Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29truefalsefalse22023-03-01No description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10608037 2023-03-01 2024-02-29 10608037 2022-03-01 2023-02-28 10608037 2024-02-29 10608037 2023-02-28 10608037 c:Director1 2023-03-01 2024-02-29 10608037 d:FurnitureFittings 2023-03-01 2024-02-29 10608037 d:FurnitureFittings 2024-02-29 10608037 d:FurnitureFittings 2023-02-28 10608037 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10608037 d:OfficeEquipment 2023-03-01 2024-02-29 10608037 d:OfficeEquipment 2024-02-29 10608037 d:OfficeEquipment 2023-02-28 10608037 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10608037 d:ComputerEquipment 2023-03-01 2024-02-29 10608037 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10608037 d:LeaseholdInvestmentProperty 2023-03-01 2024-02-29 10608037 d:LeaseholdInvestmentProperty 2024-02-29 10608037 d:CurrentFinancialInstruments 2024-02-29 10608037 d:CurrentFinancialInstruments 2023-02-28 10608037 d:Non-currentFinancialInstruments 2024-02-29 10608037 d:Non-currentFinancialInstruments 2023-02-28 10608037 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 10608037 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10608037 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 10608037 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10608037 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 10608037 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 10608037 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 10608037 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 10608037 d:ShareCapital 2024-02-29 10608037 d:ShareCapital 2023-02-28 10608037 d:RetainedEarningsAccumulatedLosses 2024-02-29 10608037 d:RetainedEarningsAccumulatedLosses 2023-02-28 10608037 c:FRS102 2023-03-01 2024-02-29 10608037 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 10608037 c:FullAccounts 2023-03-01 2024-02-29 10608037 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10608037 6 2023-03-01 2024-02-29 10608037 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 10608037









CEDARWOOD MANAGEMENT SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
REGISTERED NUMBER: 10608037

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
11,108
2,255

Investments
 6 
13,329
13,407

Investment property
 7 
252,000
-

  
276,437
15,662

Current assets
  

Debtors
 8 
1,644,995
2,149,913

Cash at bank and in hand
 9 
444,706
310,439

  
2,089,701
2,460,352

Creditors: amounts falling due within one year
 10 
(2,344,565)
(2,422,830)

Net current (liabilities)/assets
  
 
 
(254,864)
 
 
37,522

Total assets less current liabilities
  
21,573
53,184

Creditors: amounts falling due after more than one year
 11 
(132,870)
(135,319)

  

Net liabilities
  
(111,297)
(82,135)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(111,397)
(82,235)

  
(111,297)
(82,135)


Page 1

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
REGISTERED NUMBER: 10608037
    
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 year 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 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 by: 

Daniel Sebastian Katz
Director

Date: 20 November 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Cedarwood Management Services Limited (the "Company") is a private company limited by shares and is incorporated and domiciled in the United Kingdom. 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 the UK 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

The sole director at the time of approving the financial statements, having reviewed 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, has a reasonable expectation that the Company has, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
While there will always remain inherent uncertainty, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.

Page 3

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Revenue

Turnover represents management charges receivable and is recognised on provision of services with amounts accrued and/or deferred in accordance with the timing of invoices.

 
2.6

Pensions

The Company makes contributions towards the personal pensions of its employees.
A defined contribution pension plan is one under which the Company pays fixed contributions to a separate entity. Once the contributions have been paid the Company has no further payment obligations.
Contributions payable are recognised as an expense in profit or loss for the reporting period when they fall due. Amounts falling due but not paid are included within other creditors in the balance sheet.

 
2.7

Taxation

Taxation comprises of corporate taxation ("current taxation") and deferred taxation recognised solely 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 where taxable income is generated by the Company through its business operations.
The Company is subject to taxation at the rate enacted by HM Revenue & Customs in respect of trading activities undertaken in the United Kingdom. All such liabilities in respect of UK current taxation payable are provided for as soon as there is a reasonable certainty that a liability will crystallise. The Company did not undertake any other activities in any other country.
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 and 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

Tangible fixed assets

Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation. 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 upon acquisition.

