Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3112684428131780942023-04-01falsePROPERTY MANAGEMENT67truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02581636 2023-04-01 2024-03-31 02581636 2024-03-31 02581636 2022-04-01 2023-03-31 02581636 2023-03-31 02581636 2022-04-01 02581636 2 2023-04-01 2024-03-31 02581636 d:Director1 2023-04-01 2024-03-31 02581636 e:MotorVehicles 2023-04-01 2024-03-31 02581636 e:MotorVehicles 2024-03-31 02581636 e:MotorVehicles 2023-03-31 02581636 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02581636 e:FurnitureFittings 2023-04-01 2024-03-31 02581636 e:FurnitureFittings 2024-03-31 02581636 e:FurnitureFittings 2023-03-31 02581636 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02581636 e:OfficeEquipment 2023-04-01 2024-03-31 02581636 e:OfficeEquipment 2024-03-31 02581636 e:OfficeEquipment 2023-03-31 02581636 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02581636 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02581636 e:FreeholdInvestmentProperty 2023-04-01 2024-03-31 02581636 e:FreeholdInvestmentProperty 2024-03-31 02581636 e:FreeholdInvestmentProperty 2023-03-31 02581636 e:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 02581636 e:LeaseholdInvestmentProperty 2023-04-01 2024-03-31 02581636 e:LeaseholdInvestmentProperty 2024-03-31 02581636 e:LeaseholdInvestmentProperty 2023-03-31 02581636 e:LeaseholdInvestmentProperty 2 2023-04-01 2024-03-31 02581636 e:CurrentFinancialInstruments 2024-03-31 02581636 e:CurrentFinancialInstruments 2023-03-31 02581636 e:Non-currentFinancialInstruments 2024-03-31 02581636 e:Non-currentFinancialInstruments 2023-03-31 02581636 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 02581636 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 02581636 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 02581636 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 02581636 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-03-31 02581636 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 02581636 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-03-31 02581636 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 02581636 e:ShareCapital 2024-03-31 02581636 e:ShareCapital 2023-03-31 02581636 e:SharePremium 2024-03-31 02581636 e:SharePremium 2023-03-31 02581636 e:InvestmentPropertiesRevaluationReserve 2024-03-31 02581636 e:InvestmentPropertiesRevaluationReserve 2023-03-31 02581636 e:RetainedEarningsAccumulatedLosses 2024-03-31 02581636 e:RetainedEarningsAccumulatedLosses 2023-03-31 02581636 d:OrdinaryShareClass1 2023-04-01 2024-03-31 02581636 d:OrdinaryShareClass1 2024-03-31 02581636 d:OrdinaryShareClass1 2023-03-31 02581636 d:OrdinaryShareClass2 2023-04-01 2024-03-31 02581636 d:OrdinaryShareClass2 2024-03-31 02581636 d:OrdinaryShareClass2 2023-03-31 02581636 d:FRS102 2023-04-01 2024-03-31 02581636 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02581636 d:FullAccounts 2023-04-01 2024-03-31 02581636 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02581636 e:OtherDeferredTax 2024-03-31 02581636 e:OtherDeferredTax 2023-03-31 02581636 6 2023-04-01 2024-03-31 02581636 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02581636


TEDWORTH SQUARE ESTATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
TEDWORTH SQUARE ESTATES LIMITED
REGISTERED NUMBER: 02581636

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,160
477

Investments
 5 
358,787
358,787

Investment property
 6 
6,342,214
6,589,047

  
6,715,161
6,948,311

Current assets
  

Debtors: amounts falling due within one year
 7 
2,323,981
2,380,562

Cash at bank and in hand
 8 
43,189
31,562

  
2,367,170
2,412,124

Creditors: amounts falling due within one year
 9 
(3,095,337)
(2,630,352)

Net current liabilities
  
 
 
(728,167)
 
 
(218,228)

Total assets less current liabilities
  
5,986,994
6,730,083

Creditors: amounts falling due after more than one year
 10 
(1,200,000)
(1,600,000)

Provisions for liabilities
  

Deferred tax
 12 
(394,000)
(571,000)

  
 
 
(394,000)
 
 
(571,000)

Net assets
  
4,392,994
4,559,083


Capital and reserves
  

Called up share capital 
 13 
364
364

Share premium account
  
263,736
263,736

Investment property reserve
  
2,650,281
2,729,480

Profit and loss account
  
1,478,613
1,565,503

  
4,392,994
4,559,083


Page 1

 
TEDWORTH SQUARE ESTATES LIMITED
REGISTERED NUMBER: 02581636
    
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 statement of income and retained earnings 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 W Law
Director

Date: 27 November 2024

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

Page 2

 
TEDWORTH SQUARE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies

 
1.1

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:

 
1.2

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:

Rental income
Revenue from the rental of properties is recognised by the company in the period in which the rents become due.

 
1.3

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.

 
1.4

Borrowing costs

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

 
1.5

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 3

 
TEDWORTH SQUARE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

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.

 
1.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using various bases.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
20%
reducing balance
Office equipment
-
33%
straight line

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.

Page 4

 
TEDWORTH SQUARE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.8

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.

