Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-052023-04-052022-04-06false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09474087 2022-04-06 2023-04-05 09474087 2021-04-06 2022-04-05 09474087 2023-04-05 09474087 2022-04-05 09474087 c:Director1 2022-04-06 2023-04-05 09474087 d:OfficeEquipment 2022-04-06 2023-04-05 09474087 d:OfficeEquipment 2023-04-05 09474087 d:OfficeEquipment 2022-04-05 09474087 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-06 2023-04-05 09474087 d:FreeholdInvestmentProperty 2022-04-06 2023-04-05 09474087 d:FreeholdInvestmentProperty 2023-04-05 09474087 d:FreeholdInvestmentProperty 2022-04-05 09474087 d:CurrentFinancialInstruments 2023-04-05 09474087 d:CurrentFinancialInstruments 2022-04-05 09474087 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-05 09474087 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-05 09474087 d:ShareCapital 2023-04-05 09474087 d:ShareCapital 2022-04-05 09474087 d:RetainedEarningsAccumulatedLosses 2023-04-05 09474087 d:RetainedEarningsAccumulatedLosses 2022-04-05 09474087 c:FRS102 2022-04-06 2023-04-05 09474087 c:AuditExempt-NoAccountantsReport 2022-04-06 2023-04-05 09474087 c:FullAccounts 2022-04-06 2023-04-05 09474087 c:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 09474087 2 2022-04-06 2023-04-05 iso4217:GBP xbrli:pure

Registered number: 09474087










CYGNET PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

 
CYGNET PROPERTIES LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 6


 
CYGNET PROPERTIES LTD
REGISTERED NUMBER: 09474087

BALANCE SHEET
AS AT 5 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
555
971

Investment property
 5 
4,435,612
4,149,380

  
4,436,167
4,150,351

Current assets
  

Debtors: amounts falling due within one year
 6 
5,550
6,032

Cash at bank and in hand
  
450,598
381,314

  
456,148
387,346

Creditors: amounts falling due within one year
 7 
(4,467,903)
(4,177,286)

Net current liabilities
  
 
 
(4,011,755)
 
 
(3,789,940)

Total assets less current liabilities
  
424,412
360,411

  

Net assets
  
424,412
360,411


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
424,411
360,410

  
424,412
360,411


Page 1

 
CYGNET PROPERTIES LTD
REGISTERED NUMBER: 09474087
    
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 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 by: 



L.F. Briscoe
Director

Date: 9 November 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
CYGNET PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

1.


General information

Cygnet Properties Ltd (the company) is a limited company incorporated and domiciled in England.  The address of its registered office is Rutland House, 148 Edmund Street, Birmingham, B3 2FD and the principal place of business is Fen End House, Fen End Road, Fen End, Warwickshire, CV8 1NS.

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

Going concern

The company is dependent upon a loan from the director who has indicated her willingness to continue to provide the financial support necessary to enable the company to continue in operational existence for the foreseeable future and meet its liabilities as they fall due.  Accordingly, these financial statements have been prepared on the going concern basis.

 
2.3

Revenue

Revenue, being rental income, 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.

 
2.4

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
-
33%
straight line

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.

Page 3

 
CYGNET PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by the director or suitably qualified external valuers 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 comprehensive income.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from related parties.

 
2.8

Creditors

Short term creditors are measured at the transaction price. 

 
2.9

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.

 
2.10

Interest income

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

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 
CYGNET PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

4.


Tangible fixed assets





Office equipment

£



Cost


At 6 April 2022
1,249



At 5 April 2023

1,249



Depreciation


At 6 April 2022
278


Charge for the year on owned assets
416



At 5 April 2023

694



Net book value



At 5 April 2023
555



At 5 April 2022
971


5.


Investment properties


Freehold investment properties

£



Valuation


At 6 April 2022
4,149,380


Additions at cost
286,232



At 5 April 2023
4,435,612

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 measured as follows:

2023
£


Historic cost
4,435,612

Page 5

 
CYGNET PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

6.


Debtors

2023
2022
£
£


Other debtors
90
-

Prepayments and accrued income
5,460
6,032

5,550
6,032



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
15,200
16,000

Other creditors
4,438,835
4,150,225

Accruals and deferred income
13,868
11,061

4,467,903
4,177,286



8.


Related party transactions

Included within creditors is £4,438,835 (2022: £4,150,225) owed to the director, L.F. Briscoe.

 
Page 6