Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Directors have assessed the residual value of the long leasehold property at 40%, depreciation has been calculated on this basis. 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. Depreciation is included in 'administrative expenses' in the Statement of Comprehensive Income.Amounts owed to related party undertaking are unsecured, interest free and repayable on demand. Secured loans Included within bank loans is £299,910 (2023: £299,910) received pursuant to the Coronavirus Business Interruption Loan Scheme (CBILS). The loan was interest free for the first 12 months and subsequently subject to an interest rate of 2.87% over Base Rate (2023: 2.87% over Base Rate) per annum and is to be repaid by 11 September 2026. A bank loan of £5,205,000 (2023: £5,205,000) is interest bearing at SONIA + 2.65% (2023: SONIA + 2.65%) per annum and is to be repaid by 11 September 2026. The Company's loan facilities are secured by way of a fixed and floating charge over all the assets and undertakings of Kew Green VCT (Stansted) Limited including the Holiday Inn Express and its associated assets.true 2024-01-01 false true false 04494798 2024-01-01 2024-12-31 04494798 2023-01-01 2023-12-31 04494798 2024-12-31 04494798 2023-12-31 04494798 2023-01-01 04494798 1 2024-01-01 2024-12-31 04494798 d:Director4 2024-01-01 2024-12-31 04494798 c:Buildings c:LongLeaseholdAssets 2024-01-01 2024-12-31 04494798 c:Buildings c:LongLeaseholdAssets 2024-12-31 04494798 c:Buildings c:LongLeaseholdAssets 2023-12-31 04494798 c:FurnitureFittings 2024-01-01 2024-12-31 04494798 c:FurnitureFittings 2024-12-31 04494798 c:FurnitureFittings 2023-12-31 04494798 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04494798 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04494798 c:CurrentFinancialInstruments 2024-12-31 04494798 c:CurrentFinancialInstruments 2023-12-31 04494798 c:Non-currentFinancialInstruments 2024-12-31 04494798 c:Non-currentFinancialInstruments 2023-12-31 04494798 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 04494798 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04494798 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 04494798 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 04494798 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-12-31 04494798 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 04494798 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-12-31 04494798 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 04494798 c:ShareCapital 2024-12-31 04494798 c:ShareCapital 2023-12-31 04494798 c:RetainedEarningsAccumulatedLosses 2024-12-31 04494798 c:RetainedEarningsAccumulatedLosses 2023-12-31 04494798 d:OrdinaryShareClass1 2024-01-01 2024-12-31 04494798 d:OrdinaryShareClass1 2024-12-31 04494798 d:OrdinaryShareClass1 2023-12-31 04494798 d:FRS102 2024-01-01 2024-12-31 04494798 d:Audited 2024-01-01 2024-12-31 04494798 d:FullAccounts 2024-01-01 2024-12-31 04494798 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04494798 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04494798 c:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04494798 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04494798 c:TaxLossesCarry-forwardsDeferredTax 2024-12-31 04494798 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04494798 2 2024-01-01 2024-12-31 04494798 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Kew Green VCT (Stansted) Limited Registered number: 04494798 Information for filing with the Registrar For the year ended 31 December 2024
KEW GREEN VCT (STANSTED) LIMITED REGISTERED NUMBER: 04494798 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 4 |  | 9,462,084 |  | 9,822,558
|  |  | 9,462,084 |  | 9,822,558
Current assets |  |  |  |  |
Stocks |  | 20,823 |  | 16,180 |
Debtors: amounts falling due within one year | 5 | 118,022 |  | 203,890 |
Cash and cash equivalents |  | 675,245 |  | 475,136 |
|  | 814,090 |  | 695,206 |
Creditors: amounts falling due within one year | 6 | (1,943,311) |  | (1,564,983) |
Net current liabilities |  |  | (1,129,221) |  | (869,777)
Total assets less current liabilities |  |  | 8,332,863 |  | 8,952,781
Creditors: amounts falling due after more than one year | 7 |  | (4,855,222) |  | (5,350,985)
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (857,403) |  | (893,616) |
|  |  | (857,403) |  | (893,616)
Net assets |  |  | 2,620,238 |  | 2,708,180
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 2,119,699 |  | 2,119,699
Profit and loss account |  |  | 500,539 |  | 588,481
|  |  | 2,620,238 |  | 2,708,180
- 1 -
KEW GREEN VCT (STANSTED) LIMITED REGISTERED NUMBER: 04494798 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 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:
Mr Y J Kim
Director
Date: 17 March 2026
The notes on pages 3 to 11 form part of these financial statements. - 2 -
