Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30No description of principal activity2022-05-01false33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10149816 2022-05-01 2023-04-30 10149816 2021-05-01 2022-04-30 10149816 2023-04-30 10149816 2022-04-30 10149816 c:Director1 2022-05-01 2023-04-30 10149816 d:FreeholdInvestmentProperty 2023-04-30 10149816 d:FreeholdInvestmentProperty 2022-04-30 10149816 d:CurrentFinancialInstruments 2023-04-30 10149816 d:CurrentFinancialInstruments 2022-04-30 10149816 d:Non-currentFinancialInstruments 2023-04-30 10149816 d:Non-currentFinancialInstruments 2022-04-30 10149816 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 10149816 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 10149816 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 10149816 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 10149816 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-04-30 10149816 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-04-30 10149816 d:ShareCapital 2023-04-30 10149816 d:ShareCapital 2022-04-30 10149816 d:RetainedEarningsAccumulatedLosses 2023-04-30 10149816 d:RetainedEarningsAccumulatedLosses 2022-04-30 10149816 c:FRS102 2022-05-01 2023-04-30 10149816 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 10149816 c:FullAccounts 2022-05-01 2023-04-30 10149816 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 10149816









PRACTICE PROPERTY EXECUTIVES LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
PRACTICE PROPERTY EXECUTIVES LIMITED
REGISTERED NUMBER: 10149816

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investment property
 5 
346,500
346,500

  
346,500
346,500

Current assets
  

Debtors: amounts falling due within one year
 6 
62,988
88,528

Cash at bank and in hand
 7 
60,058
33,662

  
123,046
122,190

Creditors: amounts falling due within one year
 8 
(1,950)
(13,044)

Net current assets
  
 
 
121,096
 
 
109,146

Total assets less current liabilities
  
467,596
455,646

Creditors: amounts falling due after more than one year
 9 
(333,795)
(323,710)

  

Net assets
  
133,801
131,936


Capital and reserves
  

Called up share capital 
  
30
30

Profit and loss account
  
133,771
131,906

Total equity
  
133,801
131,936


Page 1

 
PRACTICE PROPERTY EXECUTIVES LIMITED
REGISTERED NUMBER: 10149816
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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 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 by: 




J J Vaghela
Director

Date: 20 March 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PRACTICE PROPERTY EXECUTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Practice Property Executives Limited ("the Company") is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Aston House, Cornwall Avenue, London N3 1LF.

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

Going concern

After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date of these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
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.

 
2.5

Borrowing costs

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

Page 3

 
PRACTICE PROPERTY EXECUTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Taxation

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.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

Property valuations
Valuation of property is a central component of the business. In estimating the fair value, the Company engage a third party qualified valuer to assist the director in performing the valuation. There is an inevitable degree of judgement involved in that each property is unique and the value can only ultimately be reliably tested on the market itself.

Page 4

 
PRACTICE PROPERTY EXECUTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
346,500



At 30 April 2023
346,500

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







6.


Debtors

2023
2022
£
£


Other debtors
62,988
88,528



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
60,058
33,662


Page 5

 
PRACTICE PROPERTY EXECUTIVES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
792
792

Corporation tax
435
11,537

Accruals and deferred income
723
715

1,950
13,044



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
333,795
323,710


The principal amount of the bank loan is due for repayment in more than five years.
Secured loans
The bank loan is secured by a fixed charge over the property and a floating charge over the property and undertakings of the Company.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due after more than one year

Bank loans
333,795
323,710


 
Page 6