Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31No description of principal activitytrue2022-06-01false11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05027493 2022-06-01 2023-05-31 05027493 2021-06-01 2022-05-31 05027493 2023-05-31 05027493 2022-05-31 05027493 c:Director1 2022-06-01 2023-05-31 05027493 d:PlantMachinery 2022-06-01 2023-05-31 05027493 d:PlantMachinery 2023-05-31 05027493 d:PlantMachinery 2022-05-31 05027493 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 05027493 d:FurnitureFittings 2022-06-01 2023-05-31 05027493 d:FurnitureFittings 2023-05-31 05027493 d:FurnitureFittings 2022-05-31 05027493 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 05027493 d:OfficeEquipment 2022-06-01 2023-05-31 05027493 d:OfficeEquipment 2023-05-31 05027493 d:OfficeEquipment 2022-05-31 05027493 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 05027493 d:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 05027493 d:OtherPropertyPlantEquipment 2023-05-31 05027493 d:OtherPropertyPlantEquipment 2022-05-31 05027493 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 05027493 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 05027493 d:FreeholdInvestmentProperty 2023-05-31 05027493 d:FreeholdInvestmentProperty 2022-05-31 05027493 d:CurrentFinancialInstruments 2023-05-31 05027493 d:CurrentFinancialInstruments 2022-05-31 05027493 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 05027493 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 05027493 d:ShareCapital 2023-05-31 05027493 d:ShareCapital 2022-05-31 05027493 d:RetainedEarningsAccumulatedLosses 2023-05-31 05027493 d:RetainedEarningsAccumulatedLosses 2022-05-31 05027493 c:FRS102 2022-06-01 2023-05-31 05027493 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 05027493 c:FullAccounts 2022-06-01 2023-05-31 05027493 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 05027493










MODERN PROPERTY DEVELOPMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023



 
MODERN PROPERTY DEVELOPMENT LIMITED
REGISTERED NUMBER: 05027493

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
92,600
104,482

Investment property
 5 
1,637,333
1,637,333

  
1,729,933
1,741,815

Current assets
  

Debtors: amounts falling due within one year
 6 
12,672
9,388

Cash at bank and in hand
  
34,857
61,391

  
47,529
70,779

Creditors: amounts falling due within one year
 7 
(582,144)
(653,018)

Net current liabilities
  
 
 
(534,615)
 
 
(582,239)

Total assets less current liabilities
  
1,195,318
1,159,576

Provisions for liabilities
  

Deferred tax
  
(62,105)
(51,571)

  
 
 
(62,105)
 
 
(51,571)

Net assets
  
1,133,213
1,108,005


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,133,211
1,108,003

  
1,133,213
1,108,005


Page 1

 
MODERN PROPERTY DEVELOPMENT LIMITED
REGISTERED NUMBER: 05027493
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 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 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 on 9 February 2024.




M C Reeve
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MODERN PROPERTY DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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 presentational currency of the Company is that of GBP.

The following principal accounting policies have been applied:

 
1.2

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.

 
1.3

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.

Page 3

 
MODERN PROPERTY DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.Accounting policies (continued)

 
1.4

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

 
1.5

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 the following basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
reducing balance
Fixtures & fittings
-
10%
straight line
Office equipment
-
33%
straightr line
Other fixed assets
-
4%
straight line

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.

Page 4

 
MODERN PROPERTY DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.Accounting policies (continued)

 
1.6

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.

 
1.7

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.

 
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

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.

 
1.11

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.

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
Page 5

 
MODERN PROPERTY DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.Accounting policies (continued)


1.11
Financial instruments (continued)

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.


2.


General information

The Company is a private company, limited by shares and registered in England.
Its registered number is: 05027493
Its Registered Office is: 
25 Chiltern Road
Hitchin
Hertfordshire
SG4 9PJ


3.


Employees

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

Page 6

 
MODERN PROPERTY DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 June 2022
102,237
5,634
-
61,700
169,571


Additions
-
-
1,791
-
1,791



At 31 May 2023

102,237
5,634
1,791
61,700
171,362



Depreciation


At 1 June 2022
62,058
563
-
2,468
65,089


Charge for the year on owned assets
10,045
563
597
2,468
13,673



At 31 May 2023

72,103
1,126
597
4,936
78,762



Net book value



At 31 May 2023
30,134
4,508
1,194
56,764
92,600



At 31 May 2022
40,179
5,071
-
59,232
104,482


5.


Investment property


Freehold investment property

£



Valuation


At 1 June 2022
1,637,333



At 31 May 2023
1,637,333

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


2023
2022
£
£


Historic cost
1,120,683
1,120,683

1,120,683
1,120,683

Page 7

 
MODERN PROPERTY DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
1,999
(1)

Amounts owed by related parties
750
510

Prepayments and accrued income
9,923
8,879

12,672
9,388



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
11,394
60,523

Corporation tax
7,040
(4,283)

Other taxation and social security
24,230
3,167

Other creditors
537,630
591,761

Accruals and deferred income
1,850
1,850

582,144
653,018


 
Page 8