Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-3112022-08-01falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11203678 2022-08-01 2023-07-31 11203678 2021-08-01 2022-07-31 11203678 2023-07-31 11203678 2022-07-31 11203678 c:Director1 2022-08-01 2023-07-31 11203678 d:FurnitureFittings 2022-08-01 2023-07-31 11203678 d:FurnitureFittings 2023-07-31 11203678 d:FurnitureFittings 2022-07-31 11203678 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 11203678 d:LeaseholdInvestmentProperty 2022-08-01 2023-07-31 11203678 d:LeaseholdInvestmentProperty 2023-07-31 11203678 d:LeaseholdInvestmentProperty 2022-07-31 11203678 d:CurrentFinancialInstruments 2023-07-31 11203678 d:CurrentFinancialInstruments 2022-07-31 11203678 d:Non-currentFinancialInstruments 2023-07-31 11203678 d:Non-currentFinancialInstruments 2022-07-31 11203678 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 11203678 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 11203678 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 11203678 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 11203678 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 11203678 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 11203678 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-07-31 11203678 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-07-31 11203678 d:ShareCapital 2023-07-31 11203678 d:ShareCapital 2022-07-31 11203678 d:InvestmentPropertiesRevaluationReserve 2022-08-01 2023-07-31 11203678 d:InvestmentPropertiesRevaluationReserve 2023-07-31 11203678 d:InvestmentPropertiesRevaluationReserve 2022-07-31 11203678 d:RetainedEarningsAccumulatedLosses 2023-07-31 11203678 d:RetainedEarningsAccumulatedLosses 2022-07-31 11203678 d:OtherDeferredTax 2023-07-31 11203678 d:OtherDeferredTax 2022-07-31 11203678 c:FRS102 2022-08-01 2023-07-31 11203678 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 11203678 c:FullAccounts 2022-08-01 2023-07-31 11203678 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 11203678 2 2022-08-01 2023-07-31 11203678 e:PoundSterling 2022-08-01 2023-07-31 xbrli:pure iso4217:GBP

Registered number: 11203678









GARDEN PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
GARDEN PROPERTIES LIMITED
REGISTERED NUMBER: 11203678

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
54,160
89,200

Investment property
  
4,214,000
4,884,000

  
4,268,160
4,973,200

Current assets
  

Debtors
  
22,006
20,969

Cash at bank and in hand
  
178,204
183,850

  
200,210
204,819

Creditors: amounts falling due within one year
 7 
(38,907)
(39,701)

Net current assets
  
 
 
161,303
 
 
165,118

Total assets less current liabilities
  
4,429,463
5,138,318

Creditors: amounts falling due after more than one year
 8 
(3,591,619)
(4,333,917)

Provisions for liabilities
  

Deferred tax
 10 
(162,332)
(184,059)

  
 
 
(162,332)
 
 
(184,059)

Net assets
  
675,512
620,342


Capital and reserves
  

Called up share capital 
  
1
1

Investment property reserve
 11 
486,996
552,179

Profit and loss account
 11 
188,515
68,162

  
675,512
620,342


Page 1

 
GARDEN PROPERTIES LIMITED
REGISTERED NUMBER: 11203678
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 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 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 7 March 2024.




Daniel MCPherson
Director

Page 2

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Garden Properties Limited is a private company limited by shares and registred in England and
Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS

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.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue relates to rental income and 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.
 

 
2.4

Interest income

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

 
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.

Page 3

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
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.

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

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:

Fixtures and fittings
-
20%

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

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the
amounts reported for revenues and expenses during the year. However, the nature of estimation means
that actual outcomes could differ from those estimates.


4.


Employees

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

Page 5

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 August 2022
139,400


Disposals
(33,600)



At 31 July 2023

105,800



Depreciation


At 1 August 2022
50,200


Charge for the year on owned assets
13,540


Disposals
(12,100)



At 31 July 2023

51,640



Net book value



At 31 July 2023
54,160



At 31 July 2022
89,200

Page 6

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Investment property


Long term leasehold investment property

£



Valuation


At 1 August 2022
4,884,000


Disposals
(670,000)



At 31 July 2023
4,214,000

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

2023
2022
£
£

Fair value reserves


At 1 August 2022
552,179
552,179

Net movement on disposals
(65,183)
-

At 31 July 2023
486,996
552,179





7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
22,707
17,163

Corporation tax
-
12,556

Accruals and deferred income
16,200
9,982

38,907
39,701


Page 7

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,560,000
2,060,000

Other loans
157,076
409,580

Trade creditors
8,094
-

Amounts owed to group undertakings
1,866,449
1,864,337

3,591,619
4,333,917


Page 8

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
1,560,000
2,060,000


1,560,000
2,060,000

Amounts falling due after more than 5 years

Other loans
157,076
409,580

157,076
409,580

1,717,076
2,469,580



10.


Deferred taxation




2023


£






At beginning of year
(184,059)


Charged to other comprehensive income
21,727



At end of year
(162,332)

Page 9

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Tax on Fair value reserve
(162,332)
(184,059)

(162,332)
(184,059)

Page 10

 
GARDEN PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Reserves

Investment property revaluation reserve

Included in Reserves amounts £ 486,996 (2022: £552,179) revalued on investment properties. This unrealised revaluation surplus does not form part of profits available for distribution. Provision for deferred tax on the surplus on revaluation of investment properties has been made in the financial statements and is included within this account.


12.


Related party transactions

At the reporting date, the company owed £157,076 (2022:£409,580) to Daniel McPherson, a director.  The loan is interest free, unsecured and repayable on demand.                                                                                  At the balance sheet date the company owed £1,866,449 (2022:£1,864,337 to its parent company Adinal McGregor Limited.

 
Page 11