Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01falseNo description of principal activity2426trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08997263 2023-01-01 2023-12-31 08997263 2022-01-01 2022-12-31 08997263 2023-12-31 08997263 2022-12-31 08997263 c:Director2 2023-01-01 2023-12-31 08997263 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 08997263 d:Buildings d:LongLeaseholdAssets 2023-12-31 08997263 d:Buildings d:LongLeaseholdAssets 2022-12-31 08997263 d:PlantMachinery 2023-01-01 2023-12-31 08997263 d:PlantMachinery 2023-12-31 08997263 d:PlantMachinery 2022-12-31 08997263 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08997263 d:MotorVehicles 2023-01-01 2023-12-31 08997263 d:MotorVehicles 2023-12-31 08997263 d:MotorVehicles 2022-12-31 08997263 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08997263 d:FurnitureFittings 2023-01-01 2023-12-31 08997263 d:FurnitureFittings 2023-12-31 08997263 d:FurnitureFittings 2022-12-31 08997263 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08997263 d:ComputerEquipment 2023-01-01 2023-12-31 08997263 d:ComputerEquipment 2023-12-31 08997263 d:ComputerEquipment 2022-12-31 08997263 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08997263 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08997263 d:CurrentFinancialInstruments 2023-12-31 08997263 d:CurrentFinancialInstruments 2022-12-31 08997263 d:Non-currentFinancialInstruments 2023-12-31 08997263 d:Non-currentFinancialInstruments 2022-12-31 08997263 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08997263 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08997263 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08997263 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 08997263 d:ShareCapital 2023-12-31 08997263 d:ShareCapital 2022-12-31 08997263 d:SharePremium 2023-12-31 08997263 d:SharePremium 2022-12-31 08997263 d:RetainedEarningsAccumulatedLosses 2023-12-31 08997263 d:RetainedEarningsAccumulatedLosses 2022-12-31 08997263 c:FRS102 2023-01-01 2023-12-31 08997263 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08997263 c:FullAccounts 2023-01-01 2023-12-31 08997263 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08997263 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 08997263










42 ACRES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
42 ACRES LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2
Notes to the financial statements
 
 
3 - 7


 
42 ACRES LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 42 ACRES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 42 Acres Limited for the year ended 31 December 2023 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 Board of directors of 42 Acres Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of 42 Acres Limited  and state those matters that we have agreed to state to the Board of directors of 42 Acres Limited, as a body, 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 42 Acres Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that 42 Acres 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 loss of 42 Acres Limited. You consider that 42 Acres 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 42 Acres 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.

  


BAGINSKY COHEN
CHARTERED ACCOUNTANTS
930 HIGH ROAD
LONDON
N12 9RT
9 September 2024
Page 1

 
42 ACRES LIMITED
REGISTERED NUMBER: 08997263

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

FIXED ASSETS
  

Tangible assets
 4 
2,410,731
2,469,846

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
46,579
60,459

Cash at bank and in hand
 6 
86,403
250,411

  
132,982
310,870

Creditors: amounts falling due within one year
 7 
(252,597)
(193,810)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(119,615)
 
 
117,060

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,291,116
2,586,906

Creditors: amounts falling due after more than one year
 8 
(3,168,801)
(2,778,191)

  

NET LIABILITIES
  
(877,685)
(191,285)


CAPITAL AND RESERVES
  

Called up share capital 
  
34,000
34,000

Share premium account
  
4,166,400
4,166,400

Profit and loss account
  
(5,078,085)
(4,391,685)

  
(877,685)
(191,285)


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 statement of comprehensive income 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 9 September 2024.

S B TABATZNIK
Director

Page 2

 
42 ACRES LIMITED
 

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

1.ACCOUNTING POLICIES

 
1.1

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 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 (see note 2).

The following principal accounting policies have been applied:

 
1.2

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.

 
1.3

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.

 
1.4

GOING CONCERN

The financial statements have been prepared under the going concern basis despite the deficiency of shareholders' fund at the year end.  The company's ability to continue trading as a going concern is dependent on the continued support of the company's lenders.

  
1.5
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 value added tax.

 
1.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
42 ACRES LIMITED
 

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

1.ACCOUNTING POLICIES (CONTINUED)


1.6
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the period of the lease
Plant and machinery
-
6.7/10% straight line
Motor vehicles
-
20% reducing balance and 10% straight line
Fixtures and fittings
-
10/20% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.7

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
1.8

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.

 
1.9

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
42 ACRES LIMITED
 

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

2.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities the application of the company's accounting policies, which are described in note 1, management is required to make judgement, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 24 (2022 - 26).


4.


TANGIBLE FIXED ASSETS





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 January 2023
2,526,868
98,791
88,377
134,889
47,024
2,895,949


Additions
114,116
2,708
-
-
3,337
120,161


Disposals
(3,357)
-
-
-
-
(3,357)



At 31 December 2023

2,637,627
101,499
88,377
134,889
50,361
3,012,753



DEPRECIATION


At 1 January 2023
233,140
57,364
36,946
81,194
17,459
426,103


Charge for the year
131,981
8,070
13,794
12,485
9,589
175,919



At 31 December 2023

365,121
65,434
50,740
93,679
27,048
602,022



NET BOOK VALUE



At 31 December 2023
2,272,506
36,065
37,637
41,210
23,313
2,410,731



At 31 December 2022
2,293,728
41,427
51,431
53,695
29,565
2,469,846


5.


DEBTORS

2023
2022
£
£

Page 5

 
42 ACRES LIMITED
 

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

5.DEBTORS (CONTINUED)


Trade debtors
-
250

Other debtors
24,759
40,527

Prepayments and accrued income
21,820
19,682

46,579
60,459



6.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
86,403
250,411



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
91,059
47,220

Other taxation and social security
43,579
12,949

Other creditors
12,520
6,098

Accruals and deferred income
105,439
127,543

252,597
193,810



8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Directors loans
2,447,327
2,441,577

Shareholder loans
684,860
300,000

Other creditors
36,554
36,554

Other loans
60
60

3,168,801
2,778,191



9.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. Contributions totalling £Nil (2022 - £2,743) were payable to the fund at the balance sheet date and are included in creditors.

Page 6

 
42 ACRES LIMITED
 

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

10.


RELATED PARTY TRANSACTIONS

During the year, events were held for Be the Earth Foundation, generating income of £46,903                (2022 - £45,508). Be the Earth Foundation is a registered charity and two of the Trustees are also Directors of 42 Acres Limited. 


Page 7