Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30truefalse2023-07-01falseThe company serves to provide a range of services to the barristers of Trinity Chambers. These include reception, secretarial and administrative duties. The aim is to ease the secondary stress and workload on the barristers allowing them to maximise professional, billable time. Indian Kings Walk 1 Limited seeks to provide a holistic back up to the barristers that they can rely on and which, therefore, serves as an attraction to the Chambers that is not found elsewhere in that industry.1falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04454466 2023-07-01 2024-06-30 04454466 2024-06-30 04454466 2022-07-01 2023-06-30 04454466 2023-06-30 04454466 2022-07-01 04454466 2 2023-07-01 2024-06-30 04454466 2 2022-07-01 2023-06-30 04454466 d:Director3 2023-07-01 2024-06-30 04454466 e:Buildings 2024-06-30 04454466 e:Buildings 2023-06-30 04454466 e:Buildings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04454466 e:Buildings e:ShortLeaseholdAssets 2023-07-01 2024-06-30 04454466 e:Buildings e:ShortLeaseholdAssets 2024-06-30 04454466 e:Buildings e:ShortLeaseholdAssets 2023-06-30 04454466 e:FurnitureFittings 2023-07-01 2024-06-30 04454466 e:FurnitureFittings 2024-06-30 04454466 e:FurnitureFittings 2023-06-30 04454466 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04454466 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04454466 e:CurrentFinancialInstruments 2024-06-30 04454466 e:CurrentFinancialInstruments 2023-06-30 04454466 e:Non-currentFinancialInstruments 2024-06-30 04454466 e:Non-currentFinancialInstruments 2023-06-30 04454466 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 04454466 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 04454466 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 04454466 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 04454466 e:ShareCapital 2023-07-01 2024-06-30 04454466 e:ShareCapital 2024-06-30 04454466 e:ShareCapital 2022-07-01 2023-06-30 04454466 e:ShareCapital 2023-06-30 04454466 e:ShareCapital 2022-07-01 04454466 e:SharePremium 2023-07-01 2024-06-30 04454466 e:SharePremium 2024-06-30 04454466 e:SharePremium 2 2023-07-01 2024-06-30 04454466 e:SharePremium 2022-07-01 2023-06-30 04454466 e:SharePremium 2023-06-30 04454466 e:SharePremium 2022-07-01 04454466 e:SharePremium 2 2022-07-01 2023-06-30 04454466 e:CapitalRedemptionReserve 2023-07-01 2024-06-30 04454466 e:CapitalRedemptionReserve 2024-06-30 04454466 e:CapitalRedemptionReserve 2 2023-07-01 2024-06-30 04454466 e:CapitalRedemptionReserve 2022-07-01 2023-06-30 04454466 e:CapitalRedemptionReserve 2023-06-30 04454466 e:CapitalRedemptionReserve 2022-07-01 04454466 e:CapitalRedemptionReserve 2 2022-07-01 2023-06-30 04454466 e:RevaluationReserve 2023-07-01 2024-06-30 04454466 e:RevaluationReserve 2024-06-30 04454466 e:RevaluationReserve 2 2023-07-01 2024-06-30 04454466 e:RevaluationReserve 2022-07-01 2023-06-30 04454466 e:RevaluationReserve 2023-06-30 04454466 e:RevaluationReserve 2022-07-01 04454466 e:RevaluationReserve 2 2022-07-01 2023-06-30 04454466 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 04454466 e:RetainedEarningsAccumulatedLosses 2024-06-30 04454466 e:RetainedEarningsAccumulatedLosses 2 2023-07-01 2024-06-30 04454466 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 04454466 e:RetainedEarningsAccumulatedLosses 2023-06-30 04454466 e:RetainedEarningsAccumulatedLosses 2022-07-01 04454466 e:RetainedEarningsAccumulatedLosses 2 2022-07-01 2023-06-30 04454466 e:AcceleratedTaxDepreciationDeferredTax 2024-06-30 04454466 e:AcceleratedTaxDepreciationDeferredTax 2023-06-30 04454466 d:OrdinaryShareClass1 2023-07-01 2024-06-30 04454466 d:OrdinaryShareClass1 2024-06-30 04454466 d:OrdinaryShareClass1 2023-06-30 04454466 d:FRS102 2023-07-01 2024-06-30 04454466 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 04454466 d:FullAccounts 2023-07-01 2024-06-30 04454466 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04454466 2 2023-07-01 2024-06-30 04454466 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Company Registration Number 04454466























