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Registered number: 01855198










KATELLA PROPERTIES COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
KATELLA PROPERTIES COMPANY LIMITED
REGISTERED NUMBER:01855198

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 4 
2,247,654
2,257,676

Investments
 5 
200
130

  
2,247,854
2,257,806

Current assets
  

Debtors: amounts falling due within one year
 6 
4,594,382
1,021,889

Cash at bank and in hand
 7 
68,266
241,168

  
4,662,648
1,263,057

Creditors: amounts falling due within one year
 8 
(936,270)
(303,223)

Net current assets
  
 
 
3,726,378
 
 
959,834

Total assets less current liabilities
  
5,974,232
3,217,640

  

Creditors: amounts falling due after more than one year
 9 
(2,022,459)
-

  
3,951,773
3,217,640

  

  

Net assets
  
3,951,773
3,217,640


Capital and reserves
  

Called up share capital 
  
200
200

Capital redemption reserve
  
92
92

Profit and loss account
  
3,951,481
3,217,348

  
3,951,773
3,217,640


Page 1

 
KATELLA PROPERTIES COMPANY LIMITED
REGISTERED NUMBER:01855198
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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: 




M T Reed
Director

Date: 13 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
KATELLA PROPERTIES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Katella Properties Company Limited is a private company, limited by shares, incorporated in England and Wales, registration number 01855198. The registered office is Blackwater Close, Fairview Industrial Estate, Rainham, Essex, RM13 8UA.

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.

Katella Properties Company Limited is the parent company of a small group. It is not required to prepare and has not prepared group financial statements. The financial statements are those of the parent company, not the group. 
The financial statements are presented in sterling, the functional currency, rounded to the nearest £1.

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.

 
2.3

Interest income

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

 
2.4

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.

Page 3

 
KATELLA PROPERTIES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
2.6

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

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.

The land and buildings are not considered investment properties as they are used for administrative purposes on behalf of the group and are therefore considered freehold property.

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:

Freehold property
-
Straight line over 25 years

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

Page 4

 
KATELLA PROPERTIES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
KATELLA PROPERTIES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees



The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 January 2023
2,576,630



At 31 December 2023

2,576,630



Depreciation


At 1 January 2023
318,954


Charge for the year
10,022



At 31 December 2023

328,976



Net book value



At 31 December 2023
2,247,654



At 31 December 2022
2,257,676

Page 6

 
KATELLA PROPERTIES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
130


Revaluations
70



At 31 December 2023
200





6.


Debtors

2023
2022
£
£


Trade debtors
4,299
1,976

Amounts owed by group undertakings
3,550,321
-

Other debtors
1,024,291
1,005,000

Called up share capital not paid
32
32

Prepayments and accrued income
15,439
14,881

4,594,382
1,021,889



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
68,266
241,168

68,266
241,168


Page 7

 
KATELLA PROPERTIES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
530,000
-

Trade creditors
30,276
18,753

Amounts owed to group undertakings
238,235
238,235

Corporation tax
14,710
35,000

Other taxation and social security
-
5,235

Other creditors
117,049
-

Accruals and deferred income
6,000
6,000

936,270
303,223



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,022,459
-

2,022,459
-



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
530,000
-

Amounts falling due 1-2 years

Bank loans
530,000
-

Amounts falling due 2-5 years

Bank loans
1,492,459
-

2,552,459
-


Page 8

 
KATELLA PROPERTIES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Related party transactions

The company has taken advantage of the expectations of Financial Reporting Standards 102 Section 33 in respect of disclosure of intra-group transactions with wholly owned subsidiaries in the group. 
Included in debtors at the year end, are amounts owed of £305,000 (2023: £305,000) from Wilkins and Reed Holdings Limited, a company of which the director, M Reed, is a director. This amount is unsecured, interest free, has no fixed date of repayment and is repayable on demand.
Included in debtors at the year end, are amounts owed of £200,000 (2023: £200,000) from Mallace Victoria Ltd, a company of which the director, M Reed, is a shareholder. This amount is unsecured, interest free, has no fixed date of repayment and is repayable on demand.
Included in creditors at the year end, are amounts owed of £117,049 (2023: £Nil) to Kilbridge Limited, a company of which the director, M Reed, a the director. This amount is unsecured, interest free, has no fixed date of repayment and is repayable on demand.
During the year, the company made advances of £11,250 to M Reed, the director. At the year end amounts due from M Reed was £511,250 (2023: £500,000) and is included within other debtors. This loan unsecured, interest is charged at commercial rates and repayable on demand. 


12.


Controlling party

The company is controlled by M Reed by virtue of his majority shareholdings. 

 
Page 9