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Registered number: 11675713












1 BISHOPS AVENUE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 
REGISTERED NUMBER:11675713
1 BISHOPS AVENUE LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
14,291
217,048

Investment property
 6 
97,539,500
171,172,500

  
97,553,791
171,389,548

Current assets
  

Debtors: amounts falling due within one year
 7 
49,642,925
1,241,237

Bank and cash balances
  
461,413
1,088,186

  
50,104,338
2,329,423

Creditors: amounts falling due within one year
 8 
(13,892,540)
(15,681,113)

Net current assets/(liabilities)
  
 
 
36,211,798
 
 
(13,351,690)

Total assets less current liabilities
  
133,765,589
158,037,858

Creditors: amounts falling due after more than one year
 9 
(112,952,961)
(136,029,283)

Provisions for liabilities
  

Deferred tax
 10 
(3,606,649)
(7,866,277)

  
 
 
(3,606,649)
 
 
(7,866,277)

Net assets
  
17,205,979
14,142,298


Capital and reserves
  

Called up share capital 
 11 
1
1

Revaluation reserve
 12 
10,478,106
24,484,287

Profit and loss account
 12 
6,727,872
(10,341,990)

Total equity
  
17,205,979
14,142,298


Page 1


 
REGISTERED NUMBER:11675713
1 BISHOPS AVENUE 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: 7 March 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 

1 BISHOPS AVENUE LIMITED

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
24,843,705
(6,580,062)
18,263,644


Comprehensive income for the year

Loss for the year
-
-
(4,121,346)
(4,121,346)

Fair value movement
-
(359,418)
359,418
-



At 1 January 2023
1
24,484,287
(10,341,990)
14,142,298


Comprehensive income for the year

Profit for the year
-
-
3,063,681
3,063,681

Fair value movement
-
(14,006,181)
14,006,181
-


At 31 December 2023
1
10,478,106
6,727,872
17,205,979


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

1 BISHOPS AVENUE LIMITED

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

1.


General information

1 Bishops Avenue 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 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 judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources and sufficient facilities available from its shareholders to fund its working capital requirements 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

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.

Page 4

 

1 BISHOPS AVENUE LIMITED

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue comprises rental income, service charges and other recoveries from tenants of the company’s investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease. All rental income arises within the UK.
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.

 
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.

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
-
3 years straight line

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

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 5

 

1 BISHOPS AVENUE LIMITED

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

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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 year or prior years.
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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by qualified 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.


2.9

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. 

Page 6

 

1 BISHOPS AVENUE LIMITED

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

2.Accounting policies (continued)





Financial instruments (continued)

Financial assets
Basic financial assets, including trade and 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 classified as debt, 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.

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.

Page 7

 

1 BISHOPS AVENUE LIMITED

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

2.Accounting policies (continued)





Financial instruments (continued)

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

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.

  
2.11

Share capital

Ordinary shares are classified as equity.


3.


Judgments 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 2 (2022 - 2).

Page 8

 

1 BISHOPS AVENUE LIMITED

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

5.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 January 2023
527,160


Additions
19,488


Disposals
(407,252)



At 31 December 2023

139,396



Depreciation


At 1 January 2023
310,112


Charge for the year on owned assets
48,295


Disposals
(233,302)



At 31 December 2023

125,105



Net book value



At 31 December 2023
14,291



At 31 December 2022
217,048


6.


Investment properties


Freehold investment properties
Long term leasehold investment properties
Total

£
£
£



Valuation


At 1 January 2023
74,700,000
96,472,500
171,172,500


Additions at cost
4,625,922
99,250
4,725,172


Disposals
(21,000,000)
(59,750,000)
(80,750,000)


(Deficit)/surplus on revaluation
(733,922)
3,125,750
2,391,828



At 31 December 2023
57,592,000
39,947,500
97,539,500

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






Page 9

 

1 BISHOPS AVENUE LIMITED

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

7.


Debtors

2023
2022
£
£


Trade debtors
22,580
22,673

Amounts owed by group undertakings
48,418,700
1,585

Other debtors
1,086,918
480,357

Prepayments and accrued income
114,727
736,622

49,642,925
1,241,237


Amounts owed by group undertakings shown in debtors are unsecured, interest free and repayable on demand, and no later than September 2028.


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
219,112
121,489

Amounts owed to group undertakings
12,547,735
13,482,293

Other creditors
655,828
517,270

Accruals and deferred income
469,865
1,560,061

13,892,540
15,681,113


Amounts owed to group undertakings shown in creditors due within one year are unsecured, interest free and repayable on demand, and no later than between 2069 and 2072.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
96,100,551
123,349,128

Accruals and deferred income
16,852,410
12,680,155

112,952,961
136,029,283


Amounts owed to group undertakings shown in creditors due after more than one year are unsecured, are subject to interest at 3 to 5% p.a. and are repayable between September 2026 and November 2027
Accruals and deferred income falling due after more than one year comprises loan interest payable to group entities.

Page 10

 

1 BISHOPS AVENUE LIMITED

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

10.


Deferred taxation




2023


£






At beginning of year
(7,866,277)


Charged to profit or loss
4,259,628



At end of year
(3,606,649)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Tax losses carried forward
-
247,954

Surplus on investment properties
(3,606,649)
(8,114,231)

(3,606,649)
(7,866,277)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and
the repayment of capital.



12.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve relates to the revaluation of the company's investment properties, 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.

Page 11

 

1 BISHOPS AVENUE LIMITED

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

14.


Post balance sheet events

Subsequent to the balance sheet date the company disposed of investment properties as follows:
 
On 26 July 2024, a property was disposed of for consideration of £2.9m
On 18 November 2024, an agreement was signed to dispose of a property for consideration of £19.5m
On 20 November 2024, an agreement was signed to dispose of a property for consideration of £4.75m
On 14 February 2024, four properties were transferred to another company within the same group for consideration of £36m


15.


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.


16.


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 11 March 2025 by Jacqueline Oakes (Senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 12