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Registered number: 05928409









SAVOY DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SAVOY DEVELOPMENTS LIMITED
REGISTERED NUMBER: 05928409

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
2,335
3,114

Investments
 6 
1,585,000
985,000

  
1,587,335
988,114

Current assets
  

Debtors: amounts falling due within one year
 7 
1,117,619
105,077

Cash at bank and in hand
 8 
1,572,273
2,450,668

  
2,689,892
2,555,745

Creditors: amounts falling due within one year
 9 
(1,574,199)
(1,207,371)

Net current assets
  
 
 
1,115,693
 
 
1,348,374

Total assets less current liabilities
  
2,703,028
2,336,488

Provisions for liabilities
  

Deferred tax
 10 
(15,171)
(28,783)

Net assets
  
2,687,857
2,307,705


Capital and reserves
  

Called up share capital 
 11 
100
100

Investment property reserve
  
43,761
84,012

Profit and loss account
  
2,643,996
2,223,593

  
2,687,857
2,307,705


Page 1

 
SAVOY DEVELOPMENTS LIMITED
REGISTERED NUMBER: 05928409
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 on 15 July 2025.




M D Tobin
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SAVOY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Savoy Developments Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.
The company specialises in the development of building projects and construction of commercial buildings.

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

Revenue

Revenue 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 discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is recognised at the point of delivery of services.

 
2.3

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life of 5 years.

Page 3

 
SAVOY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Office equipment
-
25% reducing balance

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 the Statement of comprehensive income.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Page 4

 
SAVOY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in  the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 reporting 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 reporting 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 reporting date.


 
2.13

Investment property

Investment properties are properties held to earn rent and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of the investment properties are included in the Statement of comprehensive income in the year in which they arise.

Page 5

 
SAVOY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

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 the Statement of comprehensive income.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
9,987



At 31 December 2024

9,987



Amortisation


At 1 January 2024
9,987



At 31 December 2024

9,987



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 6

 
SAVOY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Office equipment

£



Cost


At 1 January 2024
7,980



At 31 December 2024

7,980



Depreciation


At 1 January 2024
4,866


Charge for the year
779



At 31 December 2024

5,645



Net book value



At 31 December 2024
2,335



At 31 December 2023
3,114


6.


Fixed asset investments





Investment property

£



Valuation


At 1 January 2024
985,000


Additions
712,872


Fair value adjustment
(112,872)



At 31 December 2024
1,585,000




The 2024 valuation was made by the directors, who are not property professionals, on an open market value for existing use basis. The valuation is not considered materially different to its cost.

Page 7

 
SAVOY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
1,000,928
104,077

Other debtors
116,691
1,000

1,117,619
105,077



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,572,273
2,450,668



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
691,384
240,846

Corporation tax
249,540
270,833

Other taxation and social security
445,469
284,811

Other creditors
185,306
408,381

Accruals and deferred income
2,500
2,500

1,574,199
1,207,371


Page 8

 
SAVOY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
28,783
-


(Credited)/charged to the Statement of comprehensive income
(13,612)
28,783



At end of year
15,171
28,783

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
584
779

Potential capital gains tax on sale of property
14,587
28,004

15,171
28,783


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £212,705 (2023 - £172,950) outstanding contributions at the year end were £4,045 (2023 - £Nil).

Page 9

 
SAVOY DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
29,225
31,422

Later than 1 year and not later than 5 years
41,545
10,880

70,770
42,302


14.


Controlling party

The company is controlled by its directors.

 
Page 10