Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-30222021-12-01falseNo description of principal activitytruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05192889 2021-12-01 2022-11-30 05192889 2020-12-01 2021-11-30 05192889 2022-11-30 05192889 2021-11-30 05192889 c:Director1 2021-12-01 2022-11-30 05192889 d:FreeholdInvestmentProperty 2021-12-01 2022-11-30 05192889 d:FreeholdInvestmentProperty 2022-11-30 05192889 d:FreeholdInvestmentProperty 2021-11-30 05192889 d:CurrentFinancialInstruments 2022-11-30 05192889 d:CurrentFinancialInstruments 2021-11-30 05192889 d:Non-currentFinancialInstruments 2022-11-30 05192889 d:Non-currentFinancialInstruments 2021-11-30 05192889 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 05192889 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 05192889 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 05192889 d:Non-currentFinancialInstruments d:AfterOneYear 2021-11-30 05192889 d:ShareCapital 2022-11-30 05192889 d:ShareCapital 2021-11-30 05192889 d:InvestmentPropertiesRevaluationReserve 2022-11-30 05192889 d:InvestmentPropertiesRevaluationReserve 2021-11-30 05192889 d:RetainedEarningsAccumulatedLosses 2022-11-30 05192889 d:RetainedEarningsAccumulatedLosses 2021-11-30 05192889 c:FRS102 2021-12-01 2022-11-30 05192889 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 05192889 c:FullAccounts 2021-12-01 2022-11-30 05192889 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 05192889 2 2021-12-01 2022-11-30 05192889 d:OtherDeferredTax 2022-11-30 05192889 d:OtherDeferredTax 2021-11-30 iso4217:GBP xbrli:pure

Registered number: 05192889









PROPERTY INVESTMENTS (1939) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2022

 
PROPERTY INVESTMENTS (1939) LIMITED
REGISTERED NUMBER: 05192889

BALANCE SHEET
AS AT 30 NOVEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
9,074,377
7,137,305

  
9,074,377
7,137,305

Current assets
  

Debtors: amounts falling due within one year
 5 
141,463
15,295

Cash at bank and in hand
  
123,639
257,979

  
265,102
273,274

Creditors: amounts falling due within one year
 6 
(80,831)
(59,467)

Net current assets
  
 
 
184,271
 
 
213,807

Total assets less current liabilities
  
9,258,648
7,351,112

Creditors: amounts falling due after more than one year
 7 
(6,744,499)
(5,100,000)

Provisions for liabilities
  

Deferred tax
 8 
(100,534)
(100,534)

  
 
 
(100,534)
 
 
(100,534)

Net assets
  
2,413,615
2,150,578


Capital and reserves
  

Called up share capital 
  
108
108

Investment property reserve
  
785,011
785,011

Profit and loss account
  
1,628,496
1,365,459

  
2,413,615
2,150,578


Page 1

 
PROPERTY INVESTMENTS (1939) LIMITED
REGISTERED NUMBER: 05192889
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2022

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 by: 




................................................
A R Barnett
Director

Date: 15 November 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PROPERTY INVESTMENTS (1939) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

Property Investments (1939) Limited is a private company limited by shares and registered in England and Wales. Its registered office  address is Aston House, Cornwall Avenue, London, N3 1LF. 

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

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Interest income

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

Page 3

 
PROPERTY INVESTMENTS (1939) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

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 corporation 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.

 
2.6

Investment property

Investment property is carried at fair value determined annually 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.

 
2.7

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.

Page 4

 
PROPERTY INVESTMENTS (1939) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.11

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

  
2.12

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 5

 
PROPERTY INVESTMENTS (1939) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

4.


Investment property


Freehold investment property

£



Valuation


At 1 December 2021
7,137,305


Additions at cost
2,413,145


Disposals
(476,073)



At 30 November 2022
9,074,377

The 2022 valuations were made by the directors, on an open market value for existing use basis.




5.


Debtors

2022
2021
£
£


Trade debtors
18,350
-

Other debtors
113,808
6,308

Prepayments and accrued income
9,305
8,987

141,463
15,295



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Corporation tax
57,592
57,067

Accruals and deferred income
23,239
2,400

80,831
59,467



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other creditors
6,744,499
5,100,000


Page 6

 
PROPERTY INVESTMENTS (1939) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

8.


Deferred taxation




2022


£






At beginning of year
(100,534)



At end of year
(100,534)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Unrealised gain on investment property
(100,534)
(100,534)

 
Page 7