Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10793051 2023-04-01 2024-03-31 10793051 2022-04-01 2023-03-31 10793051 2024-03-31 10793051 2023-03-31 10793051 c:Director1 2023-04-01 2024-03-31 10793051 c:Director2 2023-04-01 2024-03-31 10793051 c:RegisteredOffice 2023-04-01 2024-03-31 10793051 d:MotorVehicles 2023-04-01 2024-03-31 10793051 d:MotorVehicles 2024-03-31 10793051 d:MotorVehicles 2023-03-31 10793051 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10793051 d:FurnitureFittings 2023-04-01 2024-03-31 10793051 d:FurnitureFittings 2024-03-31 10793051 d:FurnitureFittings 2023-03-31 10793051 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10793051 d:ComputerEquipment 2023-04-01 2024-03-31 10793051 d:ComputerEquipment 2024-03-31 10793051 d:ComputerEquipment 2023-03-31 10793051 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10793051 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10793051 d:FreeholdInvestmentProperty 2024-03-31 10793051 d:FreeholdInvestmentProperty 2023-03-31 10793051 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 10793051 d:CurrentFinancialInstruments 2024-03-31 10793051 d:CurrentFinancialInstruments 2023-03-31 10793051 d:Non-currentFinancialInstruments 2024-03-31 10793051 d:Non-currentFinancialInstruments 2023-03-31 10793051 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10793051 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10793051 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 10793051 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10793051 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 10793051 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 10793051 d:ShareCapital 2024-03-31 10793051 d:ShareCapital 2023-03-31 10793051 d:SharePremium 2023-04-01 2024-03-31 10793051 d:SharePremium 2024-03-31 10793051 d:SharePremium 2023-03-31 10793051 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10793051 d:RetainedEarningsAccumulatedLosses 2024-03-31 10793051 d:RetainedEarningsAccumulatedLosses 2023-03-31 10793051 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 10793051 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10793051 c:OrdinaryShareClass2 2023-04-01 2024-03-31 10793051 c:OrdinaryShareClass2 2024-03-31 10793051 c:OrdinaryShareClass2 2023-03-31 10793051 c:OrdinaryShareClass3 2023-04-01 2024-03-31 10793051 c:OrdinaryShareClass3 2024-03-31 10793051 c:OrdinaryShareClass3 2023-03-31 10793051 c:FRS102 2023-04-01 2024-03-31 10793051 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10793051 c:FullAccounts 2023-04-01 2024-03-31 10793051 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10793051 2 2023-04-01 2024-03-31 10793051 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 10793051












GRADE8 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

GRADE8 LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

GRADE8 LIMITED
 
COMPANY INFORMATION


Directors
G R Maidment 
D A Reynolds 




Registered number
10793051



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10793051
GRADE8 LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
166,757
163,245

Investment property
 6 
38,815,000
35,000,000

  
38,981,757
35,163,245

Current assets
  

Debtors: amounts falling due within one year
 7 
96,808
108,964

Cash at bank and in hand
  
52,243
34,421

  
149,051
143,385

Creditors: amounts falling due within one year
 8 
(1,161,657)
(1,132,099)

Net current liabilities
  
 
 
(1,012,606)
 
 
(988,714)

Total assets less current liabilities
  
37,969,151
34,174,531

Creditors: amounts falling due after more than one year
 9 
(18,329,482)
(18,321,582)

Provisions for liabilities
  

Deferred tax
 11 
(2,802,367)
(1,848,867)

Net assets
  
16,837,302
14,004,082


Capital and reserves
  

Called up share capital 
 12 
1,000
1,000

Share premium account
 13 
8,260,351
8,260,351

Profit and loss account
 13 
8,575,951
5,742,731

Total equity
  
16,837,302
14,004,082


Page 2


 
REGISTERED NUMBER:10793051
GRADE8 LIMITED
    
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: 




G R Maidment
Director

Date: 13 November 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

GRADE8 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Grade8 Limited is a private company limited by shares incorporated in England and Wales. The registered office address is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest £.

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 following principal accounting policies have been applied:

  
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Revenue

Revenue represents rent receivable from the company's investment properties.

  
2.4

Other operating income

Gains on disposal of investment properties are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Disposals are recognised at the date of exchange of contracts.

Page 4

 

GRADE8 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
on cost
Fixtures and fittings
-
20%
on cost
Computer equipment
-
20%
on cost

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.

 
2.6

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.

 
2.7

Cash

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


2.8

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 5

 

GRADE8 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)





Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 6

 

GRADE8 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)





Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.9

Share capital

Ordinary shares are classified as equity. 

 
2.10

Interest income

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

 
2.11

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.

 
2.12

Borrowing costs

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

 
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 7

 

GRADE8 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 the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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.


Judgements in applying accounting policies and key sources of estimation uncertainty

Valuation of investment properties
The compny carries its investment properties at fair value, with changes in fair value being recognised through the profit or loss. The 2023 valuations were made by the director, on an open market value for existing use basis. There is an inevitable degree of judgement involved and the fair value can only ultimately be reliably tested in the market itself.


4.


Employees

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

Page 8

 

GRADE8 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 April 2023
123,455
166,793
1,785
292,033


Additions
29,495
45,446
-
74,941



At 31 March 2024

152,950
212,239
1,785
366,974



Depreciation


At 1 April 2023
41,378
87,053
357
128,788


Charge for the year on owned assets
28,624
42,448
357
71,429



At 31 March 2024

70,002
129,501
714
200,217



Net book value



At 31 March 2024
82,948
82,738
1,071
166,757



At 31 March 2023
82,077
79,740
1,428
163,245


6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
35,000,000


Surplus on revaluation
3,815,000



At 31 March 2024
38,815,000

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






Page 9

 

GRADE8 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
14,283
9,934

Other debtors
82,525
99,030

96,808
108,964



8.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
765,949
765,949

Trade creditors
9,005
-

Other taxation and social security
3,765
2,804

Obligations under finance lease and hire purchase contracts
18,112
21,717

Other creditors
346,368
327,479

Accruals and deferred income
18,458
14,150

1,161,657
1,132,099


The bank loan is secured by a fixed and floating charge over the company investment properties.


9.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
18,265,919
18,265,919

Net obligations under finance leases and hire purchase contracts
63,563
55,663

18,329,482
18,321,582


Page 10

 

GRADE8 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
765,949
765,949



Amounts falling due after more than 5 years

Bank loans
18,265,919
18,265,919

19,031,868
19,031,868



11.


Deferred taxation




2024


£






At beginning of year
(1,848,867)


Charged to profit or loss
(953,500)



At end of year
(2,802,367)

2024
2023
£
£


Revaluation of investment properties
(2,802,367)
(1,848,867)

(2,802,367)
(1,848,867)

Page 11

 

GRADE8 LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



990 (2023 - 990) Ordinary A shares of £1.00 each
990
990
10 (2023 - 10) Ordinary B shares of £1.00 each
10
10

1,000

1,000



13.


Reserves

Share premium account

The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss account includes an amount of £8,407,101 (2023: £5,545,601) related to investment properties revaluation, which is not distributable.


14.


Related party transactions

At the balance sheet date, within other creditors is an amount of £214,294 (2023: £205,813) owed to the company's director. The loans are provided interest free. There are no formal terms and conditions regarding repayment of the loans.

 
Page 12