Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-282024-02-28true2023-03-01false33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08881225 2023-03-01 2024-02-28 08881225 2022-03-01 2023-02-28 08881225 2024-02-28 08881225 2023-02-28 08881225 2022-03-01 08881225 c:Director2 2023-03-01 2024-02-28 08881225 d:LeaseholdInvestmentProperty 2024-02-28 08881225 d:LeaseholdInvestmentProperty 2023-02-28 08881225 d:LeaseholdInvestmentProperty 2 2023-03-01 2024-02-28 08881225 d:CurrentFinancialInstruments 2024-02-28 08881225 d:CurrentFinancialInstruments 2023-02-28 08881225 d:Non-currentFinancialInstruments 2024-02-28 08881225 d:Non-currentFinancialInstruments 2023-02-28 08881225 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-28 08881225 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08881225 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-28 08881225 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 08881225 d:ShareCapital 2024-02-28 08881225 d:ShareCapital 2023-02-28 08881225 d:ShareCapital 2022-03-01 08881225 d:OtherMiscellaneousReserve 2023-03-01 2024-02-28 08881225 d:OtherMiscellaneousReserve 2024-02-28 08881225 d:OtherMiscellaneousReserve 2022-03-01 2023-02-28 08881225 d:OtherMiscellaneousReserve 2023-02-28 08881225 d:OtherMiscellaneousReserve 2022-03-01 08881225 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-28 08881225 d:RetainedEarningsAccumulatedLosses 2024-02-28 08881225 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 08881225 d:RetainedEarningsAccumulatedLosses 2023-02-28 08881225 d:RetainedEarningsAccumulatedLosses 2022-03-01 08881225 d:AcceleratedTaxDepreciationDeferredTax 2024-02-28 08881225 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 08881225 c:FRS102 2023-03-01 2024-02-28 08881225 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 08881225 c:FullAccounts 2023-03-01 2024-02-28 08881225 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 08881225 2 2023-03-01 2024-02-28 08881225 f:PoundSterling 2023-03-01 2024-02-28 iso4217:GBP xbrli:pure

Registered number: 08881225










SELWIN PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2024

 
SELWIN PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Statement of changes in equity
 
 
3
Notes to the financial statements
 
 
4 - 10


 
SELWIN PROPERTIES LIMITED
REGISTERED NUMBER:08881225

BALANCE SHEET
AS AT 28 FEBRUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
475,000
564,666

  
475,000
564,666

Current assets
  

Debtors: amounts falling due within one year
 5 
2,125
3,101

Cash at bank and in hand
  
137,273
137,363

  
139,398
140,464

Creditors: amounts falling due within one year
 6 
(36,823)
(27,676)

Net current assets
  
 
 
102,575
 
 
112,788

Total assets less current liabilities
  
577,575
677,454

Creditors: amounts falling due after more than one year
 7 
(201,559)
(222,385)

Provisions for liabilities
  

Deferred tax
 8 
(11,293)
(30,731)

  
 
 
(11,293)
 
 
(30,731)

Net assets
  
364,723
424,338


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 9 
33,880
104,108

Profit and loss account
 9 
330,743
320,130

  
364,723
424,338

Page 1

 
SELWIN PROPERTIES LIMITED
REGISTERED NUMBER:08881225
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024

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 profit and loss account 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: 




................................................
E Greene
Director
Date: 9 September 2024

The notes on pages 4 to 10 form part of these financial statements.
Page 2

 
SELWIN PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 March 2022
100
109,220
327,146
436,466



Profit for the year
-
-
7,872
7,872

Dividends: Equity capital
-
-
(20,000)
(20,000)

Transfer to/from profit and loss account
-
(5,112)
5,112
-



At 1 March 2023
100
104,108
320,130
424,338



Loss for the year
-
-
(59,615)
(59,615)

Transfer to/from profit and loss account
-
(70,228)
70,228
-


At 28 February 2024
100
33,880
330,743
364,723


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
SELWIN PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

1.


General information

Selwin Properties Limited (08881225) is a private company limited by shares and incorporated in England
and Wales. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

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 financial statements have been prepared on a going concern basis based on the continued support of the company's creditors and financiers which, in the opinion of the directors, the company has for the foreseeable future

 
2.3

Turnover

Turnover represents rental income from investment properties. Turnover on rental income is
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes.

 
2.4

Interest income

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

 
2.5

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.
Page 4

 
SELWIN PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market values for comparable real estate. Changes in fair value are recognised in the profit and loss account. 
The gain on the disposal of the sale of the investment property is recognised upon the legal completion of the contract. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in the income statement in the period of derecognition.

 
2.8

Debtors

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

 
2.9

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. 

 
2.10

Creditors

Short-term creditors are measured at the transaction price. 

Page 5

 
SELWIN PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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 Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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.

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.

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.

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.

Page 6

 
SELWIN PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 
SELWIN PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 March 2023
564,666


Impairment
(89,666)



At 28 February 2024
475,000

The 2024 valuations were made by the directors.



At 28 February 2024



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

2024
2023
£
£


Historic cost
429,827
429,827


5.


Debtors

2024
2023
£
£


Called up share capital not paid
100
100

Prepayments and accrued income
2,025
3,001

2,125
3,101


Page 8

 
SELWIN PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
2,490
3,046

Other taxation and social security
4,865
2,515

Other creditors
19,732
18,886

Accruals and deferred income
9,736
3,229

36,823
27,676



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
201,559
222,385



8.


Deferred taxation




2024


£






At beginning of year
(30,731)


Charged to profit or loss
19,438



At end of year
(11,293)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(11,293)
(30,731)

(11,293)
(30,731)

Page 9

 
SELWIN PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

9.


Reserves

Other reserves

This reserve represents gains and losses made on revaluation of investment property and is non distributable.

Profit and loss account

This reserve represents the accumulated profits and losses and is distributable. 

10.


Related party transactions

Included within other creditors due within one year is (£19,500) due to the directors (2023 - £18,676). This is not interest free and repayable on demand.
Included within other creditors due after one year is (£201,559) loan due to the directors (2023 - £222,385). This is not interest free and repayable on demand

 
Page 10