Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31false2024-01-01No description of principal activity66truetruefalse 04119309 2024-01-01 2024-12-31 04119309 2023-01-01 2023-12-31 04119309 2024-12-31 04119309 2023-12-31 04119309 c:CompanySecretary1 2024-01-01 2024-12-31 04119309 c:Director1 2024-01-01 2024-12-31 04119309 c:Director4 2024-01-01 2024-12-31 04119309 c:Director5 2024-01-01 2024-12-31 04119309 c:Director6 2024-01-01 2024-12-31 04119309 c:RegisteredOffice 2024-01-01 2024-12-31 04119309 c:Agent1 2024-01-01 2024-12-31 04119309 c:Agent2 2024-01-01 2024-12-31 04119309 d:MotorVehicles 2024-01-01 2024-12-31 04119309 d:MotorVehicles 2024-12-31 04119309 d:MotorVehicles 2023-12-31 04119309 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04119309 d:FurnitureFittings 2024-01-01 2024-12-31 04119309 d:FurnitureFittings 2024-12-31 04119309 d:FurnitureFittings 2023-12-31 04119309 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04119309 d:ComputerEquipment 2024-01-01 2024-12-31 04119309 d:ComputerEquipment 2024-12-31 04119309 d:ComputerEquipment 2023-12-31 04119309 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04119309 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04119309 d:FreeholdInvestmentProperty 2024-01-01 2024-12-31 04119309 d:FreeholdInvestmentProperty 2024-12-31 04119309 d:FreeholdInvestmentProperty 2023-12-31 04119309 d:CurrentFinancialInstruments 2024-12-31 04119309 d:CurrentFinancialInstruments 2023-12-31 04119309 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 04119309 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04119309 d:ShareCapital 2024-12-31 04119309 d:ShareCapital 2023-12-31 04119309 d:SharePremium 2024-12-31 04119309 d:SharePremium 2023-12-31 04119309 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04119309 d:RetainedEarningsAccumulatedLosses 2024-12-31 04119309 d:RetainedEarningsAccumulatedLosses 2023-12-31 04119309 c:OrdinaryShareClass1 2024-01-01 2024-12-31 04119309 c:OrdinaryShareClass1 2024-12-31 04119309 c:OrdinaryShareClass1 2023-12-31 04119309 c:FRS102 2024-01-01 2024-12-31 04119309 c:Audited 2024-01-01 2024-12-31 04119309 c:FullAccounts 2024-01-01 2024-12-31 04119309 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04119309 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04119309 2 2024-01-01 2024-12-31 04119309 3 2024-01-01 2024-12-31 04119309 6 2024-01-01 2024-12-31 04119309 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04119309 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04119309 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 04119309 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04119309 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04119309










THE BELVEDERE REALTY INVESTMENTS LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024



















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THE BELVEDERE REALTY INVESTMENTS LIMITED
 
 
Company Information


Directors
Mr S N Roditi 
Mrs P A Roditi 
Viscount Mackintosh of Halifax 
Ms R Mowlem 




Company secretary
Ms R Mowlem



Registered number
04119309



Registered office
 
The Belvedere
2 Back Lane

London

NW3 1HL




Independent auditors
Sayers Butterworth LLP
Chartered Accountants & Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW




Bankers
HSBC Private Bank (UK) Limited
78 St James's Street

London

SW1A 1JB





The Citigroup Private Bank

Citibank, N.A.

33 Canada Square

London

E14 5LB





 
THE BELVEDERE REALTY INVESTMENTS LIMITED
Registered number: 04119309

Balance sheet
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
6,001
8,335

Investments
 6 
87,147,772
89,514,425

Investment property
 7 
41,555,688
41,421,645

  
128,709,461
130,944,405

Current assets
  

Debtors: amounts falling due within one year
 8 
136,584
78,189

Cash at bank and in hand
  
516,311
776,610

  
652,895
854,799

Creditors: amounts falling due within one year
 9 
(22,276,160)
(25,323,339)

Net current liabilities
  
 
 
(21,623,265)
 
 
(24,468,540)

Total assets less current liabilities
  
107,086,196
106,475,865

Provisions for liabilities
  

Deferred tax
  
(12,827,819)
(13,463,685)

  
 
 
(12,827,819)
 
 
(13,463,685)

Net assets
  
94,258,377
93,012,180


Capital and reserves
  

Called up share capital 
 11 
4,000
4,000

Share premium account
 12 
7,497,000
7,497,000

Profit and loss account
 12 
86,757,377
85,511,180

  
94,258,377
93,012,180


Page 1

 
THE BELVEDERE REALTY INVESTMENTS LIMITED
Registered number: 04119309
    
Balance sheet (continued)
As at 31 December 2024

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 on 7 July 2025.




................................................
Viscount Mackintosh of Halifax
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
THE BELVEDERE REALTY INVESTMENTS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

1.


General information

The Belvedere Realty Investments Limited is a private company limited by share capital, incorporated in the United Kingdom and registered in England and Wales, registration number 04119309. The address of the registered office is The Belvedere, 2 Back Lane, London, NW3 1HL.
The principal activity of the company during the year was 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents rental income receivable during the year exclusive of Value Added Tax.

 
2.3

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.

