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Registered number: 15756253









WINDERMERE PROPERTY LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2025

 
WINDERMERE PROPERTY LIMITED
 
 
COMPANY INFORMATION


Directors
D.G. Ross (appointed 2 June 2024)
A.W. Ross (appointed 2 June 2024)




Registered number
15756253



Registered office
Calder & Co
30 Orange Street

London

WC2H 7HF




Independent auditors
Calders (1883) LLP
Chartered Accountants and Statutory Auditors

30 Orange Street

London

WC2H 7HF





 
WINDERMERE PROPERTY LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditors' report to the members of Windermere Property Limited 
3 - 7
Statement of comprehensive income including profit and loss account 
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 13


 
WINDERMERE PROPERTY LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2025

The directors present their report and the financial statements for the period ended 28 February 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company was incorporated on 2 June 2024.
The principal activity of the company during the period was the investment in and letting of commercial UK
property.

Directors

The directors who served during the period were:

D.G. Ross (appointed 2 June 2024)
A.W. Ross (appointed 2 June 2024)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
WINDERMERE PROPERTY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025


Auditors

The auditorsCalders (1883) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 2 July 2025 and signed on its behalf.
 





D.G. Ross
Director
A.W. Ross
Director

Page 2

 
WINDERMERE PROPERTY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINDERMERE PROPERTY LIMITED
 

Opinion


We have audited the financial statements of Windermere Property Limited (the 'Company') for the period ended 28 February 2025, which comprise the Statement of comprehensive Income including profit and loss account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 28 February 2025 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
WINDERMERE PROPERTY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINDERMERE PROPERTY LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
WINDERMERE PROPERTY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINDERMERE PROPERTY LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered and undertook the following audit procedures in response:
      •    We obtained an understanding of the legal and regulatory frameworks that are applicable to the company
           and determined that the most significant are those that relate to the reporting frameworks (United 
           Kingdom accounting standards and Companies Act 2006);
      •    We obtained an understanding of the nature of the industry and sector, control environment and business
           performance; 
      •    The outcome of discussions with management and those charged with governance and any matters we
           identified having obtained and reviewed the company’s documentation of their policies and procedures
           related to:   
                 -    Identifying, evaluating and complying with laws and regulations and whether they were aware of 
                      any instances of non-compliance or any actual or potential litigation or claims;
                 -    Detecting and responding to the risks of fraud and whether they have knowledge of any actual, 
                      suspected or alleged fraud;
                 -    The internal controls established to mitigate risks of fraud or non-compliance with laws and
                      regulations;   
      •    The matters discussed during the audit engagement team briefing regarding how and where fraud might 
           occur in the financial statements and any potential indicators of fraud. All engagement team members 
           were advised to remain alert to any indications of fraud or non-compliance with laws and regulations
           throughout the audit;  
      •    Reviewing the financial statement disclosures and testing to supporting documentation to assess
           compliance with provisions of relevant laws and regulations described as having a direct effect on the 
           financial statements;
      •    Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
           risks of material misstatement due to fraud; 
 
Page 5

 
WINDERMERE PROPERTY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINDERMERE PROPERTY LIMITED (CONTINUED)



      •    Reviewing correspondence with HMRC and inspection of relevant legal correspondence;
      •    In addressing the risk of fraud through management override of controls, testing the appropriateness of
           journal entries and other adjustments by testing manual journal entries, in particular journal entries
           relating to management estimates and entries determined to be large or relating to unusual transactions;
      •    Assessing whether the judgements made in making accounting estimates are indicative of a potential
           bias; and evaluating the business rationale of any significant transactions that are unusual or outside the
           normal course of business;
      •    Assessment of the appropriateness of the collective competence and capabilities of the engagement
           team included consideration of the engagement team’s: 
                 -    understanding of, and practical experience with audit engagements of a similar nature and
                      complexity through appropriate training and participation;
                 -    knowledge of the industry in which the client operates; 
                 -    understanding of the legal and regulatory requirements specific to the company including:
                                   •    the provisions of the applicable legislation
                                   •    the applicable statutory provisions.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. We are also required to perform specific procedures to respond to the risk of management override.   
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements. 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax legislation, and distributable profits legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate and avoid a material penalty. These included data protection, employment and health and safety regulations. 
With regards to laws and regulations relating to the operating aspects of the company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
WINDERMERE PROPERTY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINDERMERE PROPERTY LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Philip Ewen (Senior Statutory Auditor)
  
for and on behalf of
Calders (1883) LLP
 
Chartered Accountants
and Statutory Auditors
  
30 Orange Street
London
WC2H 7HF

2 July 2025
Page 7

 
WINDERMERE PROPERTY LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME INCLUDING PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 28 FEBRUARY 2025

Period ended
28 February
2025
Note
£

  

Administrative expenses
  
(69,267)

Operating loss
  
(69,267)

Loss before tax
  
(69,267)

Taxation
  
-

Loss for the financial period
  
(69,267)

There were no recognised gains and losses for 2025 other than those included in the statement of comprehensive income including profit and loss account.

The notes on pages 11 to 13 form part of these financial statements.

Page 8

 
WINDERMERE PROPERTY LIMITED
REGISTERED NUMBER: 15756253

BALANCE SHEET
AS AT 28 FEBRUARY 2025

28 February 2025
Note
£

  

Current assets
  

Cash at bank and in hand
  
9,048

  
9,048

Creditors: amounts falling due within one year
 5 
(54,096)

Net current liabilities
  
 
 
(45,048)

Total assets less current liabilities
  
(45,048)

Creditors: amounts falling due after more than one year
 6 
(24,119)

  

Net liabilities
  
(69,167)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(69,267)

  
(69,167)


The Company's financial statements have been prepared in accordance with the 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 2 July 2025.




D.G. Ross
A.W. Ross
Director
Director

The notes on pages 11 to 13 form part of these financial statements.

Page 9

 
WINDERMERE PROPERTY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2025


Called up share capital
Profit and loss account
Total equity

£
£
£



Loss for the period
-
(69,267)
(69,267)

Shares issued during the period
100
-
100


At 28 February 2025
100
(69,267)
(69,167)

The notes on pages 11 to 13 form part of these financial statements.

Page 10

 
WINDERMERE PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2025

1.


General information

Windermere Property Limited is a private company limited by share capital, incorporated in England and Wales, registration number 15756253. The address of the registered office is 30 Orange Street, London, WC2H 7HF.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

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.

 
2.3

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.

 
2.4

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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income including profit and loss account.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 11

 
WINDERMERE PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2025

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Prepayments & accrued expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.


4.


Employees




The average monthly number of employees, including the directors, during the period was as follows:


     Period ended
     28 February
        2025
            No.






Directors
2


5.


Creditors: Amounts falling due within one year

28 February 2025
£

Amounts owed to group undertakings
54,058

Other taxation and social security
38

54,096


Page 12

 
WINDERMERE PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2025

6.


Creditors: Amounts falling due after more than one year

28th February 2025
£

Amounts owed to group undertakings
24,119

24,119


The amounts owed to group undertakings includes a loan of £24,119 which currently bears interest at the Bank of England base rate but is subject to annual review.


7.


Controlling party

The company is a wholly owned subsidiary of Jamland Holdings Limited, a company incorporated in England and Wales. The ultimate controlling party is the Jam Trust, a trust established in the Republic of South Africa.

 
Page 13