Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30false12023-10-01Investment property1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08177737 2023-10-01 2024-09-30 08177737 2022-10-01 2023-09-30 08177737 2024-09-30 08177737 2023-09-30 08177737 2022-10-01 08177737 c:Director1 2023-10-01 2024-09-30 08177737 d:FreeholdInvestmentProperty 2023-10-01 2024-09-30 08177737 d:FreeholdInvestmentProperty 2024-09-30 08177737 d:FreeholdInvestmentProperty 2023-09-30 08177737 d:FreeholdInvestmentProperty 2 2023-10-01 2024-09-30 08177737 d:CurrentFinancialInstruments 2024-09-30 08177737 d:CurrentFinancialInstruments 2023-09-30 08177737 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 08177737 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 08177737 d:ShareCapital 2024-09-30 08177737 d:ShareCapital 2023-09-30 08177737 d:InvestmentPropertiesRevaluationReserve 2024-09-30 08177737 d:InvestmentPropertiesRevaluationReserve 2023-09-30 08177737 d:RetainedEarningsAccumulatedLosses 2024-09-30 08177737 d:RetainedEarningsAccumulatedLosses 2023-09-30 08177737 c:FRS102 2023-10-01 2024-09-30 08177737 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 08177737 c:FullAccounts 2023-10-01 2024-09-30 08177737 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08177737 d:OtherDeferredTax 2024-09-30 08177737 d:OtherDeferredTax 2023-09-30 08177737 2 2023-10-01 2024-09-30 08177737 6 2023-10-01 2024-09-30 08177737 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 08177737










NEWQUEST DEVELOPMENTS 124 LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
NEWQUEST DEVELOPMENTS 124 LIMITED
REGISTERED NUMBER:08177737

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
120
120

Investment property
 5 
3,820,000
3,358,814

  
3,820,120
3,358,934

Current assets
  

Debtors: amounts falling due within one year
 6 
1,044,478
1,596,499

Cash at bank and in hand
 7 
31,320
37,236

  
1,075,798
1,633,735

Creditors: amounts falling due within one year
 8 
(2,669,804)
(3,413,704)

Net current liabilities
  
 
 
(1,594,006)
 
 
(1,779,969)

Total assets less current liabilities
  
2,226,114
1,578,965

Provisions for liabilities
  

Deferred tax
 9 
(404,186)
(303,251)

  
 
 
(404,186)
 
 
(303,251)

Net assets
  
1,821,928
1,275,714


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
590,392
287,586

Profit and loss account
  
1,231,436
988,028

  
1,821,928
1,275,714


Page 1

 
NEWQUEST DEVELOPMENTS 124 LIMITED
REGISTERED NUMBER:08177737
    
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: 




A Valik
Director
Date: 27 June 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
NEWQUEST DEVELOPMENTS 124 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Newquest Developments 124 (8177737) 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

Going concern

The director has confirmed that they will not seek to recover their loan until the company has sufficient funds available to make repayment. On this basis the director considers it appropriate to prepare the accounts on a going concern basis.

 
2.3

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.

  
2.4

Investment property

Investment property is carried at fair value determined annually by 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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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.

Page 3

 
NEWQUEST DEVELOPMENTS 124 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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 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.
 
Page 4

 
NEWQUEST DEVELOPMENTS 124 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


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

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.

 
2.11

Interest income

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

Page 5

 
NEWQUEST DEVELOPMENTS 124 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.



3.


Employees

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


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
120



At 30 September 2024
120




Page 6

 
NEWQUEST DEVELOPMENTS 124 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
3,358,814


Additions at cost
57,445


Surplus on revaluation
403,741



At 30 September 2024
3,820,000

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
2,825,423
2,767,977


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
842,769
1,502,565

Other debtors
201,709
93,934

1,044,478
1,596,499



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
31,320
37,236


Page 7

 
NEWQUEST DEVELOPMENTS 124 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
995,000

Trade creditors
14,368
296

Amounts owed to group undertakings
2,042,188
1,437,465

Other creditors
613,248
980,943

2,669,804
3,413,704





9.


Deferred taxation




2024
2023


£

£






At beginning of year
(303,251)
(303,251)


Charged to profit or loss
(100,935)
-



At end of year
(404,186)
(303,251)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair value adjustment
(404,186)
(303,251)




10.


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:£923,100). 
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 124 Limited. 

Page 8

 
NEWQUEST DEVELOPMENTS 124 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


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
-


12.


Related party transactions

Included in other creditors is an amount of £550,000 (2023: £Nil) owed to the director. This is interest free and repayable on demand.

 
Page 9