Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28false2022-03-01property rental00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12469292 2022-03-01 2023-02-28 12469292 2021-03-01 2022-02-28 12469292 2023-02-28 12469292 2022-02-28 12469292 c:Director1 2022-03-01 2023-02-28 12469292 d:Buildings 2022-03-01 2023-02-28 12469292 d:Buildings 2023-02-28 12469292 d:Buildings 2022-02-28 12469292 d:LandBuildings 2023-02-28 12469292 d:LandBuildings 2022-02-28 12469292 d:CurrentFinancialInstruments 2023-02-28 12469292 d:CurrentFinancialInstruments 2022-02-28 12469292 d:Non-currentFinancialInstruments 2023-02-28 12469292 d:Non-currentFinancialInstruments 2022-02-28 12469292 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 12469292 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 12469292 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 12469292 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 12469292 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 12469292 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 12469292 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 12469292 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 12469292 d:ShareCapital 2023-02-28 12469292 d:ShareCapital 2022-02-28 12469292 d:RetainedEarningsAccumulatedLosses 2023-02-28 12469292 d:RetainedEarningsAccumulatedLosses 2022-02-28 12469292 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 12469292 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-02-28 12469292 c:FRS102 2022-03-01 2023-02-28 12469292 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 12469292 c:FullAccounts 2022-03-01 2023-02-28 12469292 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 12469292









HUGHES LEGACY PROPERTY LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
HUGHES LEGACY PROPERTY LTD
REGISTERED NUMBER: 12469292

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,388,475
1,388,475

  
1,388,475
1,388,475

Current assets
  

Debtors: amounts falling due within one year
 5 
10,169
9,055

Cash at bank and in hand
 6 
25,245
27,164

  
35,414
36,219

Creditors: amounts falling due within one year
 7 
(434,788)
(430,091)

Net current liabilities
  
 
 
(399,374)
 
 
(393,872)

Total assets less current liabilities
  
989,101
994,603

Creditors: amounts falling due after more than one year
 8 
(930,000)
(960,000)

  

Net assets
  
59,101
34,603


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
59,099
34,601

  
59,101
34,603


Page 1

 
HUGHES LEGACY PROPERTY LTD
REGISTERED NUMBER: 12469292
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 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 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 7 November 2023.




................................................
David Hughes
Director

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

Page 2

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The principal activity was that of rental of investment property.

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

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

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

 
2.5

Taxation

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.

Page 3

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
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:

Freehold property
-
Not depreciated

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

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.

 
2.8

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.

 
2.9

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.

 
2.11

Dividends

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.

Page 4

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 March 2022
1,388,475



At 28 February 2023

1,388,475






Net book value



At 28 February 2023
1,388,475



At 28 February 2022
1,388,475




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold property
1,388,475
1,388,475

1,388,475
1,388,475


Page 5

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,200
-

Prepayments and accrued income
8,969
9,055

10,169
9,055



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
25,245
27,164

25,245
27,164


Page 6

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
20,000
20,000

Amounts owed to joint ventures
1,974
-

Corporation tax
6,705
8,144

Other creditors
404,237
400,153

Accruals and deferred income
1,872
1,794

434,788
430,091


The following liabilities were secured:

2023
2022
£
£



Bank loans
20,000
20,000

20,000
20,000



The bank loan is secured.

Page 7

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
930,000
960,000

930,000
960,000


The following liabilities were secured:

2023
2022
£
£



Bank loans 1-2 years
20,000
20,000

Bank loans 2-5 years
910,000
940,000

930,000
960,000



The bank loan is secured.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
20,000
20,000

Amounts falling due 1-2 years

Bank loans
20,000
20,000

Amounts falling due 2-5 years

Bank loans
910,000
940,000


950,000
980,000


Page 8

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
25,245
27,164




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Controlling party

The Company is controlled by the directors, David and Claire Hughes, by virtue of their shareholding as described in the directors' report.

 
Page 9