Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31222022-04-01falseResidential InvestmentfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10366015 2022-04-01 2023-03-31 10366015 2021-04-01 2022-03-31 10366015 2023-03-31 10366015 2022-03-31 10366015 2021-04-01 10366015 5 2022-04-01 2023-03-31 10366015 5 2021-04-01 2022-03-31 10366015 d:Director2 2022-04-01 2023-03-31 10366015 e:OfficeEquipment 2022-04-01 2023-03-31 10366015 e:OfficeEquipment 2023-03-31 10366015 e:OfficeEquipment 2022-03-31 10366015 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10366015 e:FreeholdInvestmentProperty 2023-03-31 10366015 e:FreeholdInvestmentProperty 2022-03-31 10366015 e:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 10366015 e:CurrentFinancialInstruments 2023-03-31 10366015 e:CurrentFinancialInstruments 2022-03-31 10366015 e:Non-currentFinancialInstruments 2023-03-31 10366015 e:Non-currentFinancialInstruments 2022-03-31 10366015 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 10366015 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 10366015 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 10366015 e:Non-currentFinancialInstruments e:AfterOneYear 2022-03-31 10366015 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 10366015 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-03-31 10366015 e:ShareCapital 2022-04-01 2023-03-31 10366015 e:ShareCapital 2023-03-31 10366015 e:ShareCapital 2021-04-01 2022-03-31 10366015 e:ShareCapital 2022-03-31 10366015 e:ShareCapital 2021-04-01 10366015 e:RevaluationReserve 2022-04-01 2023-03-31 10366015 e:RevaluationReserve 2023-03-31 10366015 e:RevaluationReserve 5 2022-04-01 2023-03-31 10366015 e:RevaluationReserve 2021-04-01 2022-03-31 10366015 e:RevaluationReserve 2022-03-31 10366015 e:RevaluationReserve 2021-04-01 10366015 e:RevaluationReserve 5 2021-04-01 2022-03-31 10366015 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10366015 e:RetainedEarningsAccumulatedLosses 2023-03-31 10366015 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 10366015 e:RetainedEarningsAccumulatedLosses 2022-03-31 10366015 e:RetainedEarningsAccumulatedLosses 2021-04-01 10366015 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10366015 e:AcceleratedTaxDepreciationDeferredTax 2022-03-31 10366015 d:FRS102 2022-04-01 2023-03-31 10366015 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10366015 d:FullAccounts 2022-04-01 2023-03-31 10366015 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10366015 5 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 10366015










JOSEPH LUKE PROPERTY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
JOSEPH LUKE PROPERTY LTD
REGISTERED NUMBER: 10366015

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
18
29

Investment property
  
566,761
575,000

  
566,779
575,029

Current assets
  

Debtors: amounts falling due within one year
  
689
-

Cash at bank and in hand
 7 
7,592
17,810

  
8,281
17,810

Creditors: amounts falling due within one year
 8 
(28,423)
(6,513)

Net current (liabilities)/assets
  
 
 
(20,142)
 
 
11,297

Total assets less current liabilities
  
546,637
586,326

Creditors: amounts falling due after more than one year
 9 
(465,189)
(489,694)

Provisions for liabilities
  

Deferred tax
  
(9,428)
(10,995)

  
 
 
(9,428)
 
 
(10,995)

Net assets
  
72,020
85,637


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
62,428
70,667

Profit and loss account
  
9,492
14,870

  
72,020
85,637


Page 1

 
JOSEPH LUKE PROPERTY LTD
REGISTERED NUMBER: 10366015
    
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 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 20 November 2023.




J A Saunders
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 2

 
JOSEPH LUKE PROPERTY LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
100
70,667
14,870
85,637


Comprehensive income for the year

Loss for the year

-
-
(9,617)
(9,617)

Surplus on revaluation of freehold property
-
-
8,239
8,239


Other comprehensive income for the year
-
-
8,239
8,239


Total comprehensive income for the year
-
-
(1,378)
(1,378)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,000)
(4,000)

Transfer to/from profit and loss account
-
(8,239)
-
(8,239)


Total transactions with owners
-
(8,239)
(4,000)
(12,239)


At 31 March 2023
100
62,428
9,492
72,020


The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
JOSEPH LUKE PROPERTY LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2021
100
-
12,406
12,506


Comprehensive income for the year

Profit for the year

-
-
77,131
77,131

Deficit on revaluation of freehold property
-
-
(70,667)
(70,667)


Other comprehensive income for the year
-
-
(70,667)
(70,667)


Total comprehensive income for the year
-
-
6,464
6,464


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,000)
(4,000)

Transfer to/from profit and loss account
-
70,667
-
70,667


Total transactions with owners
-
70,667
(4,000)
66,667


At 31 March 2022
100
70,667
14,870
85,637


The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
JOSEPH LUKE PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies

 
1.1

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:

 
1.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
1.3

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.

 
1.4

Borrowing costs

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

Page 5

 
JOSEPH LUKE PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.5

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.

 
1.6

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 methods below.

Depreciation is provided on the following basis:

Office equipment
-
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.

Page 6

 
JOSEPH LUKE PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

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 profit or loss.

 
1.8

Investment property

Investment property is carried at fair value determined annually by 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 profit or loss.

 
1.9

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.

 
1.10

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.

 
1.11

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.

 
1.12

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 reporting 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 Statement of financial position.

Page 7

 
JOSEPH LUKE PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.13

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.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 8

 
JOSEPH LUKE PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.14

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.


2.


General information

The company is a private company, limited by shares and registered in England.
Its registered number is: 10366015
Its Registered Office is:
First Floor
28 Whitehorse Street
Baldock
Herts
SG7 6QQ


3.


Employees

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

Page 9

 
JOSEPH LUKE PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
38



At 31 March 2023

38



Depreciation


At 1 April 2022
10


Charge for the year on owned assets
10



At 31 March 2023

20



Net book value



At 31 March 2023
18



At 31 March 2022
29

Page 10

 
JOSEPH LUKE PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
575,000


Surplus on revaluation
(8,239)



At 31 March 2023
566,761

The 2023 valuations were made by Nationwide Price Index, 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
504,333
504,333

504,333
504,333


6.


Debtors

2023
2022
£
£


Other debtors
689
-

689
-



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,592
17,809

7,592
17,809


Page 11

 
JOSEPH LUKE PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
-
4,088

Other creditors
28,423
2,425

28,423
6,513



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
343,525
338,610

Other creditors
121,664
151,084

465,189
489,694



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
343,525
338,610


343,525
338,610


343,525
338,610


Page 12

 
JOSEPH LUKE PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Deferred taxation




2023


£






At beginning of year
(10,995)


Utilised in year
1,567



At end of year
(9,428)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(9,428)
(10,995)

(9,428)
(10,995)


12.


Related party transactions

The amount due to the directors Mr J Saunders and Mrs A Saunders at the reporting date was £63,684 and £57,980 respectively; (2022: £63,104 and £56,980).  The loan does not attract a rate of interest and is repayable on demand.
Included in other creditors are loans from Mr T Saunders and Mrs K Saunders, the parents of a Director.  The amounts due to them at the reporting date were £16,000 and £10,000; (2022: £51,000 and £50,000).

 
Page 13