Caseware UK (AP4) 2022.0.179 2022.0.179 2022-06-302022-06-30The 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: The following principal accounting policies have been applied:The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Investments in non-derivative instruments that are equity to the issuer are measured: at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably; at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.2021-07-01false44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11937518 2021-07-01 2022-06-30 11937518 2020-07-01 2021-06-30 11937518 2022-06-30 11937518 2021-06-30 11937518 2020-07-01 11937518 1 2021-07-01 2022-06-30 11937518 5 2021-07-01 2022-06-30 11937518 d:Director1 2021-07-01 2022-06-30 11937518 e:FreeholdInvestmentProperty 2022-06-30 11937518 e:FreeholdInvestmentProperty 2021-06-30 11937518 e:FreeholdInvestmentProperty 2 2021-07-01 2022-06-30 11937518 e:CurrentFinancialInstruments 2022-06-30 11937518 e:CurrentFinancialInstruments 2021-06-30 11937518 e:Non-currentFinancialInstruments 2022-06-30 11937518 e:Non-currentFinancialInstruments 2021-06-30 11937518 e:CurrentFinancialInstruments e:WithinOneYear 2022-06-30 11937518 e:CurrentFinancialInstruments e:WithinOneYear 2021-06-30 11937518 e:Non-currentFinancialInstruments e:AfterOneYear 2022-06-30 11937518 e:Non-currentFinancialInstruments e:AfterOneYear 2021-06-30 11937518 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-06-30 11937518 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2021-06-30 11937518 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-06-30 11937518 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2021-06-30 11937518 e:ShareCapital 2021-07-01 2022-06-30 11937518 e:ShareCapital 2022-06-30 11937518 e:ShareCapital 2020-07-01 2021-06-30 11937518 e:ShareCapital 2021-06-30 11937518 e:ShareCapital 2020-07-01 11937518 e:InvestmentPropertiesRevaluationReserve 2021-07-01 2022-06-30 11937518 e:InvestmentPropertiesRevaluationReserve 2022-06-30 11937518 e:InvestmentPropertiesRevaluationReserve 1 2021-07-01 2022-06-30 11937518 e:InvestmentPropertiesRevaluationReserve 2020-07-01 2021-06-30 11937518 e:InvestmentPropertiesRevaluationReserve 2021-06-30 11937518 e:InvestmentPropertiesRevaluationReserve 2020-07-01 11937518 e:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 11937518 e:RetainedEarningsAccumulatedLosses 2022-06-30 11937518 e:RetainedEarningsAccumulatedLosses 1 2021-07-01 2022-06-30 11937518 e:RetainedEarningsAccumulatedLosses 2020-07-01 2021-06-30 11937518 e:RetainedEarningsAccumulatedLosses 2021-06-30 11937518 e:RetainedEarningsAccumulatedLosses 2020-07-01 11937518 e:AcceleratedTaxDepreciationDeferredTax 2022-06-30 11937518 e:AcceleratedTaxDepreciationDeferredTax 2021-06-30 11937518 e:TaxLossesCarry-forwardsDeferredTax 2022-06-30 11937518 e:TaxLossesCarry-forwardsDeferredTax 2021-06-30 11937518 e:OtherDeferredTax 2022-06-30 11937518 e:OtherDeferredTax 2021-06-30 11937518 d:OrdinaryShareClass1 2021-07-01 2022-06-30 11937518 d:OrdinaryShareClass1 2022-06-30 11937518 d:OrdinaryShareClass1 2021-06-30 11937518 d:OrdinaryShareClass2 2021-07-01 2022-06-30 11937518 d:OrdinaryShareClass2 2022-06-30 11937518 d:OrdinaryShareClass2 2021-06-30 11937518 d:OrdinaryShareClass3 2021-07-01 2022-06-30 11937518 d:OrdinaryShareClass3 2022-06-30 11937518 d:FRS102 2021-07-01 2022-06-30 11937518 d:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 11937518 d:FullAccounts 2021-07-01 2022-06-30 11937518 d:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 11937518 2 2021-07-01 2022-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11937518









PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2022

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
REGISTERED NUMBER: 11937518

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
7,560,000
5,485,688

  
7,560,000
5,485,688

Current assets
  

Debtors: amounts falling due within one year
 5 
103,596
59,061

Cash at bank and in hand
 6 
72,592
217,529

  
176,188
276,590

Creditors: amounts falling due within one year
 7 
(2,776,461)
(5,533,305)

Net current liabilities
  
 
 
(2,600,273)
 
 
(5,256,715)

Total assets less current liabilities
  
4,959,727
228,973

Creditors: amounts falling due after more than one year
  
(4,180,412)
(159,413)

Provisions for liabilities
  

Deferred tax
 10 
(361,917)
-

  
 
 
(361,917)
 
 
-

Net assets
  
417,398
69,560


Capital and reserves
  

Called up share capital 
 11 
480
240

Fair value reserve
 12 
1,555,734
-

Profit and loss account
 12 
(1,138,816)
69,320

  
417,398
69,560


Page 1

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
REGISTERED NUMBER: 11937518
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2022

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 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 by: 




................................................
M A Amitai
Director

Date: 31 January 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2020
240
-
(3,776)
(3,536)


Comprehensive income for the year

Profit for the year
-
-
73,096
73,096
Total comprehensive income for the year
-
-
73,096
73,096


Total transactions with owners
-
-
-
-



At 1 July 2021 (as restated)
240
-
69,320
69,560


Comprehensive income for the year

Profit for the year

-
-
347,598
347,598

Transfer of fair value movement
-
-
(1,555,734)
(1,555,734)

Transfer of fair value movement
-
1,555,734
-
1,555,734


Other comprehensive income for the year
-
1,555,734
(1,555,734)
-


Total comprehensive income for the year
-
1,555,734
(1,208,136)
347,598


Contributions by and distributions to owners

Shares issued during the year
240
-
-
240


Total transactions with owners
240
-
-
240


At 30 June 2022
480
1,555,734
(1,138,816)
417,398


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1.


