Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-3022023-07-01falsecommercial property lettings2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12684707 2023-07-01 2024-06-30 12684707 2022-07-01 2023-06-30 12684707 2024-06-30 12684707 2023-06-30 12684707 2022-07-01 12684707 c:Director1 2023-07-01 2024-06-30 12684707 d:FurnitureFittings 2023-07-01 2024-06-30 12684707 d:FurnitureFittings 2024-06-30 12684707 d:FurnitureFittings 2023-06-30 12684707 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12684707 d:OfficeEquipment 2023-07-01 2024-06-30 12684707 d:OfficeEquipment 2024-06-30 12684707 d:OfficeEquipment 2023-06-30 12684707 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12684707 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12684707 d:FreeholdInvestmentProperty 2023-07-01 2024-06-30 12684707 d:FreeholdInvestmentProperty 2024-06-30 12684707 d:FreeholdInvestmentProperty 2023-06-30 12684707 d:FreeholdInvestmentProperty 2 2023-07-01 2024-06-30 12684707 d:CurrentFinancialInstruments 2024-06-30 12684707 d:CurrentFinancialInstruments 2023-06-30 12684707 d:Non-currentFinancialInstruments 2024-06-30 12684707 d:Non-currentFinancialInstruments 2023-06-30 12684707 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 12684707 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12684707 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 12684707 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 12684707 d:ShareCapital 2024-06-30 12684707 d:ShareCapital 2023-06-30 12684707 d:ShareCapital 2022-07-01 12684707 d:OtherMiscellaneousReserve 2023-07-01 2024-06-30 12684707 d:OtherMiscellaneousReserve 2024-06-30 12684707 d:OtherMiscellaneousReserve 2022-07-01 2023-06-30 12684707 d:OtherMiscellaneousReserve 2023-06-30 12684707 d:OtherMiscellaneousReserve 2022-07-01 12684707 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 12684707 d:RetainedEarningsAccumulatedLosses 2024-06-30 12684707 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 12684707 d:RetainedEarningsAccumulatedLosses 2023-06-30 12684707 d:RetainedEarningsAccumulatedLosses 2022-07-01 12684707 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-06-30 12684707 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 12684707 c:OrdinaryShareClass1 2023-07-01 2024-06-30 12684707 c:OrdinaryShareClass1 2024-06-30 12684707 c:OrdinaryShareClass1 2023-06-30 12684707 c:FRS102 2023-07-01 2024-06-30 12684707 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 12684707 c:FullAccounts 2023-07-01 2024-06-30 12684707 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12684707 2 2023-07-01 2024-06-30 12684707 4 2023-07-01 2024-06-30 12684707 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12684707









EREMURUS PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
EREMURUS PROPERTIES LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Statement of Changes in Equity
3
Notes to the Financial Statements
4 - 10


 
EREMURUS PROPERTIES LIMITED
REGISTERED NUMBER: 12684707

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,989,196
1,361,227

Investment property
 5 
17,150,000
17,150,000

  
19,139,196
18,511,227

Current assets
  

Debtors: amounts falling due within one year
 6 
210,750
978,332

Cash at bank and in hand
 7 
251,837
998,941

  
462,587
1,977,273

Creditors: amounts falling due within one year
 8 
(510,310)
(340,948)

Net current (liabilities)/assets
  
 
 
(47,723)
 
 
1,636,325

Total assets less current liabilities
  
19,091,473
20,147,552

Creditors: amounts falling due after more than one year
 9 
(13,457,166)
(7,476,976)

  

Net assets
  
5,634,307
12,670,576


Capital and reserves
  

Called up share capital 
 11 
100
100

Other reserves
 12 
22,093,080
26,522,924

Profit and loss account
 12 
(16,458,873)
(13,852,448)

  
5,634,307
12,670,576


Page 1

 
EREMURUS PROPERTIES LIMITED
REGISTERED NUMBER: 12684707
    
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 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 H Thorpe
Director