KEW GREEN VCT (STANSTED) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Kew Green VCT (Stansted) Limited is a private Company limited by shares, incorporated in England and Wales. The registration number is 04494798. The registered office is C/O Albion Capital Group LLP, 1 Benjamin Street, London, EC1M 5QL. The Company operates a Holiday Inn Express at a long leasehold site at Stansted Airport. 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 financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates, and are rounded to the nearest pound. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Directors believe it is appropriate to prepare the financial statements on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future and for at least the next 12 months from the date of the approval of these financial statements. In formulating this assessment, the Directors have taken into consideration the potential impact of the current economic environment on the Company and have carried out forecasts which have determined that there are no significant risks to the company’s ability to continue as financial and operational going concern, other than the bank loan maturity as mentioned below and the falling short of the lender covenants in quarter 4 of 2025. The management has taken immediate action to address this matter and remedy the covenants position in the following months. While no formal waiver has been sought from or issued by the bank, from ongoing discussions with the bank, management have reasonable expectations that financing will not be withdrawn prior to the maturity of the bank loan. The bank loan is going to mature in September 2026 and at the time of signing these accounts there is no legally binding obligation on the current lender to extend the maturity. Nevertheless, from discussions with the lenders, the Directors believe that there is a reasonable expectation that the current facilities will continue to be made available up to the maturity date and remain confident that new funding will be obtained prior to the loan's maturity. Nevertheless, the absence of a formally agreed refinancing arrangement at the date of approval represents a material uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern. If the Company is unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts, provide for further liabilities that might arise and reclassify fixed assets as current assets. - 3 -
KEW GREEN VCT (STANSTED) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Turnover
Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover 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. Turnover 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: Hotel revenue, including the rental of rooms and food and beverage sales, is recognised when rooms are occupied and food and beverage is sold.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Interest receivable and similar income
Interest receivable and similar income is recognised in profit or loss using the effective interest method.
| 2.6 | Interest payable and similar expenses
Interest payable and similar expenses 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.
| 2.7 | 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 corporation 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 country 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: - 4 -
KEW GREEN VCT (STANSTED) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long leasehold property | - | 50 years straight line
|  |  |  | Fixtures & fittings | - | 5 to 12 years straight line
The Directors have assessed the residual value of the long leasehold property at 40%, depreciation has been calculated on this basis. 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. Depreciation is included in 'administrative expenses' in the Statement of Comprehensive Income.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price. The impairment loss is recognised immediately in profit or loss.
| 2.10 | Debtors
Short term debtors are measured at transaction price, 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. - 5 -
KEW GREEN VCT (STANSTED) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Creditors
Short term creditors are measured at the transaction price.
| 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. As the hotel is subject to a long lease, and the Company has a commitment to the landlord to keep the hotel in sound repair and condition, provision is made to dilapidations and other repairs.
| 2.14 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. Financial assets 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 identified, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial liabilities Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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. - 6 -
KEW GREEN VCT (STANSTED) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Government loans
The Company has taken advantage of the Government's Coronavirus Business Interruption Loan Scheme (CBILS). This has been accounted for as a basic financial instrument under the amortised cost method using an effective interest rate as permitted by FRS 102. The loan secured by the Company is debited to cash and credited to other loans within the Balance sheet. Any finance charge incurred is presented in the Statement of comprehensive income within 'interest payable and similar expenses'.
3. | Employees
| The average monthly number of employees, including directors, during the year was 34 (2023 - 34).
