Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-301false1false2022-12-01No description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13013142 2022-12-01 2023-11-30 13013142 2021-12-01 2022-11-30 13013142 2023-11-30 13013142 2022-11-30 13013142 c:Director1 2022-12-01 2023-11-30 13013142 d:FreeholdInvestmentProperty 2022-12-01 2023-11-30 13013142 d:FreeholdInvestmentProperty 2023-11-30 13013142 d:FreeholdInvestmentProperty 2022-11-30 13013142 d:FreeholdInvestmentProperty 2 2022-12-01 2023-11-30 13013142 d:CurrentFinancialInstruments 2023-11-30 13013142 d:CurrentFinancialInstruments 2022-11-30 13013142 d:Non-currentFinancialInstruments 2023-11-30 13013142 d:Non-currentFinancialInstruments 2022-11-30 13013142 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 13013142 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 13013142 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 13013142 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 13013142 d:ShareCapital 2023-11-30 13013142 d:ShareCapital 2022-11-30 13013142 d:RevaluationReserve 2023-11-30 13013142 d:RevaluationReserve 2022-11-30 13013142 d:RetainedEarningsAccumulatedLosses 2023-11-30 13013142 d:RetainedEarningsAccumulatedLosses 2022-11-30 13013142 c:FRS102 2022-12-01 2023-11-30 13013142 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 13013142 c:FullAccounts 2022-12-01 2023-11-30 13013142 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13013142 5 2022-12-01 2023-11-30 13013142 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 13013142









10 MARKET SQUARE DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
10 MARKET SQUARE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 13013142

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
As restated
 
2022
Note
£
£

Fixed assets
  

Investment property
  
1,500,000
471,608

  
1,500,000
471,608

Current assets
  

Debtors: amounts falling due within one year
 5 
4,537
4,537

Cash at bank and in hand
  
3,404
1,002

  
7,941
5,539

Creditors: amounts falling due within one year
 6 
(633,342)
(493,811)

Net current liabilities
  
 
 
(625,401)
 
 
(488,272)

Total assets less current liabilities
  
874,599
(16,664)

Creditors: amounts falling due after more than one year
  
(470,000)
-

  

Net assets/(liabilities)
  
404,599
(16,664)


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
462,739
-

Profit and loss account
  
(58,240)
(16,764)

  
404,599
(16,664)


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.

Page 1

 
10 MARKET SQUARE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 13013142
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2024.


D Pearson
Director

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

Page 2

 
10 MARKET SQUARE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

10 Market Square Developments Limited (''the Company'') is a private Company limited by shares and incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

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

The accounts have been prepared on a going concern basis.

 
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.

 
2.4

Finance costs

Finance costs are charged to the Statement of income and retained earnings 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

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.

Page 3

 
10 MARKET SQUARE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and the directors 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.

 
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. 

 
2.9

Creditors

Short-term creditors are measured at the transaction price.

 
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.

Financial instruments are recognised in the Company's Statement of financial position 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

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 4

 
10 MARKET SQUARE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

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

Page 5

 
10 MARKET SQUARE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Investment properties


As restated
 
Investment properties

£



Valuation


At 1 December 2022
471,608


Additions at cost
565,653


Surplus on revaluation
462,739



At 30 November 2023
1,500,000

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







5.


Debtors

2023
2022
£
£

Amounts owed by connected companies
4,537
4,537



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,644
1,483

Amounts owed to connected companies
370,399
275,137

Other creditors
260,299
217,191

633,342
493,811



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to connected companies
470,000
-


Page 6

 
10 MARKET SQUARE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Prior year adjustment

A prior year adjustment has been made to reflect the purchase of an investment property which had incorrectly been classified as development property stock. The property is to be held for capital appreciation and investment purposes and as such should have been recognised as an investment property. The statement lines corrected were as follows:
                                              £
Stock                                   (471,608)
Investment property             471,608

 
Page 7