Caseware UK (AP4) 2022.0.179 2022.0.179 2022-06-302022-06-30Permitted Developments Investments No 10 Limited is a private Company limited by shares incorporated in England and Wales. Company number 11593706. Its registered address is 30 Old Bailey, London, United Kingdom, EC4M 7AU. The principal activity of the Company is for the letting and operating of owned or leased real estate. The financial statements are prepared in Sterling, which is the functional curreny of the Company. Monetary amounts in these financial statements are rounded to the nearest £. for the letting and rental of owned real estatetrue2021-07-01false33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11593706 2021-07-01 2022-06-30 11593706 2020-04-01 2021-06-30 11593706 2022-06-30 11593706 2021-06-30 11593706 2020-04-01 11593706 c:RestatedAmount 2021-06-30 11593706 c:RestatedAmount 2020-04-01 11593706 d:Director1 2021-07-01 2022-06-30 11593706 c:CurrentFinancialInstruments 2022-06-30 11593706 c:CurrentFinancialInstruments 2021-06-30 11593706 c:Non-currentFinancialInstruments 2022-06-30 11593706 c:Non-currentFinancialInstruments 2021-06-30 11593706 c:CurrentFinancialInstruments c:WithinOneYear 2022-06-30 11593706 c:CurrentFinancialInstruments c:WithinOneYear 2021-06-30 11593706 c:Non-currentFinancialInstruments c:AfterOneYear 2022-06-30 11593706 c:Non-currentFinancialInstruments c:AfterOneYear 2021-06-30 11593706 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-06-30 11593706 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2021-06-30 11593706 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-06-30 11593706 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2021-06-30 11593706 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2022-06-30 11593706 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2021-06-30 11593706 c:ShareCapital 2021-07-01 2022-06-30 11593706 c:ShareCapital 2022-06-30 11593706 c:ShareCapital 2020-04-01 2021-06-30 11593706 c:ShareCapital 2021-06-30 11593706 c:ShareCapital 2020-04-01 11593706 c:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 11593706 c:RetainedEarningsAccumulatedLosses 2022-06-30 11593706 c:RetainedEarningsAccumulatedLosses 2020-04-01 2021-06-30 11593706 c:RetainedEarningsAccumulatedLosses 2021-06-30 11593706 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2021-06-30 11593706 c:RetainedEarningsAccumulatedLosses 2020-04-01 11593706 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2020-04-01 11593706 d:OrdinaryShareClass1 2021-07-01 2022-06-30 11593706 d:OrdinaryShareClass1 2022-06-30 11593706 d:OrdinaryShareClass1 2021-06-30 11593706 d:FRS102 2021-07-01 2022-06-30 11593706 d:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 11593706 d:FullAccounts 2021-07-01 2022-06-30 11593706 d:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 11593706 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2021-07-01 2022-06-30 11593706 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2020-04-01 2021-06-30 11593706 c:PriorPeriodErrorIncreaseDecrease 2021-07-01 2022-06-30 11593706 c:PriorPeriodErrorIncreaseDecrease 2020-04-01 2021-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11593706









PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2022

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED
REGISTERED NUMBER: 11593706

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022

As restated
2022
2021
Note
£
£

  

Current assets
  

Stocks
 4 
31,411,279
20,174,820

Debtors: amounts falling due within one year
 5 
3,274,146
64,633

Cash at bank and in hand
 6 
376
324

  
34,685,801
20,239,777

Creditors: amounts falling due within one year
 7 
(41,773,734)
(16,499,113)

Net current (liabilities)/assets
  
 
 
(7,087,933)
 
 
3,740,664

Total assets less current liabilities
  
(7,087,933)
3,740,664

Creditors: amounts falling due after more than one year
 8 
(42,004)
(6,818,051)

  

Net liabilities
  
(7,129,937)
(3,077,387)


Capital and reserves
  

Called up share capital 
 10 
120
120

Profit and loss account
 11 
(7,130,057)
(3,077,507)

  
(7,129,937)
(3,077,387)


Page 1

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED
REGISTERED NUMBER: 11593706
    
