Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-312025-05-21falsefalse2023-06-01falseNo description of principal activity21trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09043313 2023-06-01 2024-05-31 09043313 2022-06-01 2023-05-31 09043313 2024-05-31 09043313 2023-05-31 09043313 2022-06-01 09043313 c:PriorPeriodIncreaseDecrease 2022-06-01 2023-05-31 09043313 d:Director1 2023-06-01 2024-05-31 09043313 d:Director2 2023-06-01 2024-05-31 09043313 c:FurnitureFittings 2023-06-01 2024-05-31 09043313 c:FurnitureFittings 2024-05-31 09043313 c:FurnitureFittings 2023-05-31 09043313 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09043313 c:FreeholdInvestmentProperty 2024-05-31 09043313 c:FreeholdInvestmentProperty 2023-05-31 09043313 c:CurrentFinancialInstruments 2024-05-31 09043313 c:CurrentFinancialInstruments 2023-05-31 09043313 c:CurrentFinancialInstruments c:WithinOneYear 2024-05-31 09043313 c:CurrentFinancialInstruments c:WithinOneYear 2023-05-31 09043313 c:ShareCapital 2024-05-31 09043313 c:ShareCapital 2023-05-31 09043313 c:ShareCapital 2022-06-01 09043313 c:OtherMiscellaneousReserve 2023-06-01 2024-05-31 09043313 c:OtherMiscellaneousReserve 2024-05-31 09043313 c:OtherMiscellaneousReserve 2023-05-31 09043313 c:OtherMiscellaneousReserve c:PriorPeriodIncreaseDecrease 2022-06-01 2023-05-31 09043313 c:OtherMiscellaneousReserve 2022-06-01 09043313 c:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 09043313 c:RetainedEarningsAccumulatedLosses 2024-05-31 09043313 c:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 09043313 c:RetainedEarningsAccumulatedLosses 2023-05-31 09043313 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-06-01 2023-05-31 09043313 c:RetainedEarningsAccumulatedLosses 2022-06-01 09043313 d:FRS102 2023-06-01 2024-05-31 09043313 d:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 09043313 d:FullAccounts 2023-06-01 2024-05-31 09043313 d:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09043313 6 2023-06-01 2024-05-31 09043313 c:AcceleratedTaxDepreciationDeferredTax 2024-05-31 09043313 c:AcceleratedTaxDepreciationDeferredTax 2023-05-31 09043313 c:RetirementBenefitObligationsDeferredTax 2024-05-31 09043313 c:RetirementBenefitObligationsDeferredTax 2023-05-31 09043313 e:PoundSterling 2023-06-01 2024-05-31 09043313 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-06-01 2023-05-31 09043313 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-06-01 09043313 c:PreviouslyStatedAmount 2022-06-01 iso4217:GBP xbrli:pure
Registered number: 09043313














WAITT ESTATES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2024

 
WAITT ESTATES LIMITED
REGISTERED NUMBER:09043313

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
6,378
7,972

Investments
 4 
1
1

Investment property
 5 
4,917,270
4,917,270

  
4,923,649
4,925,243

Current assets
  

Debtors: amounts falling due within one year
 6 
1,550,750
1,512,084

Cash at bank and in hand
  
153
153

  
1,550,903
1,512,237

Creditors: amounts falling due within one year
 7 
(3,355,842)
(3,468,324)

Net current liabilities
  
 
 
(1,804,939)
 
 
(1,956,087)

Total assets less current liabilities
  
3,118,710
2,969,156

Provisions for liabilities
  

Deferred tax
 8 
(421,095)
(424,790)

  
 
 
(421,095)
 
 
(424,790)

Net assets
  
£2,697,615
£2,544,366


Capital and reserves
  

Called up share capital 
  
4
4

Other reserves
 9 
1,508,126
1,508,126

Profit and loss account
 9 
1,189,485
1,036,236

  
£2,697,615
£2,544,366


Page 1

 
WAITT ESTATES LIMITED
REGISTERED NUMBER:09043313

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 May 2025.




___________________________
L J Waitt
___________________________
T R Waitt
Director
Director

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

Page 2

 
WAITT ESTATES LIMITED
 

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 June 2023
4
1,508,126
1,036,236
2,544,366


Comprehensive income for the year

Profit for the year
-
-
153,249
153,249


At 31 May 2024
£4
£1,508,126
£1,189,485
£2,697,615



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 June 2022 (as previously stated)
4
1,508,126
861,055
2,369,185

Prior year adjustment - correction of error
-
-
(485)
(485)

At 1 June 2022 (as restated)
4
1,508,126
860,570
2,368,700


Comprehensive income for the year

Profit for the year
-
-
175,666
175,666


At 31 May 2023
£4
£1,508,126
£1,036,236
£2,544,366


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

Page 3

 
WAITT ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Waitt Estates Limited is a private company limited by shares, incorporated in England and Wales. The company registration number is 09043313 and the registered office of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The principal place of business is Office C, The Beer Cart Building, Beer Cart Lane, Canterbury, CT1 2NY.

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

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% reducing balance basis

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.

Page 4

 
WAITT ESTATES LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually 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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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.

 
2.7

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. 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.

 
2.8

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.

 
2.9

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.

 
2.10

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

 
WAITT ESTATES LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 June 2023
53,707



At 31 May 2024

53,707



Depreciation


At 1 June 2023
45,735


Charge for the year on owned assets
1,594



At 31 May 2024

47,329



Net book value



At 31 May 2024
£6,378



At 31 May 2023
£7,972

Page 6

 
WAITT ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
1



At 31 May 2024
£1





5.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
4,917,270



At 31 May 2024
4,917,270

The 2024 valuations were made by Knight Frank LLP, 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
3,103,818
3,103,818

£3,103,818
£3,103,818


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,204,748
1,166,082

Other debtors
345,096
345,096

Prepayments and accrued income
906
906

£1,550,750
£1,512,084


Page 7

 
WAITT ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,738
-

Amounts owed to group undertakings
2,633,447
2,718,563

Corporation tax
52,200
92,487

Other creditors
362,833
362,563

Accruals and deferred income
300,624
294,711

£3,355,842
£3,468,324


The bank loans are secured by fixed charges over the investment properties and fixed assets of the company and also secured by a fixed charge over an investment property in Waitt Estates (57ANDR) Limited, a subsidiary undertaking.


8.


Deferred taxation




2024


£






At beginning of year
(424,790)


Charged to profit or loss
3,695



At end of year
£(421,095)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation surplus
(444,696)
(444,696)

Other timing differences
23,601
19,906

£(421,095)
£(424,790)


9.


Reserves

Other reserves

Other reserves represent non-distributable reserves arising on the fair value movement and the relevant deferred tax movement of the investment properties.


10.


Contingent liabilities

The company and its subsidiary have entered into a debenture secured on their properties and assets in favour of bank loans advanced to Waitt Capital (66 NDR) Limited. The total loan outstanding at the balance sheet date was £7,685,562 (2023: £7,864,341)

Page 8

 
WAITT ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Related party transactions

At the balance sheet date, the Company had the following related party transactions under a variety of common control and common shareholders:
Monopoly Homes Limited owed £103,552 (2023: £103,552).
Waitt Estates (The Borough) Limited owed £238,748 (2023: £238,748).
69 High Street Hythe Limited owed £2,796 (2023: £2,796).
TRW Capital Limited is owed £558 (2023: £288).


12.
Ultimate parent undertaking and controlling party

The ultimate parent undertaking is Waitt Capital 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