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% on cost
Fixtures & fittings
-
33.3% on cost
Computer equipment
-
33.3% on cost

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 3

 
THE BELVEDERE REALTY INVESTMENTS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value as 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 the profit or loss account.
 

 
2.5

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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.

Page 4

 
THE BELVEDERE REALTY INVESTMENTS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Service charge balances

The Company, in the normal course of business holds service charge monies. These funds are held in a designated Trust bank account and do not form part of these accounts.

Page 5

 
THE BELVEDERE REALTY INVESTMENTS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.14

Amounts due to tenants

The Company, in the normal course of business, holds deposits on behalf of tenants. These funds are held in client bank accounts which do not form part of these accounts.

 
2.15

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities. The estimates and associated assumptions are based on historical experience and other factors that are relevant.
The following judgements have had the most significant effect on the amounts recognised in the financial statements.
The investment properties are valued 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. 
The directors have included a provision for deferred tax. When making the provision, the directors have considered the level of taxable profits anticipated in the future, the tax rates substantively enacted at the year end, and the company's ability to offset deferred tax assets against future taxable profits.

Page 6

 
THE BELVEDERE REALTY INVESTMENTS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).


5.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
12,995
22,467
1,448
36,910



At 31 December 2024

12,995
22,467
1,448
36,910



Depreciation


At 1 January 2024
7,817
19,313
1,445
28,575


Charge for the year on owned assets
1,294
1,040
-
2,334



At 31 December 2024

9,111
20,353
1,445
30,909



Net book value



At 31 December 2024
3,884
2,114
3
6,001



At 31 December 2023
5,178
3,154
3
8,335


6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2024
89,514,425


Revaluations
(2,366,653)



At 31 December 2024
87,147,772




As at the date of approval of the financial statements, the market value of the Workspace Group PLC shares had fallen from £61,589,462 to £55,881,818.

Page 7

 
THE BELVEDERE REALTY INVESTMENTS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

7.


Investment property


Investment property

£



Valuation


At 1 January 2024
41,421,645


Additions at cost
176,809


Adjustment to cost
(42,766)



At 31 December 2024
41,555,688

The  valuations were made by Directors valuation, 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
30,485,510
30,351,467

30,485,510
30,351,467

Page 8

 
THE BELVEDERE REALTY INVESTMENTS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

8.


Debtors

2024
2023
£
£


Trade debtors
26,889
-

Other debtors
29,741
11,571

Prepayments and accrued income
79,954
66,618

136,584
78,189



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
21,921,011
24,657,376

Trade creditors
19,216
33,924

Corporation tax
-
406,621

Other taxation and social security
24,082
37,282

Other creditors
189,944
50,931

Accruals and deferred income
121,907
137,205

22,276,160
25,323,339




Page 9

 
THE BELVEDERE REALTY INVESTMENTS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

10.


Deferred taxation




2024


£






At beginning of year
(13,463,685)


Charged to profit or loss
635,866



At end of year
(12,827,819)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Gain on investment property
(754,619)
(798,821)

Gain on investment in listed shares
(12,073,200)
(12,664,864)

(12,827,819)
(13,463,685)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,000 (2023 - 4,000) Ordinary shares of £1.00 each
4,000
4,000



12.


Reserves

Profit & loss account

Retained earnings include unrealised revaluation surpluses on investment property amounting to £10,315,559 (2023: £10,271,357).

Page 10

 
THE BELVEDERE REALTY INVESTMENTS LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2024

13.


Related party transactions

During the year the company made loan repayments amounting to £3,100,000 (2023: £2,000,000), loan drawdowns amounting to £380,000 (2023: £8,400,000) and paid interest of £516,676 (2023: £538,772) in relation to a loan from a director. The balance due to the director at the year end was £21,921,011 (2023: £24,657,376).
During the year the company paid a director a salary of £12,000 (2023: £11,500). There were no balances outstanding at either year end.
During the year the company incurred net IT, accountancy and admin support fees amounting to £55,560 (2023: £47,520) and received rental income and net recharged expenses amounting to £172,843 (2023: £154,818) from N Roditi & Co Limited, a company under common control. The balance outstanding at the year end was £24,750 due to the company (2023: £3,830).
During the year the company received net recharged expenses and management fees amounting to £10,178 (2023: £12,416) from The Box Office New Inn Broadway Limited, a company under common control. There were no balances outstanding at either year end.
During the year the company received net recharged expenses and rental income amounting to £93,324 (2023: £82,603) from The Belvedere Realty Investments Service Charge Trust, a trust under common control. The balance outstanding at the year end to The Belvedere Realty Investments Service Charge Trust was £Nil (2023: £Nil).
During the year the company received net recharged expenses and management fees amounting to £8,400 (2023: £11,104) from The Theatre Courtyard Gallery Ventures Limited, a company with a common director. There were no balances outstanding at either year end.
During the year the company received rental income and net recharged expenses amounting to £17,500 (2023: £13,125) from Rovida Advisors UK Ltd, a company with a common director. There were no balances outstanding at either year end.
 


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was qualified.

The qualification in the audit report was as follows:
 
The evidence available to us was limited on one aspect of the accounts namely the valuation of the investment properties. We were unable to obtain sufficient information regarding the valuation of the investment properties and the deferred tax provision thereon held at 31 December 2024. We were unable to form a conclusion regarding the market value of the property portfolio by other means.

The audit report was signed on 7 July 2025 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 11