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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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: 




................................................
Matan A Amitai
Director

Date: 5 February 2024

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

Page 2

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2020 (as previously stated)
120
-
120

Prior year adjustment 1 (note 11)
-
(736,701)
(736,701)


At 1 April 2020 (as restated)
120
(736,701)
(736,581)


Comprehensive income for the period

Loss for the period
-
(2,340,806)
(2,340,806)
Total comprehensive income for the period
-
(2,340,806)
(2,340,806)



At 1 July 2021 as restated
120
(3,083,507)
(3,083,387)

Prior year adjustment 2 (note 11)
-
6,000
6,000


At 1 July 2021 (as restated)
120
(3,077,507)
(3,077,387)


Comprehensive income for the year

Loss for the year
-
(4,052,550)
(4,052,550)
Total comprehensive income for the year
-
(4,052,550)
(4,052,550)


At 30 June 2022
120
(7,130,057)
(7,129,937)


The notes on pages 4 to 11 form part of these financial statements.
Page 3

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1.


General information

Permitted Developments Investments No 10 Limited is a private Company limited by shares incorporated in England and Wales. Company number 11593706. Its registered address is  30 Old Bailey, London, United Kingdom, EC4M 7AU. 
The principal activity of the Company is for the letting and operating of owned or leased real estate.
The financial statements are prepared in Sterling, which is the functional curreny of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

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 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

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 4

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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 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
Page 5

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)


2.10
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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.
Page 6

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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.


3.


Employees

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


        30 June
   15 months ended
         30 June
        2022
        2021
            No.
            No.







Directors
3
3

Page 7

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

4.


Stocks

2022
2021
£
£

Finished goods and goods for resale
31,411,279
20,174,820

31,411,279
20,174,820


Property development for resale. The carrying value of stocks are stated net of impairment losses totalling £0 (2021 - £0). Impairment losses totalling £0 (2021 - £0) were recognised in profit and loss.

Page 8

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

5.


Debtors

As restated
2022
2021
£
£


Other debtors
3,099,777
64,633

Prepayments and accrued income
174,369
-

3,274,146
64,633



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
376
324

376
324



7.


Creditors: Amounts falling due within one year

As restated
2022
2021
£
£

Bank loans
5,432
1,949

Other loans
38,913,499
15,364,593

Payments received on account
1,650,000
651

Trade creditors
324,411
381,443

Accruals and deferred income
880,392
750,477

41,773,734
16,499,113



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
42,004
48,051

Other loans
-
6,770,000

42,004
6,818,051


Page 9

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 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
5,432
1,949

Other loans
38,913,499
15,364,593


38,918,931
15,366,542

Amounts falling due 1-2 years

Bank loans
5,570
5,432


5,570
5,432

Amounts falling due 2-5 years

Bank loans
17,568
17,135

Other loans
-
6,770,000


17,568
6,787,135

Amounts falling due after more than 5 years

Bank loans
18,866
25,484

18,866
25,484

38,960,935
22,184,593



10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



120 (2021 - 120) Ordinary shares of £1.00 each
120
120


Page 10

 
PERMITTED DEVELOPMENTS INVESTMENTS NO 10 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

11.


Reserves

Profit and loss account

This reserve represents cumulative profits and losses less dividends paid.


12.


Prior year adjustment

The prior year adjustment arose to accounts for additional legal fees of £6,000. An adjustment was also made to reclassify loan interest payable from the loan balance to accruals. This was a balance sheet movement only. 
There was also a prior year adjustment made to the period end 31 March 2020 consisting of loan interest to the value of £736,701 which should have been accounted for. 


13.


Related party transactions

At the year end the Company was owed £2,394,551 by BYM Capital, a related party through common ownership. The amount is interest free and repayable on demand. The company was also owed £445,356.30 from Xone Control Limited, a related party through common ownership. 
At the year end the Company owed £2,581,970 via a loan from BYM Capital Limited, a related party through common ownership. This loan included accrued interest of £143,110 and is repayable in full by January 2023.

 
Page 11