Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseOther letting and operating of own or leased real estate00truetrue 08014170 2022-04-01 2023-03-31 08014170 2021-04-01 2022-03-31 08014170 2023-03-31 08014170 2022-03-31 08014170 c:Director1 2022-04-01 2023-03-31 08014170 d:FreeholdInvestmentProperty 2023-03-31 08014170 d:FreeholdInvestmentProperty 2022-03-31 08014170 d:CurrentFinancialInstruments 2023-03-31 08014170 d:CurrentFinancialInstruments 2022-03-31 08014170 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08014170 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08014170 d:ShareCapital 2023-03-31 08014170 d:ShareCapital 2022-03-31 08014170 d:RevaluationReserve 2022-04-01 2023-03-31 08014170 d:RevaluationReserve 2023-03-31 08014170 d:RevaluationReserve 2022-03-31 08014170 d:RetainedEarningsAccumulatedLosses 2023-03-31 08014170 d:RetainedEarningsAccumulatedLosses 2022-03-31 08014170 c:FRS102 2022-04-01 2023-03-31 08014170 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08014170 c:FullAccounts 2022-04-01 2023-03-31 08014170 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08014170 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08014170 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 08014170 d:OtherDeferredTax 2023-03-31 08014170 d:OtherDeferredTax 2022-03-31 08014170 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 08014170










SHINGLE PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
SHINGLE PROPERTIES LIMITED
REGISTERED NUMBER: 08014170

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
3,750,000
3,750,000

  
3,750,000
3,750,000

Current assets
  

Debtors: amounts falling due within one year
 5 
53,950
18,770

Cash at bank and in hand
  
5,889
50,419

  
59,839
69,189

Creditors: amounts falling due within one year
 6 
(33,998)
(26,337)

Net current assets
  
 
 
25,841
 
 
42,852

Total assets less current liabilities
  
3,775,841
3,792,852

Provisions for liabilities
  

Deferred tax
 7 
(296,462)
(296,239)

  
 
 
(296,462)
 
 
(296,239)

Net assets
  
3,479,379
3,496,613


Capital and reserves
  

Called up share capital 
  
2,143,538
2,143,538

Revaluation reserve
 8 
1,135,539
1,135,539

Profit and loss account
 8 
200,302
217,536

  
3,479,379
3,496,613


Page 1

 
SHINGLE PROPERTIES LIMITED
REGISTERED NUMBER: 08014170
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 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 income statement 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: 




................................................
Mr T J D Bent
Director

Date: 30 October 2023

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

Page 2

 
SHINGLE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Shingle Properties Limited is a private company limited by shares and incorporated in England and Wales registration number 08014170. The registered office is White Sails, 7 Back Lane, Blakeney, Holt, NR25 7NP.

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 financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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

Interest income

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

 
2.4

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.

Page 3

 
SHINGLE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

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 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.

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 reporting date.

 
2.6

Investment property

Investment property is carried at fair value determined by reference to previous valuations obtained  from external valuers and reviewed by the directors with sufficient regularity to ensure the carrying amount does not materially differ, taking into account the current market rents and investment property yields for comparable real estate. No depreciation is provided. 
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the profit and 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

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

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.

Page 4

 
SHINGLE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
3,750,000



At 31 March 2023
3,750,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.





5.


Debtors

2023
2022
£
£


Trade debtors
8,809
8,954

Other debtors
45,141
5,121

Prepayments and accrued income
-
4,695

53,950
18,770



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
12,918
8,954

Corporation tax
14,015
12,218

Accruals and deferred income
7,065
5,165

33,998
26,337


Page 5

 
SHINGLE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Deferred taxation




2023


£






At beginning of year
(296,239)


Charged to the profit or loss
(223)



At end of year
(296,462)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
223

Potential tax on revalued properties
(296,462)
(296,462)

(296,462)
(296,239)


8.


Reserves

Revaluation reserve

The revaluation reserve represents the unrealised uplift on property valuations. 


9.


Related party transactions

At the year end two of the directors owed the Company £45,141 which attracted an interest charge at a rate of 2% for the period from when the loan was made through to 31 March 2023.  The loan was repaid shortly after the year end (2022 -  £5,121 owed).

 
Page 6