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Registered number: 01907044










POINTLAND LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
POINTLAND LIMITED
REGISTERED NUMBER: 01907044

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
100
100

Investment property
 5 
1,770,000
1,785,000

  
1,770,100
1,785,100

Current assets
  

Debtors: amounts falling due after more than one year
 6 
10,099
9,832

Debtors: amounts falling due within one year
 6 
79,461
628,845

Cash at bank and in hand
 7 
620,923
410,301

  
710,483
1,048,978

Creditors: amounts falling due within one year
 8 
(1,054,681)
(1,186,090)

Net current liabilities
  
 
 
(344,198)
 
 
(137,112)

Total assets less current liabilities
  
1,425,902
1,647,988

Creditors: amounts falling due after more than one year
 9 
(60,256)
(70,007)

  

Net assets
  
1,365,646
1,577,981


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,364,646
1,576,981

  
1,365,646
1,577,981


Page 1

 
POINTLAND LIMITED
REGISTERED NUMBER: 01907044

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

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 income and retained earnings 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: 




B R Galan
Director

Date: 10 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
POINTLAND LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Pointland Limited is a private company, limited by shares and is incorporated in England and Wales. The ddress of its registered office is 29 Broad Walk, London, N21 3BU.
The functional and presentational currency of the company is Pounds Sterling (£).

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

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and the group are considered eligible for the exemption to prepare consolidated accounts.

 
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. 
Turnover represents rents receivable during the year from investment properties.
Rental income from investment properties is accrued on a time apportioned basis under the term of the lease.

 
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.

 
2.6

Borrowing costs

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

Page 3

 
POINTLAND LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

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

 
2.11

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.

 
2.12

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.

 
2.13

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.

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
Page 4

 
POINTLAND LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

financial instruments.

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 payments 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.

 
2.14

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 1 (2022 - 1).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 October 2022
100



At 30 September 2023
100




Page 5

 
POINTLAND LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
1,785,000


Deficit on revaluation
(15,000)



At 30 September 2023
1,770,000

The 2023 valuations were made by B R Galan, a qualified surveyor, on a fair value for existing use basis.






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
3,826,279
3,826,279

Page 6

 
POINTLAND LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
10,099
9,832


2023
2022
£
£

Due within one year

Trade debtors
22,652
46,787

Other debtors
48,836
572,615

Prepayments and accrued income
7,973
9,443

79,461
628,845



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
620,923
410,301



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Amounts owed to group undertakings
525,258
569,407

Corporation tax
71,185
59,945

Other creditors
441,459
485,555

Accruals and deferred income
6,779
61,183

1,054,681
1,186,090



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
16,667
26,667

Other creditors
43,589
43,340

60,256
70,007


Page 7

 
POINTLAND LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1 each
1,000
1,000



11.Contingent liabilities

The company is party to a joint mortgage loan with its subsidiary company, Roseridge Limited. The total loan capital balance outstanding at the year end was £356,920 (2022 - £380,788) .
Each party, under the terms of the joint loan agreement, is jointly liable for the other's borrowings. Accordingly, the company has a contingent liabilities of £356,920 (2022 - £380,788) in respect of mortgage loan borrowings currently included in the financial statements of its subsidiary company.


12.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
At the balance sheet date the amounts due to the director was £51,235 (2022 - £95,330).
At the balance sheet date, an amount owed by a company with a common director was £35,336 (2022 - £533,165).


Page 8