Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30false2022-10-01Buying and selling of own real estate44falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10370373 2022-10-01 2023-09-30 10370373 2021-10-01 2022-09-30 10370373 2023-09-30 10370373 2022-09-30 10370373 2021-10-01 10370373 c:Director1 2022-10-01 2023-09-30 10370373 d:PlantMachinery 2022-10-01 2023-09-30 10370373 d:PlantMachinery 2023-09-30 10370373 d:PlantMachinery 2022-09-30 10370373 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10370373 d:FurnitureFittings 2022-10-01 2023-09-30 10370373 d:FurnitureFittings 2023-09-30 10370373 d:FurnitureFittings 2022-09-30 10370373 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10370373 d:OfficeEquipment 2022-10-01 2023-09-30 10370373 d:OfficeEquipment 2023-09-30 10370373 d:OfficeEquipment 2022-09-30 10370373 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10370373 d:ComputerEquipment 2022-10-01 2023-09-30 10370373 d:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 10370373 d:OtherPropertyPlantEquipment 2023-09-30 10370373 d:OtherPropertyPlantEquipment 2022-09-30 10370373 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10370373 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10370373 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 10370373 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-30 10370373 d:FreeholdInvestmentProperty 2022-10-01 2023-09-30 10370373 d:FreeholdInvestmentProperty 2023-09-30 10370373 d:FreeholdInvestmentProperty 2022-09-30 10370373 d:CurrentFinancialInstruments 2023-09-30 10370373 d:CurrentFinancialInstruments 2022-09-30 10370373 d:Non-currentFinancialInstruments 2023-09-30 10370373 d:Non-currentFinancialInstruments 2022-09-30 10370373 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 10370373 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 10370373 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 10370373 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 10370373 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 10370373 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 10370373 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 10370373 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 10370373 d:ShareCapital 2023-09-30 10370373 d:ShareCapital 2022-09-30 10370373 d:SharePremium 2023-09-30 10370373 d:SharePremium 2022-09-30 10370373 d:RevaluationReserve 2023-09-30 10370373 d:RevaluationReserve 2022-09-30 10370373 d:RetainedEarningsAccumulatedLosses 2023-09-30 10370373 d:RetainedEarningsAccumulatedLosses 2022-09-30 10370373 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 10370373 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 10370373 c:OrdinaryShareClass1 2022-10-01 2023-09-30 10370373 c:OrdinaryShareClass1 2023-09-30 10370373 c:OrdinaryShareClass1 2022-09-30 10370373 c:FRS102 2022-10-01 2023-09-30 10370373 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 10370373 c:FullAccounts 2022-10-01 2023-09-30 10370373 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 10370373 5 2022-10-01 2023-09-30 10370373 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-10-01 2023-09-30 10370373 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10370373









BEALE PROPERTY INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
BEALE PROPERTY INVESTMENTS LIMITED
REGISTERED NUMBER: 10370373

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

As restated
2023
2022
                                                                    Note
£
£

Fixed assets
  

Intangible assets
 4 
554
636

Tangible assets
 5 
7,723
6,487

Investment property
 6 
9,968,428
9,959,709

  
9,976,705
9,966,832

Current assets
  

Debtors: amounts falling due within one year
 7 
5,175,839
6,569,533

Cash at bank and in hand
 8 
698,527
976,137

  
5,874,366
7,545,670

Creditors: amounts falling due within one year
 9 
(7,533,774)
(9,862,978)

Net current liabilities
  
 
 
(1,659,408)
 
 
(2,317,308)

Total assets less current liabilities
  
8,317,297
7,649,524

Creditors: amounts falling due after more than one year
 10 
(7,022,489)
(6,611,605)

Provisions for liabilities
  

Deferred tax
 12 
(189,238)
(143,821)

Net assets
  
1,105,570
894,098


Capital and reserves
  

Called up share capital 
 13 
4,001
4,001

Share premium account
  
596,000
596,000

Revaluation reserve
  
567,715
613,132

Profit and loss account
  
(62,146)
(319,035)

  
1,105,570
894,098


Page 1

 
BEALE PROPERTY INVESTMENTS LIMITED
REGISTERED NUMBER: 10370373
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

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 on 8 March 2024.




