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Registered number: 11909387












7 ST JAMES'S SQUARE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

7 ST JAMES'S SQUARE LIMITED

CONTENTS



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 11



 
REGISTERED NUMBER:11909387
7 ST JAMES'S SQUARE LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,453,202
-

Investment property
 6 
69,900,000
61,700,001

  
71,353,202
61,700,001

Current assets
  

Debtors: amounts falling due within one year
 7 
229,730
71,491

Cash at bank and in hand
  
1,612,726
18,283

  
1,842,456
89,774

Creditors: amounts falling due within one year
 8 
(43,431,906)
(30,678,109)

Net current liabilities
  
 
 
(41,589,450)
 
 
(30,588,335)

Total assets less current liabilities
  
29,763,752
31,111,666

Creditors: amounts falling due after more than one year
 9 
(34,490,664)
(31,191,326)

Provisions for liabilities
  

Deferred tax
  
(185,015)
(794,167)

  
 
 
(185,015)
 
 
(794,167)

Net liabilities
  
(4,911,927)
(873,827)


Capital and reserves
  

Called up share capital 
 11 
1
1

Investment property reserve
 12 
555,043
3,009,892

Profit and loss account
 12 
(5,466,971)
(3,883,720)

Total equity
  
(4,911,927)
(873,827)


Page 1


 
REGISTERED NUMBER:11909387
7 ST JAMES'S SQUARE LIMITED
    
BALANCE SHEET (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 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:




P Mechura
Director

Date: 9 January 2025

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 

7 ST JAMES'S SQUARE LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
(1,109,323)
(2,814,692)
(3,924,014)



Profit for the year
-
-
3,050,187
3,050,187

Fair value movement
-
4,119,215
(4,119,215)
-



At 1 January 2023
1
3,009,892
(3,883,720)
(873,827)


Comprehensive income for the year

Loss for the year
-
-
(4,038,100)
(4,038,100)

Fair value movement
-
(2,454,849)
2,454,849
-


At 31 December 2023
1
555,043
(5,466,971)
(4,911,927)


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 

7 ST JAMES'S SQUARE LIMITED

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

1.


General information

7 St James's Square Limited is a private company limited by shares registered in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.4

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 4

 

7 ST JAMES'S SQUARE LIMITED

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

No depreciation charge recognised in these financial statements as the fixtures and fittings are not yet ready in 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.

 
2.7

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.

Page 5

 

7 ST JAMES'S SQUARE LIMITED

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

2.Accounting policies (continued)

 
2.8

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.


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 other debtors, cash and bank balances and intercompany working capital balances, 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 6

 

7 ST JAMES'S SQUARE LIMITED

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

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

Share capital

Share capital are classified as equity.

Page 7

 

7 ST JAMES'S SQUARE LIMITED

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Valuation of investment properties
Investment properties are professionally valued annually using a fair value methodology derived using comparable recent market transactions on arm’s length terms. There is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.


4.


Employees

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


5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


Additions
1,453,202



At 31 December 2023

1,453,202






Net book value



At 31 December 2023
1,453,202



At 31 December 2022
-

Page 8

 

7 ST JAMES'S SQUARE LIMITED

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

6.


Investment property


Investment property

£



Valuation


At 1 January 2023
61,700,001


Additions at cost
11,473,130


Deficit on revaluation
(3,273,131)



At 31 December 2023
69,900,000

The investment property was fair valued on 31 December 2023 by the Directors, having taken advice from Cusham & Wakefield, an independent RICS qualified valuer.





7.


Debtors

2023
2022
£
£


Other debtors
191,148
-

Called up share capital not paid
1
1

Prepayments and accrued income
38,581
71,490

229,730
71,491



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,167,710
3,058,176

Amounts owed to group undertakings
42,187,137
27,538,722

Accruals and deferred income
77,059
81,211

43,431,906
30,678,109


Amounts owed to group undertakings shown in creditors due within one year are unsecured, interest free and repayable on demand.

Page 9

 

7 ST JAMES'S SQUARE LIMITED

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

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
29,637,137
27,537,137

Accruals and deferred income
4,853,527
3,654,189

34,490,664
31,191,326


Amounts owed to group undertakings shown in creditors due after more than one year are unsecured, are subject to interest at 4.05% per annum and are repayable by 2026.
Accruals and deferred income falling due after more than one year comprises loan interest payable to group entities.


10.


Deferred taxation




2023


£






At beginning of year
(794,167)


Charged to profit or loss
609,152



At end of year
(185,015)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Investment property revaluations
(185,015)
(1,003,297)

Tax losses carried forward
-
209,130

(185,015)
(794,167)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1


Page 10

 

7 ST JAMES'S SQUARE LIMITED

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

12.


Reserves

Revaluation reserve

The revaluation reserve relates to the revaluation of the company's investment property, net of deferred tax. The reserve is not distributable.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


13.


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.


14.


Controlling party

The ultimate parent company and parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is CPI Property Group S.A., whose registered office is at 40 Rue De La Vallee, Luxembourg, L-2661. Copies of these group financial statements are available to the public from the group website.


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

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

 
Page 11