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Registered number: 04215916












ACRE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

 

ACRE INVESTMENTS LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

ACRE INVESTMENTS LIMITED
 
COMPANY INFORMATION


Directors
R S Dooa 
J Singh 




Company secretary
R Pathak



Registered number
04215916



Registered office
16 Great Queen Street
Covent Garden

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:04215916
ACRE INVESTMENTS LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
49,584
37,180

Investment property
 5 
27,320,000
27,320,000

  
27,369,584
27,357,180

Current assets
  

Debtors due after more than 1 year
 6 
347,419
269,563

Debtors due within 1 year
 6 
4,577,984
11,519,743

Bank and cash balances
  
1,344,483
1,089,323

  
6,269,886
12,878,629

Creditors: amounts falling due within one year
 7 
(2,512,466)
(2,441,572)

Net current assets
  
 
 
3,757,420
 
 
10,437,057

Total assets less current liabilities
  
31,127,004
37,794,237

Creditors: amounts falling due after more than one year
 8 
(13,333)
(6,624,043)

Provisions for liabilities
  

Deferred tax
 10 
(1,076,518)
(1,077,025)

  
 
 
(1,076,518)
 
 
(1,077,025)

Net assets
  
30,037,153
30,093,169


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Share premium account
 12 
100,499
100,499

Fair value reserve
 12 
9,114,498
9,114,498

Profit and loss account
 12 
20,821,156
20,877,172

Total equity
  
30,037,153
30,093,169


Page 2


 
REGISTERED NUMBER:04215916
ACRE INVESTMENTS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 period 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: 




J Singh
Director

Date: 5 June 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Acre Investments Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest £.
The financial statements have been prepared for a period of 4 months to align the year end date with companies under common control and therefore the comparative figures are not entirely comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue represents rent and recharges receivable, net of VAT.

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.

Page 4

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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
-
25%
Computer equipment
-
25%

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.

 
2.5

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.


2.6

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. 
 
The Company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
 
Page 5

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)





Financial instruments (continued)

Basic financial assets, including trade and other debtors, bank balances, intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Page 6

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)





Financial instruments (continued)


Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.7

Cash

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

Share capital

Ordinary shares are classified as equity.

 
2.9

Interest income

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

 
2.10

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.

 
2.11

Borrowing costs

Borrowing costs related to refinancing are amortized over the period to which the attached loan facility relates to. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Current and deferred tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
 
Page 7

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)




Current and deferred tax (continued)

Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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 period was 4 (2023 - 5).

Page 8

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 April 2023
103,503
14,503
118,006


Additions
15,502
-
15,502



At 31 March 2024

119,005
14,503
133,508



Depreciation


At 1 April 2023
72,891
7,935
80,826


Charge for the period 
2,551
547
3,098



At 31 March 2024

75,442
8,482
83,924



Net book value



At 31 March 2024
43,563
6,021
49,584



At 31 March 2023
30,612
6,568
37,180


5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
27,320,000



At 31 March 2024
27,320,000

The investment properties are subject to a fixed charge which is secured against the investment propeties of the company.

The 2024 valuations were made by the directors, on an open market value for existing use basis.




Page 9

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Debtors


2024
2023
£
£

Due after more than one year

Amounts owed by joint ventures and associated undertakings
195,839
195,839

Prepayments and accrued income
151,580
73,724

347,419
269,563

Due within one year

Trade debtors
129,946
66,362

Amounts owed by group undertakings
-
295,425

Other debtors
4,387,682
11,075,440

Prepayments and accrued income
60,356
82,516

4,925,403
11,789,306



7.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
442,353
470,658

Corporation tax
97,988
110,877

Other taxation and social security
3,989
3,919

Other creditors
1,625,772
1,628,055

Accruals and deferred income
332,364
218,063

2,512,466
2,441,572



8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,333
6,624,043


Included within bank loans is an amount of £23,333 (2023: £26,667) relating to a loan received under the Bounce Back Loan Scheme (BBLS) to support businesses during the Covid-19 pandemic. The loan bears an interest charge of 2.5% per annum.

Page 10

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
13,333
16,667


13,333
16,667

Amounts falling due 2-5 years

Bank loans
-
6,607,376


-
6,607,376


23,333
6,634,043



10.


Deferred taxation




2024


£



At beginning of year
(1,077,025)


Charged to profit or loss
507



At end of year
(1,076,518)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,076,518)
(1,077,025)

(1,076,518)
(1,077,025)

Page 11

 

ACRE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.


12.


Reserves

The non-distributable reserve at the period end was £7,399,135 (2023: £7,399,135).


13.


Related party transactions

Included within debtors due after more than one year is an amount of £195,839 (2023 - £195,839) due from a related entity.         
Included within debtors is an amount of £4,207,555 (2023 - £10,918,342) due from a company under common control. The balance includes a bank loan, taken by a related company and secured by fixed and floating charges over investment properties of the company and also by way of personal guarantees by the directors. The loan bears annual interest at a rate of 2.5% over the Base Rate.  
         
Included within creditors is an amount of £632,335 (2023 - £449,735) due to a company under common control. Also, included within other creditors due within one year is an amount of £427,557 (2023 - £327,557) due to a partnership in which the directors are partners. The loans are provided interest free and are unsecured. There are no formal terms and conditions regarding repayment of the loans.
Included within debtors is an amount of £Nil (2023: £30,940) due from entities under common control. The loans are interest free and are unsecured. There are no formal terms and conditions regarding repayment of the loans.
Included within creditors is an amount of £158,795 (2023: £156,135) due to entities under common control. The loans are interest free and are unsecured. There are no formal terms and conditions regarding repayment of the loans.
Included within creditors is an amount of £19,918 (2023: £30,000) due to the directors of the company. The loan is interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.


14.


Post balance sheet events

In December 2023, there was a fire at one of the investment properties, included in note 5 above. There is an ongoing insurance claim and, at present, based on discussions that the directors have had with the insurance company, the directors are unable to confirm the value of the claim and the exact fair value of the property. 
In their opinion the actual market value of the property taking into account the expected insurance claim cover and expectant rebuild is not materially different from the amount reported in the accounts and, as a result, no adjustment has been reflected in the accounts. 

 
Page 12