Page 4

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
20%
reducing balance

Depreciation of a tangible fixed asset commences once the asset is available for use. The residual value and depreciation basis of tangible fixed assets are reviewed, and adjusted prospectively where deemed appropriate, if there is an indication of a significant change since the last balance sheet 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 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.
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.

 
2.10

Fixed asset investments

Fixed asset investments comprise holdings in unlisted company shares of subsidiary and associate 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.

Page 5

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

  
2.11

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 2.15 of the financial statements.

 
2.12

Debtors

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

 
2.13

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.

 
2.14

Creditors

Creditors are initially measured and subsequently held at transaction price.

 
2.15

Equity

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.

Page 6

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

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 re-evaluated 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.
Critical judgments in applying the entity’s accounting policies
The valuation of investment properties involves the application, and therefore significant judgment, of unobservable inputs.
Critical accounting estimates and assumptions
The 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:
Investment properties
The fair value of investment properties is determined annually by the director on an open market value basis 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.

Impairment of trade receivables
When assessing the recoverable value of trade receivables, the director considers a variety of factors including the ageing profile of the debt, historical and market experience with the customer and the quality of communications to date.


4.


Employees

2024
2023
£
£

Wages and salaries
110,393
22,824

Social security costs
7,471
668

Cost of defined contribution scheme
-
160,000

117,864
183,492


The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 7

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 March 2023
-
2,808
2,808


Additions
11,484
-
11,484



At 29 February 2024

11,484
2,808
14,292



Depreciation


At 1 March 2023
-
553
553


Charge for the year on owned assets
2,297
334
2,631



At 29 February 2024

2,297
887
3,184



Net book value



At 29 February 2024
9,187
1,921
11,108



At 28 February 2023
-
2,255
2,255


6.


Fixed asset investments









£



Cost


At 1 March 2023
13,407


Additions
2


Disposals
(80)



At 29 February 2024
13,329




Page 8

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Investment property





Short term leasehold investment property

£



Valuation


Additions at cost
252,000



At 29 February 2024
252,000

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





8.


Debtors

29 February
28 February
2024
2023
£
£


Falling due within one year

Amounts owed by group undertakings
287,046
222,377

Amounts owed by associated undertakings
1,050,882
1,703,680

Other debtors
221,849
121,674

Prepayments and accrued income
22,719
51,500

Deferred taxation
62,499
50,682

1,644,995
2,149,913


Amounts owed by group and associated undertakings are non-interest bearing and repayable on demand with no fixed date for repayment.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil.


9.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
444,706
310,439


Page 9

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Other loans
40,142
29,467

Amounts owed to associated undertakings
366,573
366,573

Other taxation and social security
-
668

Other creditors
1,925,850
2,021,922

Accruals and deferred income
12,000
4,200

2,344,565
2,422,830


Amounts owed to associated undertakings are non-interest bearing, as of the balance sheet date, and repayable on demand with no fixed date for repayment.


11.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Other loans
132,870
135,319



12.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Other loans
40,142
29,467

Amounts falling due 1-2 years

Other loans
42,148
30,963

Amounts falling due 2-5 years

Other loans
90,722
104,356


173,012
164,786


Page 10

 
CEDARWOOD MANAGEMENT SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


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.


14.


Pension commitments

Employee and employer contributions totalling £nil (2023: £nil) were outstanding at the balance sheet date and are included in creditors falling due within one year.


15.


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 wholly-owned subsidiary undertakings.
At the balance sheet date the Company was owed £1,161,057 (2023: £1,703,680) by, and owed £366,573 (2023: £366,573) to, companies connected either by virtue of being a non wholly-owned group undertaking, an associated undertaking and/or under common control in respect of intercompany loan accounts.
Interest of £937 (2023: £10,876) was payable by the Company in respect of amounts owed noted above.
Management fees of £8,516 (2023: £4,063) and £22,719 (2023: £21,900) were receivable from the director and from associated undertakings respectively.
At the balance sheet date, the director and his spouse were owed £1,925,849 (2023: £2,021,922) by the Company. Amounts owed are interest-free, unsecured and repayable on demand with no fixed date of repayment.
There were no other related party transactions and/or period end balances to report in accordance with Financial Reporting Standard 102 or the Companies Act 2006 as part of these financial statements.

 
Page 11