Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false2022-04-01No description of principal activity11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10683816 2022-04-01 2023-03-31 10683816 2021-04-01 2022-03-31 10683816 2023-03-31 10683816 2022-03-31 10683816 c:Director1 2022-04-01 2023-03-31 10683816 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 10683816 d:FreeholdInvestmentProperty 2023-03-31 10683816 d:FreeholdInvestmentProperty 2022-03-31 10683816 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 10683816 d:CurrentFinancialInstruments 2023-03-31 10683816 d:CurrentFinancialInstruments 2022-03-31 10683816 d:Non-currentFinancialInstruments 2023-03-31 10683816 d:Non-currentFinancialInstruments 2022-03-31 10683816 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10683816 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10683816 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10683816 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 10683816 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 10683816 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 10683816 d:ShareCapital 2023-03-31 10683816 d:ShareCapital 2022-03-31 10683816 d:InvestmentPropertiesRevaluationReserve 2023-03-31 10683816 d:InvestmentPropertiesRevaluationReserve 2022-03-31 10683816 d:RetainedEarningsAccumulatedLosses 2023-03-31 10683816 d:RetainedEarningsAccumulatedLosses 2022-03-31 10683816 d:OtherDeferredTax 2023-03-31 10683816 d:OtherDeferredTax 2022-03-31 10683816 c:OrdinaryShareClass1 2022-04-01 2023-03-31 10683816 c:OrdinaryShareClass1 2023-03-31 10683816 c:OrdinaryShareClass1 2022-03-31 10683816 c:FRS102 2022-04-01 2023-03-31 10683816 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10683816 c:FullAccounts 2022-04-01 2023-03-31 10683816 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10683816









ERENCAN PROPERTIES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
ERENCAN PROPERTIES LTD
REGISTERED NUMBER: 10683816

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,005,355
375,900

  
1,005,355
375,900

Current assets
  

Debtors: amounts falling due within one year
 5 
195
1,573

Cash at bank and in hand
 6 
2,255
68,560

  
2,450
70,133

Creditors: amounts falling due within one year
 7 
(219,618)
(166,561)

Net current liabilities
  
 
 
(217,168)
 
 
(96,428)

Total assets less current liabilities
  
788,187
279,472

Creditors: amounts falling due after more than one year
 8 
(719,694)
(265,087)

Provisions for liabilities
  

Deferred tax
  
(16,025)
-

  
 
 
(16,025)
 
 
-

Net assets
  
52,468
14,385


Capital and reserves
  

Called up share capital 
 11 
100
100

Investment property reserve
  
48,075
-

Profit and loss account
  
4,293
14,285

  
52,468
14,385


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.
Page 1

 
ERENCAN PROPERTIES LTD
REGISTERED NUMBER: 10683816
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023


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 31 January 2024.




Aynur Dogan
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ERENCAN PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Erencan Properties Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 10683816. The address of the registered office is 291 Green Lanes, London N13 4XS.
The principal activity of the company is that of a property investment business.

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:

Rent
Rental income is received over the period in which the rental charge relates to.

 
2.3

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.

 
2.4

Borrowing costs

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

Page 3

 
ERENCAN PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Investment property

Investment property is carried at fair value determined annually by 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.

 
2.7

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
Page 4

 
ERENCAN PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

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.

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.

 
2.8

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

 
ERENCAN PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

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


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
375,900


Additions at cost
565,355


Surplus on revaluation
64,100



At 31 March 2023
1,005,355

The 2023 valuations were made by the Director, on a fair value basis.







Page 6

 
ERENCAN PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
1,573

Other debtors
195
-

195
1,573



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,255
68,560

2,255
68,560



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,071
4,111

Corporation tax
-
195

Other creditors
217,587
161,475

Accruals and deferred income
960
780

219,618
166,561



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
719,694
265,087

719,694
265,087


Page 7

 
ERENCAN PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
719,694
265,087

719,694
265,087


Bank loans are secured by way of a charge over the investment properties of the company.


10.


Deferred taxation




2023


£






Charged to profit or loss
(16,025)



At end of year
(16,025)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fair value movements
(16,025)
-

(16,025)
-


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 8

 
ERENCAN PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Related party transactions

Included within Other Creditors due in less than one year is a loan amount of £46,756 (2022: £161,475) due to a company shareholder.
Included within Other Creditors due in less than one year is a loan amount of £18,500 (2022: £nil) due to the Director.
Included within Other Creditors due in less than one year is a loan amount of £152,332 (2022: £Nil) due to a company which is under the control of a company shareholder.


13.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 9