Caseware UK (AP4) 2024.0.164 2024.0.164 60000006200000falsefalse2023-04-01No description of principal activity32truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04648911 2023-04-01 2024-03-31 04648911 2022-04-01 2023-03-31 04648911 2024-03-31 04648911 2023-03-31 04648911 2 2023-04-01 2024-03-31 04648911 d:Director2 2023-04-01 2024-03-31 04648911 e:FreeholdInvestmentProperty 2024-03-31 04648911 e:FreeholdInvestmentProperty 2023-03-31 04648911 e:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 04648911 e:LeaseholdInvestmentProperty 2024-03-31 04648911 e:LeaseholdInvestmentProperty 2023-03-31 04648911 e:LeaseholdInvestmentProperty 2 2023-04-01 2024-03-31 04648911 e:CurrentFinancialInstruments 2024-03-31 04648911 e:CurrentFinancialInstruments 2023-03-31 04648911 e:Non-currentFinancialInstruments 2024-03-31 04648911 e:Non-currentFinancialInstruments 2023-03-31 04648911 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 04648911 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 04648911 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 04648911 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 04648911 e:ShareCapital 2024-03-31 04648911 e:ShareCapital 2023-03-31 04648911 e:RetainedEarningsAccumulatedLosses 2024-03-31 04648911 e:RetainedEarningsAccumulatedLosses 2023-03-31 04648911 d:OrdinaryShareClass1 2023-04-01 2024-03-31 04648911 d:OrdinaryShareClass1 2024-03-31 04648911 d:OrdinaryShareClass1 2023-03-31 04648911 d:FRS102 2023-04-01 2024-03-31 04648911 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04648911 d:FullAccounts 2023-04-01 2024-03-31 04648911 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04648911 6 2023-04-01 2024-03-31 04648911 e:Associate1 2023-04-01 2024-03-31 04648911 e:Associate1 1 2023-04-01 2024-03-31 04648911 e:Associate2 2023-04-01 2024-03-31 04648911 e:Associate2 1 2023-04-01 2024-03-31 04648911 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04648911 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04648911 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04648911










Cardinal One Limited








Unaudited

Financial statements

For the year ended 31 March 2024

 
Cardinal One Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Cardinal One Limited for the year ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cardinal One Limited for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Cardinal One Limited, as a body, in accordance with the terms of our engagement letter 11 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Cardinal One Limited and state those matters that we have agreed to state to the Board of directors of Cardinal One Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cardinal One Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Cardinal One Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cardinal One Limited. You consider that Cardinal One Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Cardinal One Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
London
21 March 2025
Page 1

 
Cardinal One Limited
Registered number: 04648911

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
4
4

Investment property
 5 
3,000,000
3,100,000

  
3,000,004
3,100,004

Current assets
  

Debtors: amounts falling due within one year
 6 
1,431,531
163,531

Cash at bank and in hand
  
26,465
52,293

  
1,457,996
215,824

Creditors: amounts falling due within one year
 7 
(2,978,148)
(2,953,972)

Net current liabilities
  
 
 
(1,520,152)
 
 
(2,738,148)

Total assets less current liabilities
  
1,479,852
361,856

Creditors: amounts falling due after more than one year
 8 
(1,277,500)
-

Provisions for liabilities
  

Deferred tax
 9 
(18,437)
(18,437)

  
 
 
(18,437)
 
 
(18,437)

Net assets
  
183,915
343,419


Capital and reserves
  

Called up share capital 
 10 
132
132

Profit and loss account
  
183,783
343,287

  
183,915
343,419


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 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 21 March 2025.

R N Harris
Director

The notes on pages 4 to 9 form part of these financial statements.
Page 2

 
Cardinal One Limited
Registered number: 04648911

Balance sheet (continued)
As at 31 March 2024


Page 3

 
Cardinal One Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

The Company is a private company, limited by shares, incorporated in England and Wales with the registration number 04648911. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. The Company's principal place of business is 95 Dorset House, Gloucester Place, London, NW1 5AF.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis despite the company reporting net current liabilities of £1,520,152 (2023: £2,738,148). Included within the Creditors: Amounts due within one year is an amount of £2,726,125 (2023: £2,726,125) due to Cardinal Calypso Limited. Cardinal Calypso Limited has confirmed that they will not call for repayment of the above sums until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors for a period of at least twelve months from the date of approval of the financial statements.
For these reasons, the going concern basis for preparing the financial statements has been adopted.

 
2.3

Turnover

Turnover represents rents and insurance receivable from tenants, credit for which is taken on an accruals basis excluding discounts, rebates, value added tax and other sales taxes.

Page 4

 
Cardinal One Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.4

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.


 
2.5

Investment properties

Investment properties are carried at fair value determined annually by 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 the Statement of income and retained earnings.

