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Registered number: 00650817









EAST ANGLIAN FACILITIES (ROMFORD) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
EAST ANGLIAN FACILITIES (ROMFORD) LIMITED
REGISTERED NUMBER: 00650817

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,674,280
-

  
1,674,280
-

Current assets
  

Debtors
 5 
1,837,891
1,828,237

Cash at bank and in hand
 6 
2,072,264
4,087,641

  
3,910,155
5,915,878

Creditors: amounts falling due within one year
 7 
(51,169)
(484,031)

Net current assets
  
 
 
3,858,986
 
 
5,431,847

Total assets less current liabilities
  
5,533,266
5,431,847

  

Net assets
  
5,533,266
5,431,847


Capital and reserves
  

Called up share capital 
  
500
500

Profit and loss account
  
5,532,766
5,431,347

  
5,533,266
5,431,847

Page 1

 
EAST ANGLIAN FACILITIES (ROMFORD) LIMITED
REGISTERED NUMBER: 00650817
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 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 on 29 November 2024.




C M Iszatt
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
EAST ANGLIAN FACILITIES (ROMFORD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

East Anglian Facilities (Romford) Limited is a private company limited by shares and incorporated in England. Its registered office is 3-7 The Parade, Gallows Corner, Romford, Essex, RM3 0DB. The principal activity of the company continued to be that of trading loan relationships and property development.

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 financial statements are prepared in pounds sterling which is the functional currency of the company and rounded to the nearest £.
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.

 
2.3

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.

 
2.4

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.

 
2.5

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 3

 
EAST ANGLIAN FACILITIES (ROMFORD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

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

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

Derecognition of financial instruments
Page 4

 
EAST ANGLIAN FACILITIES (ROMFORD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.7

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.

 
2.8

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.

 
2.9

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 seperate entity. Once the 
contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statment of comprehensive income 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 seperately from the company in independently administered funds.

 
2.10

Interest income

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

Page 5

 
EAST ANGLIAN FACILITIES (ROMFORD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

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 balance sheet date in the countries where the Company operates and generates income.


3.


Employees

2024
2023
£
£

Wages and salaries
-
63,652

Social security costs
-
5,734

-
69,386


The average monthly number of employees, including directors, during the year was 2 (2023 - 3).


4.


Investment property





Freehold investment property

£



Valuation


Additions at cost
1,674,280



At 29 February 2024
1,674,280

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







5.


Debtors

29 February
28 February
2024
2023
£
£

Due after more than one year
Page 6

 
EAST ANGLIAN FACILITIES (ROMFORD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.Debtors (continued)


Other debtors
18,192
143,667

18,192
143,667

Due within one year

Amounts owed by group undertakings
1,360,709
903,779

Amounts owed by joint ventures and associated undertakings
280,180
699,228

Other debtors
178,810
81,563

1,837,891
1,828,237



6.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
2,072,264
4,087,641

2,072,264
4,087,641



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Amounts owed to associates
15,036
-

Corporation tax
32,671
478,404

Accruals and deferred income
3,462
5,627

51,169
484,031



8.


Controlling party

The ultimate controlling parties were C Iszatt and T Iszatt for the year by virtue of their ownership of the Parent Company East Anglian Facilities Developments Ltd.
 
Page 7