Caseware UK (AP4) 2022.0.179 2022.0.179 1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-04-01false1true 02094328 2022-04-01 2023-03-31 02094328 2023-03-31 02094328 2021-04-01 2022-03-31 02094328 2022-03-31 02094328 c:Director1 2022-04-01 2023-03-31 02094328 d:Buildings 2022-04-01 2023-03-31 02094328 d:Buildings 2023-03-31 02094328 d:Buildings 2022-03-31 02094328 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02094328 d:FurnitureFittings 2022-04-01 2023-03-31 02094328 d:FurnitureFittings 2023-03-31 02094328 d:FurnitureFittings 2022-03-31 02094328 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02094328 d:OfficeEquipment 2022-04-01 2023-03-31 02094328 d:OfficeEquipment 2023-03-31 02094328 d:OfficeEquipment 2022-03-31 02094328 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02094328 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02094328 d:CurrentFinancialInstruments 2023-03-31 02094328 d:CurrentFinancialInstruments 2022-03-31 02094328 d:Non-currentFinancialInstruments 2023-03-31 02094328 d:Non-currentFinancialInstruments 2022-03-31 02094328 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02094328 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02094328 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02094328 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02094328 d:ShareCapital 2023-03-31 02094328 d:ShareCapital 2022-03-31 02094328 d:OtherMiscellaneousReserve 2023-03-31 02094328 d:OtherMiscellaneousReserve 2022-03-31 02094328 d:RetainedEarningsAccumulatedLosses 2023-03-31 02094328 d:RetainedEarningsAccumulatedLosses 2022-03-31 02094328 c:FRS102 2022-04-01 2023-03-31 02094328 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02094328 c:FullAccounts 2022-04-01 2023-03-31 02094328 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 02094328













Holmwood Commercial Properties Limited

Financial statements
Information for filing with the registrar

31 March 2023




 
Holmwood Commercial Properties Limited


Statement of financial position
At 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
5,721,124
5,387,664

  
5,721,124
5,387,664

Current assets
  

Debtors: amounts falling due within one year
 7 
16,549
33,023

Bank and cash balances
  
1,178,072
1,241,599

  
1,194,621
1,274,622

Creditors: amounts falling due within one year
 8 
(114,722)
(130,038)

Net current assets
  
 
 
1,079,899
 
 
1,144,584

Total assets less current liabilities
  
6,801,023
6,532,248

Creditors: amounts falling due after more than one year
 9 
(355,992)
(668,159)

Provisions for liabilities
  

Deferred tax
  
(201,584)
(123,479)

  
 
 
(201,584)
 
 
(123,479)

Net assets
  
6,243,447
5,740,610


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Other reserves
  
1,366,605
1,104,018

Profit and loss account
  
4,875,842
4,635,592

Shareholders' funds
  
6,243,447
5,740,610


1

 
Holmwood Commercial Properties Limited

    
Statement of financial position (continued)
At 31 March 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 14 November 2023.




R A Baker
Director

Company registration number: 02094328
The notes on pages 3 to 6 form part of these financial statements.

2

 
Holmwood Commercial Properties Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Third Floor, Citygate, St James' Boulevard, Newcastle upon Tyne, NE1 4JE.


2.


Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3.Accounting policies

 
3.1

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:

 
3.2

Revenue recognition

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 and rebates.

Turnover represents rents receivable during the year.

 
3.3

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 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.

3

 
Holmwood Commercial Properties Limited
 

 
Notes to the financial statements
Year ended 31 March 2023

3.Accounting policies (continued)

 
3.4

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 and fittings
-
15%
reducing balance
Office equipment
-
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.

 
3.5

Investment property

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

 
3.6

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.

 
3.7

Financial instruments

Basic financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4

 
Holmwood Commercial Properties Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

4.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


5.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


6.


Tangible fixed assets





Investment property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
5,353,619
61,507
2,869
5,417,995


Additions
-
6,299
-
6,299


Disposals
-
-
(2,619)
(2,619)


Revaluations
332,956
-
-
332,956



At 31 March 2023

5,686,575
67,806
250
5,754,631



Depreciation


At 1 April 2022
-
27,636
2,695
30,331


Charge for the year
-
5,769
26
5,795


Disposals
-
-
(2,619)
(2,619)



At 31 March 2023

-
33,405
102
33,507



Net book value



At 31 March 2023
5,686,575
34,401
148
5,721,124



At 31 March 2022
5,353,619
33,871
174
5,387,664

The investment properties were valued by the director at 31 March 2023.

5

 
Holmwood Commercial Properties Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

7.


Debtors

2023
2022
£
£


Other debtors
15,829
32,849

Prepayments and accrued income
720
174

16,549
33,023



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
26,278
24,096

Corporation tax
58,383
63,551

Accruals and deferred income
30,061
42,391

114,722
130,038


The bank loan is secured by a fixed and floating charge over the assets to which it relates.


9.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
355,992
668,159

355,992
668,159


The bank loan is secured by a fixed and floating charge over the assets to which it relates.


10.


Director's advances, credits and guarantees

During the year, the director used a loan account to record amounts due to and from the company. At the end of the year, the balance due to the company from the director was £15,829 (2022: £32,849 due to the company).  The loan is unsecured, and no fixed terms of repayment have been agreed.  During the year interest of £542 was paid in respect of the overdrawn balance. The loan was repaid in December 2023.

 
6