Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseThe principal activity of the company is that of investing in high-value assets for capital appreciation purposes.11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12873969 2023-04-01 2024-03-31 12873969 2022-04-01 2023-03-31 12873969 2024-03-31 12873969 2023-03-31 12873969 c:Director1 2023-04-01 2024-03-31 12873969 d:CurrentFinancialInstruments 2024-03-31 12873969 d:CurrentFinancialInstruments 2023-03-31 12873969 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12873969 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12873969 d:ShareCapital 2024-03-31 12873969 d:ShareCapital 2023-03-31 12873969 d:RetainedEarningsAccumulatedLosses 2024-03-31 12873969 d:RetainedEarningsAccumulatedLosses 2023-03-31 12873969 c:OrdinaryShareClass1 2023-04-01 2024-03-31 12873969 c:OrdinaryShareClass1 2024-03-31 12873969 c:OrdinaryShareClass1 2023-03-31 12873969 c:FRS102 2023-04-01 2024-03-31 12873969 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12873969 c:FullAccounts 2023-04-01 2024-03-31 12873969 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12873969 6 2023-04-01 2024-03-31 12873969 d:Associate1 2023-04-01 2024-03-31 12873969 d:Associate1 1 2023-04-01 2024-03-31 12873969 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12873969














EEP INVESTS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
EEP INVESTS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
EEP INVESTS LIMITED
REGISTERED NUMBER:12873969

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
29,083,059
33,990,070

  
29,083,059
33,990,070

Current assets
  

Debtors: amounts falling due within one year
 5 
5,832,275
7,626,156

Current asset investments
 6 
48,876,194
41,455,709

Cash at bank and in hand
 7 
55,832
8,083

  
54,764,301
49,089,948

Creditors: amounts falling due within one year
 8 
(82,388,203)
(87,287,539)

Net current liabilities
  
 
 
(27,623,902)
 
 
(38,197,591)

Total assets less current liabilities
  
1,459,157
(4,207,521)

  

Net assets/(liabilities)
  
1,459,157
(4,207,521)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
1,459,057
(4,207,621)

  
1,459,157
(4,207,521)


1

 
EEP INVESTS LIMITED
REGISTERED NUMBER:12873969
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 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: 




E E C Pickering
Director

Date: 26 November 2024

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

2

 
EEP INVESTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

EEP Invests Limited is a private company, limited by shares, registered in England and Wales, registration number 12873969. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 
The principal activity of the company is that of investing in high-value assets for capital appreciation purposes.

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

The financial statements have been prepared on the going concern basis as the parent company has confirmed to continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.5

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.

3

 
EEP INVESTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

Valuation of investments

Investments in unlisted company shares and tangible investments, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

Associates

Associates are held at cost less 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.

 
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. 

 
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 enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors, other creditors and loans with related parties.


3.


Employees




The average monthly number of employees, including the director, during the year was 1 (2023 - 1).

4

 
EEP INVESTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Fixed asset investments





Investment in associate
Other investments
Total

£
£
£



Cost 


At 1 April 2023
50
33,990,020
33,990,070


Additions
-
917,989
917,989


Disposals
-
(5,825,000)
(5,825,000)



At 31 March 2024
50
29,083,009
29,083,059





Associate


The following was an associate of the company:


Name

Registered office

Class of shares

Holding

Sector Real Estate Limited
United kingdom
Ordinary
50%


5.


Debtors

As restated
2024
2023
£
£


Amounts owed by group undertakings
-
904,063

Amounts owed by associated undertakings
62,190
20,000

Other debtors
4,217,294
5,153,583

Prepayments and accrued income
4,281
-

Tax recoverable
1,548,510
1,548,510

5,832,275
7,626,156


5

 
EEP INVESTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Current asset investments

2024
2023
£
£

Investments in securities
48,876,194
41,455,709



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
55,832
8,083



8.


Creditors: amounts falling due within one year

2024
2023
£
£

Other loans
7,225,453
10,395,189

Trade creditors
1,000
-

Amounts owed to group undertakings
73,487,478
75,240,364

Corporation tax
1,574,610
1,548,510

Other creditors
54,276
54,276

Accruals
45,386
49,200

82,388,203
87,287,539


EFG Private Bank Limited holds a fixed charge which contains a negative pledge over the assets of the company in respect of all the amounts due from the company.
Bank Julius Baer & Co. Ltd holds a fixed charge which contains a negative pledge over the assets of the company in respect of all the amounts due from the company.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100


6

 
EEP INVESTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Prior year adjustment

During the financial year, it was identified that current asset adjustments amounting to £3,165,000 had been incorrectly classified as movements in retained earnings in prior years. Consequently, adjustments have been made to the retained earnings to correct these postings.


11.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 section 1A paragraph 1AC.35.
Included within other debtors at the year end is an amount of £NIL (2023 - £4,588,178 due from) due to the director of the company. The loan is interest free and repayable on demand.
At the year end is an amount of £NIL (2023 - £20,000) owed from an associated undertaking. The loan is interest free and repayable on demand.

 
7