Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31true1true2022-01-01falseNo description of principal activity1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00731866 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 00731866 d:Buildings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 00731866 d:Buildings 2022-01-01 2022-12-31 00731866 d:Buildings 2022-12-31 00731866 d:Buildings 2021-12-31 00731866 d:CapitalRedemptionReserve 2022-01-01 2022-12-31 00731866 d:CapitalRedemptionReserve 4 2022-01-01 2022-12-31 00731866 d:CapitalRedemptionReserve 2022-12-31 00731866 d:CapitalRedemptionReserve 2021-01-01 2021-12-31 00731866 d:CapitalRedemptionReserve 4 2021-01-01 2021-12-31 00731866 d:CapitalRedemptionReserve 2021-12-31 00731866 d:CapitalRedemptionReserve 2021-01-01 00731866 d:CurrentFinancialInstruments 2022-12-31 00731866 d:CurrentFinancialInstruments 2021-12-31 00731866 c:Director1 2022-01-01 2022-12-31 00731866 c:FRS102 2022-01-01 2022-12-31 00731866 c:FullAccounts 2022-01-01 2022-12-31 00731866 d:FurnitureFittings 2022-01-01 2022-12-31 00731866 d:InvestmentPropertiesRevaluationReserve 2022-01-01 2022-12-31 00731866 d:InvestmentPropertiesRevaluationReserve 4 2022-01-01 2022-12-31 00731866 d:InvestmentPropertiesRevaluationReserve 2022-12-31 00731866 d:InvestmentPropertiesRevaluationReserve 2021-01-01 2021-12-31 00731866 d:InvestmentPropertiesRevaluationReserve 4 2021-01-01 2021-12-31 00731866 d:InvestmentPropertiesRevaluationReserve 2021-12-31 00731866 d:InvestmentPropertiesRevaluationReserve 2021-01-01 00731866 d:Non-currentFinancialInstruments 2022-12-31 00731866 d:Non-currentFinancialInstruments 2021-12-31 00731866 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 00731866 d:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 00731866 d:OtherPropertyPlantEquipment 2022-12-31 00731866 d:OtherPropertyPlantEquipment 2021-12-31 00731866 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 00731866 d:PlantMachinery 2022-01-01 2022-12-31 00731866 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 00731866 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00731866 d:RetainedEarningsAccumulatedLosses 4 2022-01-01 2022-12-31 00731866 d:RetainedEarningsAccumulatedLosses 2022-12-31 00731866 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 00731866 d:RetainedEarningsAccumulatedLosses 4 2021-01-01 2021-12-31 00731866 d:RetainedEarningsAccumulatedLosses 2021-12-31 00731866 d:RetainedEarningsAccumulatedLosses 2021-01-01 00731866 d:ShareCapital 2022-01-01 2022-12-31 00731866 d:ShareCapital 2022-12-31 00731866 d:ShareCapital 2021-01-01 2021-12-31 00731866 d:ShareCapital 2021-12-31 00731866 d:ShareCapital 2021-01-01 00731866 2022-01-01 2022-12-31 00731866 4 2022-01-01 2022-12-31 00731866 2022-12-31 00731866 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00731866 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 00731866 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 00731866 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 00731866 2021-01-01 2021-12-31 00731866 4 2021-01-01 2021-12-31 00731866 2021-12-31 00731866 2021-01-01 00731866 2 2022-01-01 2022-12-31 00731866 d:OtherDeferredTax 2022-12-31 00731866 d:OtherDeferredTax 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 00731866









LIMCHESTER PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
LIMCHESTER PROPERTIES LIMITED
REGISTERED NUMBER: 00731866

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,921,506
4,848,236

  
4,921,506
4,848,236

Current assets
  

Debtors: amounts falling due within one year
 5 
13,271
18,383

Cash at bank and in hand
 6 
134,201
231,872

  
147,472
250,255

Creditors: amounts falling due within one year
 7 
(15,678)
(17,396)

