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Registered number: 02689478










PETERSFIELD SCREENING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
PETERSFIELD SCREENING LIMITED
REGISTERED NUMBER: 02689478

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022 Restated
Note
£
£

Fixed assets
  

Tangible assets
 5 
43,929
71,113

Investment property
 6 
840,000
800,000

  
883,929
871,113

Current assets
  

Debtors: amounts falling due within one year
 7 
226,078
133,376

Cash at bank and in hand
  
919,160
863,801

  
1,145,238
997,177

Creditors: amounts falling due within one year
 8 
(537,911)
(470,599)

Net current assets
  
 
 
607,327
 
 
526,578

Total assets less current liabilities
  
1,491,256
1,397,691

Provisions for liabilities
  

Deferred tax
 9 
(50,056)
(48,286)

  
 
 
(50,056)
 
 
(48,286)

Net assets
  
1,441,200
1,349,405


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 10 
149,000
109,000

Profit and loss account
 10 
1,292,100
1,240,305

  
1,441,200
1,349,405


Page 1

 
PETERSFIELD SCREENING LIMITED
REGISTERED NUMBER: 02689478
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 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 income statement 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: 




................................................
Dr M Feldman
Director

Date: 26 July 2024

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

Page 2

 
PETERSFIELD SCREENING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Petersfield Limited is a private company limited by shares and incorporated in England and Wales, registration number 02689478. The registered office is 8 The Courtyard, Severalls Industrial Park, Wyncolls Road, Colchester, Essex, CO4 9PE.

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. Rental income is recognised in the period to which it relates. 

 
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

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.

Page 3

 
PETERSFIELD SCREENING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

  
2.5

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income statement over its useful economic life

 
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:

Investment property improvements
-
10-20% Straight Line
Motor vehicles
-
20% Straight Line
Computer equipment
-
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.

  
2.7

Investment properties

Investment property is carried at fair value determined annually by the directors and dervied 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 the Income statement

Page 4

 
PETERSFIELD SCREENING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
PETERSFIELD SCREENING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

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


4.


Intangible assets




Goodwill

£



Cost


At 1 November 2022
75,000



At 31 October 2023

75,000



Amortisation


At 1 November 2022
75,000



At 31 October 2023

75,000



Net book value



At 31 October 2023
-



At 31 October 2022
-



Page 6

 
PETERSFIELD SCREENING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Motor vehicles
Computer equipment
Investment property improvements
Total

£
£
£
£



Cost or valuation


At 1 November 2022
131,374
7,023
82,502
220,899


Additions
-
2,006
6,942
8,948



At 31 October 2023

131,374
9,029
89,444
229,847



Depreciation


At 1 November 2022
96,452
5,776
47,558
149,786


Charge for the year on owned assets
26,275
875
8,982
36,132



At 31 October 2023

122,727
6,651
56,540
185,918



Net book value



At 31 October 2023
8,647
2,378
32,904
43,929



At 31 October 2022
34,922
1,247
34,944
71,113

Page 7

 
PETERSFIELD SCREENING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
800,000


Surplus on revaluation
40,000



At 31 October 2023
840,000

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





7.


Debtors

2023
2022
£
£


Trade debtors
175,449
122,628

Other debtors
47,629
7,972

Prepayments and accrued income
3,000
2,776

226,078
133,376



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
24,183
24,169

Corporation tax
84,996
81,303

Other taxation and social security
35,095
-

Other creditors
389,941
361,887

Accruals and deferred income
3,696
3,240

537,911
470,599


Page 8

 
PETERSFIELD SCREENING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Deferred taxation




2023


£






At beginning of year
(48,286)


Charged to profit or loss
(1,770)



At end of year
(50,056)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(50,056)
(48,286)

(50,056)
(48,286)


10.


Reserves

Revaluation reserve

The surplus or deficit arising on the valuation of freehold investment property is credited or debited to the revaluation reserve. 

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.

 
Page 9