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Registered number: 04648880
Praedia One Limited
Unaudited
Financial statements
For the year ended 31 March 2023
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Praedia One Limited
Registered number: 04648880
Balance sheet
As at 31 March 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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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 income and retained earnings 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 on 19 December 2023.
The notes on pages 3 to 9 form part of these financial statements.
Page 1
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Praedia One Limited
Registered number: 04648880
Balance sheet (continued)
As at 31 March 2023
Page 2
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Praedia One Limited
Notes to the financial statements
For the year ended 31 March 2023
The Company is a private company, limited by shares, incorporated in England and Wales with the registration number 04648880. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. The Company's principal place of business is 95 Dorset House, Gloucester Place, London, NW1 5AF.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis despite the company reporting net current liabilities of £2,738,148 (2022: £6,757,972). Included within the Creditors: Amounts due within one year is an amount of £2,726,125 (2022: £2,726,125) due to Cardinal Calypso Limited. Cardinal Calypso Limited has confirmed that they will not call for repayment of the above sums until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors for a period of at least twelve months from the date of approval of the financial statements.
For these reasons, the going concern basis for preparing the financial statements has been adopted.
Turnover represents rents and insurance receivable from tenants, credit for which is taken on an accruals basis excluding discounts, rebates, value added tax and other sales taxes.
Page 3
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Praedia One Limited
Notes to the financial statements
For the year ended 31 March 2023
2.Accounting policies (continued)
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Current and deferred taxation
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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 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investment properties are carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.
Investments in subsidiaries are measured at cost less accumulated impairment.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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Page 4
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Praedia One Limited
Notes to the financial statements
For the year ended 31 March 2023
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Investments in associates
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The following were associates of the company:
Country of Class of
Name incorporation Principal activity shares Holding
Cardia Group Limited England & Wales Dormant company Ordinary 33%
Polysand Limited England & Wales Dormant company Ordinary 33%
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Page 5
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Praedia One Limited
Notes to the financial statements
For the year ended 31 March 2023
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Freehold investment properties
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Long term leasehold investment properties
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The 2023 valuations were made by the directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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Page 6
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Praedia One Limited
Notes to the financial statements
For the year ended 31 March 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included within 'Other loans' is an amount of £2,726,125 (2022: £2,726,125) representing debt assigned to Cardinal Calypso Limited, an associated company. This loan is non-interest bearing and has no set repayment date.
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Page 7
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Praedia One Limited
Notes to the financial statements
For the year ended 31 March 2023
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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132 (2022 - 132) Ordinary shares of £1.00 each
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Interim dividends paid on equity capital
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Page 8
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Praedia One Limited
Notes to the financial statements
For the year ended 31 March 2023
Praedia One Limited is jointly and severally liable for the bank and other loans together with other Calypso Property Portfolio companies under the same control. For the purposes of this contingent liability, the Calypso Property Portfolio consists of Cardinal One Limited, Caterfield Limited, Praedia One Limited, Cardia Group Limited and Polysand Limited. The accounts of Praedia One Limited reflect only its own 50% share of a property portfolio, which totals £6,200,000 (2022: £15,668,320), and its 50% share of the total bank and other loans of £5,452,250 (2022: £13,814,758) that are secured upon those properties. The provision included in these financial statements is £2,726,125 (2022: £6,907,379). No further provision is considered necessary as the directors consider that Cardinal One Limited will have the ongoing financial resources to repay their share of the debt and it is therefore unlikely that this company will incur any further liability.
The Calypso Property Portfolio has a group VAT registration in place. The company is included within this group registration and therefore is jointly and severally liable for the total VAT due. The total VAT liability is £34,792 (2022: £73,614). Praedia One Limited recognises its 50% share of the liability totalling £17,396 (2022: £36,807). The remainder of the VAT liability, not recognised in these accounts, is £17,396 (2022: £36,807). No further provision is considered necessary as the directors consider that Cardinal One Limited will have the ongoing financial resources to repay their share of the debt and it is therefore unlikely that this company will incur any further liability.
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Related party transactions
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During the year the company paid dividends of £303,600 (2022: £100,056) to its immediate parent company. At the balance sheet date £Nil (2022: £Nil) was outstanding.
During the year the company received £12,500 on behalf of Cardinal Cheapside Limited, a company controlled by H G Williams.
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The immediate parent company is Caterfield Limited. The ultimate parent companies are Cardinal Lysander Limited and Praedia Investments Limited.
The company considers its ultimate control relationship to be the directors and shareholders of Cardinal Lysander Limited and Praedia Investments Limited.
All companies are incorporated in England and Wales.
Page 9
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