Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-311No description of principal activity2024-01-01false1falsetrue 7372120 2024-01-01 2024-12-31 7372120 2023-01-01 2023-12-31 7372120 2024-12-31 7372120 2023-12-31 7372120 c:Director1 2024-01-01 2024-12-31 7372120 c:RegisteredOffice 2024-01-01 2024-12-31 7372120 d:PlantMachinery 2024-01-01 2024-12-31 7372120 d:PlantMachinery 2024-12-31 7372120 d:PlantMachinery 2023-12-31 7372120 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 7372120 d:FurnitureFittings 2024-01-01 2024-12-31 7372120 d:FurnitureFittings 2024-12-31 7372120 d:FurnitureFittings 2023-12-31 7372120 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 7372120 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 7372120 d:FreeholdInvestmentProperty 2024-12-31 7372120 d:FreeholdInvestmentProperty 2023-12-31 7372120 d:CurrentFinancialInstruments 2024-12-31 7372120 d:CurrentFinancialInstruments 2023-12-31 7372120 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 7372120 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 7372120 d:ShareCapital 2024-12-31 7372120 d:ShareCapital 2023-12-31 7372120 d:RetainedEarningsAccumulatedLosses 2024-12-31 7372120 d:RetainedEarningsAccumulatedLosses 2023-12-31 7372120 c:FRS102 2024-01-01 2024-12-31 7372120 c:Audited 2024-01-01 2024-12-31 7372120 c:FullAccounts 2024-01-01 2024-12-31 7372120 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 7372120 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Company registration number: 7372120







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


NU PROPERTY MANAGEMENT LIMITED






































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NU PROPERTY MANAGEMENT LIMITED
 


 
COMPANY INFORMATION


Director
T H Povlsen 




Registered number
7372120



Registered office
16 Queen Annes Gate

London

SW1H 9AA




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

4th Floor

95 Gresham Street

London

EC2V 7AB





 


NU PROPERTY MANAGEMENT LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 8


 


NU PROPERTY MANAGEMENT LIMITED
REGISTERED NUMBER:7372120



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
9,445
12,353

Investment property
 6 
18,500,000
18,500,000

  
18,509,445
18,512,353

Current assets
  

Debtors: amounts falling due within one year
 7 
27,151
63,112

Cash at bank and in hand
  
153,831
77,559

  
180,982
140,671

Creditors: amounts falling due within one year
 8 
(1,011,690)
(940,927)

Net current liabilities
  
 
 
(830,708)
 
 
(800,256)

Total assets less current liabilities
  
17,678,737
17,712,097

Provisions for liabilities
  

Deferred tax
  
(1,786,179)
(1,786,906)

  
 
 
(1,786,179)
 
 
(1,786,906)

Net assets
  
15,892,558
15,925,191


Capital and reserves
  

Called up share capital 
  
9,800,000
9,800,000

Profit and loss account
  
6,092,558
6,125,191

  
15,892,558
15,925,191


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 income and retained earnings 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: 


T H Povlsen
Director
Date: 22 July 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 


NU PROPERTY MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

NU Property Management Limited is a private company, limited by shares, incorporated in England and Wales. The address of its registered office is disclosed on the company information page. The principal place of business is 16 Queen Anne's Gate, London, SW1H 9AA.

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 Section 1A of 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

Revenue

Revenue represents management fees receivable for property management services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.

 
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, on a reducing balance or straight line basis depending on the asset class..

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Reducing balance
Fixtures and fittings
-
33%
Straight line

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.

 
2.4

Investment property

Investment properties are carried at fair value determined annually by the 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 Statement of income and retained earnings.

Page 2

 


NU PROPERTY MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

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 Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Page 3

 


NU PROPERTY MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.5
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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.

 
2.6

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.

Page 4

 


NU PROPERTY MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

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 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.



Page 5

 


NU PROPERTY MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods
.
Critical judgements in applying the company's accounting policies
The directors do not consider there to be any critical judgements made in the company's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Other key sources of estimation uncertainty:
Valuation of the investment property portfolio
The investment properties are measured at fair value and are based on active market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset.
Current economic developments and uncertainties influence the valuation of an investment property. The methods and significant assumptions applied in determining the fair value of the investment properties are mainly due to (i) active market prices, (ii) the influence of rent-free periods and vacancy rates, (iii) discount rates and (iv) assumed trends in rents.
These market values are based on valuations made by the director. The valuation is based on an open market value, supported by market evidence in which assets can be exchanged between a knowledgable willing buyer and a knowledgeable willing seller in an arm's length transaction at the date of the valuation, in accordance with the guidelines of RICS valuation.


4.


Employees

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

Page 6

 


NU PROPERTY MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2024
20,263
3,019
23,282



At 31 December 2024

20,263
3,019
23,282



Depreciation


At 1 January 2024
10,762
167
10,929


Charge for the year on owned assets
1,901
1,007
2,908



At 31 December 2024

12,663
1,174
13,837



Net book value



At 31 December 2024
7,600
1,845
9,445



At 31 December 2023
9,501
2,852
12,353


6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
18,500,000



At 31 December 2024
18,500,000

The 2024 valuations were made by the director, on an open market value for existing use basis.






Page 7

 


NU PROPERTY MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,922
35,680

Other debtors
4,063
26,288

Prepayments and accrued income
19,166
1,144

27,151
63,112



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,089
-

Amounts owed to group undertakings
920,085
872,859

Other taxation and social security
17,297
-

Other creditors
61,269
61,268

Accruals and deferred income
8,950
6,800

1,011,690
940,927



9.


Parent company

Holch Povlsen Switzerland AG, a company incorporated in Switzerland, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the company is a member. The parent company's registered office is c/o Park Treuhand AG, Promenadenstrasse 19, 8201 Schaffhausen.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 31 July 2025 by Ralph Mitchison FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 8