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Registered number: 14017793









OLD TREE COURT LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
OLD TREE COURT LIMITED
 
 
 
COMPANY INFORMATION


 
Directors
Dan Barnea 
Geva Dagan 




Registered number
14017793



Registered office
14 Berkeley Street
Mayfair

London

W1J 8DX




Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS





 
OLD TREE COURT LIMITED
 
 
 
CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 8
Statement of Profit or Loss and Other Comprehensive Income
9
Statement of financial position
10 - 11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 26
Detailed profit and loss account and summaries
26

 
OLD TREE COURT LIMITED
 
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present the strategic report for the year ended 31 December 2024.

Business review
 
The Company acquired an investment property during a previous period which it has continued to lease to commercial tenants during this period. The Company remains funded by loans from shareholders and by a bank loan.

Financial key performance indicators
 
The Company uses revenue and profit as key performance indicators. During the financial period revenue was £472,496 and loss before tax was £239,563. The loss for the period includes a gain on revaluation of the investment property of £15,658. The directors are hopeful that the financial performance of the Company will improve in future periods and the Company remains a going concern due to the funding provided by shareholders and by the bank loan.

Principal risks and uncertainties
 
The Company uses commercial property agents to help find tenants for the property and to ensure that rent is collected from those tenants. 


This report was approved by the board on 6 March 2025 and signed on its behalf.



Geva Dagan
Director

Page 1

 
OLD TREE COURT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the Company is investment property management.

Results and dividends

The loss for the year, after taxation, amounted to £239,563 (2023 - loss £1,149,269).

Directors

The directors who served during the year were:

Dan Barnea 
Geva Dagan 

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements, in accordance with applicable law.

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Financial instruments

Details of the Company's approach to financial instruments are set out in note 1 to the financial statements.

Page 2

 
OLD TREE COURT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 6 March 2025 and signed on its behalf.
 



Geva Dagan
Director
Page 3

 
OLD TREE COURT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD TREE COURT LIMITED
 

Opinion


We have audited the financial statements of Old Tree Court Limited for the year ended 31 December 2024 which comprise the statement of profit or loss and other comprehensive incomethe statement of financial positionthe statement of cash flowsthe statement of changes in equity and the related notes, including a summary of significant accounting policies set out on pages 14 - 18. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;

have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and

have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included:

A review of the bank and other loan facilities available to the Company and an assessment that such facilities are adequate to meet the Company's borrowing requirements for a period of at least twelve months from when the financial statements are authorised for issue.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

 
OLD TREE COURT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD TREE COURT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the annual report, other than the financial statements and our auditors' report thereon.  The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006


In our opinion, based on the work undertaken in the course of the audit: 

the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Page 5

 
OLD TREE COURT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD TREE COURT LIMITED (CONTINUED)


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the directors' responsibilities statement on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error, by designing and performing audit procedures responsive to those risks and obtaining sufficient and appropriate evidence to provide a basis for our opinion.
In identifying and assessing risks of material misstatement, we have considered the following:
- the nature of the industry and sector in which the Company operates;
- the control environment and business performance of the Company;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and detecting and responding to the risks of fraud;
- whether the directors were aware of any instances of non-compliance or of actual, suspected or alleged fraud;
 
Page 6

 
OLD TREE COURT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD TREE COURT LIMITED (CONTINUED)


- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
- those matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As is common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management.
The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation.
The key laws and regulations we considered in this context included the Company’s ongoing compliance with the UK Companies Act and tax legislation.
We communicated those relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
Auditing standards limit the required audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
In addition, as with any audit, the risk of non-detection of a material misstatement resulting from fraud is greater than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance.
As a result of performing the above, we identified the risk of management override as a key audit matter related to the potential risk of fraud. In response to this, our procedures included:
- testing the appropriateness of journal entries and other adjustments;
- assessment of the appropriateness of accounting policies used, the reasonableness of accounting estimates and judgments implemented and whether there is indication of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the aforementioned, our procedures to respond to risks identified included the following:
- evaluation of the overall presentation, structure and content of the financial statements and whether the financial statements represent the underlying transactions and events in a manner that achieves a presentation
Page 7

 
OLD TREE COURT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD TREE COURT LIMITED (CONTINUED)


that is true and fair.and in accordance with the provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
- concluding on the appropriateness of the directors application of the going concern basis of accounting in preparing the financial statements and, based on the evidence obtained, concluding whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern.
Our conclusions in regards to going concern are based on the evidence obtained up to the date of the audit report and may not account for all future events or conditions that may transpire as subsequent events may result in outcomes that are inconsistent with judgments that were reasonable at the time they were made. Consequently, our conclusions are not a guarantee that the Company will continue in operation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




