Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30false2022-07-01false54trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07686110 2022-07-01 2023-06-30 07686110 2021-07-01 2022-06-30 07686110 2023-06-30 07686110 2022-06-30 07686110 c:Director1 2022-07-01 2023-06-30 07686110 d:FurnitureFittings 2022-07-01 2023-06-30 07686110 d:FurnitureFittings 2023-06-30 07686110 d:FurnitureFittings 2022-06-30 07686110 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07686110 d:ComputerEquipment 2022-07-01 2023-06-30 07686110 d:FreeholdInvestmentProperty 2023-06-30 07686110 d:FreeholdInvestmentProperty 2022-06-30 07686110 d:CurrentFinancialInstruments 2023-06-30 07686110 d:CurrentFinancialInstruments 2022-06-30 07686110 d:Non-currentFinancialInstruments 2023-06-30 07686110 d:Non-currentFinancialInstruments 2022-06-30 07686110 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07686110 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 07686110 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 07686110 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 07686110 d:ShareCapital 2023-06-30 07686110 d:ShareCapital 2022-06-30 07686110 d:SharePremium 2023-06-30 07686110 d:SharePremium 2022-06-30 07686110 d:RetainedEarningsAccumulatedLosses 2023-06-30 07686110 d:RetainedEarningsAccumulatedLosses 2022-06-30 07686110 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 07686110 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 07686110 c:FRS102 2022-07-01 2023-06-30 07686110 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 07686110 c:FullAccounts 2022-07-01 2023-06-30 07686110 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 07686110









CAMANCHI DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
CAMANCHI DEVELOPMENTS LIMITED
REGISTERED NUMBER: 07686110

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,715
3,208

Investment property
 5 
4,854,148
4,854,148

  
4,857,863
4,857,356

Current assets
  

Debtors: amounts falling due within one year
 6 
11,130
1,699

Cash at bank and in hand
 7 
798,479
895,285

  
809,609
896,984

Creditors: amounts falling due within one year
 8 
(731,052)
(152,971)

Net current assets
  
 
 
78,557
 
 
744,013

Total assets less current liabilities
  
4,936,420
5,601,369

Creditors: amounts falling due after more than one year
 9 
-
(624,762)

Provisions for liabilities
  

Deferred tax
 10 
(802)
(802)

  
 
 
(802)
 
 
(802)

Net assets
  
4,935,618
4,975,805


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Share premium account
  
3,910,001
3,910,001

Profit and loss account
  
1,015,617
1,055,804

  
4,935,618
4,975,805

Page 1

 
CAMANCHI DEVELOPMENTS LIMITED
REGISTERED NUMBER: 07686110
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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 19 January 2024.




Mr M Ashiq
Director

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
CAMANCHI DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Camanchi Developments Limited is a private company, limited by shares, domiciled in England and Wales, registration number 07686110. The registered office is Haslers, Old Station Road, Loughton, Essex, United Kingdom, IG10 4PL. The principal activity of the company is that of property investment and management.

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

Turnover

Turnover represents rents receivable from tenants. Turnover is recognised in the profit and loss account in the period it relates to.

 
2.3

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 a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

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 3

 
CAMANCHI DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

  
2.4

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.                       
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 
2.5

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.

 
2.6

Pensions


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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CAMANCHI DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 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 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.

 
2.8

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

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
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.

Page 5

 
CAMANCHI DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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 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
Page 6

 
CAMANCHI DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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.

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.

  
2.11

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 4).

Page 7

 
CAMANCHI DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Plant and machinery etc

£



Cost or valuation


At 1 July 2022
13,548


Additions
1,652



At 30 June 2023

15,200



Depreciation


At 1 July 2022
10,340


Charge for the year on owned assets
1,145



At 30 June 2023

11,485



Net book value



At 30 June 2023
3,715



At 30 June 2022
3,208


5.


Investment property


Investment property

£



Valuation


At 1 July 2022
4,854,148



At 30 June 2023
4,854,148

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






Page 8

 
CAMANCHI DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Trade debtors
2,750
-

Other debtors
8,380
1,699

11,130
1,699



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
798,479
895,285

798,479
895,285



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
624,613
4,668

Trade creditors
437
6,822

Corporation tax
-
40,123

Other taxation and social security
-
2,318

Other creditors
97,492
93,994

Accruals and deferred income
8,510
5,046

731,052
152,971


Included within other creditors there is an amount of £24,559 (2022: £24,559) owed to Mr M Ashiq, the director of the company.

Page 9

 
CAMANCHI DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
624,762

-
624,762


The bank loan is secured by a fixed and floating charge over the assets of the company. 

Page 10

 
CAMANCHI DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Deferred taxation




2023


£






At beginning of year
(802)



At end of year
(802)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(802)
(802)

(802)
(802)

Page 11