Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31false2false2024-04-12falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14794038 2024-04-11 14794038 2024-04-12 2024-05-31 14794038 2022-06-01 2024-04-11 14794038 2024-05-31 14794038 c:Director2 2024-04-12 2024-05-31 14794038 d:CurrentFinancialInstruments 2024-05-31 14794038 d:Non-currentFinancialInstruments 2024-05-31 14794038 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 14794038 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 14794038 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-05-31 14794038 d:ShareCapital 2024-05-31 14794038 d:RetainedEarningsAccumulatedLosses 2024-05-31 14794038 c:FRS102 2024-04-12 2024-05-31 14794038 c:AuditExempt-NoAccountantsReport 2024-04-12 2024-05-31 14794038 c:FullAccounts 2024-04-12 2024-05-31 14794038 c:PrivateLimitedCompanyLtd 2024-04-12 2024-05-31 14794038 2 2024-04-12 2024-05-31 14794038 d:Right-of-useInvestmentProperty 2024-04-12 2024-05-31 14794038 d:Right-of-useInvestmentProperty 2024-05-31 14794038 e:PoundSterling 2024-04-12 2024-05-31 iso4217:GBP xbrli:pure
Registered number: 14794038









OPTICREALM DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2024

 
OPTICREALM DEVELOPMENTS LIMITED
REGISTERED NUMBER: 14794038

BALANCE SHEET
AS AT 31 MAY 2024

2024
Note
£

Fixed assets
  

Investment property
 4 
2,485,959

  
2,485,959

Current assets
  

Debtors: amounts falling due within one year
 5 
594,901

  
594,901

Creditors: amounts falling due within one year
 6 
(2,469,367)

Net current (liabilities)/assets
  
 
 
(1,874,466)

Total assets less current liabilities
  
611,493

Creditors: amounts falling due after more than one year
 7 
(583,087)

  

Net assets
  
28,406


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
28,306

  
28,406


Page 1

 
OPTICREALM DEVELOPMENTS LIMITED
REGISTERED NUMBER: 14794038

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 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 period 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: 




T Cockburn
Director

Date: 9 January 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
OPTICREALM DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

1.


General information

Opticrealm Developments Limited is a private company, limited by shares, incorporated in England and Wales. The company registration number is 14794038 and the registered office address is 2a Ferdinand Place, London, England, NW1 8EE.

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 company was incorporated on 12 April 2023 and started trading from this date. The reporting date was extended to 31 May 2024 to align with the other entities in the Opticrealm group. 
The financial statements are prepared in sterling which is the functional currency of the Company and
rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered a period of twelve months from the approval date of these financial statements and, with the support of the Group, believe it is appropriate that these financial statements should be prepared on a going concern basis.

 
2.3

Revenue recognition

Rental income comprimises rent receivable by the company in respect of the accounting period. Rental income is recogised on a straight line basis over the life of the lease granted. 

 
2.4

Interest income

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

 
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.

 
2.6

Borrowing costs

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

Page 3

 
OPTICREALM DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

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.

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.


 
2.8

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.

 
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

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.

Page 4

 
OPTICREALM DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

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.

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


3.


Employees

The average monthly number of employees, including directors, during the period was 2. 







4.


Investment property


Property under construction

£



Valuation


Additions at cost
2,485,959



At 31 May 2024
2,485,959

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







5.


Debtors

2024
£


Other debtors
594,801

Called up share capital not paid
100

594,901


Page 5

 
OPTICREALM DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024

6.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
2,028

Amounts owed to associated companies
2,454,342

Corporation tax
9,435

Other taxation and social security
1,312

Accruals
2,250

2,469,367



7.


Creditors: Amounts falling due after more than one year

2024
£

Other loans
583,087

583,087



8.


Loans


Analysis of the maturity of loans is given below:


2024
£




Amounts falling due after more than 5 years

Other loans
583,087

583,087


Other borrowings attract interest at 4% plus base rate. Other borrowings are not due for repayment until May 2033 and are unsecured. Unpaid interest is capitalised annually on 31 December. 


Page 6