Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-311670600015501480false32023-01-01The principal activity during the year continued to be that of investment property3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11146742 2023-01-01 2023-12-31 11146742 2022-01-01 2022-12-31 11146742 2023-12-31 11146742 2022-12-31 11146742 2022-01-01 11146742 2 2023-01-01 2023-12-31 11146742 3 2023-01-01 2023-12-31 11146742 d:Director1 2023-01-01 2023-12-31 11146742 e:FurnitureFittings 2023-01-01 2023-12-31 11146742 e:FurnitureFittings 2023-12-31 11146742 e:FurnitureFittings 2022-12-31 11146742 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11146742 e:FreeholdInvestmentProperty 2023-01-01 2023-12-31 11146742 e:FreeholdInvestmentProperty 2023-12-31 11146742 e:FreeholdInvestmentProperty 2022-12-31 11146742 e:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 11146742 e:FreeholdInvestmentProperty 3 2023-01-01 2023-12-31 11146742 e:CurrentFinancialInstruments 2023-12-31 11146742 e:CurrentFinancialInstruments 2022-12-31 11146742 e:Non-currentFinancialInstruments 2023-12-31 11146742 e:Non-currentFinancialInstruments 2022-12-31 11146742 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 11146742 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 11146742 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 11146742 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 11146742 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-12-31 11146742 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2022-12-31 11146742 e:ShareCapital 2023-12-31 11146742 e:ShareCapital 2022-12-31 11146742 e:ShareCapital 2022-01-01 11146742 e:RevaluationReserve 2023-12-31 11146742 e:RevaluationReserve 2022-01-01 2022-12-31 11146742 e:RevaluationReserve 2022-12-31 11146742 e:RevaluationReserve 2022-01-01 11146742 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11146742 e:RetainedEarningsAccumulatedLosses 2023-12-31 11146742 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11146742 e:RetainedEarningsAccumulatedLosses 2022-12-31 11146742 e:RetainedEarningsAccumulatedLosses 2022-01-01 11146742 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 11146742 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11146742 e:OtherDeferredTax 2023-12-31 11146742 e:OtherDeferredTax 2022-12-31 11146742 d:OrdinaryShareClass1 2023-01-01 2023-12-31 11146742 d:OrdinaryShareClass1 2023-12-31 11146742 d:OrdinaryShareClass1 2022-12-31 11146742 d:FRS102 2023-01-01 2023-12-31 11146742 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11146742 d:FullAccounts 2023-01-01 2023-12-31 11146742 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11146742 2 2023-01-01 2023-12-31 11146742 5 2023-01-01 2023-12-31 11146742 e:Right-of-useInvestmentProperty 2023-01-01 2023-12-31 11146742 e:Right-of-useInvestmentProperty 2023-12-31 11146742 e:Right-of-useInvestmentProperty 2022-12-31 11146742 e:Right-of-useInvestmentProperty 2 2023-01-01 2023-12-31 11146742 e:Right-of-useInvestmentProperty 3 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 11146742














COPPERFIELD CORPORATE LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
COPPERFIELD CORPORATE LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 10


 
COPPERFIELD CORPORATE LIMITED
REGISTERED NUMBER:11146742

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,853
27,032

Investment property
 5 
8,353,000
7,750,740

  
8,387,853
7,777,772

Current assets
  

Debtors: amounts falling due within one year
 6 
40,973
24,766

Cash at bank and in hand
 7 
45,014
45,177

  
85,987
69,943

Creditors: amounts falling due within one year
 8 
(3,708,308)
(3,087,797)

Net current liabilities
  
 
 
(3,622,321)
 
 
(3,017,854)

Total assets less current liabilities
  
4,765,532
4,759,918

Creditors: amounts falling due after more than one year
 9 
(3,394,808)
(3,030,835)

Provisions for liabilities
  

Deferred tax
  
(348,845)
(444,341)

  
 
 
(348,845)
 
 
(444,341)

Net assets
  
1,021,879
1,284,742


Capital and reserves
  

Called up share capital 
 12 
1,000
1,000

Revaluation reserve
  
1,789,519
1,789,519

Profit and loss account
  
(768,640)
(505,777)

  
1,021,879
1,284,742


1

 
COPPERFIELD CORPORATE LIMITED
REGISTERED NUMBER:11146742
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 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: 




................................................
M Tobin
Director

Date: 13 November 2024

The notes on pages 4 to 10 form part of these financial statements.

