Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-3012023-10-01false1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08177785 2023-10-01 2024-09-30 08177785 2022-10-01 2023-09-30 08177785 2024-09-30 08177785 2023-09-30 08177785 2022-10-01 08177785 1 2023-10-01 2024-09-30 08177785 2 2023-10-01 2024-09-30 08177785 d:Director1 2023-10-01 2024-09-30 08177785 e:MotorVehicles 2023-10-01 2024-09-30 08177785 e:MotorVehicles 2024-09-30 08177785 e:MotorVehicles 2023-09-30 08177785 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08177785 e:FreeholdInvestmentProperty 2023-10-01 2024-09-30 08177785 e:FreeholdInvestmentProperty 2024-09-30 08177785 e:FreeholdInvestmentProperty 2023-09-30 08177785 e:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 08177785 e:CurrentFinancialInstruments 2024-09-30 08177785 e:CurrentFinancialInstruments 2023-09-30 08177785 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 08177785 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 08177785 e:ShareCapital 2024-09-30 08177785 e:ShareCapital 2023-09-30 08177785 e:ShareCapital 2022-10-01 08177785 e:OtherMiscellaneousReserve 2024-09-30 08177785 e:OtherMiscellaneousReserve 1 2023-10-01 2024-09-30 08177785 e:OtherMiscellaneousReserve 2 2023-10-01 2024-09-30 08177785 e:OtherMiscellaneousReserve 2022-10-01 2023-09-30 08177785 e:OtherMiscellaneousReserve 2023-09-30 08177785 e:OtherMiscellaneousReserve 2022-10-01 08177785 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 08177785 e:RetainedEarningsAccumulatedLosses 2024-09-30 08177785 e:RetainedEarningsAccumulatedLosses 1 2023-10-01 2024-09-30 08177785 e:RetainedEarningsAccumulatedLosses 2 2023-10-01 2024-09-30 08177785 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 08177785 e:RetainedEarningsAccumulatedLosses 2023-09-30 08177785 e:RetainedEarningsAccumulatedLosses 2022-10-01 08177785 d:FRS102 2023-10-01 2024-09-30 08177785 d:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 08177785 d:FullAccounts 2023-10-01 2024-09-30 08177785 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08177785 e:AcceleratedTaxDepreciationDeferredTax 2024-09-30 08177785 e:AcceleratedTaxDepreciationDeferredTax 2023-09-30 08177785 2 2023-10-01 2024-09-30 08177785 6 2023-10-01 2024-09-30 08177785 e:ShareCapital 1 2023-10-01 2024-09-30 08177785 e:ShareCapital 2 2023-10-01 2024-09-30 08177785 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 08177785










NEWQUEST DEVELOPMENTS 122 LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
NEWQUEST DEVELOPMENTS 122 LIMITED
REGISTERED NUMBER:08177785

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,751
23,039

Investments
 5 
290
294,950

Investment property
 6 
3,670,000
3,224,627

  
3,681,041
3,542,616

Current assets
  

Debtors: amounts falling due within one year
 7 
1,681,192
674,699

Cash at bank and in hand
 8 
7,850
33,905

  
1,689,042
708,604

Creditors: amounts falling due within one year
 9 
(3,511,852)
(2,927,621)

Net current liabilities
  
 
 
(1,822,810)
 
 
(2,219,017)

Total assets less current liabilities
  
1,858,231
1,323,599

Provisions for liabilities
  

Deferred tax
 10 
(427,161)
(305,851)

  
 
 
(427,161)
 
 
(305,851)

Net assets
  
1,431,070
1,017,748


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
  
580,765
314,149

Profit and loss account
  
850,205
703,499

  
1,431,070
1,017,748


Page 1

 
NEWQUEST DEVELOPMENTS 122 LIMITED
REGISTERED NUMBER:08177785
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 year 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 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 by: 




M B Gershon
Director
Date: 27 June 2025

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
NEWQUEST DEVELOPMENTS 122 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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

£
£
£
£


At 1 October 2022
100
295,944
625,342
921,386



Profit for the year
-
-
96,362
96,362

Transfer of fair value movements
-
18,205
(18,205)
-



At 1 October 2023
100
314,149
703,499
1,017,748



Profit for the year
-
-
413,322
413,322

Transfer of fair value movements
-
387,926
(387,926)
-

Transfer of deferred tax on fair value movements
-
(121,310)
121,310
-


At 30 September 2024
100
580,765
850,205
1,431,070


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
NEWQUEST DEVELOPMENTS 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Newquest Developments 122 Limited (8177785) is a private company limited by shares, incorporated in England and Wales. The address of the registered office is 14th Floor, 33 Cavendish Square, London, 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

Turnover

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.

 
2.3

Investment property

Investment property is carried at fair value determined annually by the company's director 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 Profit and loss account.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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:

Motor vehicles
-
25%
Straight line

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

 
NEWQUEST DEVELOPMENTS 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in associates are measured at cost less accumulated impairment. Listed investments are valued at market value.

 
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

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.

Basic 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.

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
Page 5

 
NEWQUEST DEVELOPMENTS 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.10

Interest income

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

 
2.11

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.

Page 6

 
NEWQUEST DEVELOPMENTS 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

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.


 
2.13

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 7

 
NEWQUEST DEVELOPMENTS 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Motor vehicles

£



Cost


At 1 October 2023
49,150



At 30 September 2024

49,150



Depreciation


At 1 October 2023
26,111


Charge for the year
12,288



At 30 September 2024

38,399



Net book value



At 30 September 2024
10,751



At 30 September 2023
23,039

Page 8

 
NEWQUEST DEVELOPMENTS 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Fixed asset investments





Investments in associates
Listed investments
Total

£
£
£



Cost 


At 1 October 2023
80
294,870
294,950


Disposals
-
(310,986)
(310,986)


Revaluations
-
16,326
16,326



At 30 September 2024
80
210
290





6.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
3,224,627


Additions at cost
57,447


Surplus on revaluation
387,926



At 30 September 2024
3,670,000

The 2024 valuations were made by the director, 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
2,662,074
2,604,627

2,662,074
2,604,627

Page 9

 
NEWQUEST DEVELOPMENTS 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,616,234
660,102

Other debtors
62,569
14,597

Prepayments and accrued income
2,389
-

1,681,192
674,699



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,850
33,905



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
970,000

Trade creditors
13,758
33

Amounts owed to group undertakings
1,582,116
624,696

Other creditors
1,896,574
1,319,674

Accruals and deferred income
19,404
13,218

3,511,852
2,927,621


The bank loan was secured on the leasehold property

Page 10

 
NEWQUEST DEVELOPMENTS 122 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Deferred taxation




2024


£






At beginning of year
(305,851)


Charged to profit or loss
(121,310)



At end of year
(427,161)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair value adjustment
(427,161)
(305,851)




11.


Contingent liabilities

The company had provided a guarantee against a loan taken out by a fellow group company. At 30 September 2024 the loan amounted to £Nil (2023:£957,525). 
The company has provided security against a bank loan taken out by a fellow group company. At 30 September 2024 the loan amounted to £2,490,589, the loan is secured on the leasehold of the properties owned by Newquest Developments 122 Limited. 


12.


Capital commitments


At 30 September 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
14,056
-


13.


Related party transactions

Included in other creditors is an amount of £1,896,574 (2023: £396,574) owed to the director. This amount is accruing interest and repayable on demand.

 
Page 11