Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-314037000041253422false2023-04-01renting of properties33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00763831 2023-04-01 2024-03-31 00763831 2022-04-01 2023-03-31 00763831 2024-03-31 00763831 2023-03-31 00763831 2022-04-01 00763831 2 2023-04-01 2024-03-31 00763831 d:Director3 2023-04-01 2024-03-31 00763831 e:Buildings e:ShortLeaseholdAssets 2023-04-01 2024-03-31 00763831 e:Buildings e:ShortLeaseholdAssets 2024-03-31 00763831 e:Buildings e:ShortLeaseholdAssets 2023-03-31 00763831 e:PlantMachinery 2023-04-01 2024-03-31 00763831 e:OfficeEquipment 2024-03-31 00763831 e:OfficeEquipment 2023-03-31 00763831 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00763831 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00763831 e:FreeholdInvestmentProperty 2024-03-31 00763831 e:FreeholdInvestmentProperty 2023-03-31 00763831 e:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 00763831 e:LeaseholdInvestmentProperty 2024-03-31 00763831 e:LeaseholdInvestmentProperty 2023-03-31 00763831 e:LeaseholdInvestmentProperty 2 2023-04-01 2024-03-31 00763831 e:CurrentFinancialInstruments 2024-03-31 00763831 e:CurrentFinancialInstruments 2023-03-31 00763831 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 00763831 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00763831 e:ShareCapital 2024-03-31 00763831 e:ShareCapital 2023-03-31 00763831 e:OtherMiscellaneousReserve 2024-03-31 00763831 e:OtherMiscellaneousReserve 2023-03-31 00763831 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00763831 e:RetainedEarningsAccumulatedLosses 2024-03-31 00763831 e:RetainedEarningsAccumulatedLosses 2023-03-31 00763831 d:FRS102 2023-04-01 2024-03-31 00763831 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00763831 d:FullAccounts 2023-04-01 2024-03-31 00763831 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00763831 2 2023-04-01 2024-03-31 00763831 e:OtherDeferredTax 2024-03-31 00763831 e:OtherDeferredTax 2023-03-31 00763831 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 00763831









ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED
REGISTERED NUMBER: 00763831

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
206,956
213,551

Investment property
 6 
20,185,000
20,626,711

  
20,391,956
20,840,262

Current assets
  

Debtors: amounts falling due within one year
 7 
1,151,471
1,073,460

Cash at bank and in hand
 8 
1,144,847
787,963

  
2,296,318
1,861,423

Creditors: amounts falling due within one year
 9 
(8,165,033)
(8,591,923)

Net current liabilities
  
 
 
(5,868,715)
 
 
(6,730,500)

Total assets less current liabilities
  
14,523,241
14,109,762

Provisions for liabilities
  

Deferred tax
 10 
(676,951)
(787,378)

Net assets
  
13,846,290
13,322,384


Capital and reserves
  

Called up share capital 
  
100
100

Non-distributable profit reserve
 11 
3,705,797
4,300,419

Profit and loss account
 11 
10,140,393
9,021,865

  
13,846,290
13,322,384


Page 1

 
ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED
REGISTERED NUMBER: 00763831
    
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 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 19 November 2024.






Mr B Herman
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

St.Marylebone Property Co. Building Works Limited is a private company limited by shares, incorporated in England, United Kingdom.  The address of the registered office, which is also the principal place of business, is 5 Harley Place, London, W1G 8QD.  The company's principal activity was that of property investment and lettings.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.



The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

Depreciation is provided on the following basis:

S/Term Leasehold Property
-
Life of lease
Equipment, 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.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the 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 pofit and loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

 
2.8

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.

 
2.9

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.

 
2.10

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.11

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Interest income

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

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made key assumptions regarding the valuations of the investment properties. The total values reflected in the accounts for freehold investment properties is £16,730,000 (2023 - £17,177,588) and long term leasehold investment properties is £3,455,000 (2023 - £3,449,123) based on fair value.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 -3).

Page 6

 
ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





S/Term Leasehold Property
Equipment, fixtures and fittings
Total

£
£
£



Cost


At 1 April 2023
237,972
49,935
287,907



At 31 March 2024

237,972
49,935
287,907



Depreciation


At 1 April 2023
25,627
48,729
74,356


Charge for the year on owned assets
6,193
402
6,595



At 31 March 2024

31,820
49,131
80,951



Net book value



At 31 March 2024
206,152
804
206,956



At 31 March 2023
212,345
1,206
213,551

Page 7

 
ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2023
17,177,588
3,449,123
20,626,711


Surplus on revaluation
(447,588)
5,877
(441,711)



At 31 March 2024
16,730,000
3,455,000
20,185,000

The 2024 valuations were made by B Herman, Director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
15,802,253
15,802,253

Accumulated depreciation and impairments
(3,869,439)
(3,553,394)

11,932,814
12,248,859


7.


Debtors

2024
2023
£
£


Trade debtors
1,042,545
884,484

Other debtors
36,744
113,305

Prepayments and accrued income
72,182
75,671

1,151,471
1,073,460


Page 8

 
ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,144,847
787,963



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
6,891,244
7,581,512

Corporation tax
137,067
87,343

Other creditors
707,083
526,522

Accruals and deferred income
429,639
396,546

8,165,033
8,591,923



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(787,378)
(787,378)


Charged to profit or loss
110,427
-



At end of year
(676,951)
(787,378)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Investment property revaluation
(676,951)
(787,378)

Page 9

 
ST.MARYLEBONE PROPERTY CO. BUILDING WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Reserves

Non-distributable profit reserve
Non-distributable reserves relating to the unrealised gain or loss on fair value adjustments of investment properties.
Deferred tax has been provided on the revaluation of investment properties.

Profit and loss account

Includes all current and prior period retained profits and losses.


12.


Related party transactions

As a 100% owned subsidiary of St. Marylebone Property Company Ltd, the company has availed themselves of exemption under FRS 102 paragraph 33.1A  from disclosing transactions with group companies.


13.


Controlling party

The company's ultimate parent company and controlling party is St. Marylebone Property Company Ltd. Its parent company's registered address is 5 Harley Place, London, W1G 8QD.

Page 10