Date: 26 June 2025

Page 2

 
EREMURUS PROPERTIES LIMITED
 

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


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

£
£
£
£


At 1 July 2022
100
26,757,324
(447,231)
26,310,193



Loss for the year
-
-
(13,639,617)
(13,639,617)

Transfer from profit and loss account
-
(234,400)
234,400
-



At 1 July 2023
100
26,522,924
(13,852,448)
12,670,576



Loss for the year
-
-
(7,036,269)
(7,036,269)

Transfer from profit and loss account
-
(4,429,844)
4,429,844
-


At 30 June 2024
100
22,093,080
(16,458,873)
5,634,307


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

Page 3

 
EREMURUS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Eremurus Properties Limited ("the company") is a private company, limited by shares, incorporated in England and Wales with registration number of 12684707. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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 financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company expects the continued support of the immediate parent undertaking which has confirmed that it will provide such financial support as is necessary for the company to meet its liabilities as they fall due and to support the company to continue in operation for a period of at least twelve months from the date of signing of these financial statements. 

 
2.3

Revenue

Revenue comprises of rent which 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 value added tax. 

 
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 and loss account 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. 

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.7

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 4

 
EREMURUS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.7
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:

Furnishings, fixtures and fittings
-
10%
Office 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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors or external valuers, 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.

 
2.9

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.

 
2.10

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.

 
2.11

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 5

 
EREMURUS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of the debt instrument constitute a financing transaction that is not at market rate, the financial liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost using the effective interest method.
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.
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

  
2.13

Related party exemption

The company has taken advantage of the exemption under Financial Reporting Standard 102, not to disclose transactions with group companies that are wholly owned within the group.


3.


Employees

The average monthly number of employees, including non-payrolled directors, during the year was 2 (2023 - 2).

Page 6

 
EREMURUS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 July 2023
982,664
378,563
1,361,227


Additions
703,164
172,946
876,110



At 30 June 2024

1,685,828
551,509
2,237,337



Depreciation


Charge for the year on owned assets
137,754
110,387
248,141



At 30 June 2024

137,754
110,387
248,141



Net book value



At 30 June 2024
1,548,074
441,122
1,989,196

Page 7

 
EREMURUS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
17,150,000


Additions at cost
2,076,782


Deficit on revaluation 
(2,076,782)



At 30 June 2024
17,150,000

A professional valuation of the investment property was performed by Savills in November 2023 on an open market basis at £17,150,000. The directors consider the fair value of the investment property to be the same as at 30 June 2024.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
£


Historic cost
32,416,523


6.


Debtors

2024
2023
£
£


Other debtors
35,633
902,468

Prepayments and accrued income
175,117
75,864

210,750
978,332



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
251,837
998,941


Page 8

 
EREMURUS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
193,979
313,396

Other taxation
6,409
-

Other creditors
948
5,203

Accruals and deferred income
308,974
22,349

510,310
340,948



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,437,361
-

Amounts owed to group companies (see Note 12)
6,906,820
7,476,976

Other creditors
112,985
-

13,457,166
7,476,976


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments (see Note 12)
6,906,820
7,476,976




10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
251,837
998,941




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 9

 
EREMURUS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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



12.


Reserves

Other reserves

The amount owed to group companies in Note 9 relates to a loan of £28,999,900 (2023 - £33,999,900), which is interest free, unsecured and repayable in 50 years from the loan agreement date of 7 August 2020. As the loan has been provided at below market rate, FRS102 requires the loan to be measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost using the effective interest method. The directors have assessed the market rate of interest to be 3% above Bank of England base rate on the date of each drawdown. The difference between the book value and the fair value on each drawdown is recognised as a capital contribution in other reserves. An annual transfer from other reserves to the profit and loss account is made for the amount of interest expense recognised under the amortised cost method which is £4,429,844 (2023 - £234,400) for the year ended 30 June 2024. During the year ended 30 June 2024, there was a partial loan repayment which occurred prior to the end of the term of the loan, resulting in a release of discount of £4,211,136 in form of interest. 

 
Page 10