Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312022-10-01false39falseActivities of exhibition and fair organisers1falsetrue 11550940 2022-10-01 2023-12-31 11550940 2022-01-01 2022-09-30 11550940 2023-12-31 11550940 2022-09-30 11550940 c:Director1 2022-10-01 2023-12-31 11550940 d:Buildings d:LongLeaseholdAssets 2022-10-01 2023-12-31 11550940 d:Buildings d:LongLeaseholdAssets 2023-12-31 11550940 d:Buildings d:LongLeaseholdAssets 2022-09-30 11550940 d:PlantMachinery 2022-10-01 2023-12-31 11550940 d:PlantMachinery 2023-12-31 11550940 d:PlantMachinery 2022-09-30 11550940 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-12-31 11550940 d:OfficeEquipment 2022-10-01 2023-12-31 11550940 d:OfficeEquipment 2023-12-31 11550940 d:OfficeEquipment 2022-09-30 11550940 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-12-31 11550940 d:ComputerEquipment 2022-10-01 2023-12-31 11550940 d:ComputerEquipment 2023-12-31 11550940 d:ComputerEquipment 2022-09-30 11550940 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-12-31 11550940 d:OtherPropertyPlantEquipment 2022-10-01 2023-12-31 11550940 d:OtherPropertyPlantEquipment 2023-12-31 11550940 d:OtherPropertyPlantEquipment 2022-09-30 11550940 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-12-31 11550940 d:OwnedOrFreeholdAssets 2022-10-01 2023-12-31 11550940 d:Goodwill 2022-10-01 2023-12-31 11550940 d:Goodwill 2023-12-31 11550940 d:Goodwill 2022-09-30 11550940 d:CurrentFinancialInstruments 2023-12-31 11550940 d:CurrentFinancialInstruments 2022-09-30 11550940 d:Non-currentFinancialInstruments 2023-12-31 11550940 d:Non-currentFinancialInstruments 2022-09-30 11550940 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11550940 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 11550940 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11550940 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 11550940 d:ShareCapital 2023-12-31 11550940 d:ShareCapital 2022-09-30 11550940 d:RetainedEarningsAccumulatedLosses 2023-12-31 11550940 d:RetainedEarningsAccumulatedLosses 2022-09-30 11550940 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-10-01 2023-12-31 11550940 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 11550940 c:OrdinaryShareClass1 2022-10-01 2023-12-31 11550940 c:OrdinaryShareClass1 2023-12-31 11550940 c:OrdinaryShareClass1 2022-09-30 11550940 c:FRS102 2022-10-01 2023-12-31 11550940 c:Audited 2022-10-01 2023-12-31 11550940 c:FullAccounts 2022-10-01 2023-12-31 11550940 c:PrivateLimitedCompanyLtd 2022-10-01 2023-12-31 11550940 c:SmallCompaniesRegimeForAccounts 2022-10-01 2023-12-31 11550940 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-10-01 2023-12-31 11550940 2 2022-10-01 2023-12-31 11550940 d:Goodwill d:OwnedIntangibleAssets 2022-10-01 2023-12-31 11550940 e:PoundSterling 2022-10-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11550940









CROMWELL PLACE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
CROMWELL PLACE LIMITED
REGISTERED NUMBER: 11550940

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
30 September
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,700
-

Tangible assets
 5 
555,231
-

  
558,931
-

Current assets
  

Stocks
 6 
12,184
-

Debtors: amounts falling due within one year
 7 
479,894
4

Cash at bank and in hand
  
196,017
-

  
688,095
4

Creditors: amounts falling due within one year
 8 
(1,432,874)
-

Net current (liabilities)/assets
  
 
 
(744,779)
 
 
4

Total assets less current liabilities
  
(185,848)
4

Creditors: amounts falling due after more than one year
 9 
(1,786,411)
-

Provisions for liabilities
  

Other provisions
 10 
(32,813)
-

  
 
 
(32,813)
 
 
-

Net (liabilities)/assets
  
(2,005,072)
4


Capital and reserves
  

Called up share capital 
 11 
4
4

Profit and loss account
  
(2,005,076)
-

  
(2,005,072)
4


Page 1

 
CROMWELL PLACE LIMITED
REGISTERED NUMBER: 11550940
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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: 


................................................
T A C Anstruther
Director
Date: 22 January 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
CROMWELL PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the company in the period under review is that of an art gallary.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office of the company is 5 Cromwell Place, London SW7 2JE.

