Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-31true2023-09-01false11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05706029 2023-09-01 2024-08-31 05706029 2024-08-31 05706029 2022-09-01 2023-08-31 05706029 2023-08-31 05706029 c:Director1 2023-09-01 2024-08-31 05706029 d:FurnitureFittings 2023-09-01 2024-08-31 05706029 d:FurnitureFittings 2024-08-31 05706029 d:FurnitureFittings 2023-08-31 05706029 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05706029 d:FreeholdInvestmentProperty 2023-09-01 2024-08-31 05706029 d:FreeholdInvestmentProperty 2024-08-31 05706029 d:FreeholdInvestmentProperty 2023-08-31 05706029 d:FreeholdInvestmentProperty 2 2023-09-01 2024-08-31 05706029 d:CurrentFinancialInstruments 2024-08-31 05706029 d:CurrentFinancialInstruments 2023-08-31 05706029 d:Non-currentFinancialInstruments 2024-08-31 05706029 d:Non-currentFinancialInstruments 2023-08-31 05706029 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 05706029 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 05706029 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 05706029 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 05706029 d:ShareCapital 2024-08-31 05706029 d:ShareCapital 2023-08-31 05706029 d:InvestmentPropertiesRevaluationReserve 2023-09-01 2024-08-31 05706029 d:InvestmentPropertiesRevaluationReserve 2024-08-31 05706029 d:InvestmentPropertiesRevaluationReserve 2023-08-31 05706029 d:RetainedEarningsAccumulatedLosses 2024-08-31 05706029 d:RetainedEarningsAccumulatedLosses 2023-08-31 05706029 c:FRS102 2023-09-01 2024-08-31 05706029 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 05706029 c:FullAccounts 2023-09-01 2024-08-31 05706029 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05706029 d:TaxLossesCarry-forwardsDeferredTax 2024-08-31 05706029 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 05706029 d:OtherDeferredTax 2024-08-31 05706029 d:OtherDeferredTax 2023-08-31 05706029 2 2023-09-01 2024-08-31 05706029 f:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure
Registered number: 05706029


HM ESTATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
HM ESTATES LIMITED
REGISTERED NUMBER: 05706029

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
352
469

Investment property
 6 
24,883,705
18,842,787

  
24,884,057
18,843,256

Current assets
  

Debtors: amounts falling due within one year
 7 
2,593,437
750,000

Cash at bank and in hand
 8 
8,409
10,964

  
2,601,846
760,964

Creditors: amounts falling due within one year
 9 
(761,814)
(350,506)

Net current assets
  
 
 
1,840,032
 
 
410,458

Total assets less current liabilities
  
26,724,089
19,253,714

Creditors: amounts falling due after more than one year
 10 
(16,930,982)
(13,336,344)

Provisions for liabilities
  

Deferred tax
 11 
(1,713,638)
(744,674)

  
 
 
(1,713,638)
 
 
(744,674)

Net assets
  
8,079,469
5,172,696


Capital and reserves
  

Called up share capital 
  
3
3

Investment property reserve
 12 
10,325,079
6,009,161

Profit and loss account
 12 
(2,245,613)
(836,468)

  
8,079,469
5,172,696


Page 1

 
HM ESTATES LIMITED
REGISTERED NUMBER: 05706029
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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 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: 




................................................
Mr T Khuja
Director

Date: 27 August 2025

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

Page 2

 
HM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

HM Estates Limited is a private limited company registered in England and Wales. The company's registered address is 154 Cowley Road, Oxford, OX4 1UE.

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 of the company is of the opinion that the accounts have been prepared on a going concern.
The director has a reasonable expectation that the company has adequate resources to continue its operations for a period of at least 12 months from the date that the financial statements are approved. The key method for assessing going concern is through the business planning process which considers profitability, liquidity and solvency. The business planning process considers the company's business activities, together with factors likely to affect its future development, successful performance and position, and key risks in the current economic climate. 
The director remains committed to supporting the company financially for the foreseeable future and remain confident that external sources of financial support will continue for the foreseeable future.

 
2.3

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.

 
2.4

Interest income

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

Page 3

 
HM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 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.


 
2.8

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.

Page 4

 
HM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
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 profit or loss.

 
2.9

Investment property

Investment property is carried 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. No depreciation is provided. Changes in fair value are recognised in the statement of income and retained earnings.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
HM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.
1. Fixed assets are recognised at cost and depreciated over the asset's estimated useful economic life. The useful economic life of the assets are estimated on recognition based on the performance of past assets and evaluated on an annual basis.
2. Investment Property must be measured at fair value at each reporting date with changes in fair value recognised in the profit or loss account


4.


Employees

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


5.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 September 2023
35,384



At 31 August 2024

35,384



Depreciation


At 1 September 2023
34,915


Charge for the year on owned assets
117



At 31 August 2024

35,032



Net book value



At 31 August 2024
352



At 31 August 2023
469

Page 6

 
HM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 September 2023
18,842,787


Additions at cost
1,725,000


Surplus on revaluation
4,315,918



At 31 August 2024
24,883,705

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

2024
2023
£
£

Revaluation reserves


At 1 September 2023
6,009,161
6,009,161

Net deficit in movement properties
4,315,918
-

At 31 August 2024
10,325,079
6,009,161



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
14,172,448
12,447,448

14,172,448
12,447,448


7.


Debtors

2024
2023
£
£


Related party loan
750,000
750,000

Other debtors
1,843,437
-

2,593,437
750,000


Page 7

 
HM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,409
10,964

8,409
10,964



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,359
5,224

Trade creditors
8,500
6,720

Other creditors
740,954
321,851

Accruals and deferred income
7,001
16,711

761,814
350,506



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
16,930,982
13,336,344

16,930,982
13,336,344


The above bank loans are secured against the freehold properties and are in favour of Arbuthnot Latham & Co. Limited.

Page 8

 
HM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Deferred taxation




2024


£






At beginning of year
(744,674)


Charged to profit or loss
(968,964)



At end of year
(1,713,638)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax losses carried forward
341,341
231,326

Revaluation surplus
(2,054,979)
(976,000)

(1,713,638)
(744,674)


12.


Reserves

Investment property revaluation reserve

The revaluation reserve consists of the surplus of adjustments to investment property


13.


Related party transactions

Included within other creditors is an amount owed to Mr T Khuja of £Nil (2023: £38,319) at the year end. This loan was made interest free with no fixed date for repayment.
Included within other debtors is a loan to OX1 (Oxford) Ltd of £750,000 
(2023: £750,000) and loan interest of £Nil (2023: £39,879) at the end of the year. The loan carries interest at and is repayable on demand. Interest charged during the year amounted to £63,750 (2023: £31,875).
During the previous years the company, along with three other related party companies as Borrowers and Borrower Guarantors, entered into an Investment Facility Agreement with Arbuthnot Latham & Co Limited for the provision of term loans and revolving loan facilities. Each Borrower Guarantor irrevocably and unconditionally jointly and severally guarantees to Arbuthnot Latham & Co Limited, punctual performance of all obligations under the agreement.


14.


Government assistance received

During previous reporting periods the company received a Bounce Back Loan (BBL) of £50,000 which was drawn down. This loan was not repaid in full at the balance sheet date. Repayments are being made monthly and interest charged accordingly. 

Page 9

 
HM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Controlling party

Mr T Khuja holds a majority shareholding and is therefore the ultimate controlling party of the company.

 
Page 10