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Registered number: 10612999









FEKE INVEST LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
FEKE INVEST LIMITED
REGISTERED NUMBER: 10612999

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
486
842

Investment property
 5 
10,679,672
10,679,672

Current assets
  

Debtors: amounts falling due within one year
 6 
528,636
629,605

Current asset investments
 7 
7,383,391
7,012,619

Cash at bank and in hand
  
316,948
326,335

  
8,228,975
7,968,559

Creditors: amounts falling due within one year
 8 
(6,781,563)
(6,775,853)

Net current assets
  
 
 
1,447,412
 
 
1,192,706

Total assets less current liabilities
  
12,127,570
11,873,220

Creditors: amounts falling due after more than one year
 9 
(6,973,583)
(6,937,397)

Provisions for liabilities
  

Deferred tax
  
(121)
(210)

Net assets
  
5,153,866
4,935,613


Capital and reserves
  

Called up share capital 
 11 
4,213,950
4,213,950

Revaluation reserve
 12 
24,210
62,702

Profit and loss account
 12 
915,706
658,961

  
5,153,866
4,935,613


Page 1

 
FEKE INVEST LIMITED
REGISTERED NUMBER: 10612999

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Buke
Director

Date: 7 May 2025

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

Page 2

 
FEKE INVEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Feke Invest Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The company registered number is 10612999. The address of the registered office is 12 Stanhope Gate, London, W1K 1AW. 

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

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.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
FEKE INVEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by a director 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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.8

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.

Page 4

 
FEKE INVEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Hedge accounting

The Company uses variable to fixed interest rate swaps to manage its exposure to cash flow risk on its bank loans. These derivatives are measured at fair value at each balance sheet date.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

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.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Borrowing costs

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

Page 5

 
FEKE INVEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.



3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 5).

Page 6

 
FEKE INVEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2024
1,079



At 31 December 2024

1,079



Depreciation


At 1 January 2024
237


Charge for the year on owned assets
356



At 31 December 2024

593



Net book value



At 31 December 2024
486



At 31 December 2023
842


5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
10,679,672



At 31 December 2024
10,679,672

The 2024 valuations were made by by a director with expert advice, 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
10,583,388
10,579,672

Page 7

 
FEKE INVEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
89,646
26,848

Other debtors
41,700
31,500

Prepayments and accrued income
397,290
571,257

528,636
629,605



7.


Current asset investments

2024
2023
£
£

Share investments
7,383,391
7,012,619



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,156
230

Corporation tax
40,199
84,055

Other taxation and social security
10,282
1,103

Other creditors
6,523,698
6,511,991

Accruals and deferred income
205,228
178,474

6,781,563
6,775,853



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,899,233
6,837,430

Financial instruments
74,350
99,967


Bank loans totalling £5,054,765 are interest only, with variable rates at SOFR. Variable to fixed interest rate swaps are used with fixed rates between 4.44% and 4.77%. These bank loans have varying repayment terms, due for repayment during 2026 and 2027. 

Page 8

 
FEKE INVEST LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Amounts falling due after more than 5 years

Bank loans
6,899,233
6,837,430


Bank loans totalling £6,899,233 (2023 - £6,837,430) contain a fixed charge and a floating charge over the property held within the company.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,213,950 (2023 - 4,213,950) Ordinary shares of £1.00 each
4,213,950
4,213,950



12.


Reserves

Revaluation reserve

The fair value reserve represents undistributable reserves arising from fair value movements of investment property, net of deferred tax.

Profit and loss account

The profit and loss represents cumulative profit and loss net of dividends and any other adjustments.


13.


Related party transactions

During the year the company operated loan accounts with directors. The amount owed to the directors as at the year end was £6,481,998 (2023 - £6,480,491) and is shown under 'other creditors' in note 9. The loan is interest free and repayable on demand.


Page 9