Net current assets
  
 
 
131,794
 
 
232,859

Total assets less current liabilities
  
5,053,300
5,081,095

Creditors: amounts falling due after more than one year
 8 
(3,311,603)
(3,311,603)

Provisions for liabilities
  

Deferred tax
 9 
(563,036)
(414,150)

  
 
 
(563,036)
 
 
(414,150)

Net assets
  
1,178,661
1,355,342


Capital and reserves
  

Called up share capital 
  
5,000
5,000

Capital redemption reserve
  
5,000
5,000

Investment property reserve
  
1,492,876
1,569,362

Profit and loss account
  
(324,215)
(224,020)

  
1,178,661
1,355,342


Page 1

 
LIMCHESTER PROPERTIES LIMITED
REGISTERED NUMBER: 00731866
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The director considers 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 director acknowledges his 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 profit and loss account 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 by: 

C.McNamara
Director

Date: 6 November 2023

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
LIMCHESTER PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Undistributable reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2021
5,000
5,000
1,569,377
(113,284)
1,466,093


Comprehensive income for the year

Loss for the year
-
-
-
(110,751)
(110,751)
Total comprehensive income for the year
-
-
-
(110,751)
(110,751)

Transfer fair value gains net of deferred tax
-
-
(15)
15
-



At 1 January 2022
5,000
5,000
1,569,362
(224,020)
1,355,342


Comprehensive income for the year

Loss for the year
-
-
-
(176,681)
(176,681)
Total comprehensive income for the year
-
-
-
(176,681)
(176,681)

Transfer fair value gains net of deferred tax
-
-
(76,486)
76,486
-


At 31 December 2022
5,000
5,000
1,492,876
(324,215)
1,178,661


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
LIMCHESTER PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Limchester Properties Limited is a private company limited by shares incorporated in England and Wales.  The address of the registered office is 62-64 Northumbria Drive, Henleaze, Bristol BS9 4HW.

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

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

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

 
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; 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.

Page 4

 
LIMCHESTER PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Investment property is included at fair value. Fair value gains are recognised in the profit and loss account. Deferred taxation is provided in respect of fair value gains at the rate expected to apply when the property is sold.

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and equipment
-
25%
Furniture and fittings
-
25%

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

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried
Page 5

 
LIMCHESTER PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)

at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 6

 
LIMCHESTER PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

Page 7

 
LIMCHESTER PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Investment property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2022
4,826,300
71,344
4,897,644


Additions
-
9,049
9,049


Disposals
-
(1,685)
(1,685)


Revaluations
72,400
-
72,400



At 31 December 2022

4,898,700
78,708
4,977,408



Depreciation


At 1 January 2022
-
49,408
49,408


Charge for the year on owned assets
-
7,632
7,632


Disposals
-
(1,138)
(1,138)



At 31 December 2022

-
55,902
55,902



Net book value



At 31 December 2022
4,898,700
22,806
4,921,506



At 31 December 2021
4,826,300
21,936
4,848,236


5.


Debtors

2022
2021
£
£


Other debtors
13,125
17,500

Prepayments and accrued income
146
883

13,271
18,383


Page 8

 
LIMCHESTER PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
134,201
231,872

134,201
231,872



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Other taxation and social security
49
1,370

Other creditors
386
748

Accruals and deferred income
15,243
15,278

15,678
17,396



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
3,311,603
3,311,603

3,311,603
3,311,603


The following liabilities were secured:

2022
2021
£
£



Bank loans
3,311,603
3,311,603

3,311,603
3,311,603

Details of security provided:

The bank loans are secured by first legal charges over the company's investment property

Page 9

 
LIMCHESTER PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Deferred taxation




2022


£






At beginning of year
(414,150)


Credited / (charged) to profit or loss
(148,886)



At end of year
(563,036)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Revaluation of investment property
(563,036)
(414,150)

(563,036)
(414,150)

 
Page 10