Non-currentFinancialInstruments 2024-03-31 14180496 d:Non-currentFinancialInstruments 2023-03-31 14180496 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 14180496 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 14180496 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 14180496 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 14180496 d:ShareCapital 2024-03-31 14180496 d:ShareCapital 2023-03-31 14180496 d:RetainedEarningsAccumulatedLosses 2024-03-31 14180496 d:RetainedEarningsAccumulatedLosses 2023-03-31 14180496 c:FRS102 2023-04-01 2024-03-31 14180496 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 14180496 c:FullAccounts 2023-04-01 2024-03-31 14180496 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 14180496 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 14180496













Project Gosforth Limited

Financial statements
Information for filing with the registrar

31 March 2024




 
Project Gosforth Limited


Balance sheet
At 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
9,883,820
9,883,820

  
9,883,820
9,883,820

Current assets
  

Debtors
 5 
302,980
332,758

Cash at bank and in hand
  
837,801
881,981

  
1,140,781
1,214,739

Creditors: amounts falling due within one year
 6 
(4,783,118)
(4,662,793)

Net current liabilities
  
 
 
(3,642,337)
 
 
(3,448,054)

Total assets less current liabilities
  
6,241,483
6,435,766

Creditors: amounts falling due after more than one year
 7 
(5,643,011)
(6,113,740)

Provisions for liabilities
  

Deferred tax
  
(124,618)
-

  
 
 
(124,618)
 
 
-

Net assets
  
473,854
322,026


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
373,854
222,026

Shareholders' funds
  
473,854
322,026


1

 
Project Gosforth Limited

    
Balance sheet (continued)
At 31 March 2024

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 on 6 November 2024.




T M S Wooldridge
Director

Registered number: 14180496
The notes on pages 3 to 6 form part of these financial statements. 

2

 
Project Gosforth Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

1.


General information

Project Gosforth Limited ('the company') is a private company limited by shares, domiciled and registered in England and Wales. The address of the registered office is Hay & Kilner, The Lumen, St. James' Boulevard, Newcastle upon Tyne, NE4 5BZ. 

2.Accounting policies

 
2.1

Statement of compliance

The financial statements have been prepared in accordance with Section 1A of Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover comprises revenue recognised by the company in respect of rents receivable during the year, exclusive of Value Added Tax.

 
2.3

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.

 
2.4

Investment property

Investment property is carried at fair value determined annually by 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.

3

 
Project Gosforth Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.


3.


Employees

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


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
9,883,820



At 31 March 2024
9,883,820

The 2024 valuation was made by directors based on an open market value for existing use basis.








5.


Debtors

2024
2023
£
£


Trade debtors
42,476
62,527

Other debtors
72,394
-

Prepayments and accrued income
188,110
270,231

302,980
332,758


4

 
Project Gosforth Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

6.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
299,483
149,354

Trade creditors
50,363
60,494

Amounts owed to group undertakings
3,925,000
3,925,000

Other taxation and social security
44,442
52,096

Accruals and deferred income
463,830
475,849

4,783,118
4,662,793



7.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
5,643,011
6,113,740

5,643,011
6,113,740


The following liabilities were secured:

2024
2022
£
£



Bank loans
5,942,494
6,263,094

5,942,494
6,263,094

Details of security provided:

Bank loans were secured by means of a charge against investment property held by the company. There is also a multilateral guarantee with Monument Gosforth LLP to support the borrowings of Project Gosforth Limited.


8.


Related party transactions

At the balance sheet date the company had an outstanding loan from its parent company, the balance owed by the company was £3,925,000 (2023: £3,925,000). The loan is unsecured, interest free and repayable on demand.

5

 
Project Gosforth Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

9.


Controlling party

The immediate parent entity of Project Gosforth Limited is Monument Gosforth LLP, registered and domiciled in England and Wales. Monument Gosforth LLP held 100% of the issued share capital of Project Gosforth Limited at the year end date.
There is no ultimate controlling party of Monument Gosforth LLP.


6