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Registered number: 00716403










GEORGE HAMILTON SMITH PROPERTIES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GEORGE HAMILTON SMITH PROPERTIES LIMITED
REGISTERED NUMBER: 00716403

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
4,880,000
4,880,000

  
4,880,000
4,880,000

Current assets
  

Debtors: amounts falling due within one year
 5 
374,390
293,833

Cash at bank and in hand
  
192,249
217,779

  
566,639
511,612

Creditors: amounts falling due within one year
 6 
(619,843)
(756,766)

Net current liabilities
  
 
 
(53,204)
 
 
(245,154)

Total assets less current liabilities
  
4,826,796
4,634,846

Provisions for liabilities
  

Deferred tax
 7 
(353,627)
(353,627)

  
 
 
(353,627)
 
 
(353,627)

Net assets
  
4,473,169
4,281,219


Capital and reserves
  

Called up share capital 
  
200
200

Other reserves
  
1,959,871
1,959,871

Profit and loss account
  
2,513,098
2,321,148

  
4,473,169
4,281,219


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.

Page 1

 
GEORGE HAMILTON SMITH PROPERTIES LIMITED
REGISTERED NUMBER: 00716403
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2025.




Mrs M.A.G. Fenston
Director

The notes on pages 4 to 9 form part of these financial statements.
Page 2

 
GEORGE HAMILTON SMITH PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
200
1,867,621
2,167,351
4,035,172



Profit for the year
-
-
246,047
246,047

Transfer to/from profit and loss account
-
92,250
(92,250)
-



At 1 April 2023
200
1,959,871
2,321,148
4,281,219



Profit for the year
-
-
191,950
191,950


At 31 March 2024
200
1,959,871
2,513,098
4,473,169


The notes on pages 4 to 9 form part of these financial statements.
Page 3

 
GEORGE HAMILTON SMITH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales. The
address of its registered office is 14th Floor 33 Cavendish Square, London, W1G 0PW. The principal
trading address is 82 Kensington High Street, London, W8 4SJ.

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

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.

Page 4

 
GEORGE HAMILTON SMITH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

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.


 
2.4

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.

 
2.5

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.

 
2.6

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 5

 
GEORGE HAMILTON SMITH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is
Page 6

 
GEORGE HAMILTON SMITH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
4,880,000



At 31 March 2024
4,880,000

The company's investment properties were valued at £4,880,000 on 31 March 2024 by Mrs M.A.G. Fenston, director, on the advice of Levy Real Estate LLP, on an open market value existing use basis. The cost of the land and buildings was £2,566,502 (2023: £2,566,502). No depreciation has been provided.






5.


Debtors

2024
2023
£
£


Trade debtors
26,250
21,738

Other debtors
328,135
250,664

Prepayments and accrued income
20,005
21,431

374,390
293,833


Page 7

 
GEORGE HAMILTON SMITH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
8,803

Amounts owed to group undertakings
57,065
202,065

Corporation tax
97,751
64,927

Other taxation and social security
5,804
1,989

Other creditors
382,629
382,682

Accruals and deferred income
76,594
96,300

619,843
756,766


Page 8

 
GEORGE HAMILTON SMITH PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Deferred taxation




2024
2023


£

£






At beginning of year
(353,627)
(322,877)


Charged to profit or loss
-
(30,750)



At end of year
(353,627)
(353,627)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment properties
(353,627)
(353,627)

(353,627)
(353,627)


8.


Related party transactions

A Director has provided the company with an interest free loan. The balance outstanding at the end of the previous year was included in creditors falling due within one year with an amount of £912. In the current year £100,000 was paid to the Director, leaving a balance of £99,088 within debtors at the year end. No interest has been provided for this amount.
Included in other creditors is a loan due to a company under common control of £195,828 (2023: £195,828). The loan is interest free and repayable on demand.
Included in creditors is a loan due to parent company of £57,065 (2023: £202,065). The loan is interest free and repayable on demand.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 23 January 2025 by David Pumfrey FCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 9