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Registered number: 12159258









B&L PROPERTIES STANSTED LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
B&L PROPERTIES STANSTED LIMITED
REGISTERED NUMBER: 12159258

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
193,803
193,803

Investment property
 5 
736,341
736,341

  
930,144
930,144

Current assets
  

Debtors: amounts falling due within one year
 6 
582,001
45,001

Cash at bank and in hand
  
360,787
854,559

  
942,788
899,560

Creditors: amounts falling due within one year
 7 
(25,889)
(13,590)

Net current assets
  
 
 
916,899
 
 
885,970

Total assets less current liabilities
  
1,847,043
1,816,114

Creditors: amounts falling due after more than one year
 8 
(1,980,284)
(1,839,055)

  

Net liabilities
  
(133,241)
(22,941)


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
 11 
(133,242)
(22,942)

  
(133,241)
(22,941)


Page 1

 
B&L PROPERTIES STANSTED LIMITED
REGISTERED NUMBER: 12159258

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 period 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 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 P Van Danzig
Director

Date: 10 September 2024

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

Page 2

 
B&L PROPERTIES STANSTED LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

B&L Properties Stansted Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The registered number is 12159258 and the address of the registered office is Waterloo House, Parsonage Lane, Stansted, England, CM24 8GF.  

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed the current and future needs of the company. The company has a net liabilities position at the year end due to the shareholder loan owed to Castle Trust. The directors consider it appropriate to prepare the financial statements on a going concern basis as the loan is not repayable until 2040.

 
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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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 3

 
B&L PROPERTIES STANSTED LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
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 director valuation 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 unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

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.

 
2.11

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.

Page 4

 
B&L PROPERTIES STANSTED LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

Financial instruments are recognised in the Company's Balance Sheet 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.

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
Page 5

 
B&L PROPERTIES STANSTED LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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 instruments

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.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

The average monthly number of employees, including directors, during the period was 0 (2022 - 0).


4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
193,803



At 31 December 2023
193,803




Page 6

 
B&L PROPERTIES STANSTED LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
736,341



At 31 December 2023
736,341

The 2023 valuations were made by the directors, on an open market 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
767,022
767,022



 


6.


Debtors

2023
2022
£
£

Other debtors
582,001
45,001



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to related parties
400
400

Corporation tax
18,933
8,415

Other taxation and social security
2,740
2,275

Other creditors
566
-

Accruals and deferred income
3,250
2,500

25,889
13,590


Page 7

 
B&L PROPERTIES STANSTED LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

As restated
2023
2022
£
£

Other loans
1,980,284
1,839,055


The loan is secured against the Freehold Property.


9.


Loans


Analysis of the maturity of loans is given below:


As restated
2023
2022
£
£




Amounts falling due after more than 5 years

Other loans
1,980,284
1,839,055


Page 8

 
B&L PROPERTIES STANSTED LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called and not paid



1 (2022 - 1) Ordinary share of £1.00
1
1



11.


Reserves

Profit and loss account

The profit and loss account represents cumulative profit and loss net of other adjustments.


12.


Prior year adjustment

A prior year adjustment has been made for the omission of interest on the shareholder loan. The effect of the adjustment is a reduction in profits of £27,002 and an increase in the loan balance of the same amount. 
This has resulted in additional tax of £8,823 and a reduction in profits of £8,823.


13.


Related party transactions

During the year, the Company received rental income of £57,500 (2022: £57,500) from a Company with a common director. 
At the year end, the amount owed from Companies with a common director was £581,600 (2022: £44,600). The loans are interest free and repayable on demand. 
At the year end, the total amount owed to the shareholder was £1,980,284 (2022: £1,839,055). This loan is repayable in 20 years and interest accrues at 3% above base rate per annum. 


14.


Controlling party

The company is controlled by Castle Trust Nominees Limited, by virtue of their shareholding. 

Page 9