 
 
Richard Paul (senior statutory auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants
Statutory Auditors
  
124 Finchley Road
London
NW3 5JS

6 March 2025
Page 8

 
OLD TREE COURT LIMITED
 
 
 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023
Note
£
£

  

Revenue
 6 
472,496
407,178

Gross profit
  
472,496
407,178

  

Administrative expenses
  
(171,731)
(170,790)

Profit from operations
  
300,765
236,388

  

Finance income
 8 
1,203
35

Finance expense
 8 
(557,189)
(548,072)

Fair value gains/(losses)
 10 
15,658
(837,620)

Loss before tax
  
(239,563)
(1,149,269)

  

Loss for the year
  
(239,563)
(1,149,269)


Total comprehensive income
  
(239,563)
(1,149,269)

The notes on pages 14 to 26 form part of these financial statements.

Page 9

 
OLD TREE COURT LIMITED
REGISTERED NUMBER: 14017793
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024


2024
2023
Note
£
£


Assets

Non-current assets
  

Property, plant and equipment
 9 
168,218
203,299

Investment property
 10 
6,531,782
6,505,515

  
6,700,000
6,708,814

Current assets
  

Trade and other receivables
 11 
86,638
128,728

Cash and cash equivalents
 18 
207,657
161,290

  
294,295
290,018

  

Total assets

  

6,994,295
6,998,832

Liabilities

Non-current liabilities
  

Loans and borrowings
 13 
4,375,539
7,669,261

  
4,375,539
7,669,261

Current liabilities
  

Trade and other liabilities
 12 
385,739
308,091

Loans and borrowings
 13 
3,601,100
150,000

  
3,986,839
458,091

  

Total liabilities
  
8,362,378
8,127,352

  

  

Net liabilities
  
(1,368,083)
(1,128,520)
Page 10

 
OLD TREE COURT LIMITED
REGISTERED NUMBER: 14017793
 
 
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024


2024
2023
Note
£
£


Issued capital and reserves
  

Share capital
 14 
1
1

Retained earnings
  
(1,368,084)
(1,128,521)

TOTAL EQUITY
  
(1,368,083)
(1,128,520)

The financial statements on pages 9 to 26 were approved and authorised for issue by the board of directors on 6 March 2025 and were signed on its behalf by:




Geva Dagan
Director

The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
OLD TREE COURT LIMITED

 
 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Share capital
Retained earnings
Total equity


£
£
£

At 1 January 2023
1
20,748
20,749

Comprehensive income for the year


Loss for the year
-
(1,149,269)
(1,149,269)

Total comprehensive income for the year
-
(1,149,269)
(1,149,269)

Contributions by and distributions to owners




At 31 December 2023
1
(1,128,521)
(1,128,520)

At 1 January 2024
1
(1,128,521)
(1,128,520)

Comprehensive income for the year


Loss for the year
-
(239,563)
(239,563)

Total comprehensive income for the year
-
(239,563)
(239,563)

Contributions by and distributions to owners




At 31 December 2024
1
(1,368,084)
(1,368,083)

The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
OLD TREE COURT LIMITED

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023
Note
£
£

Cash flows from operating activities
  

Loss for the year
  
(239,563)
(1,149,269)

Adjustments for
  

Depreciation of property, plant and equipment
 9 
35,081
34,985

Change in value of investment property
 10 
(15,658)
837,620

  
(220,140)
(276,664)

Movements in working capital:
  

Decrease/(increase) in trade and other receivables
  
42,090
(20,134)

Increase in trade and other payables
  
77,648
26,740

Cash generated from operations
  
(100,402)
(270,058)

  

Net cash used in operating activities

  
(100,402)
(270,058)

Cash flows from investing activities
  

Payments for investment property
  
(10,609)
(224,950)

Net cash used in investing activities

  
(10,609)
(224,950)

Cash flows from financing activities
  

Proceeds from bank and other borrowings
  
194,878
400,844

Repayment of bank borrowings
  
(37,500)
-

Net cash from financing activities
  
157,378
400,844

Net increase/(decrease) in cash and cash equivalents
  
46,367
(94,164)

  

Cash and cash equivalents at the beginning of year
  
161,290
255,454

Cash and cash equivalents at the end of the year
 18 
207,657
161,290

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies


1.1

Going concern

The directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and they have therefore adopted the going concern basis of accounting in preparing the financial statements.

 
1.2

Revenue

Revenue is measured as the fair value of rent received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a service to a customer.

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.


1.3

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

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

 
1.4

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.

Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:

Other property, plant and equipment
over 7 years

Page 14

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.5

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at fair value. All of the Company's property interests held under operating leases to earn rentals or for capital appreciation purposes are accounted for as investment properties and are measured using the fair value model. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.


1.6

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits.

 
1.7

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

 
1.8

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Page 15

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.9

Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.


(i) Amortised cost and effective interest method

The effective interest method is a method for calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period.

For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased and originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting the estimated future cash flows, including expected credit losses, to the amortised cost of the debt instrument on initial recognition.

The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised costs of a financial asset before adjusting for any loss allowance.

Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost and at FVOCI. For financial instruments other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by the applying the effective interest rate to the gross carrying amount of the financial asset.

For purchased and originated credit-impaired financial assets, the Company recognises interest income by applying the credit-adjusted effective interest rate to the amortised cost of the financial asset from initial recognition. The calculation does not revert to the gross basis even if the credit risk of the financial asset subsequently improves so that the financial asset is no longer credit-impaired.

Interest income is recognised in profit or loss and is included in the 'finance income' line item.

Page 16

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.10

Financial liabilities and equity instruments


(i) Classification as debt or equity

Debt and equity instruments issued by an entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.


(ii) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by an entity are recognised at the proceeds received, net of direct issue costs.

Repurchase of the Company's own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.


(iii) Financial liabilities

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.

However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.

Financial liabilities subsequently measured at amortised cost

Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are subsequently measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.

Page 17

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.11

Financial risk factors and management

The Company's operation exposes it to a variety of financial risk including credit risk and liquidity risk. The principal risks of the Company and how the Company manages these risks are discussed below.
Liquidity risk
The Company manages its cash and borrowings requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the businesses.
Credit risk
The Company manages its credit risk by credit checking customers, timely invoicing and follow up on late payments.


2.


Reporting entity

Old Tree Court Limited (the 'Company') is a limited company incorporated in England & Wales. The Company's registered office is at 14 Berkeley Street, Mayfair, London, W1J 8DX. The Company's principal activity is property investment.


3.


Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 06 March 2025.

Details of the Company's accounting policies, including changes during the year, are included in note 1.

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.


3.1 Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following items, which are measured on an alternative basis on each reporting date.


Items

Measurement basis


Investment property
Carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate.

Page 18

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.Basis of preparation (continued)


3.2 Changes in accounting policies

i) New standards, interpretations and amendments effective from 1 January 2024


The directors anticipate that the adoption of other standards and interpretations that are not yet effective in future periods will not have any significant impact on the financial statements of the Company.


4.


Functional and presentation currency

These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Page 19

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Accounting estimates and judgments

Estimates and judgments 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 areas involving a higher degree of judgment or complexity and areas where assumptions and estimates are significant to the company's financial statements are discussed below:
Income taxes
The Company evaluates the recoverability of deferred tax assets based on estimates of future earnings. The ability to recover these taxes depends ultimately on the Company's ability to generate taxable earnings over the course of the period for which the deferred tax assets remain deductible. This analysis is based on the estimated reversal of deferred taxes as well as estimates of taxable earnings, which are sourced from internal projections and are updated to reflect the latest trends.
The appropriate classification of tax assets and liabilities depends on a number of factors, including estimates as to the timing and materialisation of deferred tax assets and the forecast tax payment schedule. Actual income tax receipts and payments could differ from the estimates made by the Company as a result of changes in tax legislation or unforeseen transactions that could affect tax balances.
Property, plant and equipment
Accounting for property, plant and equipment involves the use of estimates and judgments for determining the useful lives over which these are to be depreciated.
Property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives and taking into account their expected residual values. When the company estimates useful lives, various factors are considered including expected technological obsolescence and the expected usage of the asset. 
The directors review these asset lives and change them as necessary to reflect the estimated current remaining trading lives in light of future economic utilisation and physical condition of the assets concerned. A significant change in asset lives can have a significant change on depreciation charges for the period.
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events. It is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made. This obligation may be legal or constructive deriving from regulations, contracts, normal practices or public commitments that lead third parties to reasonably expect that the company will assume certain responsibilities. The amount of the provision is determined based on the best estimate of the outflow of resources required to settle the obligation, taking into account all available information.
No provision is recognised if the amount of liability cannot be estimated reliably. In this case, the relevant information is disclosed in the notes to the financial statements.
Given the uncertainties inherent in the estimates used to determine the amount of provision, actual outflows of resources may differ from the amounts recognised originally on the basis of the estimates.