 
2.6

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
108,000
65,500

Social security costs
11,132
8,856

119,132
74,356


The average monthly number of employees, including directors, during the year was 3 (2023 - 2).

Page 5

 
Cardinal One Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

4.


Fixed asset investments





Investments in associates

£



Cost


At 1 April 2023
4



At 31 March 2024
4





Participating interests


The following were associates of the company:


Name

Registered office

Principal activity

Class of shares

Holding

Cardia Group Limited
England & Wales
Dormant company
Ordinary
33%
Polysand Limited
England & Wales
Dormant company
Ordinary
33%


5.


Investment properties


Freehold investment properties
Long term leasehold investment properties
Total

£
£
£



Valuation


At 1 April 2023
3,100,000
-
3,100,000


Surplus on revaluation
(100,000)
-
(100,000)



At 31 March 2024
3,000,000
-
3,000,000

The 2024 valuations were made by the directors, 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
5,590,038
5,590,038

Accumulated depreciation and impairments
(1,813,493)
(1,768,802)

3,776,545
3,821,236

Page 6

 
Cardinal One Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

6.


Debtors

2024
2023
£
£


Trade debtors
40,520
90,368

Amounts owed by group undertakings
1,323,883
-

Amounts owed by associated undertakings
1,000
-

Other debtors
11,239
10,669

Prepayments
54,889
62,494

1,431,531
163,531



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
121,883
73,912

Other loans
2,726,125
2,726,125

Trade creditors
5,257
567

Amounts owed to group undertakings
4
12,504

Corporation tax
445
16,257

Other taxation and social security
9,217
3,922

Other creditors
8,520
8,520

Accruals and deferred income
106,697
112,165

2,978,148
2,953,972


Included within "Other loans" is an amount of £2,726,125 (2023: £2,726,125) representing debt assigned to Cardinal Calypso Limited, an associated company. This loan is non-interest bearing and is repayable on demand. 
 


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,277,500
-


The above bank loan is secured by a fixed charge on the company's investment property.  The loan repayments are interest only until the final maturity date of January 2027.


9.


Deferred taxation

Page 7

 
Cardinal One Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024
 
9.Deferred taxation (continued)




2024


£






At beginning of year
(18,437)



At end of year
(18,437)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(18,437)
(18,437)

(18,437)
(18,437)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



132 (2023 - 132) Ordinary shares of £1.00 each
132
132



11.


Dividends

2024
2023
£
£


Interim dividends paid on equity capital
-
303,600

Page 8

 
Cardinal One Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

12.


Contingent liabilities

Cardinal One Limited is jointly and severally liable for the bank and other loans together with other Calypso Property Portfolio companies under the same control. For the purposes of this contingent liability, the Calypso Property Portfolio consists of Cardinal One Limited, Caterfield Limited, Praedia One Limited, Cardia Group Limited and Polysand Limited. The accounts of Cardinal One Limited reflect only its own 50% share of a property portfolio, which totals £6,000,000 (2023: £6,200,000), and its 50% share of the total bank and other loans of £5,452,250 (2023: £5,452,250) that are secured upon those properties. The provision included in these financial statements is £2,726,125 (2023: £2,726,125). No further provision is considered necessary as the directors consider that Cardinal One Limited will have the ongoing financial resources to repay their share of the debt and it is therefore unlikely that this company will incur any further liability.
The Calypso Property Portfolio has a group VAT registration in place. The company is included within this group registration and therefore is jointly and severally liable for the total VAT due. The total VAT liability is £18,434 (2023: £34,792). Cardinal One Limited recognises its 50% share of the liability totalling £9,217 (2023: £17,396). The remainder of the VAT liability, not recognised in these accounts, is £9,217 (2023: £17,396). No further provision is considered necessary as the directors consider that Praedia One Limited will have the ongoing financial resources to repay their share of the debt and it is therefore unlikely that this company will incur any further liability.


13.


Related party transactions

During the year the company paid dividends of £Nil (2023: £303,600) to its immediate parent company.
At the year end the company was owed £1,000 (2023: £Nil) by Sarnia (Office) Properties Limited, a related company of which R N Harris and H G Williams are both directors.  This balance is included within "Debtors: Amounts owed by associated undertakings".
During the year the the company provided a loan to Praedia Investments Limited, its ultimate parent company.  As the year end the company was owed £1,323,883 (2023: £Nil) by Praedia Investments Limited which is included within "Debtors: Amounts owed by group undertakings".


14.


Controlling party

The immediate parent company is Caterfield Limited. The ultimate parent company is Praedia Investments Limited.
The company considers its ultimate control relationship to be the directors and shareholders of Praedia Investments Limited.
All companies are incorporated in England and Wales.


Page 9