4. | Tangible fixed assets
|  | Long Leasehold Property | Fixtures & fittings | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 11,243,023 | 3,122,547 | 14,365,570
| Additions | - | 83,404 | 83,404
| Disposals | - | (154,082) | (154,082)
| At 31 December 2024 | 11,243,023 | 3,051,869 | 14,294,892
| Depreciation |  |  |
| At 1 January 2024 | 2,997,186 | 1,545,826 | 4,543,012
| Charge for the year on owned assets | 140,829 | 303,049 | 443,878
| Disposals | - | (154,082) | (154,082)
| At 31 December 2024 | 3,138,015 | 1,694,793 | 4,832,808
| Net book value |  |  |
| At 31 December 2024 | 8,105,008 | 1,357,076 | 9,462,084
| At 31 December 2023 | 8,245,837 | 1,576,721 | 9,822,558
- 7 -
KEW GREEN VCT (STANSTED) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 92,251 | 192,201
| Other debtors | - | 616
| Prepayments and accrued income | 25,771 | 11,073
|  | 118,022 | 203,890
| Amounts owed by related party undertaking are unsecured, interest free and repayable on demand.
6. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 279,870 | 380,040
| Payments received on account | 20,655 | 36,152
| Trade creditors | 447,494 | 296,904
| Amounts owed to related party undertaking | 3,376 | 157,052
| Corporation tax | 39,381 | 84,239
| Other taxation and social security | 233,016 | 15,331
| Other creditors | 415,599 | 26,800
| Accruals and deferred income | 503,920 | 568,465
|  | 1,943,311 | 1,564,983
| Amounts owed to related party undertaking are unsecured, interest free and repayable on demand.
- 8 -
KEW GREEN VCT (STANSTED) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 4,845,000 | 5,124,870
| Accruals and deferred income | 10,222 | 226,115
|  | 4,855,222 | 5,350,985
| Secured loans Included within bank loans is £299,910 (2023: £299,910) received pursuant to the Coronavirus Business Interruption Loan Scheme (CBILS). The loan was interest free for the first 12 months and subsequently subject to an interest rate of 2.87% over Base Rate (2023: 2.87% over Base Rate) per annum and is to be repaid by 11 September 2026. A bank loan of £5,205,000 (2023: £5,205,000) is interest bearing at SONIA + 2.65% (2023: SONIA + 2.65%) per annum and is to be repaid by 11 September 2026. The Company's loan facilities are secured by way of a fixed and floating charge over all the assets and undertakings of Kew Green VCT (Stansted) Limited including the Holiday Inn Express and its associated assets.
8. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 279,870 | 380,040
| Amounts falling due 1-2 years |  |
| Bank loans | 4,845,000 | 380,040
| Amounts falling due 2-5 years |  |
| Bank loans | - | 4,744,830
|  | 5,124,870 | 5,504,910
- 9 -
KEW GREEN VCT (STANSTED) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Deferred tax
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (893,616) | (943,220)
| Credited to Statement of comprehensive income | 36,213 | 49,604
| At end of year | (857,403) | (893,616)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | (857,712) | (894,722)
| Short term timing differences | 309 | 1,106
|  | (857,403) | (893,616)
10. | Called up share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 10,598,495 (2023: 10,598,495) Ordinary shares of £0.20 each | 2,119,699 | 2,119,699
| There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
11. | Related party transactions
| The hotel is managed by Kew Green Hotels (Stansted) Limited, which has a 50% interest in the Company, incurring management charges of £200,826 (2023: £183,964) in the year, of which £3,376 (2023: £157,052) was outstanding at the year end. Monitoring fees of £15,000 (2023: £15,000) were paid to Albion Capital Group LLP, a business in which Mr H J A Stanford is a member.
12. | Post balance sheet events
There have been no significant events affecting the Company since the year end. - 10 -
KEW GREEN VCT (STANSTED) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Controlling party
The Directors do not deem there to be a single controlling party for the Company.
14. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
| In their report, the auditor emphasised the following matter without qualifying their report: Material uncertainty related to going concern We draw attention to Note 2.2 of the financial statements, which discloses that the Company breached loan covenants and that the related bank facility is due to mature in September 2026. As at the date of approval of these financial statements, new financing arrangements have not yet been secured. Nevertheless, from discussions with the lenders, the Directors believe that there is a reasonable expectation that the current facilities will continue to be made available up to the maturity date and remain confident that new funding will be obtained prior to the loan's maturity. As stated in Note 2.2, these events or conditions, along with the other matters as set forth in this note to the financial statements, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. 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. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The audit report was signed on 17 March 2026 by Stephen Mills (Senior Statutory Auditor) on behalf of Forvis Mazars LLP.
- 11 -