Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-314Business support activities2022-04-01false4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02467890 2022-04-01 2023-03-31 02467890 2021-04-01 2022-03-31 02467890 2023-03-31 02467890 2022-03-31 02467890 2021-04-01 02467890 c:Director1 2022-04-01 2023-03-31 02467890 c:Director2 2022-04-01 2023-03-31 02467890 d:MotorVehicles 2022-04-01 2023-03-31 02467890 d:MotorVehicles 2023-03-31 02467890 d:MotorVehicles 2022-03-31 02467890 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02467890 d:FreeholdInvestmentProperty 2023-03-31 02467890 d:FreeholdInvestmentProperty 2022-03-31 02467890 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 02467890 d:CurrentFinancialInstruments 2023-03-31 02467890 d:CurrentFinancialInstruments 2022-03-31 02467890 d:Non-currentFinancialInstruments 2023-03-31 02467890 d:Non-currentFinancialInstruments 2022-03-31 02467890 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02467890 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02467890 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02467890 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02467890 d:ShareCapital 2023-03-31 02467890 d:ShareCapital 2022-03-31 02467890 d:InvestmentPropertiesRevaluationReserve 2022-04-01 2023-03-31 02467890 d:InvestmentPropertiesRevaluationReserve 2023-03-31 02467890 d:InvestmentPropertiesRevaluationReserve 2022-03-31 02467890 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 02467890 d:RetainedEarningsAccumulatedLosses 2023-03-31 02467890 d:RetainedEarningsAccumulatedLosses 2022-03-31 02467890 c:FRS102 2022-04-01 2023-03-31 02467890 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02467890 c:FullAccounts 2022-04-01 2023-03-31 02467890 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02467890 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 02467890 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 02467890 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 02467890 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 02467890 2 2022-04-01 2023-03-31 02467890 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02467890 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 02467890 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 02467890 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 iso4217:GBP xbrli:pure
Registered number: 02467890






CROFTCOPE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










img126f.png

 
CROFTCOPE LIMITED
REGISTERED NUMBER:02467890

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
25,958
50

Investment property
 5 
17,098,000
18,435,000

  
17,123,958
18,435,050

Current assets
  

Debtors: amounts falling due within one year
 6 
279,854
212,245

Cash at bank and in hand
 7 
2,672,675
2,228,510

  
2,952,529
2,440,755

Creditors: amounts falling due within one year
 8 
(782,131)
(762,843)

Net current assets
  
 
 
2,170,398
 
 
1,677,912

Total assets less current liabilities
  
19,294,356
20,112,962

Creditors: amounts falling due after more than one year
 9 
(18,355)
-

Provisions for liabilities
  

Deferred tax
 11 
(3,073,813)
(2,077,135)

  
 
 
(3,073,813)
 
 
(2,077,135)

Net assets
  
16,202,188
18,035,827


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Investment property reserve
 12 
9,058,056
11,385,244

Profit and loss account
 12 
7,142,132
6,648,583

  
16,202,188
18,035,827


Page 1

 
CROFTCOPE LIMITED
REGISTERED NUMBER:02467890
    
BALANCE SHEET (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 by: 




M Valina-Lopez
S Valina-Golan
Director
Director


Date: 29 November 2023

Page 2

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

1.


General information

Croftcope Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is C/O Venthams Limited,  Unit 8,  Phoenix House,  Redhill Aerodrome,  Kings Mill Lane,  Redhill,  Surrey,  RH1 5JY.
The principal activity continued to be that of property management and investment.

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

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:

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.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

Interest income

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

Page 3

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 4

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

2.Accounting policies (continued)

 
2.8

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:

Motor vehicles
-
25%
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.

 
2.9

Investment property

Investment property is carried at fair value determined annually by the directors on an open market
basis. No depreciation is provided. Changes in fair value are recognised in the statement of income
and retained earnings.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 5

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

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 6

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

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 April 2022
16,124


Additions
31,149


Disposals
(16,124)



At 31 March 2023

31,149



Depreciation


At 1 April 2022
16,074


Charge for the year on owned assets
5,191


Disposals
(16,074)



At 31 March 2023

5,191



Net book value



At 31 March 2023
25,958



At 31 March 2022
50

Page 7

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

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
18,435,000


Surplus on revaluation
(1,337,000)



At 31 March 2023
17,098,000

The 2023 valuations were made by the directors, 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
4,972,620
4,972,620

4,972,620
4,972,620


6.


Debtors

2023
2022
£
£


Other debtors
194,755
148,424

Prepayments and accrued income
22,840
16,867

Tax recoverable
62,259
46,954

279,854
212,245



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,672,675
2,228,510

2,672,675
2,228,510


Page 8

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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,892
-

Taxation and social security
137,324
129,164

Obligations under finance lease and hire purchase contracts
1,820
-

Other creditors
615,795
613,482

Accruals and deferred income
24,300
20,197

782,131
762,843



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
18,355
-

18,355
-



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
1,820
-

Between 1-5 years
18,355
-

20,175
-

Page 9

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

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(2,077,135)
(2,077,135)


Charged to profit or loss
(996,678)
-



At end of year
(3,073,813)
(2,077,135)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Investment property revaluation
3,067,323
2,077,135

Accelerated capital allowances
6,490
-

3,073,813
2,077,135


12.


Reserves

Investment property revaluation reserve

This reserve forms part of the profit and loss reserve representing the non-distributable element arising from the revaluation of investment property net of deferred tax.

Profit & loss account

All reserves in respect of profit and loss are distributable reserves.


13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £570 (2022: £415). Contributions totalling £111 (2022: £111) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

Included in other debtors at the balance sheet date was £194,755 (2022: £149,405) due from M Lopez, a director of the company.  Interest has been charged at 2.25% totalling £4,286 (2022: £2,930).

 
Page 10