Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The tax expense for the year comprises current and deferred tax. 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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.2023-04-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11256094 2023-04-01 2024-03-31 11256094 2022-04-01 2023-03-31 11256094 2024-03-31 11256094 2023-03-31 11256094 c:Director1 2023-04-01 2024-03-31 11256094 c:RegisteredOffice 2023-04-01 2024-03-31 11256094 d:FreeholdInvestmentProperty 2024-03-31 11256094 d:FreeholdInvestmentProperty 2023-03-31 11256094 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 11256094 d:CurrentFinancialInstruments 2024-03-31 11256094 d:CurrentFinancialInstruments 2023-03-31 11256094 d:Non-currentFinancialInstruments 2024-03-31 11256094 d:Non-currentFinancialInstruments 2023-03-31 11256094 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11256094 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11256094 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 11256094 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11256094 d:ShareCapital 2024-03-31 11256094 d:ShareCapital 2023-03-31 11256094 d:RevaluationReserve 2023-04-01 2024-03-31 11256094 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 11256094 d:OtherMiscellaneousReserve 2024-03-31 11256094 d:OtherMiscellaneousReserve 2023-03-31 11256094 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 11256094 d:RetainedEarningsAccumulatedLosses 2024-03-31 11256094 d:RetainedEarningsAccumulatedLosses 2023-03-31 11256094 c:OrdinaryShareClass1 2023-04-01 2024-03-31 11256094 c:OrdinaryShareClass1 2024-03-31 11256094 c:FRS102 2023-04-01 2024-03-31 11256094 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11256094 c:FullAccounts 2023-04-01 2024-03-31 11256094 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11256094 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 11256094 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 11256094 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 11256094 d:OtherDeferredTax 2024-03-31 11256094 d:OtherDeferredTax 2023-03-31 11256094 2 2023-04-01 2024-03-31 11256094 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11256094









PANOPLY PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PANOPLY PROPERTIES LIMITED
 
 
COMPANY INFORMATION


Director
M R Hendrie 




Registered number
11256094



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
PANOPLY PROPERTIES LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 9


 
PANOPLY PROPERTIES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PANOPLY PROPERTIES LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Panoply Properties Limited for the year ended 31 March 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Panoply Properties Limited in accordance with the terms of our engagement letter dated 8 June 2022Our work has been undertaken solely to prepare for your approval the financial statements of Panoply Properties Limited and state those matters that we have agreed to state to the director of Panoply Properties Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Panoply Properties Limited and its director for our work or for this report. 

It is your duty to ensure that Panoply Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Panoply Properties Limited. You consider that Panoply Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Panoply Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
27 August 2024
Page 1

 
PANOPLY PROPERTIES LIMITED
REGISTERED NUMBER: 11256094

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
3,105,000
2,384,986

  
3,105,000
2,384,986

Current assets
  

Debtors: amounts falling due within one year
 5 
1,756
29,605

Cash at bank and in hand
  
35,834
41,440

  
37,590
71,045

Creditors: amounts falling due within one year
 6 
(31,424)
(41,556)

Net current assets
  
 
 
6,166
 
 
29,489

Total assets less current liabilities
  
3,111,166
2,414,475

Creditors: amounts falling due after more than one year
 7 
(2,415,438)
(2,464,364)

Provisions for liabilities
  

Deferred tax
 8 
(172,680)
-

  
 
 
(172,680)
 
 
-

Net assets/(liabilities)
  
523,048
(49,889)


Capital and reserves
  

Called up share capital 
 9 
120
120

Investment property revaluation reserve
 10 
540,010
-

Profit and loss account
 10 
(17,082)
(50,009)

  
523,048
(49,889)


Page 2

 
PANOPLY PROPERTIES LIMITED
REGISTERED NUMBER: 11256094
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 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 on 27 August 2024.






M R Hendrie
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
PANOPLY PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Panoply Properties Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office is 7 The Close, Norwich, NR1 4DJ.
The Company's principal activity is that of property letting and the Company's principal place of activity is Norwich.

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

Going concern

The director has considered a period of twelve months from the date of approval of the financial statements. They consider that projected income together with current cash reserves will be more than adequate for the company's needs. As such they believe that the financial statements should be prepared on the going concern basis.

 
2.3

Revenue

Turnover comprises rents receivable by the Company, recognised on an accruals basis.

 
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 4

 
PANOPLY PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Investment property

IInvestment property is carried at fair value determined annually by the director 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

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

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Page 5

 
PANOPLY PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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 1 (2023 - 1).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
2,384,986


Surplus on revaluation
720,014



At 31 March 2024
3,105,000

The 2024 valuations were made by the director, M R Hendrie.





5.


Debtors

2024
2023
£
£


Trade debtors
-
5,266

Other debtors
-
2,194

Called up share capital not paid
-
60

Prepayments and accrued income
1,756
1,971

Deferred taxation
-
20,114

1,756
29,605


Page 6

 
PANOPLY PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
15,853
15,853

Trade creditors
1,346
8,695

Other taxation and social security
963
-

Other creditors
10,427
14,143

Accruals and deferred income
2,835
2,865

31,424
41,556



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
336,836
351,323

Other loans
2,078,602
2,113,041

2,415,438
2,464,364


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
254,864
275,078

254,864
275,078



Page 7

 
PANOPLY PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024


£






At beginning of year
20,114


Charged to profit or loss
(192,794)



At end of year
(172,680)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Tax losses carried forward
7,323
20,114

Revaluation on investment property
(180,003)
-

(172,680)
20,114


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



120 Ordinary shares of £1.00 each
120
120



10.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve represents the cumulative value of the revaluations of the Company's free hold preperty to fair value.

Other reserves

The fair value reserve represents the cumulative revaluations of the Company's invesment preperties to fair value, net of deferred tax. The amounts debited of credited to this reserve are transfers from the profit and loss accounts. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Profit and loss account

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

Page 8

 
PANOPLY PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Related party transactions

As at 31 March 2024, the Company owed the director £150,219 (2023: £150,219).

 
Page 9