Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-310false1property management holding company2023-08-01truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14936686 2023-07-31 14936686 2023-08-01 2024-07-31 14936686 2022-06-14 2023-06-13 14936686 2024-07-31 14936686 c:Director1 2023-08-01 2024-07-31 14936686 c:RegisteredOffice 2023-08-01 2024-07-31 14936686 d:FreeholdInvestmentProperty 2023-08-01 2024-07-31 14936686 d:FreeholdInvestmentProperty 2024-07-31 14936686 d:CurrentFinancialInstruments 2024-07-31 14936686 d:Non-currentFinancialInstruments 2024-07-31 14936686 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 14936686 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 14936686 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-07-31 14936686 d:ShareCapital 2024-07-31 14936686 d:OtherMiscellaneousReserve 2023-08-01 2024-07-31 14936686 d:OtherMiscellaneousReserve 2024-07-31 14936686 d:RetainedEarningsAccumulatedLosses 2024-07-31 14936686 c:OrdinaryShareClass1 2023-08-01 2024-07-31 14936686 c:OrdinaryShareClass1 2024-07-31 14936686 c:FRS102 2023-08-01 2024-07-31 14936686 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 14936686 c:FullAccounts 2023-08-01 2024-07-31 14936686 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 14936686 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 14936686












CELESTIAL HBS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

 
CELESTIAL HBS LTD
 

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 10


 
CELESTIAL HBS LTD
 
 
COMPANY INFORMATION


Director
Sheikh Hamad Saoud Al Thani 




Registered number
14936686



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 
REGISTERED NUMBER:14936686
CELESTIAL HBS LTD


BALANCE SHEET
AS AT 31 JULY 2024

2024
Note
£

Fixed assets
  

Investment property
 4 
35,830,000

Current assets
  

Debtors: amounts falling due within one year
 5 
1,827,899

Cash at bank and in hand
  
63,671

  
1,891,570

Creditors: amounts falling due within one year
 6 
(1,249,234)

Net current assets
  
 
 
642,336

Total assets less current liabilities
  
36,472,336

Creditors: amounts falling due after more than one year
 7 
(25,116,126)

Net assets
  
11,356,210


Capital and reserves
  

Called up share capital 
 8 
100

Other reserves
 9 
10,944,216

Profit and loss account
 9 
411,894

  
11,356,210


Page 2

 
REGISTERED NUMBER:14936686
CELESTIAL HBS LTD

    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The director considers 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 director acknowledges his 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: 



Sheikh Hamad Saoud Al Thani
Director

Date: 18 June 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
CELESTIAL HBS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

1.


General information

Celestial HBS Ltd 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 company was incorporated on 14 June 2023 and commenced trading on the same day. As a result, the figures shown in the accounts represent the performance for the 14 month period ending 31 July 2024.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006.

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

The financial statements have been prepared on a going concern basis. The director has confirmed that he intends to continue providing financial support to the company for a period of at least twelve months from the date of approval of these financial statements and that the monies advanced by group companies will not be called for repayment, unless the company has adequate resources to make repayment. Accordingly, the director considers it appropriate to prepare the accounts on a going concern basis.

 
2.3

Revenue

Revenue comprises rental income and other recoveries from tenants of the company's investment properties net of value added tax. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

 
2.4

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.

Page 4

 
CELESTIAL HBS LTD

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

2.Accounting policies (continued)


2.5

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
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and 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 and 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.

Page 5

 
CELESTIAL HBS LTD

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

2.Accounting policies (continued)


 (continued)




 (continued)

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.

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.

 
2.6

Cash at bank and in hand

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

  
2.7

Share capital

Ordinary shares are classified as equity.

Page 6

 
CELESTIAL HBS LTD

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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Borrowing costs

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

  
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.11

Current and deferred tax

The tax expense for the period 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.
Current tax is the amount of income tax payable in respect of taxable profit for the period.
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.

Page 7

 
CELESTIAL HBS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

3.


Employees

The average monthly number of employees, including directors, during the period was 1.


4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
35,830,000



At 31 July 2024
35,830,000

The 202 valuations were made by [Enter surveyor name here...], on an open market value for existing use basis.







5.


Debtors

2024
£


Trade debtors
264,935

Amounts owed by group undertakings
1,032,395

Other debtors
100

Prepayments and accrued income
530,469

1,827,899



6.


Creditors: amounts falling due within one year

2024
£

Trade creditors
50,583

Amounts owed to group undertakings
534,978

Other taxation and social security
85,670

Other creditors
204,925

Accruals and deferred income
373,078

1,249,234


Page 8

 
CELESTIAL HBS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

7.


Creditors: amounts falling due after more than one year

2024
£

Bank loan
19,300,000

Amounts owed to group undertakings
5,816,126

25,116,126


The bank loan is a facility totalling £39,066,500 which is advanced to Celestial HBS Ltd and a fellow subsidiary. The bank loan of £19,300,000 shown above is secured by way of a fixed charge against the investment property of the company.
The interest on the bank loan is charged at 2.95% above the prevailing base rate. Interest amounts are repayable quarterly across the terms of the loan with loan repayable in full on 19 October 2033.
Amounts owed to group undertakings are interest free and repayable on 30 September 2033.


.


Loans


Analysis of the maturity of loans is given below:


2024
£




Amounts falling due after more than 5 years

Bank loan
19,300,000

Amounts due to group undertakings
5,816,126

25,116,126



8.


Share capital

2024
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


On incorporation, the company issued 100 shares at £1 each at par.
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.

Page 9

 
CELESTIAL HBS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

9.


Reserves

Other reserves

Earth Creation Limited has provided unsecured interest free loans to Celestial HBS Ltd. The deemed interest rate of 12.25% has been applied to discount the loans to their net present value at the initial recognition. The measurement difference, £11,482,950, was recognised as a capital contribution in other reserves. Deemed interest is charged to the profit and loss over the period of the loans and the outstanding liability is recorded as long term creditors. As at 31 July 2024, the balance of the loan due to Earth Creation Limited, including the capital contribution, is £16,760,342.


10.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Included within other creditors due within one year is an amount of £204,925 payable to the director of the company. The amounts due are unsecured, interest free, have no fixed repayment date and are repayable on demand.


11.


Controlling party

The parent undertaking is HBS Creation Limited, a company registered in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.

 
Page 10