INDIAN KINGS WALK 1 LIMITED





UNAUDITED
FINANCIAL STATEMENTS





 30 JUNE 2024























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INDIAN KINGS WALK 1 LIMITED
REGISTERED NUMBER: 04454466

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,942,385
2,961,330

  
2,942,385
2,961,330

Current assets
  

Debtors: amounts falling due within one year
 6 
155,369
110,893

Cash at bank and in hand
  
263,455
256,387

  
418,824
367,280

Creditors: amounts falling due within one year
 7 
(148,898)
(1,119,359)

Net current assets/(liabilities)
  
 
 
269,926
 
 
(752,079)

Total assets less current liabilities
  
3,212,311
2,209,251

Creditors: amounts falling due after more than one year
 8 
(972,467)
-

Provisions for liabilities
  

Deferred tax
 9 
(133,431)
(132,510)

  
 
 
(133,431)
 
 
(132,510)

Net assets
  
2,106,413
2,076,741


Capital and reserves
  

Called up share capital 
 10 
675,071
720,920

Share premium account
  
269,599
269,599

Undistributable profit and loss reserve
  
237,646
237,646

Capital redemption reserve
  
616,337
570,488

Profit and loss account
  
307,760
278,088

  
2,106,413
2,076,741


Page 1

 
INDIAN KINGS WALK 1 LIMITED
REGISTERED NUMBER: 04454466
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 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 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: 




A T Hedworth KC
Director
Date: 17 December 2024

The notes on pages 5 to 12 form part of these financial statements.

Page 2

 
INDIAN KINGS WALK 1 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Capital redemption reserve
Undistributable profit and loss reserve
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 July 2023
720,920
269,599
570,488
237,646
278,088
2,076,741


Comprehensive income for the year

Profit for the year

-
-
-
-
151,448
151,448


Other comprehensive income for the year
-
-
-
-
-
-


Total comprehensive income for the year
-
-
-
-
151,448
151,448


Contributions by and distributions to owners

Maintenance of capital
-
-
45,849
-
(45,849)
-

Cancellation of subscribed capital
(45,849)
-
-
-
(75,927)
(121,776)


Total transactions with owners
(45,849)
-
45,849
-
(121,776)
(121,776)


At 30 June 2024
675,071
269,599
616,337
237,646
307,760
2,106,413


The notes on pages 5 to 12 form part of these financial statements.

Page 3

 
INDIAN KINGS WALK 1 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Capital redemption reserve
Undistributable profit and loss reserve
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 July 2022
729,727
230,590
535,675
237,646
252,264
1,985,902


Comprehensive income for the year

Profit for the year

-
-
-
-
124,397
124,397


Other comprehensive income for the year
-
-
-
-
-
-


Total comprehensive income for the year
-
-
-
-
124,397
124,397


Contributions by and distributions to owners

Issue of shares
26,006
39,009
-
-
-
65,015

Maintenance of capital
-
-
34,813
-
(34,813)
-

Cancellation of subscribed capital
(34,813)
-
-
-
(63,760)
(98,573)


Total transactions with owners
(8,807)
39,009
34,813
-
(98,573)
(33,558)


At 30 June 2023
720,920
269,599
570,488
237,646
278,088
2,076,741


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
INDIAN KINGS WALK 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales. The 
address of the registered office is C/O Armstrong Watson First Floor, One Strawberry Lane, 
Newcastle Upon Tyne, United Kingdom, NE1 4BX. 

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

Revenue recognition

Turnover represents rental income (licences to occupy) relating to the year, excluding value added 
tax.

 
2.3

Interest income

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

 
2.4

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 reporting 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 reporting 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 reporting date.

