Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-312false2022-06-01No description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12621843 2022-06-01 2023-05-31 12621843 2021-06-01 2022-05-31 12621843 2023-05-31 12621843 2022-05-31 12621843 c:Director1 2022-06-01 2023-05-31 12621843 d:FreeholdInvestmentProperty 2023-05-31 12621843 d:FreeholdInvestmentProperty 2022-05-31 12621843 d:CurrentFinancialInstruments 2023-05-31 12621843 d:CurrentFinancialInstruments 2022-05-31 12621843 d:Non-currentFinancialInstruments 2023-05-31 12621843 d:Non-currentFinancialInstruments 2022-05-31 12621843 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 12621843 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 12621843 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 12621843 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 12621843 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 12621843 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-05-31 12621843 d:ShareCapital 2023-05-31 12621843 d:ShareCapital 2022-05-31 12621843 d:RetainedEarningsAccumulatedLosses 2023-05-31 12621843 d:RetainedEarningsAccumulatedLosses 2022-05-31 12621843 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 12621843 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 12621843 c:FRS102 2022-06-01 2023-05-31 12621843 c:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 12621843 c:FullAccounts 2022-06-01 2023-05-31 12621843 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 12621843 e:PoundSterling 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 12621843










POPPY'S PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
POPPY'S PROPERTIES LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF POPPY'S PROPERTIES LTD
FOR THE YEAR ENDED 31 MAY 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Poppy's Properties Ltd for the year ended 31 May 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Poppy's Properties Ltd, as a body, in accordance with the terms of our engagement letter dated February 2022Our work has been undertaken solely to prepare for your approval the financial statements of Poppy's Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Poppy's Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Poppy's Properties Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Poppy's Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Poppy's Properties Ltd. You consider that Poppy's Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Poppy's Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
12 Church Street
Cromer
Norfolk
NR27 9ER
24 April 2024
Page 1

 
POPPY'S PROPERTIES LTD
REGISTERED NUMBER: 12621843

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
  
161,117
161,117

  
161,117
161,117

Current assets
  

Debtors: amounts falling due within one year
 5 
-
581

Cash at bank and in hand
 6 
25,200
120

  
25,200
701

Creditors: amounts falling due within one year
 7 
(48,695)
(153,949)

Net current liabilities
  
 
 
(23,495)
 
 
(153,248)

Total assets less current liabilities
  
137,622
7,869

Creditors: amounts falling due after more than one year
 8 
(128,495)
-

  

Net assets
  
9,127
7,869


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
9,125
7,867

  
9,127
7,869


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 23 April 2024.

Page 2

 
POPPY'S PROPERTIES LTD
REGISTERED NUMBER: 12621843
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023




................................................
Gregory Elgood
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
POPPY'S PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The Company is a private United Kingdom company limited by shares.  It is both incorporated and domiciled in England and Wales, registration number 12621843.  The address of its registered office is Walnut Tree House, Mill Road, Mattishall, Dereham, NR20 3RH.
The company's principal activity is that of renting of property. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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.

 
2.4

Borrowing costs

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

Page 4

 
POPPY'S PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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 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
Page 5

 
POPPY'S PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


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.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 June 2022
161,117



At 31 May 2023
161,117

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



At 31 May 2023




Page 6

 
POPPY'S PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
581

-
581



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
25,200
120

25,200
120



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
1,412
1,845

Other creditors
46,287
151,174

Accruals and deferred income
996
930

48,695
153,949


The following liabilities were secured:

2023
2022
£
£



Bank loan
128,495
-

128,495
-

Details of security provided:

The bank loans are secured by a fixed charge over the investment property for the company.

Page 7

 
POPPY'S PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
128,495
-

128,495
-



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
128,495
-

128,495
-

128,495
-



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
25,200
120



 
Page 8