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Registered number: 13294021










TERRADACE PROPERTY SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
TERRADACE PROPERTY SERVICES LIMITED
 

CONTENTS



Page
Balance sheet
1
Notes to the financial statements
2 - 7


 
TERRADACE PROPERTY SERVICES LIMITED
REGISTERED NUMBER: 13294021

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
200
200

Investment property
 5 
6,898,626
5,282,324

  
6,898,826
5,282,524

Current assets
  

Debtors: amounts falling due within one year
 6 
304,569
411,815

Cash at bank and in hand
 7 
11,069
6,298

  
315,638
418,113

Creditors: amounts falling due within one year
 8 
(4,952,813)
(2,959,523)

Net current liabilities
  
 
 
(4,637,175)
 
 
(2,541,410)

Total assets less current liabilities
  
2,261,651
2,741,114

Creditors: amounts falling due after more than one year
 9 
(3,096,000)
(3,099,573)

  

Net liabilities
  
(834,349)
(358,459)


Capital and reserves
  

Called up share capital 
  
120
120

Profit and loss account
  
(834,469)
(358,579)

  
(834,349)
(358,459)


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 on 26 June 2025.




P Beaumont
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
TERRADACE PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The
address of the registered office is 14th Floor, 33 Cavendish Square, London, United Kingdom, W1G 0PW.

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 directors have prepared the accounts on a going concern basis. The directors note the current
liabilities position of the company and have reviewed likely future developments. They remain of the
opinion that the company will not have to cease trading as a result of inadequate financial resources,
or any other foreseeable event, within a period of at least 12 months from the date of the approval of
these accounts. This basis is considered appropriate as the ultimate parent company has confirmed
that it will provide support to enable to company to meet their forecast liabilities as they fall due.

 
2.3

Turnover

Turnover represents rental income from investment properties. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Interest income

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

 
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

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.

Page 2

 
TERRADACE PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Taxation

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.


 
2.8

Investment property

Investment property is carried at fair value determined periodically by the directors 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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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 90 days.

 
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.

Page 3

 
TERRADACE PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Page 4

 
TERRADACE PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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



3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 3).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2023
200



At 30 September 2024
200




Page 5

 
TERRADACE PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
5,282,324


Additions at cost
1,616,302



At 30 September 2024
6,898,626






6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
85,931
59,368

Other debtors
172,638
310,660

Called up share capital not paid
-
20

Prepayments and accrued income
46,000
41,767

304,569
411,815



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
11,069
6,298



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
11,710

Amounts owed to group undertakings
4,952,813
2,905,289

Accruals and deferred income
-
42,524

4,952,813
2,959,523


Page 6

 
TERRADACE PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans 1 - 2 years
3,096,000
3,099,573


The bank loan is secured by way of a mortgage over specific assets of the company and a fixed and floating charge over the assets of the company and by way of a cross-guarantee provided by fellow group undertakings.


10.


Financial guarantee

At the balance sheet date the company had entered into group bank cross guarantees in respect of loans and overdrafts. At the balance sheet date the total group facility amounted to £25,000,000 (2023 - £18,544,250).


11.


Related party transactions

During the year, the company was recharged staff costs of £127,455 (2023 - £121,634) by the parent undertaking. 


12.


Controlling party

The smallest group for which consolidated financial statements are prepared which include the results of
this company is that governed by Terradace Holdings Limited, and its registered office is 14th Floor, 33
Cavendish Square, London, W1G 0PW.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 26 June 2025 by David Jones MSc FCA (Senior statutory auditor) on behalf of Old Mill Audit Limited.

 
Page 7