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 are prepared on a Going Concern basis, not withstanding that as at 31 December 2023 the company had net liabilities of £2,005,072 and net current liabilities of £744,779, and incurred a loss after tax of £2,005,072 for the period then ended.
 
The Director has prepared cashflow forecasts for a period of at least 12 months from the date of approval of these financial statements, which indicate that the company will have sufficient funds, on the basis that the company is funded by loans provided by the shareholders.  The shareholders have provided a letter of support, confirming that for a period of at least 12 months from the date of signing these financial statements that they will continue to provide financial support as needed and not require repayment of any monies already advanced.
 
As with any company placing reliance on shareholder support, the Director acknowledges that there can be no certainty that this support will continue, however, after making enquiries and considering the support available from the shareholders, the director has a reasonable expectation that the company has adequate resources to continue in operation and meet its liabilities as they fall due for 12 months from the date of approval of the financial statements. Accordingly, these financial statements have been prepared on a going concern basis.

Page 3

 
CROMWELL PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

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

 
2.6

Borrowing costs

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

 
2.7

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CROMWELL PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of 10 years.




 
2.9

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 the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the life of the building lease
Plant and machinery
-
2 or 3  years straight line
Office equipment
-
2 or 3 years straight line
Computer equipment
-
2 or 3 years straight line
Assets under construction
-
not depreciated until brought into use

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
CROMWELL PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.


3.


Employees

The average monthly number of employees, including directors, during the period was 39 (2022 - 1).

Page 6

 
CROMWELL PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Intangible assets






Goodwill

£



Cost


Additions
4,000



At 31 December 2023

4,000



Amortisation


Charge for the period on owned assets
300



At 31 December 2023

300



Net book value



At 31 December 2023
3,700



At 30 September 2022
-



Page 7

 


 
CROMWELL PLACE LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023


5.


Tangible fixed assets









Long-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Assets under construction
Total

£
£
£
£
£
£



Cost or valuation


Additions
3,024
340,510
41,836
11,916
224,638
621,924



At 31 December 2023

3,024
340,510
41,836
11,916
224,638
621,924



Depreciation


Charge for the period on owned assets
308
47,723
15,398
3,264
-
66,693



At 31 December 2023

308
47,723
15,398
3,264
-
66,693



Net book value



At 31 December 2023
2,716
292,787
26,438
8,652
224,638
555,231



At 30 September 2022
-
-
-
-
-
-

Page 8

 
CROMWELL PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Stocks

31 December
30 September
2023
2022
£
£

Food and beverage stock
12,184
-

12,184
-


Page 9

 
CROMWELL PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Debtors

31 December
30 September
2023
2022
£
£


Trade debtors
209,106
-

Other debtors
10,110
-

Called up share capital not paid
4
4

Prepayments and accrued income
260,674
-

479,894
4



8.


Creditors: Amounts falling due within one year

31 December
30 September
2023
2022
£
£

Trade creditors
428,426
-

Other taxation and social security
106,173
-

Other creditors
41,521
-

Accruals and deferred income
856,754
-

1,432,874
-



9.


Creditors: Amounts falling due after more than one year

31 December
30 September
2023
2022
£
£

Other creditors
1,786,411
-

1,786,411
-


Page 10

 
CROMWELL PLACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Provisions








Dilapidation provision

£





Charged to profit or loss
32,813



At 31 December 2023
32,813


11.


Share capital

31 December
30 September
2023
2022
£
£
Allotted, called up and fully paid



4 (2022 - 4) Oridnary shares of £1.00 each
4
4



12.


Related party transactions

Included within other creditors is a loan of £1,749,353 payable to a director, the balance is unsecured, interest free and repayable on 1 May 2028.


13.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 23 January 2025 by Mark Prince (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

 
Page 11