D C Beale
Director

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

Page 2

 
BEALE PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Beale Property Investments Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Unit 22 Park Lane Business Centre, Nottingham, England, NG6 0DW.
The principal activity of the Company is that of property investment.

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:

Rental income
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income 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 the Statement of comprehensive income in the year in which they are incurred.

Page 3

 
BEALE PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
BEALE PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
10%
Straight line
Fixtures & fittings
-
20%
Straight line
Office equipment
-
50%
Straight line
Computer equipment
-
25%
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 the Statement of comprehensive income.

 
2.10

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 reporting 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 the Statement of comprehensive income.

 
2.11

Investment property

Investment property is carried at fair value determined annually by the directors 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 the Statement of comprehensive income

 
2.12

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

 
BEALE PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

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 the Statement of comprehensive income.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 6

 
BEALE PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Intangible assets




Internallly generated software development costs

£



Cost


At 1 October 2022
821



At 30 September 2023

821



Amortisation


At 1 October 2022
185


Charge for the year on owned assets
82



At 30 September 2023

267



Net book value



At 30 September 2023
554



At 30 September 2022
636



Page 7

 
BEALE PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Computer equipment
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
1,229
3,993
3,784
4,458
13,464


Additions
-
4,238
-
-
4,238



At 30 September 2023

1,229
8,231
3,784
4,458
17,702



Depreciation


At 1 October 2022
462
2,356
1,667
2,492
6,977


Charge for the year on owned assets
123
908
898
1,073
3,002



At 30 September 2023

585
3,264
2,565
3,565
9,979



Net book value



At 30 September 2023
644
4,967
1,219
893
7,723



At 30 September 2022
767
1,637
2,117
1,966
6,487


6.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
9,959,709


Additions at cost
8,719



At 30 September 2023
9,968,428

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





Page 8

 
BEALE PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
27,575
29,314

Amounts owed by group undertakings
5,033,706
6,204,244

Other debtors
94,530
172,039

Prepayments and accrued income
20,028
163,936

5,175,839
6,569,533



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
698,527
976,137

698,527
976,137



9.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank loans
6,000
6,000

Trade creditors
6,961
2,560

Other taxation and social security
37,017
27,409

Other creditors
7,388,386
9,733,687

Accruals and deferred income
95,410
93,322

7,533,774
9,862,978


Page 9

 
BEALE PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,522,489
2,111,605

Other loans
4,500,000
4,500,000

7,022,489
6,611,605


Other loans and bank loans included within creditors more than one year are secured on the investment properties within the company. 


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
6,000
6,000

Amounts falling due 1-2 years

Bank loans
6,000
6,000

Amounts falling due 2-5 years

Bank loans
2,516,489
2,105,605

Other loans
4,500,000
4,500,000


7,028,489
6,617,605


Page 10

 
BEALE PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Deferred taxation




2023
2022


£

£






At beginning of year
(143,821)
(143,821)


Charged to the Statement of comprehensive income
(45,417)
-



At end of year
(189,238)
(143,821)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of investment properties
(189,238)
(143,821)

(189,238)
(143,821)


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,001 (2022 - 4,001) Ordinary A shares of £1.00 each
4,001
4,001



14.


Prior year adjustment

CT61 interest paid of £86,125 was omitted from the prior years profit and loss account. This figure has been split between 2021 and 2022 accounts accordingly. £59,125 has been allocated to 2021 accounts and £27,000 to 2022 accounts.
This has resulted in the 2021 profit of £564,321 being reduced to £505,196 and a reduction in the reserves as at 1 October 2021 of £56,125.
This has resulted in the 2022 profit of £17,079 being reduced to a loss of £9,921 and a reduction in the reserves as at 1 October 2022 of £27,000.
This also effected the directors loan account by the same amount for each year and is shown within other creditors.

Page 11

 
BEALE PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £835 (2022 - £609). Contributions totalling £166 (2022 - £176) were payable to the fund at the reporting date and are included in creditors.


16.


Related party transactions

Included within creditors is an amount of £7,369,260 (2022 - £9,714,506 as restated) due to the directors of the company.
Included within debtors is an amount of £5,033,706
 (2022 - £6,204,244) due from companies under common control.


17.


Controlling party

The controlling party of the company is its directors by virtue of their majority shareholdings.

 
Page 12