 
1.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.10

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.

 
1.11

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.

 
1.12

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.

 
1.13

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.


2.


General information

Tedworth Square Estates Limited is a private company limited by shares and is incorporated in England and Wales. The company's principal place of business is Curzonfield House, 42-43 Curzon Street, London.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 7).

Page 5

 
TEDWORTH SQUARE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
16,791
1,492
1,716
19,999


Additions
14,400
-
-
14,400



At 31 March 2024

31,191
1,492
1,716
34,399



Depreciation


At 1 April 2023
16,330
1,477
1,716
19,523


Charge for the year on owned assets
701
15
-
716



At 31 March 2024

17,031
1,492
1,716
20,239



Net book value



At 31 March 2024
14,160
-
-
14,160



At 31 March 2023
461
16
-
477


5.


Fixed asset investments





Investments in subsidiary companies
Trade investments
Total

£
£
£



Cost or valuation


At 1 April 2023
338,789
19,998
358,787



At 31 March 2024
338,789
19,998
358,787




Page 6

 
TEDWORTH SQUARE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2023
2,763,827
3,825,220
6,589,047


Additions at cost
-
9,366
9,366


Surplus on revaluation
-
(256,199)
(256,199)



At 31 March 2024
2,763,827
3,578,387
6,342,214

The 2024 valuations were made by J W Law, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 April 2023
2,729,480
2,729,480

Net deficit in movement properties
(79,199)
-

At 31 March 2024
2,650,281
2,729,480




Page 7

 
TEDWORTH SQUARE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
13,091
19,876

Amounts owed by group undertakings
2,305,843
2,351,985

Prepayments and accrued income
5,047
8,701

2,323,981
2,380,562



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
43,189
31,562

43,189
31,562



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,081,034
1,701,034

Payments received on account
17,930
70,044

Trade creditors
104
12,758

Amounts owed to group undertakings
494,401
447,295

Other creditors
320,634
307,647

Accruals and deferred income
181,234
91,574

3,095,337
2,630,352



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,200,000
1,600,000

1,200,000
1,600,000


Page 8

 
TEDWORTH SQUARE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
2,081,034
1,701,034


2,081,034
1,701,034

Amounts falling due 1-2 years

Bank loans
-
400,000


-
400,000

Amounts falling due 2-5 years

Bank loans
1,200,000
1,200,000


1,200,000
1,200,000


3,281,034
3,301,034


Page 9

 
TEDWORTH SQUARE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Deferred taxation




2024
2023


£

£






At beginning of year
(571,000)
(434,000)


Charged to profit or loss
177,000
(137,000)



At end of year
(394,000)
(571,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revalued property
(394,000)
(571,000)

(394,000)
(571,000)

Page 10

 
TEDWORTH SQUARE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100
264 (2023 - 264) Redeemable Preference shares of £1 each
264
264

364

364


The Redeemable Participating Preference Shares were issued under the following terms (inter alia): 
They shall carry no rights to participate in any dividend or other distribution (other than a distribution voted in respect of those shares on account of capital participation or to receive capital distributions out of profit and loss account as resolved by the directors from time to time), nor to vote at any general meetings of the Company. 
On a return of capital on winding up or otherwise, they shall entitle the holders, in priority to any payment to the holder of  any other  class of share,  to payment from the assets of the Company to the nominal Capital  and  any  premium  paid  up  or  credited  as  paid  up,  together  with  a  sum  equal  to  45%  of  the Company's Net Assets (as defined) at the Redemption Date. The first Redemption Date has passed and a distribution of £264,000 was paid on account of capital participation. 
Holders of the Shares must give six months' notice of redemption and the Company must give 28 days.


14.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund.

Page 11

 
TEDWORTH SQUARE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Related party transactions

Tedworth  Square  Estates  Limited,  Mountcurzon  Limited  and  Mountcurzon  Management  Limited  are subsidiaries  of  Mountcurzon  Securities  Limited.  York  House  (Kensington)  Limited  and  York  House (Developments)  Limited  are  subsidiaries  of  Tedworth Square Estates  Limited. Transactions with group companies in the year and amounts outstanding at the year end along with information on balances owed to JW and SL Law are set out below: 


2024
2023
£
£

Mountcurzon Management Limited - fees payable
-
9,240
Mountcurzon Management Limited - creditor
63,657
84,211
Mountcurzon Limited - creditor
421,964
354,304
Mountcurzon Securities Limited - creditor
8,780
8,780
York House (Developments) Limited - debtor
506,186
507,786
York house (Kensington) Limited - debtor
1,799,657
1,844,199
J W and Mrs S L Law - creditor
-
3,392


16.


Controlling party

At 31 March 2023 and 31 March 2024 the ultimate parent company was Mountcurzon Securities Limited, incorporated in England. At 31 March 2023 and 31 March 2024 the ordinary shares of the Company were 76% owned by Mountcurzon Securities Limited. At 31 March 2023 and 31 March 2024 the ultimate control of the company was held by Mr and Mrs J W Law. 
The company is exempt from the obligation to prepare and deliver group accounts of a larger group.

 
Page 12