Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31falsetrue12022-04-01falseNo description of principal activity1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10695873 2022-04-01 2023-03-31 10695873 2021-04-01 2022-03-31 10695873 2023-03-31 10695873 2022-03-31 10695873 c:Director1 2022-04-01 2023-03-31 10695873 d:FreeholdInvestmentProperty 2023-03-31 10695873 d:FreeholdInvestmentProperty 2022-03-31 10695873 d:CurrentFinancialInstruments 2023-03-31 10695873 d:CurrentFinancialInstruments 2022-03-31 10695873 d:Non-currentFinancialInstruments 2023-03-31 10695873 d:Non-currentFinancialInstruments 2022-03-31 10695873 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10695873 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10695873 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10695873 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 10695873 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 10695873 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 10695873 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 10695873 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 10695873 d:ShareCapital 2023-03-31 10695873 d:ShareCapital 2022-03-31 10695873 d:InvestmentPropertiesRevaluationReserve 2022-04-01 2023-03-31 10695873 d:InvestmentPropertiesRevaluationReserve 2023-03-31 10695873 d:InvestmentPropertiesRevaluationReserve 2022-03-31 10695873 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10695873 d:RetainedEarningsAccumulatedLosses 2023-03-31 10695873 d:RetainedEarningsAccumulatedLosses 2022-03-31 10695873 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 10695873 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 10695873 c:FRS102 2022-04-01 2023-03-31 10695873 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10695873 c:FullAccounts 2022-04-01 2023-03-31 10695873 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10695873 2 2022-04-01 2023-03-31 10695873 6 2022-04-01 2023-03-31 10695873 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 10695873









IMPROVE (PROPERTIES) LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
IMPROVE (PROPERTIES) LTD
REGISTERED NUMBER: 10695873

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
2
-

Investment property
 5 
134,000
134,000

  
134,002
134,000

Current assets
  

Debtors: amounts falling due within one year
 6 
27,905
105,642

Cash at bank and in hand
 7 
125,404
32,203

  
153,309
137,845

Creditors: amounts falling due within one year
 8 
(15,103)
(16,861)

Net current assets
  
 
 
138,206
 
 
120,984

Total assets less current liabilities
  
272,208
254,984

Creditors: amounts falling due after more than one year
 9 
(105,120)
(118,099)

  

Net assets
  
167,088
136,885


Capital and reserves
  

Called up share capital 
  
120
120

Investment property reserve
 12 
(19,309)
(19,309)

Profit and loss account
 12 
186,277
156,074

  
167,088
136,885


Page 1

 
IMPROVE (PROPERTIES) LTD
REGISTERED NUMBER: 10695873
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS 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 income statement 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: 




................................................
Mr Paul F Disley
Director

Date: 27 November 2023

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The legal form of the entity is a private company limited by share capital. The company is registered in England and Wales and the registered address is situated at Unit 3 Bradburys Court, Lyon Road, Harrow, HA1 2BY.

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 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.

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:

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.

Page 3

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Interest income

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

 
2.4

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.

 
2.5

Borrowing costs

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

 
2.6

Taxation

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.

 
2.7

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

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.

Page 4

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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 Statement of Financial Position 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. 
Page 5

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)


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 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
Page 6

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.

 
2.13

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.


3.


Employees

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


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
2



At 31 March 2023
2




Page 7

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
134,000



At 31 March 2023
134,000


Comprising


Cost
153,309

Annual revaluation surplus/(deficit):


2021
(19,309)

At 31 March 2023
134,000

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

2023
2022
£
£

Revaluation reserves


At 1 April 2022
(19,309)
(19,309)

At 31 March 2023
(19,309)
(19,309)



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
153,309
153,309

153,309
153,309

If the investment properties were accounted for under the historic cost convention then the directors would not have depreciated the assets on the basis that they have very high residual value, long useful life and the amount of depreciation would be immaterial and would caused the financial statement not to give a true and fair view.

Page 8

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Other debtors
27,905
105,642

27,905
105,642



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
125,404
32,203

125,404
32,203



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
13,567
12,361

Corporation tax
-
206

Other creditors
-
467

Accruals and deferred income
1,536
3,827

15,103
16,861


Page 9

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
105,120
105,120

Other loans
-
12,979

105,120
118,099


The following liabilities were secured:

2023
2022
£
£



Bank Loans
105,120
105,120

105,120
105,120

Details of security provided:

The bank loans are secured agaist specific investment properties and contain negative pledge.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2023
2022
£
£


Repayable other than by instalments
105,120
105,120

105,120
105,120

The amount is an interest only term loan where the whole principal amount is repayable at the end of the term and currently paying interest at a fixed rate of 3.49%.

Page 10

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
13,567
12,361


13,567
12,361

Amounts falling due 1-2 years

Other loans
-
12,979


-
12,979


Amounts falling due after more than 5 years

Bank loans
105,120
105,120

105,120
105,120

118,687
130,460



11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
125,403
32,201




Financial assets measured at fair value through profit or loss comprise of cash at bank.

Page 11

 
IMPROVE (PROPERTIES) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Reserves

Investment property revaluation reserve

Investment property revaluation reserve represents unrealised surplus/deficit on valuation of investment properties net of attributable deferred tax charged to income statement.

Profit and loss account

Profit and loss reserves represents the company’s profits available for distribution in accordance with section 830 of the Companies Act 2006 as its accumulated realised profits, so far as not previously utilised by distribution or capitalisation less its accumulated realised losses, so far as not previously written off in a reduction or capitalisation.

 
Page 12