2

 
COPPERFIELD CORPORATE LIMITED
 

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


Called up share capital
Non-distributable reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,000
1,535,460
(59,080)
1,477,380



Loss for the year
-
-
(192,638)
(192,638)

Fair value movement
-
254,059
(254,059)
-



At 1 January 2023
1,000
1,789,519
(505,777)
1,284,742



Loss for the year

-

-

(262,863)

(262,863)



At 31 December 2023
1,000
1,789,519
(768,640)
1,021,879


The notes on pages 4 to 10 form part of these financial statements.

3

 
COPPERFIELD CORPORATE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Copperfield Corporate Limited is a private company, limited by shares, registered in England and Wales, registration number 11146742
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal business address is The Old Rectory, 72 St Marychurch Street, London, SE16 4HZ.
The principal activity during the year continued to be that of investment property.

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 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 company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue comprises turnover recognised by the company in respect of rent receivable during the year.

 
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.

4

 
COPPERFIELD CORPORATE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 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.

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance

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.

5

 
COPPERFIELD CORPORATE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses 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

 Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

 Cash

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

 
2.12

 Creditors

Short term creditors are measured at the transaction price.

 
2.13

 Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

6

 
COPPERFIELD CORPORATE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

 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 3 (2022 - 3).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 January 2023
45,408


Additions
19,334



At 31 December 2023

64,742



Depreciation


At 1 January 2023
18,376


Charge for the year
11,513



At 31 December 2023

29,889



Net book value



At 31 December 2023
34,853



At 31 December 2022
27,032

7

 
COPPERFIELD CORPORATE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Investment properties
Properties under construction
Total

£
£
£



Valuation


At 1 January 2023
7,488,000
262,740
7,750,740


Additions at cost
952,691
-
952,691


Surplus on revaluation
(350,431)
-
(350,431)


Transfers between classes
262,740
(262,740)
-



At 31 December 2023
8,353,000
-
8,353,000

The 2023 valuations on investment properties were made by Michael Tobin, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Other debtors
23,982
12,310

Prepayments and accrued income
16,991
12,456

40,973
24,766



7.


Cash

2023
2022
£
£

Cash at bank and in hand
45,014
45,177



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
714

Other creditors
3,622,624
3,029,253

Accruals and deferred income
85,684
57,830

3,708,308
3,087,797


8

 
COPPERFIELD CORPORATE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
3,394,808
3,030,835

3,394,808
3,030,835


The following liabilities were secured:

2023
2022
£
£



Bank loans
3,394,808
3,030,835

3,394,808
3,030,835

Details of security provided:

The bank loans are secured as a fixed charge over the investment property assets of the company.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
3,394,808
3,030,835

3,394,808
3,030,835

3,394,808
3,030,835


9

 
COPPERFIELD CORPORATE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£






At beginning of year
(444,341)


Charged to profit or loss
95,496



At end of year
(348,845)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,703)
(6,582)

Capital gains
(345,142)
(437,759)

(348,845)
(444,341)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



13.


Capital commitments


At 31 December 2023 the company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
881,220

-
881,220


14.


Related party transactions

Other creditors comprise a loan of  £598,799 (2022 - £98,799) from Tobin Ventures Limited (a company under common control) and a loan from the directors totalling £3,023,825 (2022 - £2,930,454).  Both loans are interest free and repayable on demand.

 
10