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Registered number: 01880425









AIRMINSTER LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
AIRMINSTER LIMITED
REGISTERED NUMBER: 01880425

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
20,120,000
19,900,000

  
20,120,000
19,900,000

Current assets
  

Debtors: amounts falling due within one year
 5 
4,191,439
5,407,235

Cash at bank and in hand
  
332,956
121,377

  
4,524,395
5,528,612

Creditors: amounts falling due within one year
 7 
(546,094)
(333,992)

Net current assets
  
 
 
3,978,301
 
 
5,194,620

Total assets less current liabilities
  
24,098,301
25,094,620

Creditors: amounts falling due after more than one year
 8 
(13,761,531)
(14,279,833)

Provisions for liabilities
  

Deferred taxation
  
(2,000,000)
(2,500,000)

  
 
 
(2,000,000)
 
 
(2,500,000)

Net assets
  
8,336,770
8,314,787


Capital and reserves
  

Called up share capital 
  
5,000
5,000

Profit and loss account
 10 
8,331,770
8,309,787

  
8,336,770
8,314,787


Page 1

 
AIRMINSTER LIMITED
REGISTERED NUMBER: 01880425
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

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 17 March 2025.


A Thrasyvoulou
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
AIRMINSTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Airminster Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS.

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

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.
Rental Income
Property is rented to a single tenant on a quarterly basis at a fixed quarterly rate. The rental income receivable is recognised through the Statement of Income and Retained Earnings in the relevant accounting period to the quarterly invoices. Rental income is measured as the fair value of consideration received less value added taxes.

 
2.3

Going concern

The company meets its day to day working capital requirements through its own funds as well as banking and loan facilities and, in the face of increased borrowing costs, continues to generate sufficient cashflow to meet those costs.
As at 30 June 2024, the company had outstanding secured borrowings of £13.9mil due for repayment, under the current facility agreement, on 10 May 2027. The previoius loan held was refinanced during this year.
In assessing the appropriateness of the going concern basis, the director has taken into account all relevant information, including the above, covering a period of at least twelve months from the date of the approval of the financial statements. Due to the refinance, the director has a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly he considers it appropriate to prepare the financial statements on a going concern basis.

 
2.4

Functional and presentational currency

The Company's functional and presentational currency is GBP. 

Page 3

 
AIRMINSTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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 4

 
AIRMINSTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

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 reporting 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 reporting 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 reporting date.

 
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. 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the period end, work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
Investment property
Investment properties are valued with reference to 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. However there is an inevitable degree of judgment involved in that each property is unique and value can only ultimately be reliably tested in the market itself.

Page 5

 
AIRMINSTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
19,900,000


Surplus on revaluation
220,000



At 30 June 2024
20,120,000

The investment property was revalued to fair value as at 30 June 2024 based on a valuation undertaken on 23 February 2024 by Gerald Eve Chartered Surveyors, which was commissioned by Zorin Finance Limited as part of their review of the loan facility in place. 
The aggregate cost of the investment property is £9,873,863.

The  valuations were made by Gerald Eve Chartered Surveyors, on an open market value for existing use basis.




5.


Debtors

2024
2023
£
£


Other debtors
4,191,439
5,380,683

Prepayments and accrued income
-
26,552

4,191,439
5,407,235



6.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
AIRMINSTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
95,150
26,552

Other taxation and social security
30,267
48,894

Other creditors
7,000
-

Accruals and deferred income
413,677
258,546

546,094
333,992



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,761,531
14,279,833

13,761,531
14,279,833


Secured loans
The loan is secured by the following:
- A first legal charge over the freehold land and buildings known as 185-187 Isledon Road.
- A legal charge over the share capital.
- Debenture on all assets of the company, present and future.
- Assignment of the lease to Travelodge.
The loan is shown net of transaction costs of £158,731 which are to be released over the loan term as per FRS 102. £6,838 was released in the year pro rata. 
Interest is charged at the aggregate of margin of 4.5% pa and SONIA..
The existing loan was refinanced in the current year. The new loan is due for repayment on 10 May 2027.

Page 7

 
AIRMINSTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
(2,500,000)
(2,500,000)


Credited to profit or loss
500,000
-



At end of year
(2,000,000)
(2,500,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment properties
(2,578,000)
(2,500,000)

Deferred tax asset on losses
578,000
-

(2,000,000)
(2,500,000)


10.


Reserves

Profit and loss account

Included in the profit and loss reserve carried forward is an amount of £10,878,023 (2023: £10,658,023) relating to the revaluation of investment properties. Deferred tax provided in respect of these gains amounts to £2,578,000 (2023: £2,500,000) offset with deferred tax on losses amounting to £578,000         (2023: £Nil). Accordingly there are non distributable reserves of £8,878,023 (2023: £8,158,023) included in the profit and loss reserve carried forward.

Page 8

 
AIRMINSTER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Related party transactions

Other creditors includes £7,000 owed to related companies in which A Thrasyvoulou is either a director or has significant influence on the general running of the business. 
During the period, the company paid management charges of £313,790 (2023: £321,290) to New World Hospitality UK Limited.
Included in debtors at the reporting date are the following amounts owed by related companies


2024
2023
£
£

Amounts due from
New World Hospitality UK Limited
2,695,779
3,198,505
Calhurst Limited
861,164
1,799,734
The Pilgrm Limited
178,944
178,944
Roundlodge Limited
10,000
10,000
My Bright Limited
5,000
5,000
New Parkgate Limited
132,000
132,000
Arisco Properties Limited
8,500
6,500
3,891,387
5,330,683


12.


Controlling party

The company is under the control of A Thrasyvoulou, the director of the company.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 18 March 2025 by Ankit Shah (senior statutory auditor) on behalf of Nyman Libson Paul LLP.

 
Page 9