Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-314true2023-04-01falseThe principal activity of the company continued to be that of provision of property management services.4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05946350 2023-04-01 2024-03-31 05946350 2022-04-01 2023-03-31 05946350 2024-03-31 05946350 2023-03-31 05946350 c:Director1 2023-04-01 2024-03-31 05946350 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 05946350 d:FreeholdInvestmentProperty 2024-03-31 05946350 d:CurrentFinancialInstruments 2024-03-31 05946350 d:CurrentFinancialInstruments 2023-03-31 05946350 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05946350 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05946350 d:ShareCapital 2024-03-31 05946350 d:ShareCapital 2023-03-31 05946350 d:RetainedEarningsAccumulatedLosses 2024-03-31 05946350 d:RetainedEarningsAccumulatedLosses 2023-03-31 05946350 c:OrdinaryShareClass1 2023-04-01 2024-03-31 05946350 c:OrdinaryShareClass1 2024-03-31 05946350 c:FRS102 2023-04-01 2024-03-31 05946350 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05946350 c:FullAccounts 2023-04-01 2024-03-31 05946350 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05946350 2 2023-04-01 2024-03-31 05946350 d:FreeholdInvestmentProperty d:PreviouslyStatedAmount 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05946350














FIRST REGIONAL ESTATES LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
FIRST REGIONAL ESTATES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 6


 
FIRST REGIONAL ESTATES LIMITED
REGISTERED NUMBER:05946350

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
5,583,176
5,549,742

  
5,583,176
5,549,742

Current assets
  

Debtors: amounts falling due within one year
 5 
17,797
18,349

Cash at bank and in hand
 6 
64,612
13,197

  
82,409
31,546

Creditors: amounts falling due within one year
 7 
(4,670,719)
(4,667,643)

Net current liabilities
  
 
 
(4,588,310)
 
 
(4,636,097)

Total assets less current liabilities
  
994,866
913,645

  

Net assets
  
994,866
913,645


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
993,866
912,645

  
994,866
913,645


1

 
FIRST REGIONAL ESTATES LIMITED
REGISTERED NUMBER:05946350
    
BALANCE SHEET (CONTINUED)
AS 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 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: 




D C Goldberg
Director

Date: 20 November 2024

The notes on pages 3 to 6 form part of these financial statements.

2

 
FIRST REGIONAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

First Regional Estates Limited is a private company, limited by shares, registered in England and Wales, registration number 05946350. On 11 September 2024, the registered office address was changed to 4th Floor Elsley Court, Great Titchfield Street, London, W1W 8BE from 167, Broadhurst Gardens, London, NW6 3AU.
The principal activity of the company continued to be that of provision of property management services.

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 company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue from provision of property management services recognised by the company in respect of rent and service charge receivable during the year, exclusive of Value Added Tax.

 
2.3

Interest income

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

 
2.4

Borrowing costs

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

3

 
FIRST REGIONAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

 Taxation

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 corporation 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.

 
2.6

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 the Profit and loss account. 

 
2.7

Debtors

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

 
2.8

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.

 
2.9

 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.

 
2.10

 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 other third parties and loans to related parties.

4

 
FIRST REGIONAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

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


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
5,549,742


Additions at cost
33,434



At 31 March 2024
5,583,176

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





5.


Debtors

2024
2023
£
£


Other debtors
17,706
14,363

Prepayments
91
3,986

17,797
18,349



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank
64,612
13,197


5

 
FIRST REGIONAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,728,640
1,728,640

Trade creditors
-
2,100

Corporation tax
26,039
30,448

Other taxation and social security
12,373
2,377

Other creditors
2,836,554
2,836,555

Accruals
67,113
67,523

4,670,719
4,667,643



The bank loan is secured by way of fixed and floating charge over the company's assets and a personal guarantee by the directors limited to £50,000.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 Ordinary shares of £0.01 each
1,000
1,000



9.


Related party transactions

At the year end, the company owed £2,592,304 (2023 - £2,592,304) to the directors, these are included within other creditors. These are interest free loans and are repayable on demand.

 
6