Company Registration No. 06746129 (England and Wales)
CASCADE EGHAM LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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 2021
30 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
650,000
650,000
Current assets
Debtors
4
1,076,828
1,064,290
Creditors: amounts falling due within one year
5
(1,391,653)
(1,351,119)
Net current liabilities
(314,825)
(286,829)
Total assets less current liabilities
335,175
363,171
Provisions for liabilities
6
(123,500)
(123,500)
Net assets
211,675
239,671
Capital and reserves
Called up share capital
100
100
Other reserves
526,500
526,500
Profit and loss reserves
(314,925)
(286,929)
Total equity
211,675
239,671
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 12 November 2021 and are signed on its behalf by:
Mr J Faith
Director
Company Registration No. 06746129
CASCADE EGHAM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2021
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 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)
Fair value loss on revaluation of investment properties
-
(81,000)
81,000
-
Balance at 30 April 2020
100
526,500
(286,929)
239,671
Year ended 30 April 2021:
Loss and total comprehensive income for the year
-
-
(27,996)
(27,996)
Balance at 30 April 2021
100
526,500
(314,925)
211,675
CASCADE EGHAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 3 -
1
Accounting policies
Company information
Cascade Egham Ltd (registered number 06746129) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office and principal place of business 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 2021
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.
The financial liabilities are subsequently measured at amortised cost using the effective interest rate method.
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.
2
Employees
The average monthly number of persons (
ex
cluding directors) employed by the company during the year was:
2021
2020
Number
Number
Total
The company is operated by the directors, who are remunerated through other group entities.
3
Investment property
2021
£
Fair value
At 1 May 2020 and 30 April 2021
650,000
CASCADE EGHAM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
3
Investment property
(Continued)
- 5 -
Investment property comprises of a freehold property. The investment property has been valued on an open market basis at 30 April 202
1
by the directors. The valuation was made with reference to market evidence of transaction prices for similar properties.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,000
Amounts owed by group undertakings
1,072,635
1,063,925
Other debtors
3,193
365
1,076,828
1,064,290
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
367,469
412,767
Trade creditors
946
Amounts owed to group undertakings
1,024,084
937,406
Other creditors
100
1,391,653
1,351,119
The
bank
loans are secured by a fixed charge over the investment property
and
are also secured via a fixed and floating charge over all assets of
the company
.
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Investment property revaluations
123,500
123,500
There were no deferred tax movements in the year.
CASCADE EGHAM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
6
Deferred taxation
(Continued)
- 6 -
In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25% and this became substantively enacted as part of the Finance Bill 2021 on 24 May 2021.
As the proposal to increase the rate to 25% had not been substantively enacted at the balance sheet date, its effect is not included in these financial statements. It is likely that the overall effect of the change, had it have been enacted by the balance sheet date, would have increased the
net
deferred tax balance by £39,000.
7
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 Fortus South Limited.
8
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.
9
Parent company
Parent Company
The parent company is Kitewood Development Projects Limited
and its registered office is 85 Gracechurch Street, London, EC3V 0AA.
Ultimate Parent Company
The ultimate parent company is Kitewood Estates Limited, a company registered in England & Wales.
The
smallest and largest group for which the
results of the company are included i
s
the consolidated accounts of Kitewood
Estates
Limited
. These
consolidated accounts are available from their registered office at 85 Gracechurch Street, London, EC3V 0AA.