Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312022-08-01false41100 - Development of building projects70229 - Management consultancy activities other than financial management22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03234818 2022-08-01 2023-07-31 03234818 2021-08-01 2022-07-31 03234818 2023-07-31 03234818 2022-07-31 03234818 c:Director1 2022-08-01 2023-07-31 03234818 d:Buildings d:LongLeaseholdAssets 2022-08-01 2023-07-31 03234818 d:Buildings d:LongLeaseholdAssets 2023-07-31 03234818 d:Buildings d:LongLeaseholdAssets 2022-07-31 03234818 d:MotorVehicles 2022-08-01 2023-07-31 03234818 d:MotorVehicles 2023-07-31 03234818 d:MotorVehicles 2022-07-31 03234818 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03234818 d:FurnitureFittings 2022-08-01 2023-07-31 03234818 d:FurnitureFittings 2023-07-31 03234818 d:FurnitureFittings 2022-07-31 03234818 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03234818 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03234818 d:CurrentFinancialInstruments 2023-07-31 03234818 d:CurrentFinancialInstruments 2022-07-31 03234818 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03234818 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 03234818 d:ShareCapital 2023-07-31 03234818 d:ShareCapital 2022-07-31 03234818 d:RevaluationReserve 2023-07-31 03234818 d:RevaluationReserve 2022-07-31 03234818 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 03234818 d:RetainedEarningsAccumulatedLosses 2023-07-31 03234818 d:RetainedEarningsAccumulatedLosses 2022-07-31 03234818 c:OrdinaryShareClass1 2022-08-01 2023-07-31 03234818 c:OrdinaryShareClass1 2023-07-31 03234818 c:OrdinaryShareClass1 2022-07-31 03234818 c:FRS102 2022-08-01 2023-07-31 03234818 c:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03234818 c:FullAccounts 2022-08-01 2023-07-31 03234818 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03234818 5 2022-08-01 2023-07-31 03234818 6 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03234818










MICHAEL BEAR DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
MICHAEL BEAR DEVELOPMENTS LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 10


 
MICHAEL BEAR DEVELOPMENTS LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MICHAEL BEAR DEVELOPMENTS LIMITED
FOR THE YEAR ENDED 31 JULY 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Michael Bear Developments Limited for the year ended 31 July 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Michael Bear Developments Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Michael Bear Developments Limited  and state those matters that we have agreed to state to the director of Michael Bear Developments Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Michael Bear Developments Limited and its director for our work or for this report. 

It is your duty to ensure that Michael Bear Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Michael Bear Developments Limited. You consider that Michael Bear Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Michael Bear Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  


BAGINSKY COHEN
CHARTERED ACCOUNTANTS
930 HIGH ROAD
LONDON
N12 9RT
14 November 2023
Page 1

 
MICHAEL BEAR DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03234818

BALANCE SHEET
AS AT 31 JULY 2023

2023
2023
2022
2022
Note
£
£
£
£

FIXED ASSETS
  

Tangible assets
 4 
692,682
731,971

Investments
 5 
26,365
26,365

  
719,047
758,336

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
-
2,527

Cash at bank and in hand
 7 
42,026
48,427

  
42,026
50,954

Creditors: amounts falling due within one year
 8 
(10,210)
(1,591)

NET CURRENT ASSETS
  
 
 
31,816
 
 
49,363

TOTAL ASSETS LESS CURRENT LIABILITIES
  
750,863
807,699

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(100,192)
(92,727)

  
 
 
(100,192)
 
 
(92,727)

NET ASSETS
  
650,671
714,972


CAPITAL AND RESERVES
  

Called up share capital 
 9 
500
500

Revaluation reserve
 10 
357,263
357,263

Profit and loss account
 10 
292,908
357,209

  
650,671
714,972


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.
Page 2

 
MICHAEL BEAR DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03234818

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023





M. BEAR
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
MICHAEL BEAR DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

 
1.2

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.

 
1.3

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.

Page 4

 
MICHAEL BEAR DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.ACCOUNTING POLICIES (CONTINUED)


1.3
TANGIBLE FIXED ASSETS (CONTINUED)

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
-
20% reducing balance
Furniture & equipment
-
20% 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.

 
1.4

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 balance sheet 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.

 
1.5

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.

 
1.6

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
1.7

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.

Page 5

 
MICHAEL BEAR DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.ACCOUNTING POLICIES (CONTINUED)

 
1.8

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.

 
1.9

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.

 
1.10

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss
Page 6

 
MICHAEL BEAR DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.ACCOUNTING POLICIES (CONTINUED)


1.10
FINANCIAL INSTRUMENTS (CONTINUED)

will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 7

 
MICHAEL BEAR DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.ACCOUNTING POLICIES (CONTINUED)


1.10
FINANCIAL INSTRUMENTS (CONTINUED)


 
1.11

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.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 1, management is required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other factors that are considered to be relevant.  Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revise affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.  


3.


EMPLOYEES

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

Page 8

 
MICHAEL BEAR DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


TANGIBLE FIXED ASSETS





Long Term Leasehold Property
Motor vehicles
Furniture and Equipment
Total

£
£
£
£



COST OR VALUATION


At 1 August 2022
685,000
65,000
19,059
769,059


Additions
-
-
1,458
1,458


Disposals
-
(65,000)
-
(65,000)



At 31 July 2023

685,000
-
20,517
705,517



DEPRECIATION


At 1 August 2022
-
26,173
10,915
37,088


Charge for the year on owned assets
-
-
1,921
1,921


Disposals
-
(26,173)
-
(26,173)



At 31 July 2023

-
-
12,836
12,836



NET BOOK VALUE



At 31 July 2023
685,000
-
7,681
692,681



At 31 July 2022
685,000
38,827
8,144
731,971


5.


FIXED ASSET INVESTMENTS





Unlisted investments

£



COST OR VALUATION


At 1 August 2022
26,365



At 31 July 2023
26,365





6.


DEBTORS

2023
2022
£
£


Director's loan
-
2,527


Page 9

 
MICHAEL BEAR DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
42,026
48,427



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Corporation tax
6,371
-

Other creditors
1,647
-

Accruals and deferred income
2,192
1,591

10,210
1,591



9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



500 (2022 - 500) Ordinary shares of £1.00 each
500
500



10.


RESERVES

Profit & loss account

This includes all current and prior period retained profit and losses.


Page 10