| CASA REALTY LTD |
| Notes to the Accounts |
| for the year ended 31 May 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
The asset has not been depreciated because a reliable allocation between land and building has not yet been established. |
|
Freehold land |
No depreciation charged |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Cost |
|
At 1 June 2024 |
881,176 |
|
Additions |
4,950 |
|
Disposals |
(582,582) |
|
At 31 May 2025 |
303,544 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 May 2025 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2025 |
303,544 |
|
At 31 May 2024 |
881,176 |
|
|
| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Advances paid to contractors |
450,000 |
|
- |
|
Amounts owed by group undertakings |
|
750,000 |
|
- |
|
Other debtors |
|
|
|
|
- |
|
158,620 |
|
Unpaid share capital |
1 |
|
1 |
|
|
|
|
|
|
1,200,001 |
|
158,621 |
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
Amounts owed by group undertakings comprise £750,000 due from Dream Homes Realty Ltd in respect of lease premiums arising on the grant of three 125-year residential leases during the year. |
|
| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
8,880 |
|
15,885 |
|
Amounts owed to group undertakings |
|
49,500 |
|
- |
|
Other taxes and social security costs |
(35) |
|
- |
|
Corporation Tax charge |
- |
|
3,012 |
|
Other creditors |
- |
|
47,151 |
|
|
|
|
|
|
58,345 |
|
66,048 |
|
|
|
|
|
|
|
|
|
|
The company is a member of a group for UK corporation tax purposes. During the year, gains arising on transfers within the group qualified for no gain/no loss treatment under TCGA 1992. Accordingly, no corporation tax liability arose for the year ended 31 May 2025. |
|
| 6 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Long term loans |
- |
|
961,298 |
|
Director loan account |
- |
|
Tenant deposits |
17,150 |
|
Amounts owed to group undertakings |
|
450,000 |
|
- |
|
|
|
|
|
|
467,150 |
|
961,298 |
|
|
|
|
|
|
|
|
|
|
Creditors falling due after more than one year include a unsecured shareholder loan from Emerald Holding London Ltd of £450,000. It is classified as long-term debt because repayment is not expected to be requested within 12 months of the reporting date. |
|
| 7 |
Capital contribution |
2025 |
|
2024 |
| £ |
£ |
|
|
Capital contribution received during the year |
843,801 |
|
|
At 31 May 2025 |
843,801 |
|
- |
|
|
|
|
|
|
|
|
|
|
During the year, the company's immediate parent undertaking, Emerald Holding London Ltd, settled external borrowings of the company amounting to £843,801. As the amount is not repayable, it has been recognised as a capital contribution within shareholders' funds. |
|
| 8 |
Contingent liabilities |
|
|
The company had no contingent liabilities at 31 May 2025 (2024: £nil) |
|
| 9 |
Related party transactions |
|
|
During the year the company granted three 125-year residential leases to Dream Homes Realty Ltd, a wholly owned subsidiary undertaking. Lease premiums totalling £750,000 were recognised, resulting in an amount due from Dream Homes Realty Ltd at the reporting date.
During the year Emerald Holding London Ltd settled external borrowings of the company amounting to £843,801 and advanced a further £450,000 towards future development expenditure. |
|
|
At 31 May 2025: |
|
- £750,000 was due from Dream Homes Realty Ltd. |
|
- £450,000 was due to Emerald Holding London Ltd. |
|
| 10 |
Consolidation exemption |
|
|
The company is a parent undertaking as it holds 100% of the ordinary share capital of Dream Homes Realty Ltd.
The company has not prepared consolidated financial statements for the year ended 31 May 2025 as it is exempt under section 399 of the Companies Act 2006.
The group qualifies as small under the size criteria set out in sections 382 and 383 of the Companies Act 2006 and the director has elected to apply this exemption.
|
|
| 11 |
Controlling party |
|
|
The immediate and ultimate controlling party of the company is:
|
|
Immediate parent undertaking: Emerald Holding London Ltd, incorporated in England and Wales.
Ultimate parent undertaking: Emerald Holding International Ltd, incorporated in Seychelles. |