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Registered number: 14521029












SQUARE APE CADOGAN LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

 

SQUARE APE CADOGAN LTD

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Notes to the financial statements
 
3 - 10


 

SQUARE APE CADOGAN LTD
 
COMPANY INFORMATION


Directors
K Chakkaphak 
A K Y Cheng 




Registered number
14521029



Registered office
66 Lincoln's Inn Fields

London

WC2A 3LH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:14521029
SQUARE APE CADOGAN LTD

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Note
£

Fixed assets
  

Tangible assets
 5 
16,821

Investment property
 6 
39,800,000

  
39,816,821

Current assets
  

Debtors: amounts falling due within one year
 7 
369,066

Cash at bank and in hand
  
1,802,174

  
2,171,240

Creditors: amounts falling due within one year
 8 
(50,096,425)

Net current liabilities
  
 
 
(47,925,185)

  

Net liabilities
  
(8,108,364)


Capital and reserves
  

Called up share capital 
 9 
100

Fair value reserve
 10 
(8,288,100)

Profit and loss account
  
179,636

Shareholders' deficit
  
(8,108,364)


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: 




K Chakkaphak
A K Y Cheng
Director
Director


Date: 31 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 

SQUARE APE CADOGAN LTD

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

1.


General information

Square APE Cadogan Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is 66 Lincoln's Inn Fields, London, WC2A 3LH.
 
These financial statements have been prepared for a long accounting period from incorporation on 2 December 2022 to 31 March 2024.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The loss reported for the period arises from the revaluation of the investment property. The company is reporting a profit on the rental activities and is cashflow positive. After making enquiries, including confirmation that the amounts payable to group undertakings will only be repaid as the cashflow of the company allows, the directors have a reasonable expectation that the company will continue to generate a cash surplus on an annual basis in future years and has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Turnover

Turnover comprises rental income, service charges and other recoveries from tenants of the company's investment property. Rental income is recognised on an accrual basis in the period in which it is earned, in accordance with the terms of the lease.

 
2.4

Interest income

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

Page 3

 

SQUARE APE CADOGAN LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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:

Fixtures and fittings
-
over 4 years

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 reported in the profit and loss account and transferred at the year end to the fair value reserve.
Investment property is held to earn rentals and/or for capital appreciation and, as such, gains and losses on investment property arising on fair value accounting are unrealised.

 
2.7

Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.8

Share capital

Ordinary shares are classified as equity.

Page 4

 

SQUARE APE CADOGAN LTD

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

2.Accounting policies (continued)


2.9

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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 deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, and intercompany  financing 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 for a similar debt instrument. Financing transactions are those in which      payment is deferred beyond normal business terms or is financed at a rate of interest that is not a       market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any
impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and loans from fellow group companies,  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 for a similar debt instrument. Financing transactions are those
in which payment is deferred beyond normal business terms or is financed at a rate of interest that is
not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.



Page 5

 

SQUARE APE CADOGAN LTD

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

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 

SQUARE APE CADOGAN LTD

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

2.Accounting policies (continued)

 
2.11

Current and deferred tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the period.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods.
Valuation of investment property
The company revalue its investment property to fair value based on advice from independent expert valuers. See Note 6 for details of this valuation.


4.


Employees

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

Page 7

 

SQUARE APE CADOGAN LTD

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

5.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 2 December 2022
-


Additions
18,465



At 31 March 2024

18,465



Depreciation


At 2 December 2022
-


Charge for the period
1,644



At 31 March 2024

1,644



Net book value



At 31 March 2024
16,821


6.


Investment property


Freehold investment property

£



Valuation


At 2 December 2022
-


Additions at cost
48,088,100


Fair value movements
(8,288,100)



At 31 March 2024
39,800,000

Valuation of the investment property was carried out by ProMission Chartered Surveyors as at 31 March 2024, on the basis of Fair Value. Key inputs to the valuation were gross rent and an average yield of 3%.




Page 8

 

SQUARE APE CADOGAN LTD

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

7.


Debtors

2024
£


Trade debtors
52,217

Amounts owed by group undertakings
5,000

Other debtors
243,206

Prepayments
68,643

369,066



8.


Creditors: amounts falling due within one year

2024
£

Trade creditors
9,760

Amounts owed to group undertakings
49,571,011

Corporation tax
203,577

Other creditors
131,595

Accruals
180,482

50,096,425


Amounts owed to group undertakings are interest free and repayable on demand.


9.


Share capital

2024
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


Upon incorporation 100 Ordinary shares of £1.00 each were allotted and are fully paid up.

Page 9

 

SQUARE APE CADOGAN LTD

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

10.


Reserves

Fair value reserve

Fair value reserve relates to accumulated historic fair value movement in the company's investment                properties, net of any deferred tax.
The loss arising from fair value accounting of the investment property has been reported as a unrealised loss in accordance with ICAEW technical guidance (02/17BL).

Profit and loss account

The profit and loss account relates to accumulated historic profits and losses, net of any dividends.            


11.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


12.


Controlling party

The parent undertaking is Square APE Ltd, a company registered in England and Wales. The address of its registered office is 66 Lincoln's Inn Fields, London, WC2A 3LH.


13.


Auditor's information

The auditor's report on the financial statements for the period ended 31 March 2024 was unqualified.

The audit report was signed on 31 January 2025 by H Powell (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 10