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Registered number: 07545366










HIB PROPERTIES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
HIB PROPERTIES LIMITED
REGISTERED NUMBER: 07545366

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
5,900,000
5,200,000

  
5,900,000
5,200,000

Current assets
  

Debtors: amounts falling due within one year
 5 
100
11,129

Cash at bank and in hand
 6 
234,887
276,772

  
234,987
287,901

Creditors: amounts falling due within one year
 7 
(1,470,670)
(1,654,025)

Net current liabilities
  
 
 
(1,235,683)
 
 
(1,366,124)

Total assets less current liabilities
  
4,664,317
3,833,876

Provisions for liabilities
  

Deferred tax
 8 
(589,298)
(414,298)

  
 
 
(589,298)
 
 
(414,298)

Net assets
  
4,075,019
3,419,578


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 9 
2,314,411
1,789,411

Profit and loss account
 9 
1,760,508
1,630,067

  
4,075,019
3,419,578


Page 1

 
HIB PROPERTIES LIMITED
REGISTERED NUMBER: 07545366
    
BALANCE SHEET (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 comprehensive income 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: 




................................................
R Ginsberg
Director

Date: 20 March 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
HIB PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


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

£
£
£
£


At 1 July 2022
100
1,789,411
1,452,716
3,242,227


Comprehensive income for the year

Profit for the year
-
-
177,351
177,351



At 1 July 2023
100
1,789,411
1,630,067
3,419,578


Comprehensive income for the year

Profit for the year
-
-
655,441
655,441

Transfer between reserves - movement on fair value revaluation and associated deferred tax
-
525,000
(525,000)
-


At 30 June 2024
100
2,314,411
1,760,508
4,075,019


The notes on pages 4 to 10 form part of these financial statements.

Page 3

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

1.


General information

HIB Properties Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

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 financial statements are prepared in pounds sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company had net current liabilities of £1,235,683 at the balance sheet date. The company is funded by group loans of £1,328,905 included in current liabilities. The financial statements have been prepared on a going concern basis as the parent company, HIB (London) Holdings Limited, has indicated its willingness and ability to support the company for at least 12 months from the date of approval of the financial statements.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the accounts.

 
2.3

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:

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.

Page 4

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

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

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.

 
2.6

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.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers or by the directors 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.

 
2.8

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.

Page 5

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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 3 (2023 - 3).

Page 6

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

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 July 2023
5,200,000


Surplus on revaluation
700,000



At 30 June 2024
5,900,000


Comprising


Cost
2,996,291

Annual revaluation surplus/(deficit):


2019
253,709

2022
1,950,000

2024
700,000

At 30 June 2024
5,900,000

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

The long term leasehold investment property was held as a tangible fixed asset until 17 August 2018 when it was transferred at the deemed cost of £2,996,291, being the historical cost of £3,323,807 and depreciation of £327,516. The value of £2,996,291 was considered by the directors to be the deemed cost and the fair value at the date of transfer.
The long term leasehold investment property had been revalued by Aitchison Raffety Limited (members of Royal Institution of Chartered Surveyors) as at 2 September 2022 at a value of £5,200,000. At 30 June 2022, £1,950,000 had been recognised as the fair value increase in the Statement of Comprehensive Income following the directors' valuation at that date. 
The directors have reviewed the market rates and recently had a rent review, based the rental yields it was established that the market value has gone up in line with the rental yield and therefore, the directors consider that the valuation of £5,900,000 at 30 June 2024 is appropriate.




Page 7

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

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
100
100

Other debtors
-
11,029

100
11,129



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
234,887
276,772

234,887
276,772



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
1,328,905
1,528,905

Corporation tax
43,554
45,722

Other taxation and social security
17,268
13,202

Accruals and deferred income
80,943
66,196

1,470,670
1,654,025



8.


Deferred taxation




2024
2023


£

£






At beginning of year
(414,298)
(414,298)


Charged to profit or loss
(175,000)
-



At end of year
(589,298)
(414,298)

Page 8

 
HIB PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


On revalued investment property
(589,298)
(414,298)

(589,298)
(414,298)


9.


Reserves

Revaluation reserve

The revaluation reserve is the amount arising on the revaluation of investment property, being the difference between the amount of the asset determined under the historical cost convention and the amount determined by the fair value of the asset, net of relevant taxation. The revaluation reserve is a non-distributable reserve.

Profit and loss account

The profit and loss account is represented by retained earnings. Changes in reserves are set out in the Statement of Changes in Equity.


10.Directors' personal guarantees

In respect of the bank loans, the directors W Ginsberg and R Ginsberg have provided personal guarantees for a principal amount of £1,000,000 plus interest and other costs with a legal charge over the company's leasehold property, limited to £500,000.


11.


Related party transactions

The company has taken advantage of the exemption available in Section 1A of Financial Reporting Standard 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group. The consolidated financial statements of the ultimate parent company, HIB (London) Holdings Limited, are available from the Registrar of Companies, Companies House, Cardiff, CF14 3UZ.  


12.


Parent entity

The immediate and ultimate parent company is HIB (London) Holdings Limited, with a registered office as that of HIB Properties Limited. The ultimate controlling party is Mr R I Ginsberg, a director.

Page 9

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

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 20 March 2025 by Neil Stern FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 10