Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-302023-01-302022-01-31false33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11797179 2022-01-31 2023-01-30 11797179 2021-01-31 2022-01-30 11797179 2023-01-30 11797179 2022-01-30 11797179 c:Director2 2022-01-31 2023-01-30 11797179 d:OfficeEquipment 2022-01-31 2023-01-30 11797179 d:OfficeEquipment 2023-01-30 11797179 d:OfficeEquipment 2022-01-30 11797179 d:FreeholdInvestmentProperty 2022-01-31 2023-01-30 11797179 d:FreeholdInvestmentProperty 2023-01-30 11797179 d:FreeholdInvestmentProperty 2022-01-30 11797179 d:FreeholdInvestmentProperty 2 2022-01-31 2023-01-30 11797179 d:CurrentFinancialInstruments 2023-01-30 11797179 d:CurrentFinancialInstruments 2022-01-30 11797179 d:Non-currentFinancialInstruments 2023-01-30 11797179 d:Non-currentFinancialInstruments 2022-01-30 11797179 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-30 11797179 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-30 11797179 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-30 11797179 d:Non-currentFinancialInstruments d:AfterOneYear 2022-01-30 11797179 d:ShareCapital 2023-01-30 11797179 d:ShareCapital 2022-01-30 11797179 d:RetainedEarningsAccumulatedLosses 2023-01-30 11797179 d:RetainedEarningsAccumulatedLosses 2022-01-30 11797179 d:AcceleratedTaxDepreciationDeferredTax 2023-01-30 11797179 d:AcceleratedTaxDepreciationDeferredTax 2022-01-30 11797179 d:OtherDeferredTax 2023-01-30 11797179 d:OtherDeferredTax 2022-01-30 11797179 c:OrdinaryShareClass1 2022-01-31 2023-01-30 11797179 c:OrdinaryShareClass1 2023-01-30 11797179 c:OrdinaryShareClass1 2022-01-30 11797179 c:FRS102 2022-01-31 2023-01-30 11797179 c:AuditExempt-NoAccountantsReport 2022-01-31 2023-01-30 11797179 c:FullAccounts 2022-01-31 2023-01-30 11797179 c:PrivateLimitedCompanyLtd 2022-01-31 2023-01-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11797179










CARROT PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JANUARY 2023

 
CARROT PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
CARROT PROPERTIES LIMITED
REGISTERED NUMBER: 11797179

BALANCE SHEET
AS AT 30 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
995
-

Investment properties
 5 
4,189,471
2,557,610

  
4,190,466
2,557,610

Current assets
  

Debtors: amounts falling due within one year
 6 
8,450
3

Cash at bank and in hand
  
115,710
142,554

  
124,160
142,557

Creditors: amounts falling due within one year
 7 
(880,825)
(1,017,612)

Net current liabilities
  
 
 
(756,665)
 
 
(875,055)

Total assets less current liabilities
  
3,433,801
1,682,555

Creditors: amounts falling due after more than one year
 8 
(2,342,450)
(1,214,042)

Provisions for liabilities
  

Deferred tax
 9 
(119,200)
(6,300)

Net assets
  
972,151
462,213


Capital and reserves
  

Called up share capital 
 10 
3
3

Profit and loss account
 11 
972,148
462,210

  
972,151
462,213


Page 1

 
CARROT PROPERTIES LIMITED
REGISTERED NUMBER: 11797179
    
BALANCE SHEET (CONTINUED)
AS AT 30 JANUARY 2023

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 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 on 19 October 2023.


Richard Charles Fincher
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CARROT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023

1.


General information

Carrot Properties Limited (the company) is a private company, limited by shares, incorporated and domiciled in England. The address of its registered office and principal place of business is Unit 2 Pavilion Drive, Off Holford Drive, Birmingham, West Midlands, B6 7BB.

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 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

Revenue is recognised by the company in respect of rents and service charges receivable during the year, exclusive of Value Added Tax.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
CARROT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023

2.Accounting policies (continued)

 
2.5

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 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.

 
2.6

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.

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:

Office equipment
-
20%

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.

 
2.7

Investment properties

Investment properties are carried at fair value determined annually by the 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 profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
CARROT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Office equipment

£



Cost 


Additions
995



At 30 January 2023

995






Net book value



At 30 January 2023
995



At 30 January 2022
-

Page 5

 
CARROT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023

5.


Investment property


Freehold investment properties

£



Valuation


At 31 January 2022
2,557,610


Additions at cost
1,189,471


Surplus on revaluation
442,390



At 30 January 2023
4,189,471

The 2023 valuations were made by the directors, on an open market value for existing use basis.

If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been stated at £3,747,081, (2022: £2,557,610).





6.


Debtors

2023
2022
£
£


Trade debtors
153
-

Other debtors
2,056
-

Called up share capital not paid
3
3

Prepayments and accrued income
6,238
-

8,450
3


Page 6

 
CARROT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan
81,884
100,404

Trade creditors
170
6,017

Amounts owed to associated company
-
5,715

Corporation tax
40,215
57,128

Other taxation and social security
8,940
12,347

Other creditors
747,831
834,501

Accruals and deferred income
1,785
1,500

880,825
1,017,612


The following liabilities were secured:

2023
2022
£
£



Bank loan
81,884
100,404

Details of security provided:

The bank loan is secured on the company's investment property.

Page 7

 
CARROT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
1,153,072
1,214,042

Other creditors
1,189,378
-

2,342,450
1,214,042


The following liabilities were secured:

2023
2022
£
£



Bank loan
1,153,072
1,214,042

Details of security provided:

The bank loan is secured on the company's investment property.
The bank loan is repayable in monthly installments over 5 years commencing August 2019 at an interest rate of 1.85% above base rate.


9.


Deferred taxation




2023


£






At beginning of year
(6,300)


Charged to profit or loss
(112,900)



At end of year
(119,200)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(8,600)
(6,300)

Arising on the revaluation of investment properties
(110,600)
-

(119,200)
(6,300)

Page 8

 
CARROT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3 (2022 - 3) Ordinary shares of £1 each
3
3



11.


Reserves

Included within the profit and loss account reserve is £331,790 (2022: £nil) of undistributable reserves.


12.


Related party transactions

Included within other creditors are loans totalling £744,500 (2022: £834,501) from the directors of the company. These loans are interest free, unsecured and have no fixed repayment date.

 
Page 9