General information

Permitted Developments Investments No 12 Limited (the 'Company') is a private company limited by shares, registered and incorporated in England and Wales. The address of its principal place of business is 30 Old Bailey, London, United Kingdom, EC4M 7AU. Company number 11937518.
.
The principal activity of the Company is that of the letting and operating of owned or leased real estate.
These financial statements have been presented in Pounds Sterling (£) as this is the Company's functional currency, being the primary economic environment in which the company operates.

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

Going concern

The Company is deemed to be a going concern and therefore the accounts have been prepared on the going concern basis. The Director and parent company will pay liabilities as they fall due and fulfil negative reserves through the continued support of cash injections. On the basis of the above, the shareholders consider the Company to be a going concern for the foreseeable future.

 
2.3

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.

 
2.4

Interest income

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

Page 4

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

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

Borrowing costs

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

 
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 reporting date in the countries where the Company operates and generates income.

 
2.8

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.

 
2.9

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.

 
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.

Page 5

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 6

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Director
4
4


4.


Investment property


Freehold investment property

£



Valuation


At 1 July 2021
5,485,688


Revaluation
2,074,312



At 30 June 2022
7,560,000

There is a fixed charge over the property.

The 2022 valuations were made by BNP Paribus, on an open market value for existing use basis.





5.


Debtors

As restated
2022
2021
£
£


Trade debtors
20,166
56,963

Amounts owed by group undertakings
-
120

Other debtors
56,428
-

Called up share capital not paid
360
120

Prepayments and accrued income
26,642
1,858

103,596
59,061


Page 7

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

6.


Cash and cash equivalents

As restated
2022
2021
£
£

Cash at bank and in hand
72,592
217,529

72,592
217,529



7.


Creditors: Amounts falling due within one year

As restated
2022
2021
£
£

Bank loans
2,665,450
2,910,397

Other loans
-
1,947,208

Trade creditors
39,576
21,951

Amounts owed to group undertakings
17,587
540,085

Corporation tax
-
18,613

Other taxation and social security
-
7,981

Accruals and deferred income
53,848
87,070

2,776,461
5,533,305



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other loans
4,180,412
159,413

4,180,412
159,413


Page 8

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

9.


Loans


Analysis of the maturity of loans is given below:


As restated
2022
2021
£
£

Amounts falling due within one year

Bank loans
2,665,450
2,910,397

Other loans
-
1,947,208


2,665,450
4,857,605

Amounts falling due 1-2 years

Other loans
-
159,413


-
159,413

Amounts falling due 2-5 years

Other loans
4,180,412
-


4,180,412
-


6,845,862
5,017,018



10.


Deferred taxation




2022


£






Charged to profit or loss
(361,917)



At end of year
(361,917)

Page 9

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
 
10.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2022
2021
£
£


Short term timing differences
28,526
-

Tax losses and other deductions
128,135
-

Accelerated allowance on fair value movement
(518,578)
-

(361,917)
-


11.


Share capital

2022
2021
£
£
Allotted, called up partly and fully paid



120 (2021 - 120) Ordinary A shares of £1.00 each
120
120
120 (2021 - 120) Ordinary B shares of £1.00 each
120
120
240 (2021 - Nil) SDB shares of £1.00 each
240
-

480

240


On 10 February 2022 an allotment of 240 SDB Shares of £1 each took place at nominal value. The Ordinary A shares, Ordinary B shares and SDB shares have dividend rights, voting rights and distributions rights.


12.


Reserves

Fair value reserve

This reserve represents the cumulative fair value movements on investment properties net of deferred tax.

Profit and loss account

This reserve represents cumulative profits and losses less dividends paid.

Page 10

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 12 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

13.


Prior year adjustment

The prior year has been restated due to reclassification of expenses and assets in relation to the property in order to report this as an investment property being carried at fair value rather than stock assets.
The classification of the income and expenses has changed in the Statement of Comprehensive Income  for the year ended 30 June 2021, although there has been no change in the overall profit reported for that year of £73,096. The restatement of the property from stock to fixed assets in the year ended 30 June 2021 and reclassifications has resulted in fixed assets being restated at £5,485,688 (previously £Nil), current assets being restated at £276,590 (previously £5,760,898) and creditors due within one year restated as £5,533,305 (previously £5,531,925. The restatement of the property also creates a Fair Value reserve of £1,555,734 (previously £Nil) and negative profit and loss reserves of £1,268,271 (previously positive reserves of £69,320). The net assets position remains unchanged at £69,560. 


14.


Related party transactions

At the year end the Company owed £1,680 to BYM Holdings Limited a company which holds a joint interest. The amount is interest free and repayable on demand.
At the year end the Company owed £15,906 to BYM Capital Limited a company connected by common ownership. The amount is interest free and repayable on demand.


15.


Controlling party

The immediate controlling party is SDB Property Investments Limited. Company registered in England & Wales

 
Page 11