Page 20

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Revenue


The following is an analysis of the Company's revenue for the year from continuing operations:


2024
2023
£
£


Rent receivable
472,496
407,178

472,496
407,178


Analysis of revenue by country of destination:

2024
2023
£
£


United Kingdom
472,496
407,178

472,496
407,178


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,000
10,000

Page 21

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Finance income and expense

Recognised in profit or loss


2024
2023
£
£
Finance income

Interest on:
- Bank deposits
1,203
35

Total interest income arising from financial assets measured at amortised cost or FVOCI
1,203
35


Total finance income

1,203
35

Finance expense

Bank interest payable
362,311
351,529

Other loan interest payable
194,878
196,543

Total finance expense
557,189
548,072


Net finance expense recognised in profit or loss
(555,986)
(548,037)







9.


Property, plant and equipment





Other property, plant and equipment

£



Cost or valuation



At 1 January 2023
244,898



At 31 December 2023
244,898



At 31 December 2024
244,898

Page 22

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.Property, plant and equipment (continued)


Other property, plant and equipment

£



Accumulated depreciation and impairment



At 1 January 2023
6,614


Charge owned for the year
34,985



At 31 December 2023
41,599


Charge owned for the year
35,081



At 31 December 2024
76,680



Net book value


At 1 January 2023
238,284


At 31 December 2023
203,299


At 31 December 2024
168,218


10.


Investment property

(i) Non-current assets at fair value


2024
2023
£
£


Opening balance
6,505,515
7,118,185

Purchases
10,609
224,950

Revaluation
15,658
(837,620)

6,531,782
6,505,515

The 2024 valuation was made by a professional valuer on an open market value for existing use basis.

Page 23

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Trade and other receivables


2024
2023
£
£


Trade receivables
12,692
48,847

Trade receivables - net
12,692
48,847

Prepayments and accrued income
30,545
36,480

Other receivables
43,401
43,401

Total trade and other receivables
86,638
128,728

Total current portion
(86,638)
(128,728)


12.


Trade and other payables


2024
2023
£
£


Trade payables
36,271
20,496

Other payables
8,061
54,002

Accruals
75,970
89,707

Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
120,302
164,205

Other payables - tax and social security payments
132,215
41,162

Deferred income
133,222
102,724

Total trade and other payables
385,739
308,091

Less: current portion - trade payables
(36,271)
(20,496)

Less: current portion - other payables
(140,276)
(95,164)

Less: current portion - accruals
(75,970)
(89,707)

Less: current portion - deferred income
(133,222)
(102,724)

Total current portion
(385,739)
(308,091)

Total non-current position
-
-

The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.

Page 24

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Loans and borrowings

2024
2023
£
£

Non-current

Bank loans - secured
-
3,488,600

Other loans - unsecured
4,375,539
4,180,661

4,375,539
7,669,261

Current

Bank loans - secured
3,601,100
150,000

3,601,100
150,000

Total loans and borrowings
7,976,639
7,819,261

The carrying value of loans and borrowings classified as financial liabilities measured at amortised cost approximates fair value.

The bank loans are secured on the investment property held by the Company.

14.


Share capital

Authorised

2024
2024
2023
2023
Number
£
Number
£

Shares treated as equity
Ordinary shares of £0.01 each

100

1

100
 
1
 
100

1

100
 
1
 

Issued and fully paid


2024
2024
2023
2023
Number
£
Number
£

Ordinary shares of £0.01 each

At 1 January and 31 December
100

1

100
 
1
 

Page 25

 
OLD TREE COURT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Leases

(i) Operating leases - lessor


The following table summarises the undiscounted lease payments receivable after the reporting date.

2024
2023
£
£

Not later than one year
577,851
449,949

Between one and two years
554,015
621,324

Between two and three years
465,224
582,991

Between three and four years
114,250
465,221

Between four and five years
-
114,250

Total undiscounted lease payments
1,711,340
2,233,735


16.


Related party transactions

Details of transactions between the Company and its related parties are disclosed below.

At the year end the Company owed £2,312,230 (2023: £2,209,456) to its immediate parent company SH.I.R Shlomo Real Estate Limited.


17.


Controlling party

The immediate parent company is SH.I.R Shlomo Real Estate Limited, a company registered in Israel, which has a 50% interest in the issued share capital of the Company. The controlling party is Ms Atalia Shmelzer through her shareholding of SH.I.R Shlomo Real Estate Limited.


18.

Notes supporting statement of cash flows

2024
2023
£
£


Cash at bank available on demand
207,657
161,290

Cash and cash equivalents in the statement of financial position

207,657
161,290


Cash and cash equivalents in the statement of cash flows
207,657
161,290

Page 26