Caseware UK (AP4) 2024.0.164 2024.0.164 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2023-07-01falseNo description of principal activity00truefalse 07267792 2023-07-01 2024-06-30 07267792 2022-07-01 2023-06-30 07267792 2024-06-30 07267792 2023-06-30 07267792 c:Director3 2023-07-01 2024-06-30 07267792 d:FurnitureFittings 2023-07-01 2024-06-30 07267792 d:FurnitureFittings 2024-06-30 07267792 d:FurnitureFittings 2023-06-30 07267792 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07267792 d:LeaseholdInvestmentProperty 2023-07-01 2024-06-30 07267792 d:LeaseholdInvestmentProperty 2024-06-30 07267792 d:LeaseholdInvestmentProperty 2023-06-30 07267792 d:LeaseholdInvestmentProperty 2 2023-07-01 2024-06-30 07267792 d:CurrentFinancialInstruments 2024-06-30 07267792 d:CurrentFinancialInstruments 2023-06-30 07267792 d:Non-currentFinancialInstruments 2024-06-30 07267792 d:Non-currentFinancialInstruments 2023-06-30 07267792 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 07267792 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07267792 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 07267792 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 07267792 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 07267792 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 07267792 d:ShareCapital 2024-06-30 07267792 d:ShareCapital 2023-06-30 07267792 d:SharePremium 2024-06-30 07267792 d:SharePremium 2023-06-30 07267792 d:RetainedEarningsAccumulatedLosses 2024-06-30 07267792 d:RetainedEarningsAccumulatedLosses 2023-06-30 07267792 c:OrdinaryShareClass1 2023-07-01 2024-06-30 07267792 c:OrdinaryShareClass1 2024-06-30 07267792 c:OrdinaryShareClass1 2023-06-30 07267792 c:FRS102 2023-07-01 2024-06-30 07267792 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07267792 c:FullAccounts 2023-07-01 2024-06-30 07267792 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07267792 d:OtherDeferredTax 2024-06-30 07267792 d:OtherDeferredTax 2023-06-30 07267792 f:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07267792










Cardinal Cheapside Limited








Unaudited

Financial statements

For the year ended 30 June 2024

 
Cardinal Cheapside Limited
Registered number: 07267792

Balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,093
7,215

Investment property
 5 
7,500,000
10,000,000

  
7,503,093
10,007,215

Current assets
  

Debtors: amounts falling due within one year
 6 
508,613
783,086

Cash at bank and in hand
  
489,009
442,454

  
997,622
1,225,540

Creditors: amounts falling due within one year
 7 
(10,021,525)
(6,148,827)

Net current liabilities
  
 
 
(9,023,903)
 
 
(4,923,287)

Total assets less current liabilities
  
(1,520,810)
5,083,928

Creditors: amounts falling due after more than one year
 8 
-
(4,295,431)

Provisions for liabilities
  

Deferred tax
 10 
(83,959)
-

  
 
 
(83,959)
 
 
-

Net (liabilities)/assets
  
(1,604,769)
788,497


Capital and reserves
  

Called up share capital 
 11 
1
1

Share premium account
  
99
99

Profit and loss account
  
(1,604,869)
788,397

  
(1,604,769)
788,497


Page 1

 
Cardinal Cheapside Limited
Registered number: 07267792

Balance sheet (continued)
As at 30 June 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 by: 




L G Marks
Director
Date: 24 June 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Cardinal Cheapside Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England & Wales. The company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. The Company's principal place of business is 95 Dorset House, Gloucester Place, London, NW1 5AF. The principal activity of the company continued to be that of property investment.

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

The financial statements have been prepared on a going concern basis despite the company reporting net current liabilities of £9,023,903 (2023: £4,923,287) and net liabilities of £1,604,769 (2023: net assets of £788,497). Included within Creditors: Amounts due within one year is an amount of £5,000,000 (2023: £5,350,000) due to Cardinal Group Limited. Cardinal Group Limited has confirmed that they will not call for repayment of the above sums until the company has sufficient cash reserves to do so, without the prejudice to the company's other creditors and for a period of at least twelve months from the date of approval of the financial statements.
In addition, the directors of Cardinal Group Limited have stated that they will continue to support the company for a period of at least 12 months from the date of approval of the financial statements.

 
2.3

Turnover

Turnover represents rent, service charge and insurance receivable from tenants, credit for which is taken on an accruals basis, excluding discounts, rebates, value added tax and other sales taxes.

 
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.

Page 3

 
Cardinal Cheapside Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Fixtures and fittings
-
5 years

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 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.

The non-distributable reserve is used to record the valuation gains on the investment property, less any related provision for deferred taxation.

 
2.6

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.


Employees

The average monthly number of employees, excluding directors, during the year was 0 (2023 - 0).

Page 4

 
Cardinal Cheapside Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 July 2023
20,611



At 30 June 2024

20,611



Depreciation


At 1 July 2023
13,396


Charge for the year on owned assets
4,122



At 30 June 2024

17,518



Net book value



At 30 June 2024
3,093



At 30 June 2023
7,215

Page 5

 
Cardinal Cheapside Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 July 2023
10,000,000


Additions at cost
47,550


Deficit on revaluation
(2,547,550)



At 30 June 2024
7,500,000

The 2024 valuations were made by the directors, 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
11,325,144
11,278,678

Accumulated depreciation and impairments
(4,163,911)
(4,074,838)

7,161,233
7,203,840


6.


Debtors

2024
2023
£
£


Trade debtors
155,644
223,419

Amounts owed by group undertakings
30,000
-

Other debtors
246,481
300,034

Prepayments and accrued income
76,488
78,155

Tax recoverable
-
27,062

Deferred taxation
-
154,416

508,613
783,086


Page 6

 
Cardinal Cheapside Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
4,300,000
-

Trade creditors
49,038
13,192

Amounts owed to group undertakings
5,000,000
5,350,000

Corporation tax
58,903
71,900

Other taxation and social security
45,486
58,492

Other creditors
233,568
286,037

Accruals and deferred income
334,530
369,206

10,021,525
6,148,827


The Company has a bank loan with Barclays Bank PLC secured by a fixed charge over the leasehold investment property and a floating charge over all other assets and undertakings of the company. The bank loan had a maturity date of 10 July 2024. Interest is due for payment on the loan every 3 months. The interest on this loan will be charged at LIBOR plus 2.2% per annum payable quarterly. Included within the bank loan is an amount of £4,300,000 (2023: £4,300,000) less unamortised finance cost of £nil (2023: £4,569). The loan has been fully repaid since the year end.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
4,295,431



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
4,300,000
-


4,300,000
-


Amounts falling due 2-5 years

Bank loans
-
4,295,431


4,300,000
4,295,431


Page 7

 
Cardinal Cheapside Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

10.


Deferred taxation




2024


£






At beginning of year
154,416


Charged to profit or loss
(238,375)



At end of year
(83,959)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Revaluation of investment property
(83,959)
154,416

(83,959)
154,416


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £0.01 each
1
1



12.


Ultimate parent undertaking and controlling party

The company regards Cardinal Group Limited, a company registered in England and Wales as its immediate and ultimate parent company.
The company considers its ultimate control relationship to be the directors of Cardinal Group Limited. 


Page 8