Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01falseNo description of principal activity11falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10005812 2022-04-01 2023-03-31 10005812 2021-04-01 2022-03-31 10005812 2023-03-31 10005812 2022-03-31 10005812 c:Director1 2022-04-01 2023-03-31 10005812 d:ComputerEquipment 2022-04-01 2023-03-31 10005812 d:ComputerEquipment 2023-03-31 10005812 d:ComputerEquipment 2022-03-31 10005812 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10005812 d:FreeholdInvestmentProperty 2023-03-31 10005812 d:FreeholdInvestmentProperty 2022-03-31 10005812 d:CurrentFinancialInstruments 2023-03-31 10005812 d:CurrentFinancialInstruments 2022-03-31 10005812 d:Non-currentFinancialInstruments 2023-03-31 10005812 d:Non-currentFinancialInstruments 2022-03-31 10005812 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10005812 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10005812 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10005812 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 10005812 d:ShareCapital 2023-03-31 10005812 d:ShareCapital 2022-03-31 10005812 d:RevaluationReserve 2023-03-31 10005812 d:RevaluationReserve 2022-03-31 10005812 d:RetainedEarningsAccumulatedLosses 2023-03-31 10005812 d:RetainedEarningsAccumulatedLosses 2022-03-31 10005812 c:FRS102 2022-04-01 2023-03-31 10005812 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10005812 c:FullAccounts 2022-04-01 2023-03-31 10005812 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Company registration number: 10005812







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


BOUNTY ASSETS LTD






































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BOUNTY ASSETS LTD
REGISTERED NUMBER:10005812



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
496
780

Investment property
 5 
333,000
333,000

  
333,496
333,780

Current assets
  

Cash at bank and in hand
  
930
7,374

  
930
7,374

Creditors: amounts falling due within one year
 6 
(4,637)
(12,757)

Net current liabilities
  
 
 
(3,707)
 
 
(5,383)

Total assets less current liabilities
  
329,789
328,397

Creditors: amounts falling due after more than one year
 7 
(205,502)
(207,002)

Provisions for liabilities
  

Deferred tax
  
(20,310)
(19,648)

  
 
 
(20,310)
 
 
(19,648)

Net assets
  
103,977
101,747


Capital and reserves
  

Called up share capital 
  
30
30

Investment property reserve
  
110,200
110,200

Profit and loss account
  
(6,253)
(8,483)

  
103,977
101,747


Page 1

 


BOUNTY ASSETS LTD
REGISTERED NUMBER:10005812


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 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 by: 




................................................
D Mitchell-O'Neill
Director

Date: 15 April 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


BOUNTY ASSETS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Bounty Assets Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. 
The presentation currency of the financial statements is the Pound Sterling (£).

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:

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.

  
2.3

Revenue Recognition

Rental income is recognised in the income statement on a straight line basis over the year in which the rental relates.

 
2.4

Borrowing costs

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

Page 3

 


BOUNTY ASSETS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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:

Computer equipment
-
25%

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

 


BOUNTY ASSETS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.


3.


Employees

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


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 April 2022
1,135



At 31 March 2023

1,135



Depreciation


At 1 April 2022
355


Charge for the year on owned assets
284



At 31 March 2023

639



Net book value



At 31 March 2023
496



At 31 March 2022
780

Page 5

 


BOUNTY ASSETS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
333,000



At 31 March 2023
333,000


Comprising


Cost
200,000

Fair value surplus:


2017
53,000

2020
43,000

2022
37,000

At 31 March 2023
333,000

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

2023
2022
£
£

Investment property reserve


At 1 April 2022
110,200
80,514

Net surplus in movement of properties
-
29,686

At 31 March 2023
110,200
110,200





6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,500
1,500

Trade creditors
1,260
1,170

Other creditors
617
617

Accruals and deferred income
1,260
9,470

4,637
12,757


Page 6

 


BOUNTY ASSETS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
3,375
4,875

Other loans
202,127
202,127

205,502
207,002


The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2023
2022
£
£


Other loans repayable otherwise than by non-instalments
202,127
202,127

202,127
202,127




8.


Related party transactions

At the balance sheet date the company owed £617 to the director (2022: £617). There were no transactions in the year. This loan is free of interest and repayable on demand.

 
Page 7