Company Registration No. 06746129 (England and Wales)
CASCADE EGHAM LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
CASCADE EGHAM LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CASCADE EGHAM LTD
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
2
650,000
750,000
Current assets
Debtors
3
1,064,290
1,058,823
Creditors: amounts falling due within one year
4
(1,351,119)
(1,311,719)
Net current liabilities
(286,829)
(252,896)
Total assets less current liabilities
363,171
497,104
Provisions for liabilities
(123,500)
(127,500)
Net assets
239,671
369,604
Capital and reserves
Called up share capital
100
100
Other reserves
526,500
607,500
Profit and loss reserves
(286,929)
(237,996)
Total equity
239,671
369,604
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 December 2020 and are signed on its behalf by:
Mr J Faith
Mr P O Van Reyk
Director
Director
Company Registration No. 06746129
CASCADE EGHAM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2018
100
607,500
(210,799)
396,801
Year ended 30 April 2019:
Loss and total comprehensive income for the year
-
-
(27,197)
(27,197)
Balance at 30 April 2019
100
607,500
(237,996)
369,604
Year ended 30 April 2020:
Loss and total comprehensive income for the year
-
-
(129,933)
(129,933)
Transfers
-
(81,000)
81,000
-
Balance at 30 April 2020
100
526,500
(286,929)
239,671
CASCADE EGHAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 3 -
1
Accounting policies
Company information
Cascade Egham Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
85 Gracechurch Street, London, EC3V 0AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company
only enters into Basic financial instrument transactions
.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Classification of 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 deducting all of its liabilities.
CASCADE EGHAM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The 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
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 the tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Investment property
2020
£
Fair value
At 1 May 2019
750,000
Revaluations
(100,000)
At 30 April 2020
650,000
Investment property comprises of a freehold property. The investment property has been valued on an open market basis at 30 April 2020 by the directors. The valuation was made with reference to market evidence of transaction prices for similar properties.
CASCADE EGHAM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,063,925
1,058,098
Other debtors
365
725
1,064,290
1,058,823
4
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
412,767
457,992
Trade creditors
946
-
Amounts owed to group undertakings
937,406
853,727
1,351,119
1,311,719
The loans due within one year are secured by a fixed charge over the investment property held within Cascade Egham Limited.
These loans are also secured via a fixed and floating charge over all assets of Cascade Egham Limited. The company has also entered into a cross collateralisation arrangement in favour of Hampshire Trust Bank with its related companies of Kitewood (Sandgate) Ltd and Kitewood (Clarendon) Ltd.
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mark H Rogers FCCA.
The auditor was HJS (Reading) Limited.
6
Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
CASCADE EGHAM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 6 -
7
Parent company
The parent company is Kitewood Development Projects Limited.
The ultimate parent company is Kitewood Estates Limited, a company registered in England and Wales, the accounts of which are available from 85 Gracechurch Street, London, EC3V 0AA.
The results of the company are included in the consolidated accounts of Kitewood Estates Limited.
Ultimate Parent Company
The ultimate parent company is Kitewood Estates Limited, a company registered in England & Wales.
The results of the company are included in the consolidated accounts of Kitewood Estates Limited and the consolidated accounts are available from their registered office at 85 Gracechurch Street, London, EC3V 0AA.