Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-283false2022-03-01property investment3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10017459 2022-03-01 2023-02-28 10017459 2021-03-01 2022-02-28 10017459 2023-02-28 10017459 2022-02-28 10017459 c:Director1 2022-03-01 2023-02-28 10017459 d:FurnitureFittings 2022-03-01 2023-02-28 10017459 d:FurnitureFittings 2023-02-28 10017459 d:FurnitureFittings 2022-02-28 10017459 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10017459 d:ComputerEquipment 2022-03-01 2023-02-28 10017459 d:ComputerEquipment 2023-02-28 10017459 d:ComputerEquipment 2022-02-28 10017459 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10017459 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10017459 d:FreeholdInvestmentProperty 2022-03-01 2023-02-28 10017459 d:FreeholdInvestmentProperty 2023-02-28 10017459 d:FreeholdInvestmentProperty 2022-02-28 10017459 d:CurrentFinancialInstruments 2023-02-28 10017459 d:CurrentFinancialInstruments 2022-02-28 10017459 d:Non-currentFinancialInstruments 2023-02-28 10017459 d:Non-currentFinancialInstruments 2022-02-28 10017459 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10017459 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10017459 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10017459 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 10017459 d:ShareCapital 2023-02-28 10017459 d:ShareCapital 2022-02-28 10017459 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 10017459 d:RetainedEarningsAccumulatedLosses 2023-02-28 10017459 d:RetainedEarningsAccumulatedLosses 2022-02-28 10017459 c:OrdinaryShareClass1 2022-03-01 2023-02-28 10017459 c:OrdinaryShareClass1 2023-02-28 10017459 c:OrdinaryShareClass1 2022-02-28 10017459 c:OrdinaryShareClass2 2022-03-01 2023-02-28 10017459 c:OrdinaryShareClass2 2023-02-28 10017459 c:OrdinaryShareClass2 2022-02-28 10017459 c:FRS102 2022-03-01 2023-02-28 10017459 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10017459 c:FullAccounts 2022-03-01 2023-02-28 10017459 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10017459 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 10017459 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 10017459 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 10017459 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10017459














BRIGHTPLACE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

 
BRIGHTPLACE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
BRIGHTPLACE LIMITED
REGISTERED NUMBER:10017459

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
7,537
7,556

Investment property
 5 
2,192,689
1,884,807

  
2,200,226
1,892,363

Current assets
  

Debtors: amounts falling due within one year
 6 
111,749
53,805

Bank and cash balances
  
502,598
538,182

  
614,347
591,987

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(1,081,442)
(1,079,288)

Net current liabilities
  
 
 
(467,095)
 
 
(487,301)

Total assets less current liabilities
  
1,733,131
1,405,062

Creditors: amounts falling due after more than one year
 8 
(1,608,637)
(1,337,320)

Provisions for liabilities
  

Deferred tax
 9 
(30,456)
(19,528)

Net assets
  
94,038
48,214


Capital and reserves
  

Called up share capital 
 10 
500
500

Profit and loss account
 11 
93,538
47,714

  
94,038
48,214

Page 1

 
BRIGHTPLACE LIMITED
REGISTERED NUMBER:10017459
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

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 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 15 November 2023.

S Shohet
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Brightplace Limited is a private limited liability company incorporated in England and Wales with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company is that of property investment.
The functional and presenational currency of the Company is £ Sterling.

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

Turnover

Turnover comprises rents receivable exclusive of Value Added Tax.
Rental income is recognised in the period to which it relates. 

 
2.3

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 provided on the following basis:

Furniture and fittings
-
20%
on a straight line basis
Computer equipment
-
33%
on a straight line basis

 
2.4

Investment property

Investment property is carried at fair value determined annually by the director 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.

 
2.5

Debtors

Short term debtors are measured at the transaction price.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.
Page 3

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

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 and loans from bank and third parties.

 
2.8

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.

 
2.9

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.10

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 reporting 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 reporting 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.



3.


Employees

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

Page 4

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 March 2022
7,307
2,028
9,335


Additions
2,172
379
2,551



At 28 February 2023

9,479
2,407
11,886



Depreciation


At 1 March 2022
744
1,035
1,779


Charge for the year on owned assets
1,860
711
2,571



At 28 February 2023

2,604
1,746
4,350



Net book value



At 28 February 2023
6,875
661
7,536



At 28 February 2022
6,563
993
7,556


5.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
1,884,807


Additions at cost
307,882



At 28 February 2023
2,192,689

The 2023 valuations were made by the director, 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
2022
£
£


Historic cost
2,070,868
1,762,986

Page 5

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Debtors

2023
2022
£
£


Other debtors
93,550
40,000

Prepayments and accrued income
18,199
13,805

111,749
53,805



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
2,640

Other creditors
1,073,767
1,070,901

Accruals and deferred income
7,675
5,747

1,081,442
1,079,288



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,608,637
1,337,320


Secured loans
The bank loans are secured by a first charge on the freehold investment properties.


9.


Deferred taxation




2023


£






At beginning of year
(19,528)


Charged to profit or loss
(10,928)



At end of year
(30,456)

Page 6

 
BRIGHTPLACE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movements on investment properties
30,456
30,456

Tax losses carried forward
-
(10,928)

30,456
19,528


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



300 (2022 - 300) Ordinary shares of £1 each
300
300
200 (2022 - 200) Ordinary B shares of £1 each
200
200

500

500



11.


Reserves

Profit and loss account

Included in profit and loss reserves at the reporting date are non-distributable fair value adjustments of £91,365 (2022 - £47,714).

 
Page 7