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Registered number: 04215916












ACRE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

 

ACRE INVESTMENTS LIMITED

CONTENTS



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


 

ACRE INVESTMENTS LIMITED
 
COMPANY INFORMATION


Directors
R S Dooa 
J Singh 




Company secretary
R Pathak



Registered number
04215916



Registered office
16 Great Queen Street
Covent Garden

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:04215916
ACRE INVESTMENTS LIMITED

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
37,180
48,801

Investment property
 5 
27,320,000
20,540,000

  
27,357,180
20,588,801

Current assets
  

Debtors due after more than 1 year
 6 
269,563
195,839

Debtors due within 1 year
 6 
11,519,743
9,216,217

Cash at bank and in hand
  
1,089,323
1,068,175

  
12,878,629
10,480,231

Creditors: amounts falling due within one year
 7 
(2,441,572)
(2,155,708)

Net current assets
  
 
 
10,437,057
 
 
8,324,523

Total assets less current liabilities
  
37,794,237
28,913,324

Creditors: amounts falling due after more than one year
 8 
(6,624,043)
(4,825,270)

Provisions for liabilities
  

Deferred tax
 10 
(1,077,025)
(290,799)

  
 
 
(1,077,025)
 
 
(290,799)

Net assets
  
30,093,169
23,797,255


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Share premium account
 12 
100,499
100,499

Fair value reserve
 12 
9,114,498
3,120,724

Profit and loss account
 12 
20,877,172
20,575,032

Total equity
  
30,093,169
23,797,255


Page 2


 
REGISTERED NUMBER:04215916
ACRE INVESTMENTS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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: 




J Singh
Director

Date: 20 November 2024

The notes on pages 4 to 12 form part of these financial statements.
Page 3

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Acre Investments Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office 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 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.

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 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 4

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Computer equipment
-
25%

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.

 
2.5

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.


2.6

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

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

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 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 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

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

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.

  
2.7

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

Share capital

Ordinary shares are classified as equity.

 
2.9

Interest income

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

 
2.10

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.

 
2.11

Borrowing costs

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

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 7

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

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.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 8

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 December 2022
104,003
13,505
117,508


Additions
-
998
998


Disposals
(500)
-
(500)



At 30 November 2023

103,503
14,503
118,006



Depreciation


At 1 December 2022
62,906
5,801
68,707


Charge for the year
10,204
2,134
12,338


Disposals
(219)
-
(219)



At 30 November 2023

72,891
7,935
80,826



Net book value



At 30 November 2023
30,612
6,568
37,180



At 30 November 2022
41,097
7,704
48,801


5.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
20,540,000


Surplus on revaluation
6,780,000



At 30 November 2023
27,320,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.




Page 9

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Debtors


2023
2022
£
£

Due after more than one year

Amounts owed by joint ventures and associated undertakings
195,839
195,839

Prepayments and accrued income
73,724
-

269,563
195,839

Due within one year

Trade debtors
66,362
31,741

Amounts owed by group undertakings
295,425
146,410

Other debtors
11,075,440
8,946,390

Prepayments and accrued income
82,516
91,676

11,789,306
9,412,056



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
343,801

Trade creditors
470,658
235,400

Corporation tax
110,877
16,706

Other taxation and social security
3,919
6,215

Other creditors
1,628,055
1,484,877

Accruals and deferred income
218,063
68,709

2,441,572
2,155,708



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
6,624,043
4,825,270


The bank loans are secured by fixed and floating charges over investment properties of the company and
also by way of personal guarantees by the directors. The interest payable on the loans is charged at Base
rate plus an interest margin of 2.50% per annum.
Also included within bank loans is an amount of £26,667 (2022: £36,667) relating to a loan received under the Bounce Back Loan Scheme (BBLS) to support businesses during the Covid-19 pandemic. The loan bears an interest charge of 2.5% per annum.

Page 10

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
343,801

Amounts falling due 1-2 years

Bank loans
16,667
4,825,270

Amounts falling due 2-5 years

Bank loans
6,607,376
-


6,607,376
-


6,634,043
5,169,071



10.


Deferred taxation




2023


£






At beginning of year
(290,799)


Charged to profit or loss
(786,226)



At end of year
(1,077,025)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(39,128)
(41,231)

Deferred tax on revaluation surplus
(1,037,897)
(249,568)

(1,077,025)
(290,799)

Page 11

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



12.


Reserves

Revaluation reserve

The revaluation reserve at the year end was £9,114,498 (2022: £3,120,724).


13.


Related party transactions

Included within other debtors due after more than one year is an amount of £195,839 (2022 - £195,839) due from a related entity. The loan bears annual interest at a rate of 0.25% over the Base Rate.
Included within other creditors is an amount of £449,735 (2022 - £475,822) due to a company under common control. Also, included within other creditors due within one year is an amount of £327,557 (2022 - £445,632) due to a partnership in which the directors are partners. The loans are provided interest free and are unsecured. There are no formal terms and conditions regarding repayment of the loans.
Included within other debtors is an amount of £10,918,342 (2022 - £8,884,111) due from a company under common control. The loans are unsecured. The loan bears annual interest at a rate of 2.5% over the Base Rate.
Included within other debtors is an amount of £30,940 (2022: £Nil) due from entities under common control. The loans are interest free and are unsecured. There are no formal terms and conditions regarding repayment of the loans.
Included within other creditors is an amount of £156,135 (2022: £154,033) due to entities under common control. The loans are interest free and are unsecured. There are no formal terms and conditions regarding repayment of the loans.
Included within other creditors is an amount of £30,000 (2022: £Nil) due to the directors of the company. The loan is interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.

 
Page 12