Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseNo description of principal activity23falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01675811 2022-03-01 2023-02-28 01675811 2021-03-01 2022-02-28 01675811 2023-02-28 01675811 2022-02-28 01675811 2021-03-01 01675811 c:Director3 2022-03-01 2023-02-28 01675811 d:FurnitureFittings 2022-03-01 2023-02-28 01675811 d:FurnitureFittings 2023-02-28 01675811 d:FurnitureFittings 2022-02-28 01675811 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 01675811 d:FreeholdInvestmentProperty 2023-02-28 01675811 d:FreeholdInvestmentProperty 2022-02-28 01675811 d:CurrentFinancialInstruments 2023-02-28 01675811 d:CurrentFinancialInstruments 2022-02-28 01675811 d:Non-currentFinancialInstruments 2023-02-28 01675811 d:Non-currentFinancialInstruments 2022-02-28 01675811 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 01675811 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 01675811 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 01675811 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 01675811 d:ShareCapital 2023-02-28 01675811 d:ShareCapital 2022-02-28 01675811 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 01675811 d:RetainedEarningsAccumulatedLosses 2023-02-28 01675811 d:RetainedEarningsAccumulatedLosses 2022-02-28 01675811 c:FRS102 2022-03-01 2023-02-28 01675811 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 01675811 c:FullAccounts 2022-03-01 2023-02-28 01675811 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 01675811 d:RetirementBenefitObligationsDeferredTax 2023-02-28 01675811 d:RetirementBenefitObligationsDeferredTax 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 01675811










BRITANNIC DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
BRITANNIC DEVELOPMENTS LIMITED
REGISTERED NUMBER: 01675811

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,007
2,361

Investment property
 5 
2,732,365
2,732,365

  
2,734,372
2,734,726

Current assets
  

Debtors: amounts falling due within one year
 6 
6,448
33,486

Cash at bank and in hand
  
87,358
32,053

  
93,806
65,539

Creditors: amounts falling due within one year
 7 
(60,177)
(158,034)

Net current assets/(liabilities)
  
 
 
33,629
 
 
(92,495)

Total assets less current liabilities
  
2,768,001
2,642,231

Creditors: amounts falling due after more than one year
 8 
(2,043,129)
(1,980,462)

Provisions for liabilities
  

Deferred tax
 9 
(98,615)
(98,615)

  
 
 
(98,615)
 
 
(98,615)

Net assets
  
626,257
563,154


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
 10 
626,057
562,954

  
626,257
563,154


Page 1

 
BRITANNIC DEVELOPMENTS LIMITED
REGISTERED NUMBER: 01675811
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 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 by: 




................................................
M Sheridan
Director

Date: 22 November 2023

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

Page 2

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

1.


General information

Britannic Developments Limited is a private company limited by shares. The company is incorporated in England & Wales and its registered office is Aston House, Cornwall Avenue, London, N3 1LF. The registered number is 01675811.

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

Borrowing costs

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

 
2.3

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 United Kingdom.

 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
15% reducing balance

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

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 3).

Page 4

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

4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 March 2022
15,192



At 28 February 2023

15,192



Depreciation


At 1 March 2022
12,831


Charge for the year on owned assets
354



At 28 February 2023

13,185



Net book value



At 28 February 2023
2,007



At 28 February 2022
2,361


5.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
2,732,365



At 28 February 2023
2,732,365

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







Page 5

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

6.


Debtors

2023
2022
£
£


Trade debtors
-
20,000

Other debtors
3,600
4,483

Prepayments and accrued income
2,848
9,003

6,448
33,486



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
522

Corporation tax
14,954
12,193

Other creditors
42,223
142,819

Accruals and deferred income
3,000
2,500

60,177
158,034



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
614,129
551,462

Amounts owed to group undertakings
1,429,000
1,429,000

2,043,129
1,980,462



9.


Deferred taxation




2023
2022


£

£






At beginning of year
(98,615)
(98,615)



At end of year
(98,615)
(98,615)

Page 6

 
BRITANNIC DEVELOPMENTS 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
£
£


Timing difference
(98,615)
(98,615)

(98,615)
(98,615)


10.


Reserves

Profit & loss account

The profit and loss account includes non-distributable reserves of £284,138 (2021: £284,138) due to fair value gains on investments property, net of related deferred tax charges

 
Page 7