Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31Property Investment2022-08-01false22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07304816 2022-08-01 2023-07-31 07304816 2021-08-01 2022-07-31 07304816 2023-07-31 07304816 2022-07-31 07304816 c:Director1 2022-08-01 2023-07-31 07304816 d:MotorVehicles 2022-08-01 2023-07-31 07304816 d:MotorVehicles 2023-07-31 07304816 d:MotorVehicles 2022-07-31 07304816 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 07304816 d:FurnitureFittings 2022-08-01 2023-07-31 07304816 d:FurnitureFittings 2023-07-31 07304816 d:FurnitureFittings 2022-07-31 07304816 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 07304816 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 07304816 d:LeaseholdInvestmentProperty 2023-07-31 07304816 d:LeaseholdInvestmentProperty 2022-07-31 07304816 d:CurrentFinancialInstruments 2023-07-31 07304816 d:CurrentFinancialInstruments 2022-07-31 07304816 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 07304816 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 07304816 d:ShareCapital 2023-07-31 07304816 d:ShareCapital 2022-07-31 07304816 d:RetainedEarningsAccumulatedLosses 2023-07-31 07304816 d:RetainedEarningsAccumulatedLosses 2022-07-31 07304816 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 07304816 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 07304816 c:OrdinaryShareClass1 2022-08-01 2023-07-31 07304816 c:OrdinaryShareClass1 2023-07-31 07304816 c:OrdinaryShareClass1 2022-07-31 07304816 c:OrdinaryShareClass2 2022-08-01 2023-07-31 07304816 c:OrdinaryShareClass2 2023-07-31 07304816 c:OrdinaryShareClass2 2022-07-31 07304816 c:OrdinaryShareClass3 2022-08-01 2023-07-31 07304816 c:OrdinaryShareClass3 2023-07-31 07304816 c:OrdinaryShareClass3 2022-07-31 07304816 c:OrdinaryShareClass4 2022-08-01 2023-07-31 07304816 c:OrdinaryShareClass4 2023-07-31 07304816 c:OrdinaryShareClass4 2022-07-31 07304816 c:OrdinaryShareClass5 2022-08-01 2023-07-31 07304816 c:OrdinaryShareClass5 2023-07-31 07304816 c:OrdinaryShareClass5 2022-07-31 07304816 c:FRS102 2022-08-01 2023-07-31 07304816 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 07304816 c:FullAccounts 2022-08-01 2023-07-31 07304816 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07304816 2 2022-08-01 2023-07-31 07304816 6 2022-08-01 2023-07-31 07304816 e:PoundSterling 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07304816









PRESTONPROFESSIONAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
PRESTONPROFESSIONAL LIMITED
REGISTERED NUMBER: 07304816

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
43,986
54,391

Investment property
 5 
1,427,053
1,427,053

  
1,471,039
1,481,444

Current assets
  

Debtors: amounts falling due within one year
 6 
7,704
6,340

Current asset investments
 7 
1,723,291
1,827,373

Cash at bank and in hand
 8 
694,849
699,872

  
2,425,844
2,533,585

Creditors: amounts falling due within one year
 9 
(3,458,916)
(3,455,567)

Net current liabilities
  
 
 
(1,033,072)
 
 
(921,982)

Provisions for liabilities
  

Deferred tax
 10 
(8,363)
(10,334)

Net assets
  
429,604
549,128


Capital and reserves
  

Called up share capital 
  
203
203

Profit and loss account
  
429,401
548,925

  
429,604
549,128


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.

Page 1

 
PRESTONPROFESSIONAL LIMITED
REGISTERED NUMBER: 07304816
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 July 2024.




Professor John Preston
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PRESTONPROFESSIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

PrestonProfessional Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, Leytonstone, London, E11 1GA.
The Company's principal activity was that of property investment rental.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings.
Foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'administrative expense'.

 
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:

Rental Income 
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Page 3

 
PRESTONPROFESSIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

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

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.

Page 4

 
PRESTONPROFESSIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following annual bases:

Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
25%
Straight line

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.

 
2.9

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.

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.12

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.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. 

Page 5

 
PRESTONPROFESSIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

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


4.


Tangible fixed assets





Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£



Cost


At 1 August 2022
57,090
15,366
72,456


Additions
-
748
748



At 31 July 2023

57,090
16,114
73,204



Depreciation


At 1 August 2022
4,067
13,998
18,065


Charge for the year on owned assets
10,605
548
11,153



At 31 July 2023

14,672
14,546
29,218



Net book value



At 31 July 2023
42,418
1,568
43,986



At 31 July 2022
53,023
1,368
54,391

Page 6

 
PRESTONPROFESSIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Investment property


Long term leasehold investment properties

£



Valuation


At 1 August 2022
1,427,053



At 31 July 2023
1,427,053

The valuation of the properties are not considered by the directors to have materially changed from the date of acquisition to the balance sheet date.




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,427,053
1,427,053


6.


Debtors

2023
2022
£
£

Other debtors
436
6,340

Prepayments and accrued income
7,268
-

7,704
6,340



7.


Current asset investments

2023
2022
£
£

Listed investments
1,723,291
1,827,373


Page 7

 
PRESTONPROFESSIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
694,849
699,872



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
-
5,904

Other creditors
3,453,246
3,445,203

Accruals and deferred income
5,670
4,460

3,458,916
3,455,567



10.


Deferred taxation




2023


£



At beginning of year
10,334


Credited to profit or loss
(1,971)



At end of year
8,363

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
8,363
10,334

Page 8

 
PRESTONPROFESSIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary 'A' shares of £1.00 each
100
100
100 (2022 - 100) Ordinary 'B' shares of £1.00 each
100
100
1 (2022 - 1) Ordinary 'C' share of £1.00
1
1
1 (2022 - 1) Ordinary 'D' share of £1.00
1
1
1 (2022 - 1) Special share of £1.00
1
1

203

203



12.


Related party transactions

Key management personnel
As at 31 July 2023, the Company owed the directors £3,453,246 (2022 - £3,445,203).

 
Page 9