Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3116200000293898672025-05-07falsefalse2023-01-01falseNo description of principal activity4The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.4true 10999848 2023-01-01 2023-12-31 10999848 2022-01-01 2022-12-31 10999848 2023-12-31 10999848 2022-12-31 10999848 2022-01-01 10999848 2 2023-01-01 2023-12-31 10999848 d:Director1 2023-01-01 2023-12-31 10999848 e:PlantMachinery 2023-01-01 2023-12-31 10999848 e:PlantMachinery 2023-12-31 10999848 e:PlantMachinery 2022-12-31 10999848 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10999848 e:FreeholdInvestmentProperty 2023-01-01 2023-12-31 10999848 e:FreeholdInvestmentProperty 2023-12-31 10999848 e:FreeholdInvestmentProperty 2022-12-31 10999848 e:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 10999848 e:CurrentFinancialInstruments 2023-12-31 10999848 e:CurrentFinancialInstruments 2022-12-31 10999848 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 10999848 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 10999848 e:ShareCapital 2023-12-31 10999848 e:ShareCapital 2022-12-31 10999848 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 10999848 e:OtherMiscellaneousReserve 2023-12-31 10999848 e:OtherMiscellaneousReserve 2022-12-31 10999848 e:RetainedEarningsAccumulatedLosses 2023-12-31 10999848 e:RetainedEarningsAccumulatedLosses 2022-12-31 10999848 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10999848 d:OrdinaryShareClass1 2023-12-31 10999848 d:OrdinaryShareClass1 2022-12-31 10999848 d:FRS102 2023-01-01 2023-12-31 10999848 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10999848 d:FullAccounts 2023-01-01 2023-12-31 10999848 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10999848 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10999848 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10999848 e:Right-of-useInvestmentProperty 2023-01-01 2023-12-31 10999848 e:Right-of-useInvestmentProperty 2023-12-31 10999848 e:Right-of-useInvestmentProperty 2022-12-31 10999848 e:Right-of-useInvestmentProperty 2 2023-01-01 2023-12-31 10999848 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 10999848














GSE COMMERCIAL ESTATES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
GSE COMMERCIAL ESTATES LIMITED
REGISTERED NUMBER:10999848

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
18,299
23,289

Investment property
 5 
8,100,000
14,694,933

  
8,118,299
14,718,222

Current assets
  

Debtors: amounts falling due within one year
 6 
4,645,772
5,365,717

Cash at bank and in hand
 7 
89,737
38,417

  
4,735,509
5,404,134

Creditors: amounts falling due within one year
 8 
(7,498,243)
(16,871,712)

Net current liabilities
  
 
 
(2,762,734)
 
 
(11,467,578)

Total assets less current liabilities
  
5,355,565
3,250,644

Provisions for liabilities
  

Deferred tax
 9 
(937,059)
(867,102)

  
 
 
(937,059)
 
 
(867,102)

Net assets
  
£4,418,506
£2,383,542


Capital and reserves
  

Called up share capital 
 10 
1
1

Other reserves
 11 
2,811,178
2,601,306

Profit and loss account
 11 
1,607,327
(217,765)

  
£4,418,506
£2,383,542


Page 1

 
GSE COMMERCIAL ESTATES LIMITED
REGISTERED NUMBER:10999848

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 7 May 2025.




___________________________
Mr D M Healey
Director

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

Page 2

 
GSE COMMERCIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GSE Commercial Estates Limited is a private company, limited by shares, incorporated in England and Wales. The company registration number is 10999848. 
The registered office of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH. 
The principal place of business is GSE House, Paper Lane, Willesborough, Ashford, Kent, TN24 0TS.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company is reliant on continued support from its finance providers and related companies which has continued since the balance sheet date. The directors therefore consider the continuing adoption of the going concern basis to be appropriate.

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 3

 
GSE COMMERCIAL ESTATES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Borrowing costs

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

 
2.7

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.


Page 4

 
GSE COMMERCIAL ESTATES LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

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:

Plant and machinery
-
20%

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.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
GSE COMMERCIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees




The average monthly number of employees, including directors, during the year was 4 (2022 -4).


4.


Tangible fixed assets





Plant and machinery



Cost or valuation


At 1 January 2023
24,952



At 31 December 2023

24,952



Depreciation


At 1 January 2023
1,663


Charge for the year on owned assets
4,990



At 31 December 2023

6,653



Net book value



At 31 December 2023
£18,299



At 31 December 2022
£23,289

Page 6

 
GSE COMMERCIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Freehold investment property
Property under construc-tion
Total



Valuation


At 1 January 2023
7,650,000
7,044,934
14,694,934


Additions at cost
170,172
-
170,172


Disposals
-
(7,044,934)
(7,044,934)


Surplus on revaluation
279,828
-
279,828



At 31 December 2023
8,100,000
-
8,100,000

The 2023 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:

2023
2022


Historic cost
4,351,763
11,226,525

£4,351,763
£11,226,525


6.


Debtors

2023
2022


Trade debtors
96,970
1,649,634

Other debtors
4,529,457
3,710,133

Prepayments and accrued income
19,345
5,950

£4,645,772
£5,365,717



7.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
£89,737
£38,417


Page 7

 
GSE COMMERCIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022

Other loans
3,484,769
3,968,491

Trade creditors
101,589
451,563

Other taxation and social security
6,182
165,166

Other creditors
2,630,204
10,262,619

Accruals and deferred income
1,275,499
2,023,873

£7,498,243
£16,871,712


The following liabilities were secured:

2023
2022



Other loans
3,484,769
3,968,491

3,484,769
3,968,491

Details of security provided:

Other loans are secured via a fixed and floating charge over the assets concerned.


9.


Deferred taxation




2023
2022





At beginning of year
867,102
860,241


Charged to profit or loss
69,957
6,861



At end of year
£937,059
£867,102

The provision for deferred taxation is made up as follows:

2023
2022


Fair Value Surplus
937,059
867,102

£937,059
£867,102


The entity has trading losses carried forward of £1.1m. In the event of the liability crystalising, it is probable that the trading losses would be offset against the liability.

Page 8

 
GSE COMMERCIAL ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
Allotted, called up and fully paid



1 (2022 -1) Ordinary share of £1.00
£1
£1



11.


Reserves

Other reserves

Other reserves represents non-distributable reserves transfered from the profit and loss account, arising from fair value adjustments net of the associated deferred tax provision.


12.


Contingent liabilities

The company had entered into a joint borrowing arrangement with GSE Truckstop Developments Limited. The total loan outstanding at the balance sheet date subject to the joint borrowing arrangement is £Nil (2022 - £24,125,000).


13.


Related party transactions

The Company has been advanced funds from companies under control of a director of the Company. At the balance sheet date £2,241,841 (2022 - £6,635,635) was due to these companies. Amounts are interest free and repayable on demand.


14.
Controlling party

There is no single controlling party.
The company is a wholly owned subsidiary of GSE Commercial Estates (Holdings) Limited, a company incorporated in England and Wales.
The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking of a small group under section 383 of the Companies Act 2006.



Page 9