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Registered number: 10100065









WITMOND IRVINE LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
WITMOND IRVINE LIMITED
REGISTERED NUMBER: 10100065

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
-
7

Investment property
  
2,080,000
1,580,000

  
2,080,000
1,580,007

Current assets
  

Cash at bank and in hand
 6 
12,051
27,857

  
12,051
27,857

Creditors: amounts falling due within one year
 7 
(1,997,189)
(592,223)

Net current liabilities
  
 
 
(1,985,138)
 
 
(564,366)

Total assets less current liabilities
  
94,862
1,015,641

Creditors: amounts falling due after more than one year
 8 
(242,015)
(1,087,441)

Provisions for liabilities
  

Deferred tax
 10 
(2,777)
(10,156)

  
 
 
(2,777)
 
 
(10,156)

Net liabilities
  
(149,930)
(81,956)


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
(150,030)
(82,056)

  
(149,930)
(81,956)


Page 1

 
WITMOND IRVINE LIMITED
REGISTERED NUMBER: 10100065

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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 income and retained earnings 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 on 29 January 2025.

Mr A Irvine
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
WITMOND IRVINE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Witmond Irvine Limited is a private Company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is Unit A, Trinity Court, Anderson Road, Buckingway Business Park, Swavesey, Cambridge, CB24 4UQ. The principal activity of the Company is that of a property investment Company.

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's functional and presentational currency is pound sterling.
These financial statements are round to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which assumes the continued financial support of the directors and its bankers.
The directors consider that the resources available to the company will be sufficient for it to be able to continue as a going concern.

 
2.3

Revenue

Turnover comprises rent receivable for the period together with other property related income, exclusive of Value Added Tax and trade discounts. 

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Interest income

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

 
2.6

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.

Page 3

 
WITMOND IRVINE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Borrowing costs

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

 
2.8

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.


 
2.9

Investment property

Investment property is carried at fair value determined annually by the directors and derived rom 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

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
WITMOND IRVINE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Fixed asset investments





Unlisted investments

£





At 1 May 2023
7


Disposals
(7)



At 30 April 2024
-




Page 5

 
WITMOND IRVINE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
1,580,000


Additions at cost
529,518


Surplus on revaluation
(29,518)



At 30 April 2024
2,080,000

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







6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
12,051
27,857



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,232
2,232

Other creditors
1,789,454
453,955

Accruals and deferred income
205,503
136,036

1,997,189
592,223



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
242,015
1,087,441


Bank loans were secured against investment properties held by the company.

Page 6

 
WITMOND IRVINE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
2,232
2,232

Amounts falling due 1-2 years

Bank loans
2,015
2,232

Amounts falling due 2-5 years

Bank loans
-
1,945

Amounts falling due after more than 5 years

Bank loans
240,000
1,083,264

244,247
1,089,673



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(10,156)
(7,719)


Charged to profit or loss
7,379
(2,437)



At end of year
(2,777)
(10,156)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


On investment properties
(2,777)
(10,156)

Page 7

 
WITMOND IRVINE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



12.


Related party transactions

During the year Mr A Irvine, director of the company, operated a loan account with the company. The amount due to Mr A Irvine at the year end was £897,834 (2023 - £147,834).
Interest accrued during the year on the outstanding loan balance totalled £24,820 (2023 - £11,876).
During the year Mrs A Irvine, director of the company, operated a loan with the company. The amount due to Mrs A Irvine at the year end was £891,620 (2023 - £306,120).
Interest accrued during the year on the outstanding loan balance totalled £44,117 (2023 - £22,958).


Page 8