Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31 2025-03-31 Construction of residential buildings 2 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2024-04-01 false 2 false true false 11475010 2024-04-01 2025-03-31 11475010 2023-04-01 2024-03-31 11475010 2025-03-31 11475010 2024-03-31 11475010 c:Director1 2024-04-01 2025-03-31 11475010 d:CurrentFinancialInstruments 2025-03-31 11475010 d:CurrentFinancialInstruments 2024-03-31 11475010 d:Non-currentFinancialInstruments 2025-03-31 11475010 d:Non-currentFinancialInstruments 2024-03-31 11475010 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 11475010 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11475010 d:Non-currentFinancialInstruments d:AfterOneYear 2025-03-31 11475010 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 11475010 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2025-03-31 11475010 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 11475010 d:ShareCapital 2025-03-31 11475010 d:ShareCapital 2024-03-31 11475010 d:RetainedEarningsAccumulatedLosses 2025-03-31 11475010 d:RetainedEarningsAccumulatedLosses 2024-03-31 11475010 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2025-03-31 11475010 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 11475010 c:OrdinaryShareClass1 2024-04-01 2025-03-31 11475010 c:OrdinaryShareClass1 2025-03-31 11475010 c:FRS102 2024-04-01 2025-03-31 11475010 c:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 11475010 c:FullAccounts 2024-04-01 2025-03-31 11475010 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 11475010 2 2024-04-01 2025-03-31 11475010 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11475010 SOLOMONS PASSAGE LTD UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
SOLOMONS PASSAGE LTD REGISTERED NUMBER: 11475010 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Stocks | 4 | 22,822,486 |  | 12,965,725 |
Debtors: amounts falling due after more than one year | 5 | - |  | 116,540 |
Debtors: amounts falling due within one year | 5 | 496,002 |  | 381,847 |
Cash at bank and in hand | 6 | 18,990 |  | 25,501 |
|  | 23,337,478 |  | 13,489,613 |
Creditors: amounts falling due within one year | 7 | (22,043,690) |  | (4,023,056) |
Net current assets |  |  | 1,293,788 |  | 9,466,557
Total assets less current liabilities |  |  | 1,293,788 |  | 9,466,557
Creditors: amounts falling due after more than one year | 8 |  | - |  | (8,133,508)
Provisions for liabilities |  |  |  |  |
Other provisions | 10 | (1,300,000) |  | (1,300,000) |
Net (liabilities)/assets |  |  | (6,212) |  | 33,049
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | - |  | -
Profit and loss account |  |  | (6,212) |  | 33,049
|  |  | (6,212) |  | 33,049
Page 1
SOLOMONS PASSAGE LTD REGISTERED NUMBER: 11475010 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 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 by:
................................................ Nicholas Mason
Director
Date: 20 January 2026
The notes on pages 3 to 9 form part of these financial statements. Page 2
SOLOMONS PASSAGE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Solomons Passage Limited is a private company, limited by shares, incorporated and registered in England and Wales. The registered office is Manderley Lower South Park, South Godstone, Godstone, Surrey, RH9 8LF. The Company's registered number is 11475010. The Company's functional and presentational currency is pound sterling, rounded to the nearest £1. 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 financial statements have been prepared on a going concern basis which the directors consider to be appropriate based on the stage of construction and assessments surrounding the feasibility of the project. The directors are satisfied that the Company has access to sufficient funds to meet its liabilities as they fall due for the foreseeable future. The shareholders have also expressed their willingness to provide financial support to the Company for a period of at least 12 months from approval of the financial statements in the event this should be required.
| 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: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
SOLOMONS PASSAGE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 directly attributable to the construction of a qualifying asset are capitalised as part of the cost of the asset. The amount of general borrowings eligible for capitalisation are determined by applying a capitalisation rate to the expenditure on the qualifying asset. Remaining borrowing costs are expensed in the profit and loss in the period incurred.
| 2.7 | Taxation
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.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | 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.
| 2.10 | 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. Page 4
SOLOMONS PASSAGE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | 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.
| 2.12 | 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 | 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. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Balance sheet 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial Page 5
SOLOMONS PASSAGE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
4. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Work in progress (properties in course of development prior to sale) | 22,822,486 | 12,965,725
| Included within work in progress is £1,426,846 (2024: £1,091,760) of directly attributable borrowing costs incurred in the year, in relation to the development of a qualifying asset (the properties). All borrowing costs incurred in the year have been capitalised.
Page 6
SOLOMONS PASSAGE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Prepayments and accrued income | - | 116,540
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Amounts owed by related parties | 373,391 | 373,391
| Other debtors | 4,815 | 7,686
| Prepayments and accrued income | 117,026 | -
| Tax recoverable | 770 | 770
|  | 496,002 | 381,847
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 18,990 | 25,501
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans (see note 9) | 17,630,936 | -
| Trade creditors | 620,792 | 477,791
| Amounts owed to related parties | 3,477,033 | 3,474,533
| Corporation tax | 770 | 770
| Other creditors | 300,609 | 61,612
| Accruals and deferred income | 13,550 | 8,350
|  | 22,043,690 | 4,023,056
Page 7
SOLOMONS PASSAGE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans (see note 9) | - | 8,133,508
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Other loans | 17,630,936 | -
| Amounts falling due 2-5 years |  |
| Other loans | - | 8,133,508
|  | 17,630,936 | 8,133,508
| The loan facility is provided by Bridging Trading plc and is secured on a piece of freehold land included in stock (40-46 Solomons Passage, SE15 3UH). The maximum facility available is £26,131,598, of which £17,630,936 was drawn at the reporting date. Interest is charged on amounts utilised at base rate (as published by Bank of England) plus a margin of 5.75%. Interest compounds and is capitalised on a monthly basis. At the reporting date, the facility was repayable in full on 31 December 2025, following an extension agreed during the year. Subsequent to the reporting date, a further extension was agreed, extending the repayment date to 31 March 2026.
10. | Provisions
|  | Other provision
|  | £
| At 1 April 2024 | 1,300,000
| At 31 March 2025 | 1,300,000
| The provision above relates to the company's potential liability under a historic planning obligation. The liability is subject to ongoing negotiation and correspondence with the local council. The directors consider the potential for settlement to be more likely than not and as such have maintained the provision at the reporting date.
Page 8
SOLOMONS PASSAGE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and partly paid |  |
|  | 40 (2024 - 40) Ordinary A shares shares of £0.01 each | - | -
12. | Capital commitments
| At 31 March 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 7,246,523 | 15,451,945
13. | Related party transactions
| At 31 March 2025, the company owed Leapastute Limited, a 50% shareholder, £1,738,517 (2024: £1,737,267) in relation to general financing for the project. This amount is interest free and repayable on demand. At 31 March 2025, the company owed Blueleaf Developments Limited, a 50% shareholder, £1,738,516 (2024: £1,737,267) in relation to general financing for the project. This amount is interest free and repayable on demand. At 31 March 2025, the company was owed £373,391 (2024: £373,391) from Earlsriver Limited, a company under common control in relation to general financing. This amount is interest free and repayable on demand.
Page 9