Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-308203565582035656122023-05-01falseNo description of principal activity12truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 3305153 2023-05-01 2024-04-30 3305153 2022-05-01 2023-04-30 3305153 2024-04-30 3305153 2023-04-30 3305153 c:Director1 2023-05-01 2024-04-30 3305153 c:Director2 2023-05-01 2024-04-30 3305153 d:MotorVehicles 2023-05-01 2024-04-30 3305153 d:MotorVehicles 2024-04-30 3305153 d:MotorVehicles 2023-04-30 3305153 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 3305153 d:FurnitureFittings 2023-05-01 2024-04-30 3305153 d:FurnitureFittings 2024-04-30 3305153 d:FurnitureFittings 2023-04-30 3305153 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 3305153 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 3305153 d:FreeholdInvestmentProperty 2024-04-30 3305153 d:FreeholdInvestmentProperty 2023-04-30 3305153 d:LeaseholdInvestmentProperty 2024-04-30 3305153 d:LeaseholdInvestmentProperty 2023-04-30 3305153 d:CurrentFinancialInstruments 2024-04-30 3305153 d:CurrentFinancialInstruments 2023-04-30 3305153 d:Non-currentFinancialInstruments 2024-04-30 3305153 d:Non-currentFinancialInstruments 2023-04-30 3305153 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 3305153 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 3305153 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 3305153 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 3305153 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-04-30 3305153 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-04-30 3305153 d:ShareCapital 2024-04-30 3305153 d:ShareCapital 2023-04-30 3305153 d:SharePremium 2023-05-01 2024-04-30 3305153 d:SharePremium 2024-04-30 3305153 d:SharePremium 2023-04-30 3305153 d:RevaluationReserve 2023-05-01 2024-04-30 3305153 d:OtherMiscellaneousReserve 2024-04-30 3305153 d:OtherMiscellaneousReserve 2023-04-30 3305153 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 3305153 c:FRS102 2023-05-01 2024-04-30 3305153 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 3305153 c:FullAccounts 2023-05-01 2024-04-30 3305153 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 3305153 2 2023-05-01 2024-04-30 3305153 6 2023-05-01 2024-04-30 3305153 d:OtherDeferredTax 2024-04-30 3305153 d:OtherDeferredTax 2023-04-30 3305153 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure
Registered number: 3305153


DESIMAN LIMITED



UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024

 
DESIMAN LIMITED
REGISTERED NUMBER:3305153

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
140,260
144,106

Investments
 5 
1,164,426
1,164,426

Investment property
 6 
41,017,827
41,017,828

  
42,322,513
42,326,360

Current assets
  

Debtors: amounts falling due within one year
 7 
28,792,587
26,589,056

Cash at bank and in hand
 8 
377,679
3,053,016

  
29,170,266
29,642,072

Creditors: amounts falling due within one year
 9 
(12,577,211)
(12,493,134)

Net current assets
  
 
 
16,593,055
 
 
17,148,938

Total assets less current liabilities
  
58,915,568
59,475,298

Creditors: amounts falling due after more than one year
 10 
(34,689,115)
(34,850,314)

Provisions for liabilities
  

Deferred tax
 12 
(2,919,539)
(3,361,568)

  
 
 
(2,919,539)
 
 
(3,361,568)

Net assets
  
21,306,914
21,263,416


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
 13 
24,902
24,902

Other reserves
 13 
21,281,012
21,237,514

  
21,306,914
21,263,416


Page 1

 
DESIMAN LIMITED
REGISTERED NUMBER:3305153

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 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 on 26 February 2025.









M.O. Atkinson
P.T. Fellows
Director
Director

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

Page 2

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

1.


General information

The company is a private company, limited by shares and incorporated in England. Its registered office is Kingsridge House, 601 London Road, Westcliff-on-Sea, Essex, SS0 9PE. Its registered number is 03305153

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.3

Interest income

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

 
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 3

 
DESIMAN LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
2.6

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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.


 
2.8

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.

Page 4

 
DESIMAN LIMITED
 

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

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance basis
Fixtures and fittings
-
25% reducing balance basis

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.

 
2.9

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 5

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

3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 May 2023
234,208
116,323
350,531


Additions
40,600
1,238
41,838



At 30 April 2024

274,808
117,561
392,369



Depreciation


At 1 May 2023
106,922
99,504
206,426


Charge for the year on owned assets
41,292
4,391
45,683



At 30 April 2024

148,214
103,895
252,109



Net book value



At 30 April 2024
126,594
13,666
140,260



At 30 April 2023
127,287
16,819
144,106


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
1,164,426



At 30 April 2024
1,164,426




Page 6

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

6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 May 2023
23,045,925
17,971,903
41,017,828



At 30 April 2024
23,045,925
17,971,903
41,017,828

The 2024 valuations were made by the directors using their knowledge and experience in the sector, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
12,329,085
12,329,085

12,329,085
12,329,085



7.


Debtors

2024
2023
£
£


Trade debtors
248,647
111,630

Lending
28,027,083
26,054,055

Prepayments and accrued income
516,857
423,371

28,792,587
26,589,056



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
377,679
3,053,016

377,679
3,053,016


Page 7

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

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
734,663
452,705

Corporation tax
488,655
926,288

Other taxation and social security
4,105
15,951

Other creditors
11,136,460
11,073,158

Accruals and deferred income
213,328
25,032

12,577,211
12,493,134


Page 8

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

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
34,689,115
34,850,314

34,689,115
34,850,314


The following liabilities were secured:

2024
2023
£
£



Bank Loans
34,689,115
34,850,314

34,689,115
34,850,314

Details of security provided:

The current bank lending is secured by the relevant investment property assets, and is made up of  three different loans - 
(i) 10 year interest only mortgage, fixed for 5 years at 4.20%, 5 year variable rate period: LIBOR plus    3.70%. 
(ii) 10 year interest only mortgage, 5 year fixed rate period at 4.10%, 5 year variable rate period: LIBOR plus 3.70% 
(iii) 25 year interest only mortgage, 5 year fixed rate period at 5.20%, 20 year variable rate period: SVR less 1.25%

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
34,689,115
34,850,314

34,689,115
34,850,314

The bank loans above are interest only mortgage with interest charged as follows - 
(i) 10 year interest only mortgage, fixed for 5 years at 4.20%, 5 year variable rate period: LIBOR plus    3.70%. 
(ii) 10 year interest only mortgage, 5 year fixed rate period at 4.10%, 5 year variable rate period: LIBOR plus 3.70% 
(iii) 25 year interest only mortgage, 5 year fixed rate period at 5.20%, 20 year variable rate period: SVR less 1.25%
The loans are repayable in full at the end of the term.

Page 9

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

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
34,689,115
34,850,314

34,689,115
34,850,314

34,689,115
34,850,314



12.


Deferred taxation




2024


£






At beginning of year
(3,361,567)


Charged to other comprehensive income
442,025



At end of year
(2,919,542)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Provision re future property sales
(2,919,542)
(3,361,567)

(2,919,542)
(3,361,567)


13.


Reserves

Share premium account

The share premium reserve arose upon the issue of 98 Non-voting deferred participating shares.

Revaluation reserve

The revaluation reserve includes all current and prior revaluation surpluses net of any deficits, and net of any deferred taxation provisions. 

Profit and loss account

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

Page 10

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

14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £ 5,738 (2023 - £ 6,082). Contributions totalling  £ 1,503 (2023 - £ 1,465) were payable to the fund at the balance sheet date and are included in creditors


15.


Controlling party

The ultimate controlling party of Desiman Limited is Luamak Limited, which is a company incorporated in England. 


Page 11