Page 5

 
INDIAN KINGS WALK 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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, as follows.

Depreciation is provided on the following basis:

Leasehold Property Improvements
-
Depreciated over lease term
Equipment, fixtures and fittings
-
15%
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.

  
2.6

Investment property

Investment property is carried at fair value determined annually 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.

 
2.7

Financial instruments

Financial instruments are recognised in the Company's Statement of financial position 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.

Page 6

 
INDIAN KINGS WALK 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


3.

Profit before taxation

Profit before taxation is stated after charging:

2024
2023
        £
        £
Depreciation of tangible assets

18,945

950
 

18,945

950
 


4.


Employees

2024
2023
£
£

Wages and salaries
11,030
-

Social security costs
581
-

11,611
-


The average monthly number of employees, including directors, during the year was 1 (2023 - 0).

Page 7

 
INDIAN KINGS WALK 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Freehold property
Short-term leasehold property
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 July 2023
2,915,000
46,632
98,878
3,060,510



At 30 June 2024

2,915,000
46,632
98,878
3,060,510



Depreciation


At 1 July 2023
-
720
98,460
99,180


Charge for the year
-
18,800
145
18,945



At 30 June 2024

-
19,520
98,605
118,125



Net book value



At 30 June 2024
2,915,000
27,112
273
2,942,385



At 30 June 2023
2,915,000
45,912
418
2,961,330

The investment property is included in the balance sheet on the basis of open market value for 
current use, based on the directors' valuation. The historic cost of the properties is £2,695,000 
(2023: £2,695,000).
The liability to corporation tax on chargeable gains that would arise, should the property be sold, 
is £nil (2023: £nil)


6.


Debtors

2024
2023
£
£


Trade debtors
60,630
58,200

Other debtors
94,739
52,693

155,369
110,893


Page 8

 
INDIAN KINGS WALK 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
33,825
1,040,165

Corporation tax
56,122
30,762

Other taxation and social security
48,006
22,195

Other creditors
10,945
26,237

148,898
1,119,359


Included within creditors due less than one year is a bank loan of £33,825 (2023: £1,040,165) secured on the assets of the company, including the freehold premises at 24 Ridley Place, Newcastle upon Tyne and The Custom House, Quayside, Newcastle upon Tyne. 

Page 9

 
INDIAN KINGS WALK 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
972,467
-

972,467
-


Included within creditors due after more than one year is a bank loan of £972,467 (2023: £Nil) secured on the assets of the company, including the freehold premises at 24 Ridley Place, Newcastle upon Tyne and The Custom House, Quayside, Newcastle upon Tyne. 

Page 10

 
INDIAN KINGS WALK 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Deferred taxation




2024


£






At beginning of year
(132,510)


Charged to profit or loss
(921)



At end of year
(133,431)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Included in provisions
(133,431)
(132,510)

(133,431)
(132,510)

Page 11

 
INDIAN KINGS WALK 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



675,071 (2023 - 720,920) Ordinary shares of £1.00 each
675,071
720,920

During the year the company cancelled 45,849 of the company's own £1 Ordinary shares with a 
nominal value of £45,849 for a total consideration of £121,776.
On 27 June the company also passed a special resolution to allot a further 19,767 Ordinary shares at £2.72 per share. These shares were alloted on 15 August 2024.



11.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold. 

Undistributable profit and loss reserve

This reserve records the fair value movements on the investment property valued above original cost. 

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

This reserve records retained earnings and accumulated losses.


12.


Related party transactions

Included within other debtors is an amount of £52,801 owed by Trinity Chambers (2023: £35,296).
During the year the company continued to provide a guarantee over the overdraft facility of Trinity 
Chambers. The guarantee is secured on the freehold property of the company. As at 30 June 2024 
the overdraft balance of Trinity Chambers was £nil (2023: £nil). 


13.


Finance Leases - company as lessee

At 30 June 2024 Indian Kings Walk 1 Limited had future minimum lease payments under non-cancellable operating leases of £60,176 (2023: £114,761).

 
Page 12