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Registered number: 13669141









HOLLY LODGE MANSIONS MANAGEMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 29 FEBRUARY 2024

 
HOLLY LODGE MANSIONS MANAGEMENT LIMITED
REGISTERED NUMBER: 13669141

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
61
-

Investment property
 6 
224,724
219,758

  
224,785
219,758

Current assets
  

Debtors
 7 
31,655
-

Cash at bank and in hand
 8 
9,302
5,306

  
40,957
5,306

Creditors: amounts falling due within one year
 9 
(279,446)
(224,207)

Net current liabilities
  
 
 
(238,489)
 
 
(218,901)

Total assets less current liabilities
  
(13,704)
857

  

Net (liabilities)/assets
  
(13,704)
857


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(13,804)
757

  
(13,704)
857


Page 1

 
HOLLY LODGE MANSIONS MANAGEMENT LIMITED
REGISTERED NUMBER: 13669141
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers 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 director acknowledges his 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 income and retained earnings 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: 

Daniel Sebastian Katz
Director

Date: 20 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HOLLY LODGE MANSIONS MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

1.


General information

Holly Lodge Mansions Management Limited (the "Company") is a private company limited by share capital, incorporated under the Companies Act 2006 and domiciled in England. The address of the Company's registered office is 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

  
2.1

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.

 
2.2

Basis of preparation of financial statements

The financial statements of the Company 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 Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

  
2.3

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

 
2.4

Going concern

In assessing whether the going concern basis remains appropriate for the preparation of the financial statements, the director has reviewed the Company’s principal and emerging risks, existing loan facilities, access to funding and liquidity position and the Company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date.
Based on his assessment, the director at the time of approving the financial statements has a reasonable expectation that the Company has, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.

Page 3

 
HOLLY LODGE MANSIONS MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Revenue

Turnover comprises revenue recognised by the Company in respect of rentals and related receipts receivable.
Revenues in respect of rentals and related receipts receivable are recognised in profit or loss in accordance with the terms of the underlying rental arrangement to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured at the fair value of the consideration receivable.

 
2.6

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.

 
2.7

Current and deferred taxation

Taxation for the Company comprises of current (i.e. corporation) and deferred taxation with respect to operations undertaken solely in the UK and is recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date. The directors of the Company will periodically evaluate positions taken in tax returns with respect to situations in which tax regulation is subject to interpretation and in turn will establish a provision, where appropriate, on the basis of amounts expected to be payable. 
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.

 
2.8

Investment property

Investment property comprises of property held by the Company to earn income or for capital appreciation, or both.
Investment property is initially recognised at purchase cost plus directly attributable acquisition expenses and subsequently measured at fair value.
Investment properties are not depreciated.
Gains and losses arising from changes in fair value are recognised in profit or loss during the period in which they arise.
Purchases and sales of investment property are recognised when contracts have been unconditionally exchanged and the significant risks and rewards of ownership have been transferred.
 
Page 4

 
HOLLY LODGE MANSIONS MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Investment property (continued)

An investment property is derecognised for accounting purposes upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value) is recognised in profit or loss in the period the asset is derecognised.

 
2.9

Fixed asset investments

Fixed asset investments comprise holdings in unlisted company shares of subsidiary undertakings.
Such holdings are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at cost less provision for impairment at the balance sheet date.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised upon the Company becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined in notes 2.12 to 2.14 of the financial statements.

 
2.11

Debtors

Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment.

 
2.12

Cash and cash equivalents

Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.

 
2.13

Creditors

Creditors are initially measured and subsequently held at transaction price.

Page 5

 
HOLLY LODGE MANSIONS MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

Equity and dividends

Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Equity dividends are recognised in the reporting period in which they become legally payable.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the director is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually reevaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgments, estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:
Valuation of Investment properties
A fair value assessment involves an inevitable degree of judgment in that each property is unique and whose value can only ultimately be reliably tested in the market itself. In his assessment, the director determines a valuation by reference to specific advice from third party experts and available market evidence. In determining the fair value, a number of estimates and assumptions are required based on the property market as a whole and rental yields, nature, location and condition of the specific investment property.


4.


Employees




The average monthly number of employees, including directors, during the period was 0 (2023 - 0).

Page 6

 
HOLLY LODGE MANSIONS MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

5.


Fixed asset investments








Investments in subsidiary companies

£



Cost


Additions
61



At 29 February 2024
61





6.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
219,758


Additions at cost
4,966



At 29 February 2024
224,724

The 2024 valuations were made by the director, on an open market value for existing use basis.





7.


Debtors

29 February
28 February
2024
2023
£
£


Falling due within one year

Amounts owed by group undertakings
9,171
-

Prepayments and accrued income
17,681
-

Deferred taxation
4,803
-

31,655
-


Page 7

 
HOLLY LODGE MANSIONS MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

7.Debtors (continued)

Amounts owed by group undertakings are non-interest bearing, unsecured and repayable on demand with no fixed date for repayment.


8.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
9,302
5,306



9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Amounts owed to group undertakings
277,046
222,377

Corporation tax
-
630

Accruals and deferred income
2,400
1,200

279,446
224,207


Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand with no fixed date of repayment.


10.


Financial instruments

The Company held no financial instruments that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.


11.


Related party transactions

The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
At the balance sheet date, the Company was owed £9,171 (2023: £nil) by non-wholly owned group undertakings. Amounts owed are unsecured, non-interest bearing and repayable on demand with no fixed date of repayment.

Page 8

 
HOLLY LODGE MANSIONS MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024

12.


Controlling party

The Company's immediate parent company is Cedarwood Management Services Limited whose registered office is located at 124 Finchley Road, London, NW3 5JS and who holds a 100% interest in the total voting rights of the Company.
Consolidated financial statements for Cedarwood Management Services Limited are not publicly available by virtue of exemptions available under section 383 of the Companies Act 2006 on the grounds that Cedarwood Management Services Limited and its subsidiary undertakings qualify as small both individually and on consolidation.

 
Page 9